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 $2.3B against $1.7B — 1.4× the size. Dorian LPG Ltd. trades at the lower P/E: 7.1× against 10.1×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 81.1% against 20.4%. Dorian LPG Ltd. has the higher net margin (55.0% vs 0.78%) and the higher return on invested capital (15.0% vs 8.44%). Both pay a dividend; Global Partners LP yields more (6.16% vs 2.52%). Across the 23 metrics below, Dorian LPG Ltd. leads on 17 and Global Partners LP on 6.

Valuation

Metric GLP LPG Oil & Gas Midstream median
P/E 10.08 7.07 12.77
P/S 0.08 3.89 2.36
P/B 2.49 1.84 2.09
Price to free cash flow 8.12 9.92 9.71
EV/EBITDA 7.04 5.96 8.30
EV/Sales 0.16 4.17 3.88
Earnings yield 9.92% 14.14% 7.15%
Free cash flow yield 12.32% 10.08% 6.86%

Profitability

Metric GLP LPG Oil & Gas Midstream median
Gross margin 5.57% 85.68% 56.58%
Operating margin 1.55% 57.63% 34.18%
Net margin 0.78% 55.00% 22.50%
Free cash flow margin 0.97% 39.23% 13.70%
Return on equity 25.90% 28.34% 14.65%
Return on assets 4.28% 17.63% 5.00%
Return on invested capital 8.44% 15.04% 6.13%

Growth

Metric GLP LPG Oil & Gas Midstream median
Revenue growth (TTM) 20.35% 81.06% 15.60%
EPS growth (last fiscal year) (12.45%) 112.15% (7.86%)
Revenue growth, 5-year CAGR 17.40% 8.79% 9.59%
Net income growth, 5-year CAGR (5.18%) 15.91% 0.00%

Health

Metric GLP LPG Oil & Gas Midstream median
Debt to equity 2.31 0.41 0.78
Current ratio 1.19 3.26 1.19
Net debt to EBITDA 4.61 0.82 3.42

Dividend

Metric GLP LPG Oil & Gas Midstream median
Dividend yield 6.16% 2.52% 4.54%
Payout ratio 0.62 0.18 0.76

Size

Metric GLP LPG Oil & Gas Midstream median
Market cap 1.67b 2.30b 3.73b

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