Navigator Holdings Ltd. (NVGS) vs Sabine Royalty Trust (SBR)

Navigator Holdings Ltd. and Sabine Royalty Trust are both Oil & Gas Midstream companies. Navigator Holdings Ltd. is the larger, with a market value of $1.3B against $1.1B — 1.3× the size. Navigator Holdings Ltd. trades at the lower P/E: 9.7× against 14.8×. Navigator Holdings Ltd. grew revenue faster over the last twelve months: 8.39% against −2.95%. Sabine Royalty Trust has the higher net margin (94.7% vs 22.8%) and the lower return on invested capital (0.00% vs 5.16%). Both pay a dividend; Sabine Royalty Trust yields more (6.22% vs 1.31%). Across the 21 metrics below, Navigator Holdings Ltd. leads on 11 and Sabine Royalty Trust on 10.

Valuation

Metric NVGS SBR Oil & Gas Midstream median
P/E 9.74 14.79 12.77
P/S 2.14 14.02 2.36
P/B 1.03 n/m 2.09
Price to free cash flow 6.45 n/m 9.71
EV/EBITDA 6.75 14.66 8.30
EV/Sales 3.19 13.89 3.88
Earnings yield 10.27% 6.76% 7.15%
Free cash flow yield 15.49% 0.00% 6.86%

Profitability

Metric NVGS SBR Oil & Gas Midstream median
Gross margin 54.61% 100.00% 56.58%
Operating margin 25.77% 94.71% 34.18%
Net margin 22.80% 94.71% 22.50%
Free cash flow margin 33.14% 0.00% 13.70%
Return on equity 11.09% 0.00% 14.65%
Return on assets 5.96% 806.27% 5.00%
Return on invested capital 5.16% 0.00% 6.13%

Growth

Metric NVGS SBR Oil & Gas Midstream median
Revenue growth (TTM) 8.39% (2.95%) 15.60%
EPS growth (last fiscal year) 23.53% (7.69%) (7.86%)
Revenue growth, 5-year CAGR 12.04% 16.35% 9.59%
Net income growth, 5-year CAGR 0.00% 17.13% 0.00%

Health

Metric NVGS SBR Oil & Gas Midstream median
Debt to equity 0.72 0.00 0.78
Current ratio 1.71 7.25 1.19
Net debt to EBITDA 2.48 (0.10) 3.42

Dividend

Metric NVGS SBR Oil & Gas Midstream median
Dividend yield 1.31% 6.22% 4.54%
Payout ratio 0.13 0.92 0.76

Size

Metric NVGS SBR Oil & Gas Midstream median
Market cap 1.33b 1.05b 3.73b

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