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Frontline PLC (FRO) vs Western Midstream Partners, LP (WES)

Frontline PLC and Western Midstream Partners, LP are both Oil & Gas Midstream companies. Western Midstream Partners, LP is the larger, with a market value of $18.2B against $11.7B — 1.6× the size. Frontline PLC trades at the lower P/E: 7.9× against 14.0×. Frontline PLC grew revenue faster over the last twelve months: 63.5% against 18.0%. Frontline PLC has the higher net margin (49.4% vs 29.0%) and the higher return on invested capital (19.4% vs 8.16%). Both pay a dividend; Frontline PLC yields more (10.3% vs 8.25%). Across the 23 metrics below, Frontline PLC leads on 21 and Western Midstream Partners, LP on 2.

Valuation

Metric FRO WES Oil & Gas Midstream median
P/E 7.87 13.98 12.77
P/S 3.88 4.10 2.36
P/B 3.71 4.03 2.09
Price to free cash flow 6.91 15.01 9.71
EV/EBITDA 8.47 10.59 8.30
EV/Sales 4.58 6.16 3.88
Earnings yield 12.71% 7.15% 7.15%
Free cash flow yield 14.47% 6.66% 6.86%

Profitability

Metric FRO WES Oil & Gas Midstream median
Gross margin 66.67% 92.08% 56.58%
Operating margin 54.14% 40.23% 34.18%
Net margin 49.37% 29.00% 22.50%
Free cash flow margin 56.19% 27.30% 13.70%
Return on equity 53.85% 32.48% 14.65%
Return on assets 24.94% 8.82% 5.00%
Return on invested capital 19.35% 8.16% 6.13%

Growth

Metric FRO WES Oil & Gas Midstream median
Revenue growth (TTM) 63.48% 18.00% 15.60%
EPS growth (last fiscal year) (23.77%) (25.87%) (7.86%)
Revenue growth, 5-year CAGR 10.05% 6.75% 9.59%
Net income growth, 5-year CAGR (1.69%) 17.48% 0.00%

Health

Metric FRO WES Oil & Gas Midstream median
Debt to equity 0.77 2.06 0.78
Current ratio 1.87 0.91 1.19
Net debt to EBITDA 3.03 3.37 3.42

Dividend

Metric FRO WES Oil & Gas Midstream median
Dividend yield 10.25% 8.25% 4.54%
Payout ratio 0.81 1.16 0.76

Size

Metric FRO WES Oil & Gas Midstream median
Market cap 11.70b 18.24b 3.73b

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