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 $1.1B against $544.1M — 2.0× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Teekay Corporation Ltd. trades at 8.7×. 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 8.65 11.68
P/S 0.63 0.94 2.39
P/B 0.43 0.47 1.68
Price to free cash flow 8.26 1.26 8.52
EV/EBITDA 7.74 0.02 9.03
EV/Sales 2.71 0.01 3.43
Earnings yield (4.10%) 11.56% 7.78%
Free cash flow yield 12.11% 79.11% 7.11%

Profitability

Metric SMC TK Oil & Gas Midstream median
Gross margin 45.03% 39.94% 54.87%
Operating margin 15.10% 29.93% 34.73%
Net margin (2.29%) 10.96% 20.12%
Free cash flow margin 7.69% 0.00% 14.43%
Return on equity (1.57%) 0.00% 11.73%
Return on assets (0.55%) 0.00% 4.43%
Return on invested capital 2.59% 0.00% 6.10%

Growth

Metric SMC TK Oil & Gas Midstream median
Revenue growth (TTM) 20.94% (16.70%) 14.88%
EPS growth (last fiscal year) 87.40% (19.72%) (7.78%)
Revenue growth, 5-year CAGR 7.95% (3.70%) 10.05%
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 0.77
Current ratio 0.94 10.36 1.19
Net debt to EBITDA 5.27 (2.50) 3.46

Dividend

Metric SMC TK Oil & Gas Midstream median
Dividend yield — 0.00% 4.94%
Payout ratio — — 0.73

Size

Metric SMC TK Oil & Gas Midstream median
Market cap 544.05m 1.09b 3.56b

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