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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 $1.8B against $1.4B — 1.3× the size. NGL Energy Partners LP has negative trailing earnings, so its P/E is not meaningful; Global Partners LP trades at 8.9×. Global Partners LP grew revenue faster over the last twelve months: 29.5% against 5.76%. Global Partners LP has the higher net margin (0.00% vs −9.96%) and the higher return on invested capital (28.4% vs 2.94%). Across the 20 metrics below, Global Partners LP leads on 13 and NGL Energy Partners LP on 7.

Valuation

Metric GLP NGL Oil & Gas Midstream median
P/E 8.89 n/m 11.80
P/S 0.06 0.53 2.38
P/B 2.20 n/m 1.65
Price to free cash flow 4.30 18.44 7.76
EV/EBITDA 6.68 12.61 7.88
EV/Sales 0.14 1.46 3.36
Earnings yield 11.25% (18.87%) 7.98%
Free cash flow yield 23.26% 5.42% 7.23%

Profitability

Metric GLP NGL Oil & Gas Midstream median
Gross margin 5.20% 29.52% 55.22%
Operating margin 1.51% 4.05% 35.83%
Net margin 0.00% (9.96%) 20.12%
Free cash flow margin 1.48% 2.89% 14.43%
Return on equity 25.90% 88.77% 14.03%
Return on assets 0.00% (8.39%) 4.62%
Return on invested capital 28.37% 2.94% 6.10%

Growth

Metric GLP NGL Oil & Gas Midstream median
Revenue growth (TTM) 29.54% 5.76% 15.70%
EPS growth (last fiscal year) (12.45%) (431.67%) (7.78%)
Revenue growth, 5-year CAGR 17.40% (9.60%) 10.05%
Net income growth, 5-year CAGR (5.18%) 0.00% 0.00%

Health

Metric GLP NGL Oil & Gas Midstream median
Debt to equity 0.15 (13.85) 0.77
Current ratio 1.09 1.14 1.16
Net debt to EBITDA 4.61 8.88 3.46

Dividend

Metric GLP NGL Oil & Gas Midstream median
Dividend yield 6.98% — 5.03%
Payout ratio 0.62 — 0.73

Size

Metric GLP NGL Oil & Gas Midstream median
Market cap 1.42b 1.84b 3.30b

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