Flex LNG Ltd. (FLNG) vs Navigator Holdings Ltd. (NVGS)

Flex LNG Ltd. and Navigator Holdings Ltd. are both Oil & Gas Midstream companies. Flex LNG Ltd. is the larger, with a market value of $1.5B against $1.3B — 1.1× the size. Navigator Holdings Ltd. trades at the lower P/E: 9.7× against 14.8×. Navigator Holdings Ltd. grew revenue faster over the last twelve months: 8.39% against 1.30%. Flex LNG Ltd. has the higher net margin (28.5% vs 22.8%) and the higher return on invested capital (5.31% vs 5.16%). Both pay a dividend; Flex LNG Ltd. yields more (10.7% vs 1.31%). Across the 23 metrics below, Navigator Holdings Ltd. leads on 13 and Flex LNG Ltd. on 10.

Valuation

Metric FLNG NVGS Oil & Gas Midstream median
P/E 14.83 9.74 12.77
P/S 4.22 2.14 2.36
P/B 2.17 1.03 2.09
Price to free cash flow 9.51 6.45 9.71
EV/EBITDA 11.29 6.75 8.30
EV/Sales 8.10 3.19 3.88
Earnings yield 6.74% 10.27% 7.15%
Free cash flow yield 10.52% 15.49% 6.86%

Profitability

Metric FLNG NVGS Oil & Gas Midstream median
Gross margin 73.34% 54.61% 56.58%
Operating margin 49.46% 25.77% 34.18%
Net margin 28.50% 22.80% 22.50%
Free cash flow margin 44.42% 33.14% 13.70%
Return on equity 14.03% 11.09% 14.65%
Return on assets 3.96% 5.96% 5.00%
Return on invested capital 5.31% 5.16% 6.13%

Growth

Metric FLNG NVGS Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 8.39% 15.60%
EPS growth (last fiscal year) (36.70%) 23.53% (7.86%)
Revenue growth, 5-year CAGR 16.15% 12.04% 9.59%
Net income growth, 5-year CAGR 55.97% 0.00% 0.00%

Health

Metric FLNG NVGS Oil & Gas Midstream median
Debt to equity 2.55 0.72 0.78
Current ratio 2.69 1.71 1.19
Net debt to EBITDA 5.50 2.48 3.42

Dividend

Metric FLNG NVGS Oil & Gas Midstream median
Dividend yield 10.65% 1.31% 4.54%
Payout ratio 1.58 0.13 0.76

Size

Metric FLNG NVGS Oil & Gas Midstream median
Market cap 1.52b 1.33b 3.73b

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