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 $1.3B against $608.8M — 2.2× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Navigator Holdings Ltd. trades at 9.7×. 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 9.74 n/m 12.77
P/S 2.14 0.73 2.36
P/B 1.03 0.50 2.09
Price to free cash flow 6.45 9.46 9.71
EV/EBITDA 6.75 8.00 8.30
EV/Sales 3.19 2.80 3.88
Earnings yield 10.27% (3.58%) 7.15%
Free cash flow yield 15.49% 10.58% 6.86%

Profitability

Metric NVGS SMC Oil & Gas Midstream median
Gross margin 54.61% 45.03% 56.58%
Operating margin 25.77% 15.10% 34.18%
Net margin 22.80% (2.29%) 22.50%
Free cash flow margin 33.14% 7.69% 13.70%
Return on equity 11.09% (1.57%) 14.65%
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% 15.60%
EPS growth (last fiscal year) 23.53% 87.40% (7.86%)
Revenue growth, 5-year CAGR 12.04% 7.95% 9.59%
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 1.31% — 4.54%
Payout ratio 0.13 — 0.76

Size

Metric NVGS SMC Oil & Gas Midstream median
Market cap 1.33b 608.84m 3.73b

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