Summit Midstream Partners, LP (SMC) vs Teekay Corporation Ltd. (TK)

Summit Midstream Partners, LP and Teekay Corporation Ltd. are both Oil & Gas Midstream companies. Teekay Corporation Ltd. is the larger, with a market value of $1.2B against $608.8M — 2.0× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Teekay Corporation Ltd. trades at 9.6×. Summit Midstream Partners, LP grew revenue faster over the last twelve months: 20.9% against −16.7%. Teekay Corporation Ltd. has the higher net margin (11.0% vs −2.29%) and the lower return on invested capital (0.00% vs 2.59%). Across the 20 metrics below, Teekay Corporation Ltd. leads on 12 and Summit Midstream Partners, LP on 8.

Valuation

Metric SMC TK Oil & Gas Midstream median
P/E n/m 9.63 12.77
P/S 0.73 1.05 2.36
P/B 0.50 0.53 2.09
Price to free cash flow 9.46 1.41 9.71
EV/EBITDA 8.00 0.31 8.30
EV/Sales 2.80 0.12 3.88
Earnings yield (3.58%) 10.38% 7.15%
Free cash flow yield 10.58% 71.07% 6.86%

Profitability

Metric SMC TK Oil & Gas Midstream median
Gross margin 45.03% 39.94% 56.58%
Operating margin 15.10% 29.93% 34.18%
Net margin (2.29%) 10.96% 22.50%
Free cash flow margin 7.69% 0.00% 13.70%
Return on equity (1.57%) 0.00% 14.65%
Return on assets (0.55%) 0.00% 5.00%
Return on invested capital 2.59% 0.00% 6.13%

Growth

Metric SMC TK Oil & Gas Midstream median
Revenue growth (TTM) 20.94% (16.70%) 15.60%
EPS growth (last fiscal year) 87.40% (19.72%) (7.86%)
Revenue growth, 5-year CAGR 7.95% (3.70%) 9.59%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric SMC TK Oil & Gas Midstream median
Debt to equity 1.35 0.00 0.78
Current ratio 0.94 10.36 1.19
Net debt to EBITDA 5.27 (2.50) 3.42

Dividend

Metric SMC TK Oil & Gas Midstream median
Dividend yield — 0.00% 4.54%
Payout ratio — — 0.76

Size

Metric SMC TK Oil & Gas Midstream median
Market cap 608.84m 1.23b 3.73b

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