Global Partners LP (GLP) vs Navigator Holdings Ltd. (NVGS)

Global Partners LP and Navigator Holdings Ltd. are both Oil & Gas Midstream companies. Global Partners LP is the larger, with a market value of $1.4B against $1.2B — 1.2× the size. Navigator Holdings Ltd. trades at the lower P/E: 6.6× against 8.5×. Global Partners LP grew revenue faster over the last twelve months: 20.4% against 6.62%. Navigator Holdings Ltd. has the higher net margin (30.1% vs 0.78%) and the lower return on invested capital (5.28% vs 8.44%). Both pay a dividend; Global Partners LP yields more (7.29% vs 1.43%). Across the 23 metrics below, Navigator Holdings Ltd. leads on 16 and Global Partners LP on 7.

Valuation

Metric GLP NVGS Oil & Gas Midstream median
P/E 8.52 6.55 11.68
P/S 0.07 1.95 2.39
P/B 2.11 0.90 1.68
Price to free cash flow 6.86 3.73 8.52
EV/EBITDA 6.49 5.98 9.03
EV/Sales 0.15 2.75 3.43
Earnings yield 11.74% 15.26% 7.78%
Free cash flow yield 14.58% 26.80% 7.11%

Profitability

Metric GLP NVGS Oil & Gas Midstream median
Gross margin 5.57% 53.38% 54.87%
Operating margin 1.55% 25.02% 34.73%
Net margin 0.78% 30.06% 20.12%
Free cash flow margin 0.97% 52.18% 14.43%
Return on equity 25.90% 14.27% 11.73%
Return on assets 4.28% 8.17% 4.43%
Return on invested capital 8.44% 5.28% 6.10%

Growth

Metric GLP NVGS Oil & Gas Midstream median
Revenue growth (TTM) 20.35% 6.62% 14.88%
EPS growth (last fiscal year) (12.45%) 23.53% (7.78%)
Revenue growth, 5-year CAGR 17.40% 12.04% 10.05%
Net income growth, 5-year CAGR (5.18%) 0.00% 0.00%

Health

Metric GLP NVGS Oil & Gas Midstream median
Debt to equity 2.31 0.57 0.77
Current ratio 1.19 1.38 1.19
Net debt to EBITDA 4.61 2.48 3.46

Dividend

Metric GLP NVGS Oil & Gas Midstream median
Dividend yield 7.29% 1.43% 4.94%
Payout ratio 0.62 0.09 0.73

Size

Metric GLP NVGS Oil & Gas Midstream median
Market cap 1.42b 1.19b 3.56b

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