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Flex LNG Ltd. (FLNG) vs Summit Midstream Partners, LP (SMC)

Flex LNG Ltd. and Summit Midstream Partners, LP are both Oil & Gas Midstream companies. Flex LNG Ltd. is the larger, with a market value of $1.5B against $608.8M — 2.5× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Flex LNG Ltd. trades at 14.8×. Summit Midstream Partners, LP grew revenue faster over the last twelve months: 20.9% against 1.30%. Flex LNG Ltd. has the higher net margin (28.5% vs −2.29%) and the higher return on invested capital (5.31% vs 2.59%). Across the 21 metrics below, Flex LNG Ltd. leads on 11 and Summit Midstream Partners, LP on 10.

Valuation

Metric FLNG SMC Oil & Gas Midstream median
P/E 14.83 n/m 12.77
P/S 4.22 0.73 2.36
P/B 2.17 0.50 2.09
Price to free cash flow 9.51 9.46 9.71
EV/EBITDA 11.29 8.00 8.30
EV/Sales 8.10 2.80 3.88
Earnings yield 6.74% (3.58%) 7.15%
Free cash flow yield 10.52% 10.58% 6.86%

Profitability

Metric FLNG SMC Oil & Gas Midstream median
Gross margin 73.34% 45.03% 56.58%
Operating margin 49.46% 15.10% 34.18%
Net margin 28.50% (2.29%) 22.50%
Free cash flow margin 44.42% 7.69% 13.70%
Return on equity 14.03% (1.57%) 14.65%
Return on assets 3.96% (0.55%) 5.00%
Return on invested capital 5.31% 2.59% 6.13%

Growth

Metric FLNG SMC Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 20.94% 15.60%
EPS growth (last fiscal year) (36.70%) 87.40% (7.86%)
Revenue growth, 5-year CAGR 16.15% 7.95% 9.59%
Net income growth, 5-year CAGR 55.97% 0.00% 0.00%

Health

Metric FLNG SMC Oil & Gas Midstream median
Debt to equity 2.55 1.35 0.78
Current ratio 2.69 0.94 1.19
Net debt to EBITDA 5.50 5.27 3.42

Dividend

Metric FLNG SMC Oil & Gas Midstream median
Dividend yield 10.65% — 4.54%
Payout ratio 1.58 — 0.76

Size

Metric FLNG SMC Oil & Gas Midstream median
Market cap 1.52b 608.84m 3.73b

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