Genesis Energy, L.P. (GEL) vs NGL Energy Partners LP (NGL)

Genesis Energy, L.P. and NGL Energy Partners LP are both Oil & Gas Midstream companies. Genesis Energy, L.P. and NGL Energy Partners LP are of similar size ($1.9B and $1.7B). NGL Energy Partners LP has negative trailing earnings, so its P/E is not meaningful; Genesis Energy, L.P. trades at 74.9×. Genesis Energy, L.P. grew revenue faster over the last twelve months: 16.6% against 5.76%. Genesis Energy, L.P. has the higher net margin (1.34% vs −9.96%) and the higher return on invested capital (6.66% vs 2.94%). Across the 19 metrics below, Genesis Energy, L.P. leads on 14 and NGL Energy Partners LP on 5.

Valuation

Metric GEL NGL Oil & Gas Midstream median
P/E 74.95 n/m 12.77
P/S 0.95 0.54 2.36
P/B 13.65 n/m 2.09
Price to free cash flow 5.00 18.62 9.71
EV/EBITDA 8.08 12.66 8.30
EV/Sales 2.67 1.47 3.88
Earnings yield 1.33% (18.68%) 7.15%
Free cash flow yield 20.01% 5.37% 6.86%

Profitability

Metric GEL NGL Oil & Gas Midstream median
Gross margin 35.08% 29.52% 56.58%
Operating margin 19.12% 4.05% 34.18%
Net margin 1.34% (9.96%) 22.50%
Free cash flow margin 19.03% 2.89% 13.70%
Return on equity 16.81% 88.77% 14.65%
Return on assets 0.48% (8.39%) 5.00%
Return on invested capital 6.66% 2.94% 6.13%

Growth

Metric GEL NGL Oil & Gas Midstream median
Revenue growth (TTM) 16.63% 5.76% 15.60%
EPS growth (last fiscal year) (237.90%) (431.67%) (7.86%)
Revenue growth, 5-year CAGR (2.23%) (9.60%) 9.59%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric GEL NGL Oil & Gas Midstream median
Debt to equity 25.09 (13.85) 0.78
Current ratio 0.93 1.14 1.19
Net debt to EBITDA 5.82 8.88 3.42

Dividend

Metric GEL NGL Oil & Gas Midstream median
Dividend yield 6.50% — 4.54%
Payout ratio 4.87 — 0.76

Size

Metric GEL NGL Oil & Gas Midstream median
Market cap 1.70b 1.85b 3.73b

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