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 ($1.7B and $1.5B). Nordic American Tankers Limited trades at the lower P/E: 13.0× against 14.8×. 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; Flex LNG Ltd. yields more (10.7% vs 10.3%). Across the 23 metrics below, Nordic American Tankers Limited leads on 14 and Flex LNG Ltd. on 9.

Valuation

Metric FLNG NAT Oil & Gas Midstream median
P/E 14.83 12.98 12.77
P/S 4.22 4.19 2.36
P/B 2.17 3.64 2.09
Price to free cash flow 9.51 7.78 9.71
EV/EBITDA 11.29 11.87 8.30
EV/Sales 8.10 4.89 3.88
Earnings yield 6.74% 7.70% 7.15%
Free cash flow yield 10.52% 12.85% 6.86%

Profitability

Metric FLNG NAT Oil & Gas Midstream median
Gross margin 73.34% 55.22% 56.58%
Operating margin 49.46% 41.19% 34.18%
Net margin 28.50% 31.86% 22.50%
Free cash flow margin 44.42% 53.77% 13.70%
Return on equity 14.03% 0.00% 14.65%
Return on assets 3.96% 13.17% 5.00%
Return on invested capital 5.31% 13.29% 6.13%

Growth

Metric FLNG NAT Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 28.69% 15.60%
EPS growth (last fiscal year) (36.70%) (72.73%) (7.86%)
Revenue growth, 5-year CAGR 16.15% (3.78%) 9.59%
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 0.78
Current ratio 2.69 3.27 1.19
Net debt to EBITDA 5.50 3.61 3.42

Dividend

Metric FLNG NAT Oil & Gas Midstream median
Dividend yield 10.65% 10.31% 4.54%
Payout ratio 1.58 1.34 0.76

Size

Metric FLNG NAT Oil & Gas Midstream median
Market cap 1.52b 1.66b 3.73b

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