Genesis Energy, L.P. (GEL) vs Sabine Royalty Trust (SBR)

Genesis Energy, L.P. and Sabine Royalty Trust are both Oil & Gas Midstream companies. Genesis Energy, L.P. is the larger, with a market value of $1.7B against $1.1B — 1.6× the size. Sabine Royalty Trust trades at the lower P/E: 14.8× against 74.9×. Genesis Energy, L.P. grew revenue faster over the last twelve months: 16.6% against −2.95%. Sabine Royalty Trust has the higher net margin (94.7% vs 1.34%) and the lower return on invested capital (0.00% vs 6.66%). Both pay a dividend; Genesis Energy, L.P. yields more (6.50% vs 6.22%). Across the 21 metrics below, Sabine Royalty Trust leads on 12 and Genesis Energy, L.P. on 9.

Valuation

Metric GEL SBR Oil & Gas Midstream median
P/E 74.95 14.79 12.77
P/S 0.95 14.02 2.36
P/B 13.65 n/m 2.09
Price to free cash flow 5.00 n/m 9.71
EV/EBITDA 8.08 14.66 8.30
EV/Sales 2.67 13.89 3.88
Earnings yield 1.33% 6.76% 7.15%
Free cash flow yield 20.01% 0.00% 6.86%

Profitability

Metric GEL SBR Oil & Gas Midstream median
Gross margin 35.08% 100.00% 56.58%
Operating margin 19.12% 94.71% 34.18%
Net margin 1.34% 94.71% 22.50%
Free cash flow margin 19.03% 0.00% 13.70%
Return on equity 16.81% 0.00% 14.65%
Return on assets 0.48% 806.27% 5.00%
Return on invested capital 6.66% 0.00% 6.13%

Growth

Metric GEL SBR Oil & Gas Midstream median
Revenue growth (TTM) 16.63% (2.95%) 15.60%
EPS growth (last fiscal year) (237.90%) (7.69%) (7.86%)
Revenue growth, 5-year CAGR (2.23%) 16.35% 9.59%
Net income growth, 5-year CAGR 0.00% 17.13% 0.00%

Health

Metric GEL SBR Oil & Gas Midstream median
Debt to equity 25.09 0.00 0.78
Current ratio 0.93 7.25 1.19
Net debt to EBITDA 5.82 (0.10) 3.42

Dividend

Metric GEL SBR Oil & Gas Midstream median
Dividend yield 6.50% 6.22% 4.54%
Payout ratio 4.87 0.92 0.76

Size

Metric GEL SBR Oil & Gas Midstream median
Market cap 1.70b 1.05b 3.73b

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