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 $1.4B against $1.1B — 1.3× the size. Teekay Corporation Ltd. trades at the lower P/E: 8.7× against 8.9×. Global Partners LP grew revenue faster over the last twelve months: 29.5% against −16.7%. Teekay Corporation Ltd. has the higher net margin (11.0% vs 0.00%) and the lower return on invested capital (0.00% vs 28.4%). Only Global Partners LP pays a dividend (6.98%). 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 8.89 8.68 11.80
P/S 0.06 0.95 2.38
P/B 2.20 0.48 1.65
Price to free cash flow 4.30 1.27 7.76
EV/EBITDA 6.68 0.03 7.88
EV/Sales 0.14 0.01 3.36
Earnings yield 11.25% 11.52% 7.98%
Free cash flow yield 23.26% 78.86% 7.23%

Profitability

Metric GLP TK Oil & Gas Midstream median
Gross margin 5.20% 39.94% 55.22%
Operating margin 1.51% 29.93% 35.83%
Net margin 0.00% 10.96% 20.12%
Free cash flow margin 1.48% 0.00% 14.43%
Return on equity 25.90% 0.00% 14.03%
Return on assets 0.00% 0.00% 4.62%
Return on invested capital 28.37% 0.00% 6.10%

Growth

Metric GLP TK Oil & Gas Midstream median
Revenue growth (TTM) 29.54% (16.70%) 15.70%
EPS growth (last fiscal year) (12.45%) (19.72%) (7.78%)
Revenue growth, 5-year CAGR 17.40% (3.70%) 10.05%
Net income growth, 5-year CAGR (5.18%) 0.00% 0.00%

Health

Metric GLP TK Oil & Gas Midstream median
Debt to equity 0.15 0.00 0.77
Current ratio 1.09 10.36 1.16
Net debt to EBITDA 4.61 (2.50) 3.46

Dividend

Metric GLP TK Oil & Gas Midstream median
Dividend yield 6.98% 0.00% 5.03%
Payout ratio 0.62 — 0.73

Size

Metric GLP TK Oil & Gas Midstream median
Market cap 1.42b 1.09b 3.30b

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