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 $1.6B). Nordic American Tankers Limited trades at the lower P/E: 13.1× against 16.3×. 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 (11.5% vs 10.1%). 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 16.26 13.14 13.19
P/S 4.63 4.23 2.60
P/B 2.38 3.68 2.08
Price to free cash flow 10.43 7.87 10.14
EV/EBITDA 11.86 11.99 8.11
EV/Sales 8.51 4.94 3.89
Earnings yield 6.15% 7.61% 6.83%
Free cash flow yield 9.59% 12.70% 6.94%

Profitability

Metric FLNG NAT Oil & Gas Midstream median
Gross margin 73.34% 55.22% 58.81%
Operating margin 49.46% 41.19% 32.14%
Net margin 28.50% 31.86% 21.16%
Free cash flow margin 44.42% 53.77% 10.15%
Return on equity 14.03% 0.00% 11.30%
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% 15.44%
EPS growth (last fiscal year) (36.70%) (72.73%) —
Revenue growth, 5-year CAGR 16.15% (3.78%) 8.96%
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 11.51% 10.13% 7.29%
Payout ratio 1.12 0.66 0.64

Size

Metric FLNG NAT Oil & Gas Midstream median
Market cap 1.65b 1.62b 3.61b

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