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 ($1.7B and $1.7B). Global Partners LP trades at the lower P/E: 10.1× against 13.0×. 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 (10.3% vs 6.16%). Across the 23 metrics below, Nordic American Tankers Limited leads on 13 and Global Partners LP on 10.

Valuation

Metric GLP NAT Oil & Gas Midstream median
P/E 10.08 12.98 12.77
P/S 0.08 4.19 2.36
P/B 2.49 3.64 2.09
Price to free cash flow 8.12 7.78 9.71
EV/EBITDA 7.04 11.87 8.30
EV/Sales 0.16 4.89 3.88
Earnings yield 9.92% 7.70% 7.15%
Free cash flow yield 12.32% 12.85% 6.86%

Profitability

Metric GLP NAT Oil & Gas Midstream median
Gross margin 5.57% 55.22% 56.58%
Operating margin 1.55% 41.19% 34.18%
Net margin 0.78% 31.86% 22.50%
Free cash flow margin 0.97% 53.77% 13.70%
Return on equity 25.90% 0.00% 14.65%
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% 15.60%
EPS growth (last fiscal year) (12.45%) (72.73%) (7.86%)
Revenue growth, 5-year CAGR 17.40% (3.78%) 9.59%
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 6.16% 10.31% 4.54%
Payout ratio 0.62 1.34 0.76

Size

Metric GLP NAT Oil & Gas Midstream median
Market cap 1.67b 1.66b 3.73b

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