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 $2.3B against $1.5B — 1.5× the size. Tsakos Energy Navigation Ltd trades at the lower P/E: 5.2× against 7.1×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 81.1% against 23.2%. Dorian LPG Ltd. has the higher net margin (55.0% vs 30.8%) and the higher return on invested capital (15.0% vs 7.05%). Across the 21 metrics below, Dorian LPG Ltd. leads on 16 and Tsakos Energy Navigation Ltd on 5.

Valuation

Metric LPG TEN Oil & Gas Midstream median
P/E 7.07 5.17 12.77
P/S 3.89 1.60 2.36
P/B 1.84 0.75 2.09
Price to free cash flow 9.92 n/m 9.71
EV/EBITDA 5.96 7.60 8.30
EV/Sales 4.17 3.28 3.88
Earnings yield 14.14% 19.33% 7.15%
Free cash flow yield 10.08% (17.38%) 6.86%

Profitability

Metric LPG TEN Oil & Gas Midstream median
Gross margin 85.68% 61.58% 56.58%
Operating margin 57.63% 43.17% 34.18%
Net margin 55.00% 30.77% 22.50%
Free cash flow margin 39.23% (27.72%) 13.70%
Return on equity 28.34% 15.61% 14.65%
Return on assets 17.63% 7.25% 5.00%
Return on invested capital 15.04% 7.05% 6.13%

Growth

Metric LPG TEN Oil & Gas Midstream median
Revenue growth (TTM) 81.06% 23.23% 15.60%
EPS growth (last fiscal year) 112.15% (11.53%) (7.86%)
Revenue growth, 5-year CAGR 8.79% 4.40% 9.59%
Net income growth, 5-year CAGR 15.91% 0.00% 0.00%

Health

Metric LPG TEN Oil & Gas Midstream median
Debt to equity 0.41 1.02 0.78
Current ratio 3.26 1.40 1.19
Net debt to EBITDA 0.82 3.89 3.42

Dividend

Metric LPG TEN Oil & Gas Midstream median
Dividend yield 2.52% — 4.54%
Payout ratio 0.18 — 0.76

Size

Metric LPG TEN Oil & Gas Midstream median
Market cap 2.30b 1.52b 3.73b

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