Cheniere Energy Partners, L.P. (CQP) vs Western Midstream Partners, LP (WES)

Cheniere Energy Partners, L.P. and Western Midstream Partners, LP are both Oil & Gas Midstream companies. Cheniere Energy Partners, L.P. is the larger, with a market value of $27.7B against $16.5B — 1.7× the size. Cheniere Energy Partners, L.P. trades at the lower P/E: 9.3× against 12.9×. Western Midstream Partners, LP grew revenue faster over the last twelve months: 22.3% against 13.2%. Cheniere Energy Partners, L.P. has the higher net margin (23.9% vs 0.00%) and the higher return on invested capital (17.0% vs 8.19%). Both pay a dividend; Western Midstream Partners, LP yields more (9.25% vs 4.04%). Across the 23 metrics below, Cheniere Energy Partners, L.P. leads on 16 and Western Midstream Partners, LP on 7.

Valuation

Metric CQP WES Oil & Gas Midstream median
P/E 9.25 12.86 11.68
P/S 2.39 3.61 2.39
P/B 31.71 3.80 1.68
Price to free cash flow 9.65 14.07 8.52
EV/EBITDA 8.86 10.16 9.03
EV/Sales 3.57 5.60 3.43
Earnings yield 10.81% 7.78% 7.78%
Free cash flow yield 10.36% 7.11% 7.11%

Profitability

Metric CQP WES Oil & Gas Midstream median
Gross margin 41.11% 90.96% 54.87%
Operating margin 34.16% 38.54% 34.73%
Net margin 23.91% 0.00% 20.12%
Free cash flow margin 24.75% 45.63% 14.43%
Return on equity 1,050.85% 0.00% 11.73%
Return on assets 16.09% 0.00% 4.43%
Return on invested capital 16.98% 8.19% 6.10%

Growth

Metric CQP WES Oil & Gas Midstream median
Revenue growth (TTM) 13.18% 22.29% 14.88%
EPS growth (last fiscal year) 21.65% (25.87%) (7.78%)
Revenue growth, 5-year CAGR 11.77% 6.75% 10.05%
Net income growth, 5-year CAGR 22.04% 17.48% 0.00%

Health

Metric CQP WES Oil & Gas Midstream median
Debt to equity 16.38 2.11 0.77
Current ratio 1.19 0.81 1.19
Net debt to EBITDA 3.23 3.37 3.46

Dividend

Metric CQP WES Oil & Gas Midstream median
Dividend yield 4.04% 9.25% 4.94%
Payout ratio 0.37 1.20 0.73

Size

Metric CQP WES Oil & Gas Midstream median
Market cap 27.70b 16.47b 3.56b

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