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 and Tsakos Energy Navigation Ltd are of similar size ($1.7B and $1.5B). Tsakos Energy Navigation Ltd trades at the lower P/E: 5.2× against 10.1×. 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%). Across the 21 metrics below, Tsakos Energy Navigation Ltd leads on 13 and Global Partners LP on 8.

Valuation

Metric GLP TEN Oil & Gas Midstream median
P/E 10.08 5.17 12.77
P/S 0.08 1.60 2.36
P/B 2.49 0.75 2.09
Price to free cash flow 8.12 n/m 9.71
EV/EBITDA 7.04 7.60 8.30
EV/Sales 0.16 3.28 3.88
Earnings yield 9.92% 19.33% 7.15%
Free cash flow yield 12.32% (17.38%) 6.86%

Profitability

Metric GLP TEN Oil & Gas Midstream median
Gross margin 5.57% 61.58% 56.58%
Operating margin 1.55% 43.17% 34.18%
Net margin 0.78% 30.77% 22.50%
Free cash flow margin 0.97% (27.72%) 13.70%
Return on equity 25.90% 15.61% 14.65%
Return on assets 4.28% 7.25% 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% 15.60%
EPS growth (last fiscal year) (12.45%) (11.53%) (7.86%)
Revenue growth, 5-year CAGR 17.40% 4.40% 9.59%
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 6.16% — 4.54%
Payout ratio 0.62 — 0.76

Size

Metric GLP TEN Oil & Gas Midstream median
Market cap 1.67b 1.52b 3.73b

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