Nordic American Tankers Limited (NAT) vs Summit Midstream Partners, LP (SMC)

Nordic American Tankers Limited and Summit Midstream Partners, LP are both Oil & Gas Midstream companies. Nordic American Tankers Limited is the larger, with a market value of $1.6B against $631.8M — 2.6× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Nordic American Tankers Limited trades at 13.1×. Nordic American Tankers Limited grew revenue faster over the last twelve months: 28.7% against 20.9%. Nordic American Tankers Limited has the higher net margin (31.9% vs −2.29%) and the higher return on invested capital (13.3% vs 2.59%). Across the 21 metrics below, Nordic American Tankers Limited leads on 14 and Summit Midstream Partners, LP on 7.

Valuation

Metric NAT SMC Oil & Gas Midstream median
P/E 13.14 n/m 13.19
P/S 4.23 0.73 2.60
P/B 3.68 0.50 2.08
Price to free cash flow 7.87 9.49 10.14
EV/EBITDA 11.99 8.01 8.11
EV/Sales 4.94 2.80 3.89
Earnings yield 7.61% (3.57%) 6.83%
Free cash flow yield 12.70% 10.54% 6.94%

Profitability

Metric NAT SMC Oil & Gas Midstream median
Gross margin 55.22% 45.03% 58.81%
Operating margin 41.19% 15.10% 32.14%
Net margin 31.86% (2.29%) 21.16%
Free cash flow margin 53.77% 7.69% 10.15%
Return on equity 0.00% (1.57%) 11.30%
Return on assets 13.17% (0.55%) 5.00%
Return on invested capital 13.29% 2.59% 6.13%

Growth

Metric NAT SMC Oil & Gas Midstream median
Revenue growth (TTM) 28.69% 20.94% 15.44%
EPS growth (last fiscal year) (72.73%) 87.40% —
Revenue growth, 5-year CAGR (3.78%) 7.95% 8.96%
Net income growth, 5-year CAGR (24.50%) 0.00% 0.00%

Health

Metric NAT SMC Oil & Gas Midstream median
Debt to equity 0.85 1.35 0.78
Current ratio 3.27 0.94 1.19
Net debt to EBITDA 3.61 5.27 3.42

Dividend

Metric NAT SMC Oil & Gas Midstream median
Dividend yield 10.13% — 7.29%
Payout ratio 0.66 — 0.64

Size

Metric NAT SMC Oil & Gas Midstream median
Market cap 1.62b 631.78m 3.61b

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