Nordic American Tankers Limited (NAT) vs Sabine Royalty Trust (SBR)

Nordic American Tankers Limited and Sabine Royalty Trust are both Oil & Gas Midstream companies. Nordic American Tankers Limited is the larger, with a market value of $1.7B against $1.1B — 1.6× the size. Nordic American Tankers Limited trades at the lower P/E: 13.0× against 14.8×. Nordic American Tankers Limited grew revenue faster over the last twelve months: 28.7% against −2.95%. Sabine Royalty Trust has the higher net margin (94.7% vs 31.9%) and the lower return on invested capital (0.00% vs 13.3%). Both pay a dividend; Nordic American Tankers Limited yields more (10.3% vs 6.22%). Across the 20 metrics below, Nordic American Tankers Limited leads on 10 and Sabine Royalty Trust on 10.

Valuation

Metric NAT SBR Oil & Gas Midstream median
P/E 12.98 14.79 12.77
P/S 4.19 14.02 2.36
P/B 3.64 n/m 2.09
Price to free cash flow 7.78 n/m 9.71
EV/EBITDA 11.87 14.66 8.30
EV/Sales 4.89 13.89 3.88
Earnings yield 7.70% 6.76% 7.15%
Free cash flow yield 12.85% 0.00% 6.86%

Profitability

Metric NAT SBR Oil & Gas Midstream median
Gross margin 55.22% 100.00% 56.58%
Operating margin 41.19% 94.71% 34.18%
Net margin 31.86% 94.71% 22.50%
Free cash flow margin 53.77% 0.00% 13.70%
Return on equity 0.00% 0.00% 14.65%
Return on assets 13.17% 806.27% 5.00%
Return on invested capital 13.29% 0.00% 6.13%

Growth

Metric NAT SBR Oil & Gas Midstream median
Revenue growth (TTM) 28.69% (2.95%) 15.60%
EPS growth (last fiscal year) (72.73%) (7.69%) (7.86%)
Revenue growth, 5-year CAGR (3.78%) 16.35% 9.59%
Net income growth, 5-year CAGR (24.50%) 17.13% 0.00%

Health

Metric NAT SBR Oil & Gas Midstream median
Debt to equity 0.85 0.00 0.78
Current ratio 3.27 7.25 1.19
Net debt to EBITDA 3.61 (0.10) 3.42

Dividend

Metric NAT SBR Oil & Gas Midstream median
Dividend yield 10.31% 6.22% 4.54%
Payout ratio 1.34 0.92 0.76

Size

Metric NAT SBR Oil & Gas Midstream median
Market cap 1.66b 1.05b 3.73b

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