Imperial Petroleum Inc. (IMPP) vs Summit Midstream Partners, LP (SMC)

Imperial Petroleum Inc. and Summit Midstream Partners, LP are both Oil & Gas Midstream companies. Summit Midstream Partners, LP is the larger, with a market value of $631.8M against $232.2M — 2.7× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Imperial Petroleum Inc. trades at 2.5×. Imperial Petroleum Inc. grew revenue faster over the last twelve months: 89.0% against 20.9%. Imperial Petroleum Inc. has the higher net margin (36.8% vs −2.29%) and the higher return on invested capital (15.3% vs 2.59%). Across the 19 metrics below, Imperial Petroleum Inc. leads on 17 and Summit Midstream Partners, LP on 2.

Valuation

Metric IMPP SMC Oil & Gas Midstream median
P/E 2.51 n/m 13.19
P/S 0.95 0.73 2.60
P/B 0.39 0.50 2.08
Price to free cash flow 2.00 9.49 10.14
EV/EBITDA n/m 8.01 8.11
EV/Sales (0.02) 2.80 3.89
Earnings yield 39.92% (3.57%) 6.83%
Free cash flow yield 50.08% 10.54% 6.94%

Profitability

Metric IMPP SMC Oil & Gas Midstream median
Gross margin 50.32% 45.03% 58.81%
Operating margin 34.73% 15.10% 32.14%
Net margin 36.75% (2.29%) 21.16%
Free cash flow margin 48.33% 7.69% 10.15%
Return on equity 17.19% (1.57%) 11.30%
Return on assets 14.31% (0.55%) 5.00%
Return on invested capital 15.34% 2.59% 6.13%

Growth

Metric IMPP SMC Oil & Gas Midstream median
Revenue growth (TTM) 89.03% 20.94% 15.44%
EPS growth (last fiscal year) (7.86%) 87.40% —
Revenue growth, 5-year CAGR 51.31% 7.95% 8.96%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric IMPP SMC Oil & Gas Midstream median
Debt to equity 0.00 1.35 0.78
Current ratio 4.77 0.94 1.19
Net debt to EBITDA (2.72) 5.27 3.42

Dividend

Metric IMPP SMC Oil & Gas Midstream median
Dividend yield — — 7.29%
Payout ratio 0.00 — 0.64

Size

Metric IMPP SMC Oil & Gas Midstream median
Market cap 232.21m 631.78m 3.61b

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