Rayonier Advanced Materials Inc. (RYAM) vs Westlake Chemical Partners LP (WLKP)

Rayonier Advanced Materials Inc. and Westlake Chemical Partners LP are both Chemicals companies. Westlake Chemical Partners LP is the larger, with a market value of $754.6M against $468.8M — 1.6× the size. Rayonier Advanced Materials Inc. has negative trailing earnings, so its P/E is not meaningful; Westlake Chemical Partners LP trades at 13.0×. Westlake Chemical Partners LP grew revenue faster over the last twelve months: 12.1% against −3.12%. Westlake Chemical Partners LP has the higher net margin (4.66% vs −9.65%) and the higher return on invested capital (19.9% vs −3.50%). Across the 20 metrics below, Westlake Chemical Partners LP leads on 17 and Rayonier Advanced Materials Inc. on 3.

Valuation

Metric RYAM WLKP Chemicals median
P/E n/m 12.98 —
P/S 0.32 0.60 0.41
P/B 2.43 0.97 1.08
Price to free cash flow n/m 1.82 7.14
EV/EBITDA 12.62 2.99 9.56
EV/Sales 0.81 1.19 0.82
Earnings yield (29.91%) 7.70% (11.64%)
Free cash flow yield (7.71%) 54.86% 0.00%

Profitability

Metric RYAM WLKP Chemicals median
Gross margin 5.88% 31.16% 16.03%
Operating margin (3.48%) 28.80% (0.82%)
Net margin (9.65%) 4.66% (3.05%)
Free cash flow margin (2.49%) 33.14% (0.15%)
Return on equity (52.81%) 7.20% (5.24%)
Return on assets (8.40%) 4.56% (2.51%)
Return on invested capital (3.50%) 19.85% (0.75%)

Growth

Metric RYAM WLKP Chemicals median
Revenue growth (TTM) (3.12%) 12.06% 2.53%
EPS growth (last fiscal year) (972.88%) (22.03%) (39.53%)
Revenue growth, 5-year CAGR 1.76% 3.83% 2.20%
Net income growth, 5-year CAGR 0.00% (5.95%) 0.00%

Health

Metric RYAM WLKP Chemicals median
Debt to equity 3.98 0.52 0.71
Current ratio 1.37 3.44 1.99
Net debt to EBITDA 4.80 0.79 3.49

Dividend

Metric RYAM WLKP Chemicals median
Dividend yield — 8.91% 4.62%
Payout ratio — 1.16 —

Size

Metric RYAM WLKP Chemicals median
Market cap 468.77m 754.62m 603.67m

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