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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 $2.3B against $1.5B — 1.5× the size. Dorian LPG Ltd. trades at the lower P/E: 7.1× against 14.8×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 81.1% against 1.30%. Dorian LPG Ltd. has the higher net margin (55.0% vs 28.5%) and the higher return on invested capital (15.0% vs 5.31%). Both pay a dividend; Flex LNG Ltd. yields more (10.7% vs 2.52%). Across the 23 metrics below, Dorian LPG Ltd. leads on 17 and Flex LNG Ltd. on 6.

Valuation

Metric FLNG LPG Oil & Gas Midstream median
P/E 14.83 7.07 12.77
P/S 4.22 3.89 2.36
P/B 2.17 1.84 2.09
Price to free cash flow 9.51 9.92 9.71
EV/EBITDA 11.29 5.96 8.30
EV/Sales 8.10 4.17 3.88
Earnings yield 6.74% 14.14% 7.15%
Free cash flow yield 10.52% 10.08% 6.86%

Profitability

Metric FLNG LPG Oil & Gas Midstream median
Gross margin 73.34% 85.68% 56.58%
Operating margin 49.46% 57.63% 34.18%
Net margin 28.50% 55.00% 22.50%
Free cash flow margin 44.42% 39.23% 13.70%
Return on equity 14.03% 28.34% 14.65%
Return on assets 3.96% 17.63% 5.00%
Return on invested capital 5.31% 15.04% 6.13%

Growth

Metric FLNG LPG Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 81.06% 15.60%
EPS growth (last fiscal year) (36.70%) 112.15% (7.86%)
Revenue growth, 5-year CAGR 16.15% 8.79% 9.59%
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 0.41 0.78
Current ratio 2.69 3.26 1.19
Net debt to EBITDA 5.50 0.82 3.42

Dividend

Metric FLNG LPG Oil & Gas Midstream median
Dividend yield 10.65% 2.52% 4.54%
Payout ratio 1.58 0.18 0.76

Size

Metric FLNG LPG Oil & Gas Midstream median
Market cap 1.52b 2.30b 3.73b

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