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 ($1.4B and $1.4B). Global Partners LP trades at the lower P/E: 8.5× against 13.7×. 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 7.29%). 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 13.71 8.52 11.68
P/S 3.90 0.07 2.39
P/B 2.00 2.11 1.68
Price to free cash flow 8.79 6.86 8.52
EV/EBITDA 10.84 6.49 9.03
EV/Sales 7.78 0.15 3.43
Earnings yield 7.30% 11.74% 7.78%
Free cash flow yield 11.38% 14.58% 7.11%

Profitability

Metric FLNG GLP Oil & Gas Midstream median
Gross margin 73.34% 5.57% 54.87%
Operating margin 49.46% 1.55% 34.73%
Net margin 28.50% 0.78% 20.12%
Free cash flow margin 44.42% 0.97% 14.43%
Return on equity 14.03% 25.90% 11.73%
Return on assets 3.96% 4.28% 4.43%
Return on invested capital 5.31% 8.44% 6.10%

Growth

Metric FLNG GLP Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 20.35% 14.88%
EPS growth (last fiscal year) (36.70%) (12.45%) (7.78%)
Revenue growth, 5-year CAGR 16.15% 17.40% 10.05%
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 0.77
Current ratio 2.69 1.19 1.19
Net debt to EBITDA 5.50 4.61 3.46

Dividend

Metric FLNG GLP Oil & Gas Midstream median
Dividend yield 11.52% 7.29% 4.94%
Payout ratio 1.58 0.62 0.73

Size

Metric FLNG GLP Oil & Gas Midstream median
Market cap 1.38b 1.42b 3.56b

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