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 $1.6B against $1.2B — 1.4× the size. Teekay Corporation Ltd. trades at the lower P/E: 9.4× against 9.6×. 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%). Across the 22 metrics below, Teekay Corporation Ltd. leads on 14 and Global Partners LP on 8.

Valuation

Metric GLP TK Oil & Gas Midstream median
P/E 9.64 9.38 13.19
P/S 0.08 1.02 2.60
P/B 2.39 0.51 2.08
Price to free cash flow 7.76 1.37 10.14
EV/EBITDA 6.88 0.24 8.11
EV/Sales 0.15 0.09 3.89
Earnings yield 10.37% 10.66% 6.83%
Free cash flow yield 12.88% 72.93% 6.94%

Profitability

Metric GLP TK Oil & Gas Midstream median
Gross margin 5.57% 39.94% 58.81%
Operating margin 1.55% 29.93% 32.14%
Net margin 0.78% 10.96% 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% 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%) 15.44%
EPS growth (last fiscal year) (12.45%) (19.72%) —
Revenue growth, 5-year CAGR 17.40% (3.70%) 8.96%
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 5.73% — 7.29%
Payout ratio — 0.00 0.64

Size

Metric GLP TK Oil & Gas Midstream median
Market cap 1.63b 1.20b 3.61b

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