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 ($1.4B and $1.3B). Tsakos Energy Navigation Ltd trades at the lower P/E: 4.5× against 13.7×. 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 13.71 4.50 11.68
P/S 3.90 1.39 2.39
P/B 2.00 0.65 1.68
Price to free cash flow 8.79 n/m 8.52
EV/EBITDA 10.84 7.11 9.03
EV/Sales 7.78 3.07 3.43
Earnings yield 7.30% 22.23% 7.78%
Free cash flow yield 11.38% (19.99%) 7.11%

Profitability

Metric FLNG TEN Oil & Gas Midstream median
Gross margin 73.34% 61.58% 54.87%
Operating margin 49.46% 43.17% 34.73%
Net margin 28.50% 30.77% 20.12%
Free cash flow margin 44.42% (27.72%) 14.43%
Return on equity 14.03% 15.61% 11.73%
Return on assets 3.96% 7.25% 4.43%
Return on invested capital 5.31% 7.05% 6.10%

Growth

Metric FLNG TEN Oil & Gas Midstream median
Revenue growth (TTM) 1.30% 23.23% 14.88%
EPS growth (last fiscal year) (36.70%) (11.53%) (7.78%)
Revenue growth, 5-year CAGR 16.15% 4.40% 10.05%
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 0.77
Current ratio 2.69 1.40 1.19
Net debt to EBITDA 5.50 3.89 3.46

Dividend

Metric FLNG TEN Oil & Gas Midstream median
Dividend yield 11.52% — 4.94%
Payout ratio 1.58 — 0.73

Size

Metric FLNG TEN Oil & Gas Midstream median
Market cap 1.38b 1.30b 3.56b

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