Nordic American Tankers Limited (NAT) vs NGL Energy Partners LP (NGL)

Nordic American Tankers Limited and NGL Energy Partners LP are both Oil & Gas Midstream companies. NGL Energy Partners LP is the larger, with a market value of $1.8B against $1.4B — 1.3× the size. NGL Energy Partners LP has negative trailing earnings, so its P/E is not meaningful; Nordic American Tankers Limited trades at 11.2×. Nordic American Tankers Limited grew revenue faster over the last twelve months: 28.7% against 5.76%. Nordic American Tankers Limited has the higher net margin (31.9% vs −9.96%) and the higher return on invested capital (13.3% vs 2.94%). Across the 20 metrics below, Nordic American Tankers Limited leads on 15 and NGL Energy Partners LP on 5.

Valuation

Metric NAT NGL Oil & Gas Midstream median
P/E 11.19 n/m 11.68
P/S 3.61 0.52 2.39
P/B 3.14 n/m 1.68
Price to free cash flow 6.71 18.15 8.52
EV/EBITDA 10.47 12.54 9.03
EV/Sales 4.31 1.45 3.43
Earnings yield 8.94% (19.16%) 7.78%
Free cash flow yield 14.91% 5.51% 7.11%

Profitability

Metric NAT NGL Oil & Gas Midstream median
Gross margin 55.22% 29.52% 54.87%
Operating margin 41.19% 4.05% 34.73%
Net margin 31.86% (9.96%) 20.12%
Free cash flow margin 53.77% 2.89% 14.43%
Return on equity 0.00% 88.77% 11.73%
Return on assets 13.17% (8.39%) 4.43%
Return on invested capital 13.29% 2.94% 6.10%

Growth

Metric NAT NGL Oil & Gas Midstream median
Revenue growth (TTM) 28.69% 5.76% 14.88%
EPS growth (last fiscal year) (72.73%) (431.67%) (7.78%)
Revenue growth, 5-year CAGR (3.78%) (9.60%) 10.05%
Net income growth, 5-year CAGR (24.50%) 0.00% 0.00%

Health

Metric NAT NGL Oil & Gas Midstream median
Debt to equity 0.85 (13.85) 0.77
Current ratio 3.27 1.14 1.19
Net debt to EBITDA 3.61 8.88 3.46

Dividend

Metric NAT NGL Oil & Gas Midstream median
Dividend yield 11.97% — 4.94%
Payout ratio 1.34 — 0.73

Size

Metric NAT NGL Oil & Gas Midstream median
Market cap 1.38b 1.84b 3.56b

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