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Flex LNG Ltd. (FLNG) vs Teekay Corporation Ltd. (TK)

Flex LNG Ltd. and Teekay Corporation Ltd. are both Oil & Gas Midstream companies. Flex LNG Ltd. is the larger, with a market value of $1.4B against $1.1B — 1.3× the size. Teekay Corporation Ltd. trades at the lower P/E: 8.7× against 13.7×. Flex LNG Ltd. grew revenue faster over the last twelve months: 1.30% against −16.7%. Flex LNG Ltd. has the higher net margin (28.5% vs 11.0%) and the higher return on invested capital (5.31% vs 0.00%). Only Flex LNG Ltd. pays a dividend (11.5%). Across the 23 metrics below, Teekay Corporation Ltd. leads on 12 and Flex LNG Ltd. on 11.

Valuation

Metric FLNG TK Oil & Gas Midstream median
P/E 13.71 8.65 11.68
P/S 3.90 0.94 2.39
P/B 2.00 0.47 1.68
Price to free cash flow 8.79 1.26 8.52
EV/EBITDA 10.84 0.02 9.03
EV/Sales 7.78 0.01 3.43
Earnings yield 7.30% 11.56% 7.78%
Free cash flow yield 11.38% 79.11% 7.11%

Profitability

Metric FLNG TK Oil & Gas Midstream median
Gross margin 73.34% 39.94% 54.87%
Operating margin 49.46% 29.93% 34.73%
Net margin 28.50% 10.96% 20.12%
Free cash flow margin 44.42% 0.00% 14.43%
Return on equity 14.03% 0.00% 11.73%
Return on assets 3.96% 0.00% 4.43%
Return on invested capital 5.31% 0.00% 6.10%

Growth

Metric FLNG TK Oil & Gas Midstream median
Revenue growth (TTM) 1.30% (16.70%) 14.88%
EPS growth (last fiscal year) (36.70%) (19.72%) (7.78%)
Revenue growth, 5-year CAGR 16.15% (3.70%) 10.05%
Net income growth, 5-year CAGR 55.97% 0.00% 0.00%

Health

Metric FLNG TK Oil & Gas Midstream median
Debt to equity 2.55 0.00 0.77
Current ratio 2.69 10.36 1.19
Net debt to EBITDA 5.50 (2.50) 3.46

Dividend

Metric FLNG TK Oil & Gas Midstream median
Dividend yield 11.52% 0.00% 4.94%
Payout ratio 1.58 — 0.73

Size

Metric FLNG TK Oil & Gas Midstream median
Market cap 1.38b 1.09b 3.56b

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