NGL Energy Partners LP (NGL) vs Navigator Holdings Ltd. (NVGS)

NGL Energy Partners LP and Navigator Holdings Ltd. are both Oil & Gas Midstream companies. NGL Energy Partners LP is the larger, with a market value of $1.9B against $1.4B — 1.3× the size. NGL Energy Partners LP has negative trailing earnings, so its P/E is not meaningful; Navigator Holdings Ltd. trades at 10.5×. Navigator Holdings Ltd. grew revenue faster over the last twelve months: 8.39% against 5.76%. Navigator Holdings Ltd. has the higher net margin (22.8% vs −9.96%) and the higher return on invested capital (5.16% vs 2.94%). Across the 19 metrics below, Navigator Holdings Ltd. leads on 15 and NGL Energy Partners LP on 4.

Valuation

Metric NGL NVGS Oil & Gas Midstream median
P/E n/m 10.51 13.19
P/S 0.53 2.31 2.60
P/B n/m 1.12 2.08
Price to free cash flow 18.50 6.97 10.14
EV/EBITDA 12.63 7.11 8.11
EV/Sales 1.46 3.36 3.89
Earnings yield (18.81%) 9.51% 6.83%
Free cash flow yield 5.41% 14.36% 6.94%

Profitability

Metric NGL NVGS Oil & Gas Midstream median
Gross margin 29.52% 54.61% 58.81%
Operating margin 4.05% 25.77% 32.14%
Net margin (9.96%) 22.80% 21.16%
Free cash flow margin 2.89% 33.14% 10.15%
Return on equity 88.77% 11.09% 11.30%
Return on assets (8.39%) 5.96% 5.00%
Return on invested capital 2.94% 5.16% 6.13%

Growth

Metric NGL NVGS Oil & Gas Midstream median
Revenue growth (TTM) 5.76% 8.39% 15.44%
EPS growth (last fiscal year) (431.67%) 23.53% —
Revenue growth, 5-year CAGR (9.60%) 12.04% 8.96%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric NGL NVGS Oil & Gas Midstream median
Debt to equity (13.85) 0.72 0.78
Current ratio 1.14 1.71 1.19
Net debt to EBITDA 8.88 2.48 3.42

Dividend

Metric NGL NVGS Oil & Gas Midstream median
Dividend yield — 1.11% 7.29%
Payout ratio — 0.00 0.64

Size

Metric NGL NVGS Oil & Gas Midstream median
Market cap 1.92b 1.44b 3.61b

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