Navigator Holdings Ltd. (NVGS) vs Summit Midstream Partners, LP (SMC)

Navigator Holdings Ltd. and Summit Midstream Partners, LP are both Oil & Gas Midstream companies. Navigator Holdings Ltd. is the larger, with a market value of $1.4B against $631.8M — 2.3× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Navigator Holdings Ltd. trades at 10.5×. Summit Midstream Partners, LP grew revenue faster over the last twelve months: 20.9% against 8.39%. Navigator Holdings Ltd. has the higher net margin (22.8% vs −2.29%) and the higher return on invested capital (5.16% vs 2.59%). Across the 20 metrics below, Navigator Holdings Ltd. leads on 15 and Summit Midstream Partners, LP on 5.

Valuation

Metric NVGS SMC Oil & Gas Midstream median
P/E 10.51 n/m 13.19
P/S 2.31 0.73 2.60
P/B 1.12 0.50 2.08
Price to free cash flow 6.97 9.49 10.14
EV/EBITDA 7.11 8.01 8.11
EV/Sales 3.36 2.80 3.89
Earnings yield 9.51% (3.57%) 6.83%
Free cash flow yield 14.36% 10.54% 6.94%

Profitability

Metric NVGS SMC Oil & Gas Midstream median
Gross margin 54.61% 45.03% 58.81%
Operating margin 25.77% 15.10% 32.14%
Net margin 22.80% (2.29%) 21.16%
Free cash flow margin 33.14% 7.69% 10.15%
Return on equity 11.09% (1.57%) 11.30%
Return on assets 5.96% (0.55%) 5.00%
Return on invested capital 5.16% 2.59% 6.13%

Growth

Metric NVGS SMC Oil & Gas Midstream median
Revenue growth (TTM) 8.39% 20.94% 15.44%
EPS growth (last fiscal year) 23.53% 87.40% —
Revenue growth, 5-year CAGR 12.04% 7.95% 8.96%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric NVGS SMC Oil & Gas Midstream median
Debt to equity 0.72 1.35 0.78
Current ratio 1.71 0.94 1.19
Net debt to EBITDA 2.48 5.27 3.42

Dividend

Metric NVGS SMC Oil & Gas Midstream median
Dividend yield 1.11% — 7.29%
Payout ratio 0.00 — 0.64

Size

Metric NVGS SMC Oil & Gas Midstream median
Market cap 1.44b 631.78m 3.61b

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