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 $631.8M — 1.9× the size. Summit Midstream Partners, LP has negative trailing earnings, so its P/E is not meaningful; Teekay Corporation Ltd. trades at 9.4×. 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 9.38 13.19
P/S 0.73 1.02 2.60
P/B 0.50 0.51 2.08
Price to free cash flow 9.49 1.37 10.14
EV/EBITDA 8.01 0.24 8.11
EV/Sales 2.80 0.09 3.89
Earnings yield (3.57%) 10.66% 6.83%
Free cash flow yield 10.54% 72.93% 6.94%

Profitability

Metric SMC TK Oil & Gas Midstream median
Gross margin 45.03% 39.94% 58.81%
Operating margin 15.10% 29.93% 32.14%
Net margin (2.29%) 10.96% 21.16%
Free cash flow margin 7.69% 0.00% 10.15%
Return on equity (1.57%) 0.00% 11.30%
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%) 15.44%
EPS growth (last fiscal year) 87.40% (19.72%) —
Revenue growth, 5-year CAGR 7.95% (3.70%) 8.96%
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 — — 7.29%
Payout ratio — 0.00 0.64

Size

Metric SMC TK Oil & Gas Midstream median
Market cap 631.78m 1.20b 3.61b

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