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 $1.7B against $1.3B — 1.3× the size. Navigator Holdings Ltd. trades at the lower P/E: 9.7× against 10.1×. Global Partners LP grew revenue faster over the last twelve months: 20.4% against 8.39%. Navigator Holdings Ltd. has the higher net margin (22.8% vs 0.78%) and the lower return on invested capital (5.16% vs 8.44%). Both pay a dividend; Global Partners LP yields more (6.16% vs 1.31%). 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 10.08 9.74 12.77
P/S 0.08 2.14 2.36
P/B 2.49 1.03 2.09
Price to free cash flow 8.12 6.45 9.71
EV/EBITDA 7.04 6.75 8.30
EV/Sales 0.16 3.19 3.88
Earnings yield 9.92% 10.27% 7.15%
Free cash flow yield 12.32% 15.49% 6.86%

Profitability

Metric GLP NVGS Oil & Gas Midstream median
Gross margin 5.57% 54.61% 56.58%
Operating margin 1.55% 25.77% 34.18%
Net margin 0.78% 22.80% 22.50%
Free cash flow margin 0.97% 33.14% 13.70%
Return on equity 25.90% 11.09% 14.65%
Return on assets 4.28% 5.96% 5.00%
Return on invested capital 8.44% 5.16% 6.13%

Growth

Metric GLP NVGS Oil & Gas Midstream median
Revenue growth (TTM) 20.35% 8.39% 15.60%
EPS growth (last fiscal year) (12.45%) 23.53% (7.86%)
Revenue growth, 5-year CAGR 17.40% 12.04% 9.59%
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 0.72 0.78
Current ratio 1.19 1.71 1.19
Net debt to EBITDA 4.61 2.48 3.42

Dividend

Metric GLP NVGS Oil & Gas Midstream median
Dividend yield 6.16% 1.31% 4.54%
Payout ratio 0.62 0.13 0.76

Size

Metric GLP NVGS Oil & Gas Midstream median
Market cap 1.67b 1.33b 3.73b

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