Genesis Energy, L.P. (GEL) vs Dorian LPG Ltd. (LPG)

Genesis Energy, L.P. and Dorian LPG Ltd. are both Oil & Gas Midstream companies. Dorian LPG Ltd. is the larger, with a market value of $2.3B against $1.8B — 1.3× the size. Dorian LPG Ltd. trades at the lower P/E: 7.1× against 74.6×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 81.1% against 16.6%. Dorian LPG Ltd. has the higher net margin (55.0% vs 1.34%) and the higher return on invested capital (15.0% vs 6.66%). Both pay a dividend; Dorian LPG Ltd. yields more (9.37% vs 5.37%). Across the 23 metrics below, Dorian LPG Ltd. leads on 19 and Genesis Energy, L.P. on 4.

Valuation

Metric GEL LPG Oil & Gas Midstream median
P/E 74.58 7.06 13.19
P/S 0.95 3.89 2.60
P/B 13.59 1.84 2.08
Price to free cash flow 4.97 9.90 10.14
EV/EBITDA 8.07 5.95 8.11
EV/Sales 2.67 4.17 3.89
Earnings yield 1.34% 14.17% 6.83%
Free cash flow yield 20.11% 10.10% 6.94%

Profitability

Metric GEL LPG Oil & Gas Midstream median
Gross margin 35.08% 85.68% 58.81%
Operating margin 19.12% 57.63% 32.14%
Net margin 1.34% 55.00% 21.16%
Free cash flow margin 19.03% 39.23% 10.15%
Return on equity 16.81% 28.34% 11.30%
Return on assets 0.48% 17.63% 5.00%
Return on invested capital 6.66% 15.04% 6.13%

Growth

Metric GEL LPG Oil & Gas Midstream median
Revenue growth (TTM) 16.63% 81.06% 15.44%
EPS growth (last fiscal year) (237.90%) 112.15% —
Revenue growth, 5-year CAGR (2.23%) 8.79% 8.96%
Net income growth, 5-year CAGR 0.00% 15.91% 0.00%

Health

Metric GEL LPG Oil & Gas Midstream median
Debt to equity 25.09 0.41 0.78
Current ratio 0.93 3.26 1.19
Net debt to EBITDA 5.82 0.82 3.42

Dividend

Metric GEL LPG Oil & Gas Midstream median
Dividend yield 5.37% 9.37% 7.29%
Payout ratio — 0.81 0.64

Size

Metric GEL LPG Oil & Gas Midstream median
Market cap 1.75b 2.31b 3.61b

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