Dorian LPG Ltd. (LPG) vs NGL Energy Partners LP (NGL)

Dorian LPG Ltd. and NGL Energy Partners LP are both Oil & Gas Midstream companies. Dorian LPG Ltd. is the larger, with a market value of $2.3B against $1.9B — 1.2× the size. NGL Energy Partners LP has negative trailing earnings, so its P/E is not meaningful; Dorian LPG Ltd. trades at 7.1×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 81.1% against 5.76%. Dorian LPG Ltd. has the higher net margin (55.0% vs −9.96%) and the higher return on invested capital (15.0% vs 2.94%). Across the 20 metrics below, Dorian LPG Ltd. leads on 16 and NGL Energy Partners LP on 4.

Valuation

Metric LPG NGL Oil & Gas Midstream median
P/E 7.06 n/m 13.19
P/S 3.89 0.53 2.60
P/B 1.84 n/m 2.08
Price to free cash flow 9.90 18.50 10.14
EV/EBITDA 5.95 12.63 8.11
EV/Sales 4.17 1.46 3.89
Earnings yield 14.17% (18.81%) 6.83%
Free cash flow yield 10.10% 5.41% 6.94%

Profitability

Metric LPG NGL Oil & Gas Midstream median
Gross margin 85.68% 29.52% 58.81%
Operating margin 57.63% 4.05% 32.14%
Net margin 55.00% (9.96%) 21.16%
Free cash flow margin 39.23% 2.89% 10.15%
Return on equity 28.34% 88.77% 11.30%
Return on assets 17.63% (8.39%) 5.00%
Return on invested capital 15.04% 2.94% 6.13%

Growth

Metric LPG NGL Oil & Gas Midstream median
Revenue growth (TTM) 81.06% 5.76% 15.44%
EPS growth (last fiscal year) 112.15% (431.67%) —
Revenue growth, 5-year CAGR 8.79% (9.60%) 8.96%
Net income growth, 5-year CAGR 15.91% 0.00% 0.00%

Health

Metric LPG NGL Oil & Gas Midstream median
Debt to equity 0.41 (13.85) 0.78
Current ratio 3.26 1.14 1.19
Net debt to EBITDA 0.82 8.88 3.42

Dividend

Metric LPG NGL Oil & Gas Midstream median
Dividend yield 9.37% — 7.29%
Payout ratio 0.81 — 0.64

Size

Metric LPG NGL Oil & Gas Midstream median
Market cap 2.31b 1.92b 3.61b

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