Global Partners LP (GLP) vs Dorian LPG Ltd. (LPG)

Global Partners LP and Dorian LPG Ltd. are both Oil & Gas Midstream companies. Dorian LPG Ltd. is the larger, with a market value of $2.0B against $1.4B — 1.4× the size. Dorian LPG Ltd. trades at the lower P/E: 4.1× against 8.9×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 87.1% against 29.5%. Dorian LPG Ltd. has the higher net margin (70.4% vs 0.00%) and the lower return on invested capital (23.6% vs 28.4%). Both pay a dividend; Global Partners LP yields more (6.98% vs 2.88%). Across the 23 metrics below, Dorian LPG Ltd. leads on 15 and Global Partners LP on 8.

Valuation

Metric GLP LPG Oil & Gas Midstream median
P/E 8.89 4.15 11.80
P/S 0.06 2.93 2.38
P/B 2.20 1.42 1.65
Price to free cash flow 4.30 5.15 7.76
EV/EBITDA 6.68 3.35 7.88
EV/Sales 0.14 2.78 3.36
Earnings yield 11.25% 24.10% 7.98%
Free cash flow yield 23.26% 19.42% 7.23%

Profitability

Metric GLP LPG Oil & Gas Midstream median
Gross margin 5.20% 88.08% 55.22%
Operating margin 1.51% 72.29% 35.83%
Net margin 0.00% 70.38% 20.12%
Free cash flow margin 1.48% 58.36% 14.43%
Return on equity 25.90% 38.78% 14.03%
Return on assets 0.00% 25.19% 4.62%
Return on invested capital 28.37% 23.55% 6.10%

Growth

Metric GLP LPG Oil & Gas Midstream median
Revenue growth (TTM) 29.54% 87.06% 15.70%
EPS growth (last fiscal year) (12.45%) 112.15% (7.78%)
Revenue growth, 5-year CAGR 17.40% 8.79% 10.05%
Net income growth, 5-year CAGR (5.18%) 15.91% 0.00%

Health

Metric GLP LPG Oil & Gas Midstream median
Debt to equity 0.15 0.34 0.77
Current ratio 1.09 8.20 1.16
Net debt to EBITDA 4.61 0.82 3.46

Dividend

Metric GLP LPG Oil & Gas Midstream median
Dividend yield 6.98% 2.88% 5.03%
Payout ratio 0.62 0.12 0.73

Size

Metric GLP LPG Oil & Gas Midstream median
Market cap 1.42b 1.97b 3.30b

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