Plains Group Holdings, L.P. (PAGP) vs Western Midstream Partners, LP (WES)

Plains Group Holdings, L.P. and Western Midstream Partners, LP are both Oil & Gas Midstream companies. Plains Group Holdings, L.P. is the larger, with a market value of $20.1B against $16.5B — 1.2× the size. Plains Group Holdings, L.P. trades at the lower P/E: 9.2× against 12.8×. Western Midstream Partners, LP grew revenue faster over the last twelve months: 22.3% against 13.1%. Plains Group Holdings, L.P. has the higher net margin (1.06% vs 0.00%) and the lower return on invested capital (4.51% vs 8.19%). Both pay a dividend; Western Midstream Partners, LP yields more (9.31% vs 6.48%). Across the 23 metrics below, Plains Group Holdings, L.P. leads on 15 and Western Midstream Partners, LP on 8.

Valuation

Metric PAGP WES Oil & Gas Midstream median
P/E 9.21 12.78 11.80
P/S 0.10 3.59 2.38
P/B 0.33 3.78 1.65
Price to free cash flow 2.10 13.99 7.76
EV/EBITDA 4.79 10.12 7.88
EV/Sales 0.24 5.58 3.36
Earnings yield 10.86% 7.82% 7.98%
Free cash flow yield 47.67% 7.15% 7.23%

Profitability

Metric PAGP WES Oil & Gas Midstream median
Gross margin 5.55% 90.96% 55.22%
Operating margin 3.13% 38.54% 35.83%
Net margin 1.06% 0.00% 20.12%
Free cash flow margin 4.65% 45.63% 14.43%
Return on equity 3.77% 0.00% 14.03%
Return on assets 1.90% 0.00% 4.62%
Return on invested capital 4.51% 8.19% 6.10%

Growth

Metric PAGP WES Oil & Gas Midstream median
Revenue growth (TTM) 13.08% 22.29% 15.70%
EPS growth (last fiscal year) 154.90% (25.87%) (7.78%)
Revenue growth, 5-year CAGR 13.70% 6.75% 10.05%
Net income growth, 5-year CAGR 0.00% 17.48% 0.00%

Health

Metric PAGP WES Oil & Gas Midstream median
Debt to equity 0.55 2.11 0.77
Current ratio 1.12 0.81 1.16
Net debt to EBITDA 4.59 3.37 3.46

Dividend

Metric PAGP WES Oil & Gas Midstream median
Dividend yield 6.48% 9.31% 5.03%
Payout ratio 0.60 1.20 0.73

Size

Metric PAGP WES Oil & Gas Midstream median
Market cap 20.11b 16.47b 3.30b

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