Plains Group Holdings, L.P. (PAGP) vs Venture Global, Inc. (VG)

Plains Group Holdings, L.P. and Venture Global, Inc. are both Oil & Gas Midstream companies. Venture Global, Inc. is the larger, with a market value of $31.3B against $20.7B — 1.5× the size. Venture Global, Inc. trades at the lower P/E: 9.4× against 9.8×. Venture Global, Inc. grew revenue faster over the last twelve months: 100.7% against 13.1%. Venture Global, Inc. has the higher net margin (19.7% vs 1.06%) and the higher return on invested capital (7.86% vs 4.51%). Across the 19 metrics below, Venture Global, Inc. leads on 10 and Plains Group Holdings, L.P. on 9.

Valuation

Metric PAGP VG Oil & Gas Midstream median
P/E 9.80 9.35 12.77
P/S 0.10 1.87 2.36
P/B 0.35 2.62 2.09
Price to free cash flow 2.23 n/m 9.71
EV/EBITDA 4.91 9.57 8.30
EV/Sales 0.25 4.15 3.88
Earnings yield 10.20% 10.69% 7.15%
Free cash flow yield 44.78% (22.08%) 6.86%

Profitability

Metric PAGP VG Oil & Gas Midstream median
Gross margin 5.55% 53.48% 56.58%
Operating margin 3.13% 37.62% 34.18%
Net margin 1.06% 19.65% 22.50%
Free cash flow margin 4.65% (41.24%) 13.70%
Return on equity 3.77% 31.90% 14.65%
Return on assets 1.90% 6.17% 5.00%
Return on invested capital 4.51% 7.86% 6.13%

Growth

Metric PAGP VG Oil & Gas Midstream median
Revenue growth (TTM) 13.08% 100.72% 15.60%
EPS growth (last fiscal year) 150.00% 50.88% (7.86%)
Revenue growth, 5-year CAGR 13.70% — 9.59%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric PAGP VG Oil & Gas Midstream median
Debt to equity 0.55 3.46 0.78
Current ratio 1.12 1.19 1.19
Net debt to EBITDA 4.59 5.19 3.42

Dividend

Metric PAGP VG Oil & Gas Midstream median
Dividend yield 7.47% — 4.54%
Payout ratio 0.73 — 0.76

Size

Metric PAGP VG Oil & Gas Midstream median
Market cap 20.70b 31.25b 3.73b

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