Flex LNG Ltd. (FLNG) vs Tsakos Energy Navigation Ltd (TEN)

Flex LNG Ltd. and Tsakos Energy Navigation Ltd are both Oil & Gas Midstream companies. Flex LNG Ltd. and Tsakos Energy Navigation Ltd are of similar size ($1.5B and $1.5B). Tsakos Energy Navigation Ltd trades at the lower P/E: 5.2× against 14.8×. Tsakos Energy Navigation Ltd grew revenue faster over the last twelve months: 23.2% against 1.30%. Tsakos Energy Navigation Ltd has the higher net margin (30.8% vs 28.5%) and the higher return on invested capital (7.05% vs 5.31%). Across the 21 metrics below, Tsakos Energy Navigation Ltd leads on 14 and Flex LNG Ltd. on 7.

Valuation

Metric FLNG TEN Oil & Gas Midstream median
P/E 14.83 5.17 12.77
P/S 4.22 1.60 2.36
P/B 2.17 0.75 2.09
Price to free cash flow 9.51 n/m 9.71
EV/EBITDA 11.29 7.60 8.30
EV/Sales 8.10 3.28 3.88
Earnings yield 6.74% 19.33% 7.15%
Free cash flow yield 10.52% (17.38%) 6.86%

Profitability

Metric FLNG TEN Oil & Gas Midstream median
Gross margin 73.34% 61.58% 56.58%
Operating margin 49.46% 43.17% 34.18%
Net margin 28.50% 30.77% 22.50%
Free cash flow margin 44.42% (27.72%) 13.70%
Return on equity 14.03% 15.61% 14.65%
Return on assets 3.96% 7.25% 5.00%
Return on invested capital 5.31% 7.05% 6.13%

Growth

Metric FLNG TEN Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 23.23% 15.60%
EPS growth (last fiscal year) (36.70%) (11.53%) (7.86%)
Revenue growth, 5-year CAGR 16.15% 4.40% 9.59%
Net income growth, 5-year CAGR 55.97% 0.00% 0.00%

Health

Metric FLNG TEN Oil & Gas Midstream median
Debt to equity 2.55 1.02 0.78
Current ratio 2.69 1.40 1.19
Net debt to EBITDA 5.50 3.89 3.42

Dividend

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

Size

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

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