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 $1.2B against $544.1M — 2.2× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Navigator Holdings Ltd. trades at 6.7×. Summit Midstream Partners, LP grew revenue faster over the last twelve months: 20.9% against 6.62%. Navigator Holdings Ltd. has the higher net margin (30.1% vs −2.29%) and the higher return on invested capital (5.28% 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 6.65 n/m 11.80
P/S 1.98 0.64 2.38
P/B 0.91 0.44 1.65
Price to free cash flow 3.79 8.33 7.76
EV/EBITDA 6.04 7.75 7.88
EV/Sales 2.78 2.71 3.36
Earnings yield 15.03% (4.07%) 7.98%
Free cash flow yield 26.41% 12.01% 7.23%

Profitability

Metric NVGS SMC Oil & Gas Midstream median
Gross margin 53.38% 45.03% 55.22%
Operating margin 25.02% 15.10% 35.83%
Net margin 30.06% (2.29%) 20.12%
Free cash flow margin 52.18% 7.69% 14.43%
Return on equity 14.27% (1.57%) 14.03%
Return on assets 8.17% (0.55%) 4.62%
Return on invested capital 5.28% 2.59% 6.10%

Growth

Metric NVGS SMC Oil & Gas Midstream median
Revenue growth (TTM) 6.62% 20.94% 15.70%
EPS growth (last fiscal year) 23.53% 87.40% (7.78%)
Revenue growth, 5-year CAGR 12.04% 7.95% 10.05%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric NVGS SMC Oil & Gas Midstream median
Debt to equity 0.57 1.35 0.77
Current ratio 1.38 0.94 1.16
Net debt to EBITDA 2.48 5.27 3.46

Dividend

Metric NVGS SMC Oil & Gas Midstream median
Dividend yield 1.41% — 5.03%
Payout ratio 0.09 — 0.73

Size

Metric NVGS SMC Oil & Gas Midstream median
Market cap 1.19b 544.05m 3.30b

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