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 $1.4B against $631.8M — 2.2× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Tsakos Energy Navigation Ltd trades at 7.5×. 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 7.53 13.19
P/S 0.73 1.44 2.60
P/B 0.50 0.68 2.08
Price to free cash flow 9.49 n/m 10.14
EV/EBITDA 8.01 7.25 8.11
EV/Sales 2.80 3.13 3.89
Earnings yield (3.57%) 13.28% 6.83%
Free cash flow yield 10.54% (19.20%) 6.94%

Profitability

Metric SMC TEN Oil & Gas Midstream median
Gross margin 45.03% 61.58% 58.81%
Operating margin 15.10% 43.17% 32.14%
Net margin (2.29%) 30.77% 21.16%
Free cash flow margin 7.69% (27.72%) 10.15%
Return on equity (1.57%) 15.61% 11.30%
Return on assets (0.55%) 7.22% 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% 15.44%
EPS growth (last fiscal year) 87.40% (11.53%) —
Revenue growth, 5-year CAGR 7.95% 4.40% 8.96%
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 — 4.18% 7.29%
Payout ratio — 0.05 0.64

Size

Metric SMC TEN Oil & Gas Midstream median
Market cap 631.78m 1.38b 3.61b

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