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 $1.5B). Global Partners LP trades at the lower P/E: 10.1× against 14.8×. 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 (10.7% vs 6.16%). 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 14.83 10.08 12.77
P/S 4.22 0.08 2.36
P/B 2.17 2.49 2.09
Price to free cash flow 9.51 8.12 9.71
EV/EBITDA 11.29 7.04 8.30
EV/Sales 8.10 0.16 3.88
Earnings yield 6.74% 9.92% 7.15%
Free cash flow yield 10.52% 12.32% 6.86%

Profitability

Metric FLNG GLP Oil & Gas Midstream median
Gross margin 73.34% 5.57% 56.58%
Operating margin 49.46% 1.55% 34.18%
Net margin 28.50% 0.78% 22.50%
Free cash flow margin 44.42% 0.97% 13.70%
Return on equity 14.03% 25.90% 14.65%
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% 15.60%
EPS growth (last fiscal year) (36.70%) (12.45%) (7.86%)
Revenue growth, 5-year CAGR 16.15% 17.40% 9.59%
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 10.65% 6.16% 4.54%
Payout ratio 1.58 0.62 0.76

Size

Metric FLNG GLP Oil & Gas Midstream median
Market cap 1.52b 1.67b 3.73b

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