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 $1.6B against $1.1B — 1.5× the size. Global Partners LP trades at the lower P/E: 9.6× against 14.7×. 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; Sabine Royalty Trust yields more (9.97% vs 5.73%). Across the 21 metrics below, Global Partners LP leads on 11 and Sabine Royalty Trust on 10.

Valuation

Metric GLP SBR Oil & Gas Midstream median
P/E 9.64 14.65 13.19
P/S 0.08 13.88 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 14.52 8.11
EV/Sales 0.15 13.75 3.89
Earnings yield 10.37% 6.83% 6.83%
Free cash flow yield 12.88% 0.00% 6.94%

Profitability

Metric GLP SBR Oil & Gas Midstream median
Gross margin 5.57% 100.00% 58.81%
Operating margin 1.55% 94.71% 32.14%
Net margin 0.78% 94.71% 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% 806.27% 5.00%
Return on invested capital 8.44% 0.00% 6.13%

Growth

Metric GLP SBR Oil & Gas Midstream median
Revenue growth (TTM) 20.35% (2.95%) 15.44%
EPS growth (last fiscal year) (12.45%) (7.69%) —
Revenue growth, 5-year CAGR 17.40% 16.35% 8.96%
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 0.78
Current ratio 1.19 7.25 1.19
Net debt to EBITDA 4.61 (0.10) 3.42

Dividend

Metric GLP SBR Oil & Gas Midstream median
Dividend yield 5.73% 9.97% 7.29%
Payout ratio — 1.00 0.64

Size

Metric GLP SBR Oil & Gas Midstream median
Market cap 1.63b 1.06b 3.61b

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