Flex LNG Ltd. (FLNG) vs Global Partners LP (GLP)

Flex LNG Ltd. and Global Partners LP are both Oil & Gas Midstream companies. Flex LNG Ltd. and Global Partners LP are of similar size ($1.7B and $1.6B). Global Partners LP trades at the lower P/E: 9.6× against 16.3×. Global Partners LP grew revenue faster over the last twelve months: 20.4% against 1.30%. Flex LNG Ltd. has the higher net margin (28.5% vs 0.78%) and the lower return on invested capital (5.31% vs 8.44%). Both pay a dividend; Flex LNG Ltd. yields more (11.5% vs 5.73%). Across the 23 metrics below, Global Partners LP leads on 15 and Flex LNG Ltd. on 8.

Valuation

Metric FLNG GLP Oil & Gas Midstream median
P/E 16.26 9.64 13.19
P/S 4.63 0.08 2.60
P/B 2.38 2.39 2.08
Price to free cash flow 10.43 7.76 10.14
EV/EBITDA 11.86 6.88 8.11
EV/Sales 8.51 0.15 3.89
Earnings yield 6.15% 10.37% 6.83%
Free cash flow yield 9.59% 12.88% 6.94%

Profitability

Metric FLNG GLP Oil & Gas Midstream median
Gross margin 73.34% 5.57% 58.81%
Operating margin 49.46% 1.55% 32.14%
Net margin 28.50% 0.78% 21.16%
Free cash flow margin 44.42% 0.97% 10.15%
Return on equity 14.03% 25.90% 11.30%
Return on assets 3.96% 4.28% 5.00%
Return on invested capital 5.31% 8.44% 6.13%

Growth

Metric FLNG GLP Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 20.35% 15.44%
EPS growth (last fiscal year) (36.70%) (12.45%) —
Revenue growth, 5-year CAGR 16.15% 17.40% 8.96%
Net income growth, 5-year CAGR 55.97% (5.18%) 0.00%

Health

Metric FLNG GLP Oil & Gas Midstream median
Debt to equity 2.55 2.31 0.78
Current ratio 2.69 1.19 1.19
Net debt to EBITDA 5.50 4.61 3.42

Dividend

Metric FLNG GLP Oil & Gas Midstream median
Dividend yield 11.51% 5.73% 7.29%
Payout ratio 1.12 — 0.64

Size

Metric FLNG GLP Oil & Gas Midstream median
Market cap 1.65b 1.63b 3.61b

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