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 $1.5B against $1.4B — 1.1× the size. Flex LNG Ltd. trades at the lower P/E: 13.7× against 66.1×. 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 (11.5% vs 6.05%). 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 13.71 66.11 11.68
P/S 3.90 0.84 2.39
P/B 2.00 12.04 1.68
Price to free cash flow 8.79 4.41 8.52
EV/EBITDA 10.84 7.74 9.03
EV/Sales 7.78 2.56 3.43
Earnings yield 7.30% 1.51% 7.78%
Free cash flow yield 11.38% 22.69% 7.11%

Profitability

Metric FLNG GEL Oil & Gas Midstream median
Gross margin 73.34% 35.08% 54.87%
Operating margin 49.46% 19.12% 34.73%
Net margin 28.50% 1.34% 20.12%
Free cash flow margin 44.42% 19.03% 14.43%
Return on equity 14.03% 16.81% 11.73%
Return on assets 3.96% 0.48% 4.43%
Return on invested capital 5.31% 6.66% 6.10%

Growth

Metric FLNG GEL Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 16.63% 14.88%
EPS growth (last fiscal year) (36.70%) (237.90%) (7.78%)
Revenue growth, 5-year CAGR 16.15% (2.23%) 10.05%
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 0.77
Current ratio 2.69 0.93 1.19
Net debt to EBITDA 5.50 5.82 3.46

Dividend

Metric FLNG GEL Oil & Gas Midstream median
Dividend yield 11.52% 6.05% 4.94%
Payout ratio 1.58 4.00 0.73

Size

Metric FLNG GEL Oil & Gas Midstream median
Market cap 1.38b 1.53b 3.56b

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