Global Partners LP (GLP) vs Sabine Royalty Trust (SBR)

Global Partners LP and Sabine Royalty Trust are both Oil & Gas Midstream companies. Global Partners LP is the larger, with a market value of $1.4B against $960.2M — 1.5× the size. Global Partners LP trades at the lower P/E: 8.5× against 13.6×. Global Partners LP grew revenue faster over the last twelve months: 20.4% against −2.95%. Sabine Royalty Trust has the higher net margin (94.7% vs 0.78%) and the lower return on invested capital (0.00% vs 8.44%). Both pay a dividend; Global Partners LP yields more (7.29% vs 6.77%). Across the 21 metrics below, Global Partners LP leads on 12 and Sabine Royalty Trust on 9.

Valuation

Metric GLP SBR Oil & Gas Midstream median
P/E 8.52 13.58 11.68
P/S 0.07 12.86 2.39
P/B 2.11 n/m 1.68
Price to free cash flow 6.86 n/m 8.52
EV/EBITDA 6.49 13.45 9.03
EV/Sales 0.15 12.74 3.43
Earnings yield 11.74% 7.37% 7.78%
Free cash flow yield 14.58% 0.00% 7.11%

Profitability

Metric GLP SBR Oil & Gas Midstream median
Gross margin 5.57% 100.00% 54.87%
Operating margin 1.55% 94.71% 34.73%
Net margin 0.78% 94.71% 20.12%
Free cash flow margin 0.97% 0.00% 14.43%
Return on equity 25.90% 0.00% 11.73%
Return on assets 4.28% 806.27% 4.43%
Return on invested capital 8.44% 0.00% 6.10%

Growth

Metric GLP SBR Oil & Gas Midstream median
Revenue growth (TTM) 20.35% (2.95%) 14.88%
EPS growth (last fiscal year) (12.45%) (7.69%) (7.78%)
Revenue growth, 5-year CAGR 17.40% 16.35% 10.05%
Net income growth, 5-year CAGR (5.18%) 17.13% 0.00%

Health

Metric GLP SBR Oil & Gas Midstream median
Debt to equity 2.31 0.00 0.77
Current ratio 1.19 7.25 1.19
Net debt to EBITDA 4.61 (0.10) 3.46

Dividend

Metric GLP SBR Oil & Gas Midstream median
Dividend yield 7.29% 6.77% 4.94%
Payout ratio 0.62 0.92 0.73

Size

Metric GLP SBR Oil & Gas Midstream median
Market cap 1.42b 960.20m 3.56b

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