Marine Petroleum Trust (MARPS) vs TOP Ships Inc. (TOPS)

Marine Petroleum Trust and TOP Ships Inc. are both Oil & Gas Midstream companies. Marine Petroleum Trust is the larger, with a market value of $8.5M against $2.1M — 4.1× the size. TOP Ships Inc. has negative trailing earnings, so its P/E is not meaningful; Marine Petroleum Trust trades at 12.4×. TOP Ships Inc. grew revenue faster over the last twelve months: 25.5% against −5.57%. Marine Petroleum Trust has the higher net margin (66.9% vs −1.48%) and the higher return on invested capital (0.00% vs 0.00%). Across the 19 metrics below, Marine Petroleum Trust leads on 13 and TOP Ships Inc. on 6.

Valuation

Metric MARPS TOPS Oil & Gas Midstream median
P/E 12.38 n/m 11.80
P/S 8.54 0.03 2.38
P/B 8.86 0.06 1.65
Price to free cash flow 12.76 n/m 7.76
EV/EBITDA 11.32 3.02 7.88
EV/Sales 7.58 1.66 3.36
Earnings yield 8.08% (1,113.75%) 7.98%
Free cash flow yield 7.84% (3,746.35%) 7.23%

Profitability

Metric MARPS TOPS Oil & Gas Midstream median
Gross margin 100.00% 57.93% 55.22%
Operating margin 66.92% 0.00% 35.83%
Net margin 66.92% (1.48%) 20.12%
Free cash flow margin 66.93% 0.00% 14.43%
Return on equity 68.60% 0.00% 14.03%
Return on assets 70.47% 0.00% 4.62%
Return on invested capital 0.00% 0.00% 6.10%

Growth

Metric MARPS TOPS Oil & Gas Midstream median
Revenue growth (TTM) (5.57%) 25.46% 15.70%
EPS growth (last fiscal year) (8.33%) (38.53%) (7.78%)
Revenue growth, 5-year CAGR 20.57% 5.95% 10.05%
Net income growth, 5-year CAGR 32.49% 0.00% 0.00%

Health

Metric MARPS TOPS Oil & Gas Midstream median
Debt to equity 0.00 3.40 0.77
Current ratio 0.00 0.48 1.16
Net debt to EBITDA (1.44) 3.72 3.46

Dividend

Metric MARPS TOPS Oil & Gas Midstream median
Dividend yield 8.14% — 5.03%
Payout ratio 1.01 — 0.73

Size

Metric MARPS TOPS Oil & Gas Midstream median
Market cap 8.52m 2.09m 3.30b

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