Global Partners LP (GLP) vs Nordic American Tankers Limited (NAT)

Global Partners LP and Nordic American Tankers Limited are both Oil & Gas Midstream companies. Global Partners LP and Nordic American Tankers Limited are of similar size ($1.6B and $1.6B). Global Partners LP trades at the lower P/E: 9.6× against 13.1×. Nordic American Tankers Limited grew revenue faster over the last twelve months: 28.7% against 20.4%. Nordic American Tankers Limited has the higher net margin (31.9% vs 0.78%) and the higher return on invested capital (13.3% vs 8.44%). Both pay a dividend; Nordic American Tankers Limited yields more (10.1% vs 5.73%). Across the 23 metrics below, Global Partners LP leads on 12 and Nordic American Tankers Limited on 11.

Valuation

Metric GLP NAT Oil & Gas Midstream median
P/E 9.64 13.14 13.19
P/S 0.08 4.23 2.60
P/B 2.39 3.68 2.08
Price to free cash flow 7.76 7.87 10.14
EV/EBITDA 6.88 11.99 8.11
EV/Sales 0.15 4.94 3.89
Earnings yield 10.37% 7.61% 6.83%
Free cash flow yield 12.88% 12.70% 6.94%

Profitability

Metric GLP NAT Oil & Gas Midstream median
Gross margin 5.57% 55.22% 58.81%
Operating margin 1.55% 41.19% 32.14%
Net margin 0.78% 31.86% 21.16%
Free cash flow margin 0.97% 53.77% 10.15%
Return on equity 25.90% 0.00% 11.30%
Return on assets 4.28% 13.17% 5.00%
Return on invested capital 8.44% 13.29% 6.13%

Growth

Metric GLP NAT Oil & Gas Midstream median
Revenue growth (TTM) 20.35% 28.69% 15.44%
EPS growth (last fiscal year) (12.45%) (72.73%) —
Revenue growth, 5-year CAGR 17.40% (3.78%) 8.96%
Net income growth, 5-year CAGR (5.18%) (24.50%) 0.00%

Health

Metric GLP NAT Oil & Gas Midstream median
Debt to equity 2.31 0.85 0.78
Current ratio 1.19 3.27 1.19
Net debt to EBITDA 4.61 3.61 3.42

Dividend

Metric GLP NAT Oil & Gas Midstream median
Dividend yield 5.73% 10.13% 7.29%
Payout ratio — 0.66 0.64

Size

Metric GLP NAT Oil & Gas Midstream median
Market cap 1.63b 1.62b 3.61b

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