Genesis Energy, L.P. (GEL) vs Tsakos Energy Navigation Ltd (TEN)

Genesis Energy, L.P. and Tsakos Energy Navigation Ltd are both Oil & Gas Midstream companies. Genesis Energy, L.P. is the larger, with a market value of $1.8B against $1.4B — 1.3× the size. Tsakos Energy Navigation Ltd trades at the lower P/E: 7.5× against 74.6×. Tsakos Energy Navigation Ltd grew revenue faster over the last twelve months: 23.2% against 16.6%. Tsakos Energy Navigation Ltd has the higher net margin (30.8% vs 1.34%) and the higher return on invested capital (7.05% vs 6.66%). Both pay a dividend; Genesis Energy, L.P. yields more (5.37% vs 4.18%). Across the 21 metrics below, Tsakos Energy Navigation Ltd leads on 15 and Genesis Energy, L.P. on 6.

Valuation

Metric GEL TEN Oil & Gas Midstream median
P/E 74.58 7.53 13.19
P/S 0.95 1.44 2.60
P/B 13.59 0.68 2.08
Price to free cash flow 4.97 n/m 10.14
EV/EBITDA 8.07 7.25 8.11
EV/Sales 2.67 3.13 3.89
Earnings yield 1.34% 13.28% 6.83%
Free cash flow yield 20.11% (19.20%) 6.94%

Profitability

Metric GEL TEN Oil & Gas Midstream median
Gross margin 35.08% 61.58% 58.81%
Operating margin 19.12% 43.17% 32.14%
Net margin 1.34% 30.77% 21.16%
Free cash flow margin 19.03% (27.72%) 10.15%
Return on equity 16.81% 15.61% 11.30%
Return on assets 0.48% 7.22% 5.00%
Return on invested capital 6.66% 7.05% 6.13%

Growth

Metric GEL TEN Oil & Gas Midstream median
Revenue growth (TTM) 16.63% 23.23% 15.44%
EPS growth (last fiscal year) (237.90%) (11.53%) —
Revenue growth, 5-year CAGR (2.23%) 4.40% 8.96%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric GEL TEN Oil & Gas Midstream median
Debt to equity 25.09 1.02 0.78
Current ratio 0.93 1.40 1.19
Net debt to EBITDA 5.82 3.89 3.42

Dividend

Metric GEL TEN Oil & Gas Midstream median
Dividend yield 5.37% 4.18% 7.29%
Payout ratio — 0.05 0.64

Size

Metric GEL TEN Oil & Gas Midstream median
Market cap 1.75b 1.38b 3.61b

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