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Flex LNG Ltd. (FLNG) vs Dorian LPG Ltd. (LPG)

Flex LNG Ltd. and Dorian LPG Ltd. are both Oil & Gas Midstream companies. Dorian LPG Ltd. is the larger, with a market value of $2.0B against $1.4B — 1.4× the size. Dorian LPG Ltd. trades at the lower P/E: 4.1× against 13.7×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 87.1% against 1.30%. Dorian LPG Ltd. has the higher net margin (70.4% vs 28.5%) and the higher return on invested capital (23.6% vs 5.31%). Both pay a dividend; Flex LNG Ltd. yields more (11.5% vs 2.88%). Across the 23 metrics below, Dorian LPG Ltd. leads on 20 and Flex LNG Ltd. on 3.

Valuation

Metric FLNG LPG Oil & Gas Midstream median
P/E 13.71 4.15 11.80
P/S 3.91 2.93 2.38
P/B 2.00 1.42 1.65
Price to free cash flow 8.79 5.15 7.76
EV/EBITDA 10.84 3.35 7.88
EV/Sales 7.78 2.78 3.36
Earnings yield 7.29% 24.10% 7.98%
Free cash flow yield 11.38% 19.42% 7.23%

Profitability

Metric FLNG LPG Oil & Gas Midstream median
Gross margin 73.34% 88.08% 55.22%
Operating margin 49.46% 72.29% 35.83%
Net margin 28.50% 70.38% 20.12%
Free cash flow margin 44.42% 58.36% 14.43%
Return on equity 14.03% 38.78% 14.03%
Return on assets 3.96% 25.19% 4.62%
Return on invested capital 5.31% 23.55% 6.10%

Growth

Metric FLNG LPG Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 87.06% 15.70%
EPS growth (last fiscal year) (36.70%) 112.15% (7.78%)
Revenue growth, 5-year CAGR 16.15% 8.79% 10.05%
Net income growth, 5-year CAGR 55.97% 15.91% 0.00%

Health

Metric FLNG LPG Oil & Gas Midstream median
Debt to equity 2.55 0.34 0.77
Current ratio 2.69 8.20 1.16
Net debt to EBITDA 5.50 0.82 3.46

Dividend

Metric FLNG LPG Oil & Gas Midstream median
Dividend yield 11.52% 2.88% 5.03%
Payout ratio 1.58 0.12 0.73

Size

Metric FLNG LPG Oil & Gas Midstream median
Market cap 1.38b 1.97b 3.30b

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