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 $1.9B against $1.6B — 1.2× the size. NGL Energy Partners LP has negative trailing earnings, so its P/E is not meaningful; Permian Basin Royalty Trust trades at 94.7×. 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 94.69 12.77
P/S 0.54 87.66 2.36
P/B n/m n/m 2.09
Price to free cash flow 18.62 n/m 9.71
EV/EBITDA 12.66 95.62 8.30
EV/Sales 1.47 87.53 3.88
Earnings yield (18.68%) 1.06% 7.15%
Free cash flow yield 5.37% 0.00% 6.86%

Profitability

Metric NGL PBT Oil & Gas Midstream median
Gross margin 29.52% 100.00% 56.58%
Operating margin 4.05% 91.54% 34.18%
Net margin (9.96%) 91.96% 22.50%
Free cash flow margin 2.89% 0.00% 13.70%
Return on equity 88.77% 0.00% 14.65%
Return on assets (8.39%) 757.27% 5.00%
Return on invested capital 2.94% 0.00% 6.13%

Growth

Metric NGL PBT Oil & Gas Midstream median
Revenue growth (TTM) 5.76% (3.71%) 15.60%
EPS growth (last fiscal year) (431.67%) (43.64%) (7.86%)
Revenue growth, 5-year CAGR (9.60%) 5.92% 9.59%
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 0.78
Current ratio 1.14 1.00 1.19
Net debt to EBITDA 8.88 (0.12) 3.42

Dividend

Metric NGL PBT Oil & Gas Midstream median
Dividend yield — 0.91% 4.54%
Payout ratio — 0.86 0.76

Size

Metric NGL PBT Oil & Gas Midstream median
Market cap 1.85b 1.57b 3.73b

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