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. is the larger, with a market value of $1.7B against $1.4B — 1.2× the size. Tsakos Energy Navigation Ltd trades at the lower P/E: 7.5× against 16.3×. 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%). Both pay a dividend; Flex LNG Ltd. yields more (11.5% vs 4.18%). Across the 22 metrics below, Tsakos Energy Navigation Ltd leads on 14 and Flex LNG Ltd. on 8.

Valuation

Metric FLNG TEN Oil & Gas Midstream median
P/E 16.26 7.53 13.19
P/S 4.63 1.44 2.60
P/B 2.38 0.68 2.08
Price to free cash flow 10.43 n/m 10.14
EV/EBITDA 11.86 7.25 8.11
EV/Sales 8.51 3.13 3.89
Earnings yield 6.15% 13.28% 6.83%
Free cash flow yield 9.59% (19.20%) 6.94%

Profitability

Metric FLNG TEN Oil & Gas Midstream median
Gross margin 73.34% 61.58% 58.81%
Operating margin 49.46% 43.17% 32.14%
Net margin 28.50% 30.77% 21.16%
Free cash flow margin 44.42% (27.72%) 10.15%
Return on equity 14.03% 15.61% 11.30%
Return on assets 3.96% 7.22% 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% 15.44%
EPS growth (last fiscal year) (36.70%) (11.53%) —
Revenue growth, 5-year CAGR 16.15% 4.40% 8.96%
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 11.51% 4.18% 7.29%
Payout ratio 1.12 0.05 0.64

Size

Metric FLNG TEN Oil & Gas Midstream median
Market cap 1.65b 1.38b 3.61b

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