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NGL Energy Partners LP (NGL) vs Permian Basin Royalty Trust (PBT)

NGL Energy Partners LP and Permian Basin Royalty Trust are both Oil & Gas Midstream companies. NGL Energy Partners LP is the larger, with a market value of $1.8B against $1.3B — 1.4× the size. NGL Energy Partners LP has negative trailing earnings, so its P/E is not meaningful; Permian Basin Royalty Trust trades at 82.9×. NGL Energy Partners LP grew revenue faster over the last twelve months: 5.76% against −3.71%. Permian Basin Royalty Trust has the higher net margin (92.0% vs −9.96%) and the lower return on invested capital (0.00% vs 2.94%). Across the 19 metrics below, NGL Energy Partners LP leads on 10 and Permian Basin Royalty Trust on 9.

Valuation

Metric NGL PBT Oil & Gas Midstream median
P/E n/m 82.86 11.80
P/S 0.53 76.71 2.38
P/B n/m n/m 1.65
Price to free cash flow 18.44 n/m 7.76
EV/EBITDA 12.61 83.66 7.88
EV/Sales 1.46 76.58 3.36
Earnings yield (18.87%) 1.21% 7.98%
Free cash flow yield 5.42% 0.00% 7.23%

Profitability

Metric NGL PBT Oil & Gas Midstream median
Gross margin 29.52% 100.00% 55.22%
Operating margin 4.05% 91.54% 35.83%
Net margin (9.96%) 91.96% 20.12%
Free cash flow margin 2.89% 0.00% 14.43%
Return on equity 88.77% 0.00% 14.03%
Return on assets (8.39%) 757.27% 4.62%
Return on invested capital 2.94% 0.00% 6.10%

Growth

Metric NGL PBT Oil & Gas Midstream median
Revenue growth (TTM) 5.76% (3.71%) 15.70%
EPS growth (last fiscal year) (431.67%) (43.64%) (7.78%)
Revenue growth, 5-year CAGR (9.60%) 5.92% 10.05%
Net income growth, 5-year CAGR 0.00% 5.47% 0.00%

Health

Metric NGL PBT Oil & Gas Midstream median
Debt to equity (13.85) 0.00 0.77
Current ratio 1.14 1.00 1.16
Net debt to EBITDA 8.88 (0.12) 3.46

Dividend

Metric NGL PBT Oil & Gas Midstream median
Dividend yield — 1.06% 5.03%
Payout ratio — 0.88 0.73

Size

Metric NGL PBT Oil & Gas Midstream median
Market cap 1.84b 1.33b 3.30b

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