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 ($1.7B and $1.6B). Global Partners LP trades at the lower P/E: 10.1× against 94.7×. 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 (6.16% vs 0.91%). 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 10.08 94.69 12.77
P/S 0.08 87.66 2.36
P/B 2.49 n/m 2.09
Price to free cash flow 8.12 n/m 9.71
EV/EBITDA 7.04 95.62 8.30
EV/Sales 0.16 87.53 3.88
Earnings yield 9.92% 1.06% 7.15%
Free cash flow yield 12.32% 0.00% 6.86%

Profitability

Metric GLP PBT Oil & Gas Midstream median
Gross margin 5.57% 100.00% 56.58%
Operating margin 1.55% 91.54% 34.18%
Net margin 0.78% 91.96% 22.50%
Free cash flow margin 0.97% 0.00% 13.70%
Return on equity 25.90% 0.00% 14.65%
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%) 15.60%
EPS growth (last fiscal year) (12.45%) (43.64%) (7.86%)
Revenue growth, 5-year CAGR 17.40% 5.92% 9.59%
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 6.16% 0.91% 4.54%
Payout ratio 0.62 0.86 0.76

Size

Metric GLP PBT Oil & Gas Midstream median
Market cap 1.67b 1.57b 3.73b

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