NGL Energy Partners LP (NGL) vs Tsakos Energy Navigation Ltd (TEN)

NGL Energy Partners LP and Tsakos Energy Navigation Ltd 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; Tsakos Energy Navigation Ltd trades at 4.6×. Tsakos Energy Navigation Ltd grew revenue faster over the last twelve months: 23.2% against 5.76%. Tsakos Energy Navigation Ltd has the higher net margin (30.8% vs −9.96%) and the higher return on invested capital (7.05% vs 2.94%). Across the 18 metrics below, Tsakos Energy Navigation Ltd leads on 12 and NGL Energy Partners LP on 6.

Valuation

Metric NGL TEN Oil & Gas Midstream median
P/E n/m 4.55 11.80
P/S 0.53 1.40 2.38
P/B n/m 0.66 1.65
Price to free cash flow 18.44 n/m 7.76
EV/EBITDA 12.61 7.15 7.88
EV/Sales 1.46 3.09 3.36
Earnings yield (18.87%) 21.97% 7.98%
Free cash flow yield 5.42% (19.75%) 7.23%

Profitability

Metric NGL TEN Oil & Gas Midstream median
Gross margin 29.52% 61.58% 55.22%
Operating margin 4.05% 43.17% 35.83%
Net margin (9.96%) 30.77% 20.12%
Free cash flow margin 2.89% (27.72%) 14.43%
Return on equity 88.77% 15.61% 14.03%
Return on assets (8.39%) 7.25% 4.62%
Return on invested capital 2.94% 7.05% 6.10%

Growth

Metric NGL TEN Oil & Gas Midstream median
Revenue growth (TTM) 5.76% 23.23% 15.70%
EPS growth (last fiscal year) (431.67%) (11.53%) (7.78%)
Revenue growth, 5-year CAGR (9.60%) 4.40% 10.05%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric NGL TEN Oil & Gas Midstream median
Debt to equity (13.85) 1.02 0.77
Current ratio 1.14 1.40 1.16
Net debt to EBITDA 8.88 3.89 3.46

Dividend

Metric NGL TEN Oil & Gas Midstream median
Dividend yield — — 5.03%
Payout ratio — — 0.73

Size

Metric NGL TEN Oil & Gas Midstream median
Market cap 1.84b 1.30b 3.30b

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