Summit Midstream Partners, LP (SMC) vs Tsakos Energy Navigation Ltd (TEN)

Summit Midstream Partners, LP and Tsakos Energy Navigation Ltd are both Oil & Gas Midstream companies. Tsakos Energy Navigation Ltd is the larger, with a market value of $1.5B against $608.8M — 2.5× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Tsakos Energy Navigation Ltd trades at 5.2×. Tsakos Energy Navigation Ltd grew revenue faster over the last twelve months: 23.2% against 20.9%. Tsakos Energy Navigation Ltd has the higher net margin (30.8% vs −2.29%) and the higher return on invested capital (7.05% vs 2.59%). Across the 19 metrics below, Tsakos Energy Navigation Ltd leads on 12 and Summit Midstream Partners, LP on 7.

Valuation

Metric SMC TEN Oil & Gas Midstream median
P/E n/m 5.17 12.77
P/S 0.73 1.60 2.36
P/B 0.50 0.75 2.09
Price to free cash flow 9.46 n/m 9.71
EV/EBITDA 8.00 7.60 8.30
EV/Sales 2.80 3.28 3.88
Earnings yield (3.58%) 19.33% 7.15%
Free cash flow yield 10.58% (17.38%) 6.86%

Profitability

Metric SMC TEN Oil & Gas Midstream median
Gross margin 45.03% 61.58% 56.58%
Operating margin 15.10% 43.17% 34.18%
Net margin (2.29%) 30.77% 22.50%
Free cash flow margin 7.69% (27.72%) 13.70%
Return on equity (1.57%) 15.61% 14.65%
Return on assets (0.55%) 7.25% 5.00%
Return on invested capital 2.59% 7.05% 6.13%

Growth

Metric SMC TEN Oil & Gas Midstream median
Revenue growth (TTM) 20.94% 23.23% 15.60%
EPS growth (last fiscal year) 87.40% (11.53%) (7.86%)
Revenue growth, 5-year CAGR 7.95% 4.40% 9.59%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric SMC TEN Oil & Gas Midstream median
Debt to equity 1.35 1.02 0.78
Current ratio 0.94 1.40 1.19
Net debt to EBITDA 5.27 3.89 3.42

Dividend

Metric SMC TEN Oil & Gas Midstream median
Dividend yield — — 4.54%
Payout ratio — — 0.76

Size

Metric SMC TEN Oil & Gas Midstream median
Market cap 608.84m 1.52b 3.73b

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