Dynagas LNG Partners LP (DLNG) vs TOP Ships Inc. (TOPS)

Dynagas LNG Partners LP and TOP Ships Inc. are both Oil & Gas Midstream companies. Dynagas LNG Partners LP is the larger, with a market value of $110.6M against $2.1M — 52.9× the size. TOP Ships Inc. has negative trailing earnings, so its P/E is not meaningful; Dynagas LNG Partners LP trades at 1.8×. TOP Ships Inc. grew revenue faster over the last twelve months: 25.5% against 0.00%. Dynagas LNG Partners LP has the higher net margin (34.5% vs −1.48%) and the higher return on invested capital (0.00% vs 0.00%). Across the 16 metrics below, Dynagas LNG Partners LP leads on 10 and TOP Ships Inc. on 6.

Valuation

Metric DLNG TOPS Oil & Gas Midstream median
P/E 1.83 n/m 11.80
P/S 0.70 0.03 2.38
P/B 0.26 0.06 1.65
Price to free cash flow 1.17 n/m 7.76
EV/EBITDA 3.37 3.02 7.88
EV/Sales 2.30 1.66 3.36
Earnings yield 54.59% (1,113.75%) 7.98%
Free cash flow yield 85.63% (3,746.35%) 7.23%

Profitability

Metric DLNG TOPS Oil & Gas Midstream median
Gross margin 72.43% 57.93% 55.22%
Operating margin 46.55% 0.00% 35.83%
Net margin 34.46% (1.48%) 20.12%
Free cash flow margin 0.00% 0.00% 14.43%
Return on equity 0.00% 0.00% 14.03%
Return on assets 0.00% 0.00% 4.62%
Return on invested capital 0.00% 0.00% 6.10%

Growth

Metric DLNG TOPS Oil & Gas Midstream median
Revenue growth (TTM) 0.00% 25.46% 15.70%
EPS growth (last fiscal year) 31.43% (38.53%) (7.78%)
Revenue growth, 5-year CAGR 2.69% 5.95% 10.05%
Net income growth, 5-year CAGR 17.54% 0.00% 0.00%

Health

Metric DLNG TOPS Oil & Gas Midstream median
Debt to equity 0.09 3.40 0.77
Current ratio 0.88 0.48 1.16
Net debt to EBITDA 0.02 3.72 3.46

Dividend

Metric DLNG TOPS Oil & Gas Midstream median
Dividend yield 6.56% — 5.03%
Payout ratio 0.12 — 0.73

Size

Metric DLNG TOPS Oil & Gas Midstream median
Market cap 110.60m 2.09m 3.30b

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