Global Partners LP (GLP) vs Teekay Corporation Ltd. (TK)

Global Partners LP and Teekay Corporation Ltd. are both Oil & Gas Midstream companies. Global Partners LP is the larger, with a market value of $1.7B against $1.2B — 1.4× the size. Teekay Corporation Ltd. trades at the lower P/E: 9.6× against 10.1×. Global Partners LP grew revenue faster over the last twelve months: 20.4% against −16.7%. Teekay Corporation Ltd. has the higher net margin (11.0% vs 0.78%) and the lower return on invested capital (0.00% vs 8.44%). Only Global Partners LP pays a dividend (6.16%). Across the 23 metrics below, Teekay Corporation Ltd. leads on 14 and Global Partners LP on 9.

Valuation

Metric GLP TK Oil & Gas Midstream median
P/E 10.08 9.63 12.77
P/S 0.08 1.05 2.36
P/B 2.49 0.53 2.09
Price to free cash flow 8.12 1.41 9.71
EV/EBITDA 7.04 0.31 8.30
EV/Sales 0.16 0.12 3.88
Earnings yield 9.92% 10.38% 7.15%
Free cash flow yield 12.32% 71.07% 6.86%

Profitability

Metric GLP TK Oil & Gas Midstream median
Gross margin 5.57% 39.94% 56.58%
Operating margin 1.55% 29.93% 34.18%
Net margin 0.78% 10.96% 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% 0.00% 5.00%
Return on invested capital 8.44% 0.00% 6.13%

Growth

Metric GLP TK Oil & Gas Midstream median
Revenue growth (TTM) 20.35% (16.70%) 15.60%
EPS growth (last fiscal year) (12.45%) (19.72%) (7.86%)
Revenue growth, 5-year CAGR 17.40% (3.70%) 9.59%
Net income growth, 5-year CAGR (5.18%) 0.00% 0.00%

Health

Metric GLP TK Oil & Gas Midstream median
Debt to equity 2.31 0.00 0.78
Current ratio 1.19 10.36 1.19
Net debt to EBITDA 4.61 (2.50) 3.42

Dividend

Metric GLP TK Oil & Gas Midstream median
Dividend yield 6.16% 0.00% 4.54%
Payout ratio 0.62 — 0.76

Size

Metric GLP TK Oil & Gas Midstream median
Market cap 1.67b 1.23b 3.73b

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