Dorian LPG Ltd. (LPG) vs Nordic American Tankers Limited (NAT)

Dorian LPG Ltd. and Nordic American Tankers Limited are both Oil & Gas Midstream companies. Dorian LPG Ltd. is the larger, with a market value of $2.0B against $1.4B — 1.4× the size. Dorian LPG Ltd. trades at the lower P/E: 4.1× against 11.2×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 87.1% against 28.7%. Dorian LPG Ltd. has the higher net margin (70.4% vs 31.9%) and the higher return on invested capital (16.3% vs 13.3%). Both pay a dividend; Nordic American Tankers Limited yields more (12.0% vs 2.90%). Across the 23 metrics below, Dorian LPG Ltd. leads on 21 and Nordic American Tankers Limited on 2.

Valuation

Metric LPG NAT Oil & Gas Midstream median
P/E 4.13 11.19 11.68
P/S 2.91 3.61 2.39
P/B 1.41 3.14 1.68
Price to free cash flow 5.12 6.71 8.52
EV/EBITDA 3.75 10.47 9.03
EV/Sales 3.11 4.31 3.43
Earnings yield 24.23% 8.94% 7.78%
Free cash flow yield 19.53% 14.91% 7.11%

Profitability

Metric LPG NAT Oil & Gas Midstream median
Gross margin 0.00% 55.22% 54.87%
Operating margin 72.29% 41.19% 34.73%
Net margin 70.38% 31.86% 20.12%
Free cash flow margin 58.36% 53.77% 14.43%
Return on equity 38.78% 0.00% 11.73%
Return on assets 25.19% 13.17% 4.43%
Return on invested capital 16.33% 13.29% 6.10%

Growth

Metric LPG NAT Oil & Gas Midstream median
Revenue growth (TTM) 87.06% 28.69% 14.88%
EPS growth (last fiscal year) 112.15% (72.73%) (7.78%)
Revenue growth, 5-year CAGR 8.79% (3.78%) 10.05%
Net income growth, 5-year CAGR 15.91% (24.50%) 0.00%

Health

Metric LPG NAT Oil & Gas Midstream median
Debt to equity 0.34 0.85 0.77
Current ratio 8.20 3.27 1.19
Net debt to EBITDA 0.82 3.61 3.46

Dividend

Metric LPG NAT Oil & Gas Midstream median
Dividend yield 2.90% 11.97% 4.94%
Payout ratio 0.12 1.34 0.73

Size

Metric LPG NAT Oil & Gas Midstream median
Market cap 1.97b 1.38b 3.56b

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