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 $129.5M against $87.3M — 1.5× the size. Martin Midstream Partners L.P. has negative trailing earnings, so its P/E is not meaningful; Dynagas LNG Partners LP trades at 2.1×. 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%). Across the 18 metrics below, Dynagas LNG Partners LP leads on 12 and Martin Midstream Partners L.P. on 6.

Valuation

Metric DLNG MMLP Oil & Gas Midstream median
P/E 2.14 n/m 13.19
P/S 0.82 0.11 2.60
P/B 0.30 n/m 2.08
Price to free cash flow 1.36 n/m 10.14
EV/EBITDA 3.54 5.20 8.11
EV/Sales 2.41 0.72 3.89
Earnings yield 46.77% (17.59%) 6.83%
Free cash flow yield 73.36% (5.19%) 6.94%

Profitability

Metric DLNG MMLP Oil & Gas Midstream median
Gross margin 72.43% 53.29% 58.81%
Operating margin 46.55% 6.30% 32.14%
Net margin 34.46% (2.02%) 21.16%
Free cash flow margin 0.00% (0.59%) 10.15%
Return on equity 0.00% 0.00% 11.30%
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% 15.44%
EPS growth (last fiscal year) 31.43% (184.62%) —
Revenue growth, 5-year CAGR 2.69% 1.28% 8.96%
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 — 0.91% 7.29%
Payout ratio — — 0.64

Size

Metric DLNG MMLP Oil & Gas Midstream median
Market cap 129.52m 87.25m 3.61b

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