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 $1.6B against $1.4B — 1.1× the size. Global Partners LP trades at the lower P/E: 9.6× against 10.5×. 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 (5.73% vs 1.11%). Across the 23 metrics below, Navigator Holdings Ltd. leads on 13 and Global Partners LP on 10.

Valuation

Metric GLP NVGS Oil & Gas Midstream median
P/E 9.64 10.51 13.19
P/S 0.08 2.31 2.60
P/B 2.39 1.12 2.08
Price to free cash flow 7.76 6.97 10.14
EV/EBITDA 6.88 7.11 8.11
EV/Sales 0.15 3.36 3.89
Earnings yield 10.37% 9.51% 6.83%
Free cash flow yield 12.88% 14.36% 6.94%

Profitability

Metric GLP NVGS Oil & Gas Midstream median
Gross margin 5.57% 54.61% 58.81%
Operating margin 1.55% 25.77% 32.14%
Net margin 0.78% 22.80% 21.16%
Free cash flow margin 0.97% 33.14% 10.15%
Return on equity 25.90% 11.09% 11.30%
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% 15.44%
EPS growth (last fiscal year) (12.45%) 23.53% —
Revenue growth, 5-year CAGR 17.40% 12.04% 8.96%
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 5.73% 1.11% 7.29%
Payout ratio — 0.00 0.64

Size

Metric GLP NVGS Oil & Gas Midstream median
Market cap 1.63b 1.44b 3.61b

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