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. NGL Energy Partners LP is the larger, with a market value of $1.8B against $1.5B — 1.2× the size. NGL Energy Partners LP has negative trailing earnings, so its P/E is not meaningful; Genesis Energy, L.P. trades at 66.1×. 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 66.11 n/m 11.68
P/S 0.84 0.52 2.39
P/B 12.04 n/m 1.68
Price to free cash flow 4.41 18.15 8.52
EV/EBITDA 7.74 12.54 9.03
EV/Sales 2.56 1.45 3.43
Earnings yield 1.51% (19.16%) 7.78%
Free cash flow yield 22.69% 5.51% 7.11%

Profitability

Metric GEL NGL Oil & Gas Midstream median
Gross margin 35.08% 29.52% 54.87%
Operating margin 19.12% 4.05% 34.73%
Net margin 1.34% (9.96%) 20.12%
Free cash flow margin 19.03% 2.89% 14.43%
Return on equity 16.81% 88.77% 11.73%
Return on assets 0.48% (8.39%) 4.43%
Return on invested capital 6.66% 2.94% 6.10%

Growth

Metric GEL NGL Oil & Gas Midstream median
Revenue growth (TTM) 16.63% 5.76% 14.88%
EPS growth (last fiscal year) (237.90%) (431.67%) (7.78%)
Revenue growth, 5-year CAGR (2.23%) (9.60%) 10.05%
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) 0.77
Current ratio 0.93 1.14 1.19
Net debt to EBITDA 5.82 8.88 3.46

Dividend

Metric GEL NGL Oil & Gas Midstream median
Dividend yield 6.05% — 4.94%
Payout ratio 4.00 — 0.73

Size

Metric GEL NGL Oil & Gas Midstream median
Market cap 1.53b 1.84b 3.56b

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