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 $1.6B — 1.4× the size. Dorian LPG Ltd. trades at the lower P/E: 7.1× against 13.1×. 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 (10.1% vs 9.37%). 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 7.06 13.14 13.19
P/S 3.89 4.23 2.60
P/B 1.84 3.68 2.08
Price to free cash flow 9.90 7.87 10.14
EV/EBITDA 5.95 11.99 8.11
EV/Sales 4.17 4.94 3.89
Earnings yield 14.17% 7.61% 6.83%
Free cash flow yield 10.10% 12.70% 6.94%

Profitability

Metric LPG NAT Oil & Gas Midstream median
Gross margin 85.68% 55.22% 58.81%
Operating margin 57.63% 41.19% 32.14%
Net margin 55.00% 31.86% 21.16%
Free cash flow margin 39.23% 53.77% 10.15%
Return on equity 28.34% 0.00% 11.30%
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% 15.44%
EPS growth (last fiscal year) 112.15% (72.73%) —
Revenue growth, 5-year CAGR 8.79% (3.78%) 8.96%
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 9.37% 10.13% 7.29%
Payout ratio 0.81 0.66 0.64

Size

Metric LPG NAT Oil & Gas Midstream median
Market cap 2.31b 1.62b 3.61b

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