Dorian LPG Ltd. (LPG) vs Tsakos Energy Navigation Ltd (TEN)

Dorian LPG Ltd. and Tsakos Energy Navigation Ltd are both Oil & Gas Midstream companies. Dorian LPG Ltd. is the larger, with a market value of $2.0B against $1.3B — 1.5× the size. Dorian LPG Ltd. trades at the lower P/E: 4.1× against 4.5×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 87.1% against 23.2%. Dorian LPG Ltd. has the higher net margin (70.4% vs 30.8%) and the higher return on invested capital (16.3% vs 7.05%). Across the 21 metrics below, Dorian LPG Ltd. leads on 17 and Tsakos Energy Navigation Ltd on 4.

Valuation

Metric LPG TEN Oil & Gas Midstream median
P/E 4.13 4.50 11.68
P/S 2.91 1.39 2.39
P/B 1.41 0.65 1.68
Price to free cash flow 5.12 n/m 8.52
EV/EBITDA 3.75 7.11 9.03
EV/Sales 3.11 3.07 3.43
Earnings yield 24.23% 22.23% 7.78%
Free cash flow yield 19.53% (19.99%) 7.11%

Profitability

Metric LPG TEN Oil & Gas Midstream median
Gross margin 0.00% 61.58% 54.87%
Operating margin 72.29% 43.17% 34.73%
Net margin 70.38% 30.77% 20.12%
Free cash flow margin 58.36% (27.72%) 14.43%
Return on equity 38.78% 15.61% 11.73%
Return on assets 25.19% 7.25% 4.43%
Return on invested capital 16.33% 7.05% 6.10%

Growth

Metric LPG TEN Oil & Gas Midstream median
Revenue growth (TTM) 87.06% 23.23% 14.88%
EPS growth (last fiscal year) 112.15% (11.53%) (7.78%)
Revenue growth, 5-year CAGR 8.79% 4.40% 10.05%
Net income growth, 5-year CAGR 15.91% 0.00% 0.00%

Health

Metric LPG TEN Oil & Gas Midstream median
Debt to equity 0.34 1.02 0.77
Current ratio 8.20 1.40 1.19
Net debt to EBITDA 0.82 3.89 3.46

Dividend

Metric LPG TEN Oil & Gas Midstream median
Dividend yield 2.90% — 4.94%
Payout ratio 0.12 — 0.73

Size

Metric LPG TEN Oil & Gas Midstream median
Market cap 1.97b 1.30b 3.56b

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