Dynagas LNG Partners LP (DLNG) vs Martin Midstream Partners L.P. (MMLP)

Dynagas LNG Partners LP and Martin Midstream Partners L.P. are both Oil & Gas Midstream companies. Dynagas LNG Partners LP is the larger, with a market value of $124.4M against $79.0M — 1.6× the size. Martin Midstream Partners L.P. has negative trailing earnings, so its P/E is not meaningful; Dynagas LNG Partners LP trades at 2.0×. Martin Midstream Partners L.P. grew revenue faster over the last twelve months: 4.01% against 0.00%. Dynagas LNG Partners LP has the higher net margin (34.5% vs −2.02%) and the lower return on invested capital (0.00% vs 8.06%). Both pay a dividend; Dynagas LNG Partners LP yields more (6.06% vs 0.98%). Across the 19 metrics below, Dynagas LNG Partners LP leads on 13 and Martin Midstream Partners L.P. on 6.

Valuation

Metric DLNG MMLP Oil & Gas Midstream median
P/E 1.98 n/m 12.77
P/S 0.76 0.11 2.36
P/B 0.28 n/m 2.09
Price to free cash flow 1.26 n/m 9.71
EV/EBITDA 3.46 5.16 8.30
EV/Sales 2.35 0.72 3.88
Earnings yield 50.45% (18.54%) 7.15%
Free cash flow yield 79.14% (5.47%) 6.86%

Profitability

Metric DLNG MMLP Oil & Gas Midstream median
Gross margin 72.43% 53.29% 56.58%
Operating margin 46.55% 6.30% 34.18%
Net margin 34.46% (2.02%) 22.50%
Free cash flow margin 0.00% (0.59%) 13.70%
Return on equity 0.00% 0.00% 14.65%
Return on assets 0.00% (2.83%) 5.00%
Return on invested capital 0.00% 8.06% 6.13%

Growth

Metric DLNG MMLP Oil & Gas Midstream median
Revenue growth (TTM) 0.00% 4.01% 15.60%
EPS growth (last fiscal year) 31.43% (184.62%) (7.86%)
Revenue growth, 5-year CAGR 2.69% 1.28% 9.59%
Net income growth, 5-year CAGR 17.54% 0.00% 0.00%

Health

Metric DLNG MMLP Oil & Gas Midstream median
Debt to equity 0.09 (5.03) 0.78
Current ratio 0.88 1.21 1.19
Net debt to EBITDA 0.02 4.09 3.42

Dividend

Metric DLNG MMLP Oil & Gas Midstream median
Dividend yield 6.06% 0.98% 4.54%
Payout ratio 0.12 — 0.76

Size

Metric DLNG MMLP Oil & Gas Midstream median
Market cap 124.42m 79.03m 3.73b

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