Flex LNG Ltd. (FLNG) vs Nordic American Tankers Limited (NAT)

Flex LNG Ltd. and Nordic American Tankers Limited are both Oil & Gas Midstream companies. Flex LNG Ltd. and Nordic American Tankers Limited are of similar size ($1.4B and $1.4B). Nordic American Tankers Limited trades at the lower P/E: 11.4× against 13.7×. Nordic American Tankers Limited grew revenue faster over the last twelve months: 28.7% against 1.30%. Nordic American Tankers Limited has the higher net margin (31.9% vs 28.5%) and the higher return on invested capital (13.3% vs 5.31%). Both pay a dividend; Nordic American Tankers Limited yields more (11.8% vs 11.5%). Across the 23 metrics below, Nordic American Tankers Limited leads on 16 and Flex LNG Ltd. on 7.

Valuation

Metric FLNG NAT Oil & Gas Midstream median
P/E 13.71 11.39 11.80
P/S 3.91 3.67 2.38
P/B 2.00 3.19 1.65
Price to free cash flow 8.79 6.83 7.76
EV/EBITDA 10.84 10.63 7.88
EV/Sales 7.78 4.38 3.36
Earnings yield 7.29% 8.78% 7.98%
Free cash flow yield 11.38% 14.65% 7.23%

Profitability

Metric FLNG NAT Oil & Gas Midstream median
Gross margin 73.34% 55.22% 55.22%
Operating margin 49.46% 41.19% 35.83%
Net margin 28.50% 31.86% 20.12%
Free cash flow margin 44.42% 53.77% 14.43%
Return on equity 14.03% 0.00% 14.03%
Return on assets 3.96% 13.17% 4.62%
Return on invested capital 5.31% 13.29% 6.10%

Growth

Metric FLNG NAT Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 28.69% 15.70%
EPS growth (last fiscal year) (36.70%) (72.73%) (7.78%)
Revenue growth, 5-year CAGR 16.15% (3.78%) 10.05%
Net income growth, 5-year CAGR 55.97% (24.50%) 0.00%

Health

Metric FLNG NAT Oil & Gas Midstream median
Debt to equity 2.55 0.85 0.77
Current ratio 2.69 3.27 1.16
Net debt to EBITDA 5.50 3.61 3.46

Dividend

Metric FLNG NAT Oil & Gas Midstream median
Dividend yield 11.52% 11.76% 5.03%
Payout ratio 1.58 1.34 0.73

Size

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

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