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 $2.3B against $1.7B — 1.4× the size. Dorian LPG Ltd. trades at the lower P/E: 7.1× against 13.0×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 81.1% against 28.7%. Dorian LPG Ltd. has the higher net margin (55.0% vs 31.9%) and the higher return on invested capital (15.0% vs 13.3%). Both pay a dividend; Nordic American Tankers Limited yields more (10.3% vs 2.52%). Across the 23 metrics below, Dorian LPG Ltd. leads on 18 and Nordic American Tankers Limited on 5.

Valuation

Metric LPG NAT Oil & Gas Midstream median
P/E 7.07 12.98 12.77
P/S 3.89 4.19 2.36
P/B 1.84 3.64 2.09
Price to free cash flow 9.92 7.78 9.71
EV/EBITDA 5.96 11.87 8.30
EV/Sales 4.17 4.89 3.88
Earnings yield 14.14% 7.70% 7.15%
Free cash flow yield 10.08% 12.85% 6.86%

Profitability

Metric LPG NAT Oil & Gas Midstream median
Gross margin 85.68% 55.22% 56.58%
Operating margin 57.63% 41.19% 34.18%
Net margin 55.00% 31.86% 22.50%
Free cash flow margin 39.23% 53.77% 13.70%
Return on equity 28.34% 0.00% 14.65%
Return on assets 17.63% 13.17% 5.00%
Return on invested capital 15.04% 13.29% 6.13%

Growth

Metric LPG NAT Oil & Gas Midstream median
Revenue growth (TTM) 81.06% 28.69% 15.60%
EPS growth (last fiscal year) 112.15% (72.73%) (7.86%)
Revenue growth, 5-year CAGR 8.79% (3.78%) 9.59%
Net income growth, 5-year CAGR 15.91% (24.50%) 0.00%

Health

Metric LPG NAT Oil & Gas Midstream median
Debt to equity 0.41 0.85 0.78
Current ratio 3.26 3.27 1.19
Net debt to EBITDA 0.82 3.61 3.42

Dividend

Metric LPG NAT Oil & Gas Midstream median
Dividend yield 2.52% 10.31% 4.54%
Payout ratio 0.18 1.34 0.76

Size

Metric LPG NAT Oil & Gas Midstream median
Market cap 2.30b 1.66b 3.73b

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