Global Partners LP (GLP) vs Permian Basin Royalty Trust (PBT)

Global Partners LP and Permian Basin Royalty Trust are both Oil & Gas Midstream companies. Global Partners LP and Permian Basin Royalty Trust are of similar size ($1.6B and $1.6B). Global Partners LP trades at the lower P/E: 9.6× against 96.4×. Global Partners LP grew revenue faster over the last twelve months: 20.4% against −3.71%. Permian Basin Royalty Trust has the higher net margin (92.0% vs 0.78%) and the lower return on invested capital (0.00% vs 8.44%). Both pay a dividend; Global Partners LP yields more (5.73% vs 4.49%). Across the 21 metrics below, Global Partners LP leads on 14 and Permian Basin Royalty Trust on 7.

Valuation

Metric GLP PBT Oil & Gas Midstream median
P/E 9.64 96.37 13.19
P/S 0.08 89.22 2.60
P/B 2.39 n/m 2.08
Price to free cash flow 7.76 n/m 10.14
EV/EBITDA 6.88 97.32 8.11
EV/Sales 0.15 89.09 3.89
Earnings yield 10.37% 1.04% 6.83%
Free cash flow yield 12.88% 0.00% 6.94%

Profitability

Metric GLP PBT Oil & Gas Midstream median
Gross margin 5.57% 100.00% 58.81%
Operating margin 1.55% 91.54% 32.14%
Net margin 0.78% 91.96% 21.16%
Free cash flow margin 0.97% 0.00% 10.15%
Return on equity 25.90% 0.00% 11.30%
Return on assets 4.28% 757.27% 5.00%
Return on invested capital 8.44% 0.00% 6.13%

Growth

Metric GLP PBT Oil & Gas Midstream median
Revenue growth (TTM) 20.35% (3.71%) 15.44%
EPS growth (last fiscal year) (12.45%) (43.64%) —
Revenue growth, 5-year CAGR 17.40% 5.92% 8.96%
Net income growth, 5-year CAGR (5.18%) 5.47% 0.00%

Health

Metric GLP PBT Oil & Gas Midstream median
Debt to equity 2.31 0.00 0.78
Current ratio 1.19 1.00 1.19
Net debt to EBITDA 4.61 (0.12) 3.42

Dividend

Metric GLP PBT Oil & Gas Midstream median
Dividend yield 5.73% 4.49% 7.29%
Payout ratio — 1.00 0.64

Size

Metric GLP PBT Oil & Gas Midstream median
Market cap 1.63b 1.57b 3.61b

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