Navios Maritime Partners LP (NMM) vs SFL Corporation Ltd. (SFL)

Navios Maritime Partners LP and SFL Corporation Ltd. are both Marine Shipping companies. Navios Maritime Partners LP is the larger, with a market value of $2.6B against $2.0B — 1.3× the size. Navios Maritime Partners LP trades at the lower P/E: 6.0× against 26.6×. Navios Maritime Partners LP grew revenue faster over the last twelve months: 13.4% against −15.6%. Navios Maritime Partners LP has the higher net margin (29.6% vs 8.76%) and the higher return on invested capital (6.14% vs 3.83%). Both pay a dividend; SFL Corporation Ltd. yields more (8.19% vs 0.70%). Across the 22 metrics below, Navios Maritime Partners LP leads on 18 and SFL Corporation Ltd. on 4.

Valuation

Metric NMM SFL Marine Shipping median
P/E 5.98 26.63 6.89
P/S 1.76 2.36 1.92
P/B 0.72 1.66 0.90
Price to free cash flow 4.52 3.78 4.62
EV/EBITDA 4.91 9.24 6.57
EV/Sales 2.97 5.47 2.73
Earnings yield 16.73% 3.76% 9.59%
Free cash flow yield 22.14% 26.49% 16.76%

Profitability

Metric NMM SFL Marine Shipping median
Gross margin 64.47% 61.42% 60.61%
Operating margin 35.74% 27.73% 27.74%
Net margin 29.64% 8.76% 25.21%
Free cash flow margin 38.92% 62.49% 17.29%
Return on equity 12.93% 6.25% 8.62%
Return on assets 7.22% 1.71% 5.35%
Return on invested capital 6.14% 3.83% 5.32%

Growth

Metric NMM SFL Marine Shipping median
Revenue growth (TTM) 13.38% (15.61%) 13.26%
EPS growth (last fiscal year) (19.95%) (119.80%) —
Revenue growth, 5-year CAGR 42.75% 9.25% 11.77%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric NMM SFL Marine Shipping median
Debt to equity 0.63 2.30 0.52
Current ratio 1.53 0.38 1.63
Net debt to EBITDA 2.29 6.35 2.34

Dividend

Metric NMM SFL Marine Shipping median
Dividend yield 0.70% 8.19% 5.54%
Payout ratio — 1.02 0.13

Size

Metric NMM SFL Marine Shipping median
Market cap 2.55b 1.95b 420.73m

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