Flex LNG Ltd. (FLNG) vs Genesis Energy, L.P. (GEL)

Flex LNG Ltd. and Genesis Energy, L.P. are both Oil & Gas Midstream companies. Genesis Energy, L.P. is the larger, with a market value of $1.7B against $1.5B — 1.1× the size. Flex LNG Ltd. trades at the lower P/E: 14.8× against 74.9×. Genesis Energy, L.P. grew revenue faster over the last twelve months: 16.6% against 1.30%. Flex LNG Ltd. has the higher net margin (28.5% vs 1.34%) and the lower return on invested capital (5.31% vs 6.66%). Both pay a dividend; Flex LNG Ltd. yields more (10.7% vs 5.09%). Across the 23 metrics below, Flex LNG Ltd. leads on 15 and Genesis Energy, L.P. on 8.

Valuation

Metric FLNG GEL Oil & Gas Midstream median
P/E 14.83 74.95 12.77
P/S 4.22 0.95 2.36
P/B 2.17 13.65 2.09
Price to free cash flow 9.51 5.00 9.71
EV/EBITDA 11.29 8.08 8.30
EV/Sales 8.10 2.67 3.88
Earnings yield 6.74% 1.33% 7.15%
Free cash flow yield 10.52% 20.01% 6.86%

Profitability

Metric FLNG GEL Oil & Gas Midstream median
Gross margin 73.34% 35.08% 56.58%
Operating margin 49.46% 19.12% 34.18%
Net margin 28.50% 1.34% 22.50%
Free cash flow margin 44.42% 19.03% 13.70%
Return on equity 14.03% 16.81% 14.65%
Return on assets 3.96% 0.48% 5.00%
Return on invested capital 5.31% 6.66% 6.13%

Growth

Metric FLNG GEL Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 16.63% 15.60%
EPS growth (last fiscal year) (36.70%) (237.90%) (7.86%)
Revenue growth, 5-year CAGR 16.15% (2.23%) 9.59%
Net income growth, 5-year CAGR 55.97% 0.00% 0.00%

Health

Metric FLNG GEL Oil & Gas Midstream median
Debt to equity 2.55 25.09 0.78
Current ratio 2.69 0.93 1.19
Net debt to EBITDA 5.50 5.82 3.42

Dividend

Metric FLNG GEL Oil & Gas Midstream median
Dividend yield 10.65% 5.09% 4.54%
Payout ratio 1.58 3.82 0.76

Size

Metric FLNG GEL Oil & Gas Midstream median
Market cap 1.52b 1.70b 3.73b

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