Martin Midstream Partners L.P. (MMLP) vs Pyxis Tankers Inc. (PXS)

Martin Midstream Partners L.P. and Pyxis Tankers Inc. are both Oil & Gas Midstream companies. Martin Midstream Partners L.P. is the larger, with a market value of $77.1M against $57.2M — 1.3× the size. Martin Midstream Partners L.P. has negative trailing earnings, so its P/E is not meaningful; Pyxis Tankers Inc. trades at 6.9×. Martin Midstream Partners L.P. grew revenue faster over the last twelve months: 13.2% against −5.01%. Pyxis Tankers Inc. has the higher net margin (20.0% vs −1.35%) and the lower return on invested capital (6.15% vs 8.21%). Across the 18 metrics below, Pyxis Tankers Inc. leads on 12 and Martin Midstream Partners L.P. on 6.

Valuation

Metric MMLP PXS Oil & Gas Midstream median
P/E n/m 6.89 11.68
P/S 0.10 1.35 2.39
P/B n/m 0.53 1.68
Price to free cash flow n/m 3.82 8.52
EV/EBITDA 5.17 3.81 9.03
EV/Sales 0.69 1.94 3.43
Earnings yield (13.89%) 14.52% 7.78%
Free cash flow yield (16.15%) 26.21% 7.11%

Profitability

Metric MMLP PXS Oil & Gas Midstream median
Gross margin 50.59% 61.64% 54.87%
Operating margin 6.22% 30.65% 34.73%
Net margin (1.35%) 20.00% 20.12%
Free cash flow margin (1.55%) 35.37% 14.43%
Return on equity 13.65% 8.26% 11.73%
Return on assets (2.03%) 4.43% 4.43%
Return on invested capital 8.21% 6.15% 6.10%

Growth

Metric MMLP PXS Oil & Gas Midstream median
Revenue growth (TTM) 13.17% (5.01%) 14.88%
EPS growth (last fiscal year) (184.62%) (79.12%) (7.78%)
Revenue growth, 5-year CAGR 1.28% 12.43% 10.05%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MMLP PXS Oil & Gas Midstream median
Debt to equity (5.04) 0.78 0.77
Current ratio 1.35 4.72 1.19
Net debt to EBITDA 4.09 2.31 3.46

Dividend

Metric MMLP PXS Oil & Gas Midstream median
Dividend yield 1.26% — 4.94%
Payout ratio — — 0.73

Size

Metric MMLP PXS Oil & Gas Midstream median
Market cap 77.08m 57.24m 3.56b

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