Global Partners LP (GLP) vs Tsakos Energy Navigation Ltd (TEN)

Global Partners LP and Tsakos Energy Navigation Ltd are both Oil & Gas Midstream companies. Global Partners LP is the larger, with a market value of $1.6B against $1.4B — 1.2× the size. Tsakos Energy Navigation Ltd trades at the lower P/E: 7.5× against 9.6×. Tsakos Energy Navigation Ltd grew revenue faster over the last twelve months: 23.2% against 20.4%. Tsakos Energy Navigation Ltd has the higher net margin (30.8% vs 0.78%) and the lower return on invested capital (7.05% vs 8.44%). Both pay a dividend; Global Partners LP yields more (5.73% vs 4.18%). Across the 22 metrics below, Tsakos Energy Navigation Ltd leads on 13 and Global Partners LP on 9.

Valuation

Metric GLP TEN Oil & Gas Midstream median
P/E 9.64 7.53 13.19
P/S 0.08 1.44 2.60
P/B 2.39 0.68 2.08
Price to free cash flow 7.76 n/m 10.14
EV/EBITDA 6.88 7.25 8.11
EV/Sales 0.15 3.13 3.89
Earnings yield 10.37% 13.28% 6.83%
Free cash flow yield 12.88% (19.20%) 6.94%

Profitability

Metric GLP TEN Oil & Gas Midstream median
Gross margin 5.57% 61.58% 58.81%
Operating margin 1.55% 43.17% 32.14%
Net margin 0.78% 30.77% 21.16%
Free cash flow margin 0.97% (27.72%) 10.15%
Return on equity 25.90% 15.61% 11.30%
Return on assets 4.28% 7.22% 5.00%
Return on invested capital 8.44% 7.05% 6.13%

Growth

Metric GLP TEN Oil & Gas Midstream median
Revenue growth (TTM) 20.35% 23.23% 15.44%
EPS growth (last fiscal year) (12.45%) (11.53%) —
Revenue growth, 5-year CAGR 17.40% 4.40% 8.96%
Net income growth, 5-year CAGR (5.18%) 0.00% 0.00%

Health

Metric GLP TEN Oil & Gas Midstream median
Debt to equity 2.31 1.02 0.78
Current ratio 1.19 1.40 1.19
Net debt to EBITDA 4.61 3.89 3.42

Dividend

Metric GLP TEN Oil & Gas Midstream median
Dividend yield 5.73% 4.18% 7.29%
Payout ratio — 0.05 0.64

Size

Metric GLP TEN Oil & Gas Midstream median
Market cap 1.63b 1.38b 3.61b

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