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Global Partners LP (GLP) vs NGL Energy Partners LP (NGL)

Global Partners LP and NGL Energy Partners LP are both Oil & Gas Midstream companies. NGL Energy Partners LP is the larger, with a market value of $1.9B against $1.7B — 1.1× the size. NGL Energy Partners LP has negative trailing earnings, so its P/E is not meaningful; Global Partners LP trades at 10.1×. Global Partners LP grew revenue faster over the last twelve months: 20.4% against 5.76%. Global Partners LP has the higher net margin (0.78% vs −9.96%) and the higher return on invested capital (8.44% vs 2.94%). Across the 20 metrics below, Global Partners LP leads on 14 and NGL Energy Partners LP on 6.

Valuation

Metric GLP NGL Oil & Gas Midstream median
P/E 10.08 n/m 12.77
P/S 0.08 0.54 2.36
P/B 2.49 n/m 2.09
Price to free cash flow 8.12 18.62 9.71
EV/EBITDA 7.04 12.66 8.30
EV/Sales 0.16 1.47 3.88
Earnings yield 9.92% (18.68%) 7.15%
Free cash flow yield 12.32% 5.37% 6.86%

Profitability

Metric GLP NGL Oil & Gas Midstream median
Gross margin 5.57% 29.52% 56.58%
Operating margin 1.55% 4.05% 34.18%
Net margin 0.78% (9.96%) 22.50%
Free cash flow margin 0.97% 2.89% 13.70%
Return on equity 25.90% 88.77% 14.65%
Return on assets 4.28% (8.39%) 5.00%
Return on invested capital 8.44% 2.94% 6.13%

Growth

Metric GLP NGL Oil & Gas Midstream median
Revenue growth (TTM) 20.35% 5.76% 15.60%
EPS growth (last fiscal year) (12.45%) (431.67%) (7.86%)
Revenue growth, 5-year CAGR 17.40% (9.60%) 9.59%
Net income growth, 5-year CAGR (5.18%) 0.00% 0.00%

Health

Metric GLP NGL Oil & Gas Midstream median
Debt to equity 2.31 (13.85) 0.78
Current ratio 1.19 1.14 1.19
Net debt to EBITDA 4.61 8.88 3.42

Dividend

Metric GLP NGL Oil & Gas Midstream median
Dividend yield 6.16% — 4.54%
Payout ratio 0.62 — 0.76

Size

Metric GLP NGL Oil & Gas Midstream median
Market cap 1.67b 1.85b 3.73b

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