GasLog Partners LP (GLOP-PA) 10-Year Financial Performance & Capital Metrics

GLOP-PA • • Industrial / General

EnergyMidstream Oil & GasLNG Infrastructure & ShippingLNG Carrier Operators

AboutGasLog Partners LP acquires, owns, and operates liquefied natural gas (LNG) carriers under multi-year charters. As of February 24, 2022, it operated a fleet of 15 LNG carriers. The company was founded in 2014 and is based in Piraeus, Greece.Show more

Revenue $356M -10.5%
EBITDA $261M -11.6%
Net Income $151M +8.8%
EPS (Diluted) 2.94 +8.9%
Gross Margin 48.42% -12.7%
EBITDA Margin 73.25% -1.3%
Operating Margin 43.81% -11.4%
Net Margin 42.37% +21.5%
ROE 10.72% -4.1%
ROIC 7.81% -11.4%
Debt/Equity 0.08 +34.3%
Interest Coverage 32.31 +1001.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 72.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 25.6%
✓Trading near 52-week high
✓Trading at only 1.0x book value

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.59%

5Y-1.21%

3Y2.99%

TTM18.53%

Profit (Net Income) CAGR

10Y17.87%

5Y-

3Y197.62%

TTM5331.64%

EPS CAGR

10Y13.48%

5Y-

3Y-

TTM3224.33%

ROCE

10Y Avg8.72%

5Y Avg9.14%

3Y Avg10.64%

Latest10.59%

Peer Comparison

LNG Carrier Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLNGGolar LNG Limited	4.05B	39.53	82.35	-12.75%	17.96%	2.54%		0.62
FLNGFLEX LNG Ltd.	1.47B	27.12	12.44	-3.95%	28.05%	13.34%	12.46%	2.24
GLOP-PAGasLog Partners LP	1.19B	25.89	8.81	-10.45%	31.3%	12.15%	21.51%	0.08
DLNGDynagas LNG Partners LP	138.98M	3.82	3.64	-2.54%	37.92%	13%	66.29%	0.66
SEAL-PBSeapeak LLC		25.45	-27.36	-2.21%	-27.59%	-8.42%		1.21

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	199.69M	228.74M	311.47M	352.54M	378.69M	333.66M	326.14M	371.03M	397.84M	356.26M
Revenue Growth %	0.68%	0.15%	0.36%	0.13%	0.07%	-0.12%	-0.02%	0.14%	0.07%	-0.1%
Cost of Goods Sold+	89.48M	101.15M	131.65M	157.44M	173.36M	168.3M	167.69M	166.61M	177.22M	183.77M
COGS % of Revenue	0.45%	0.44%	0.42%	0.45%	0.46%	0.5%	0.51%	0.45%	0.45%	0.52%
Gross Profit+	110.21M	127.59M	179.82M	195.1M	205.33M	165.36M	158.45M	204.43M	220.62M	172.49M
Gross Margin %	0.55%	0.56%	0.58%	0.55%	0.54%	0.5%	0.49%	0.55%	0.55%	0.48%
Gross Profit Growth %	0.56%	0.16%	0.41%	0.08%	0.05%	-0.19%	-0.04%	0.29%	0.08%	-0.22%
Operating Expenses+	10.99M	11.71M	14.51M	19.37M	19.4M	18.96M	13.36M	17.51M	23.97M	16.42M
OpEx % of Revenue	0.06%	0.05%	0.05%	0.05%	0.05%	0.06%	0.04%	0.05%	0.06%	0.05%
Selling, General & Admin	10.99M	11.71M	14.51M	19.37M	19.4M	18.96M	13.36M	17.51M	22.8M	16.42M
SG&A % of Revenue	0.06%	0.05%	0.05%	0.05%	0.05%	0.06%	0.04%	0.05%	0.06%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	1.18M	0
Operating Income+	99.22M	115.88M	165.32M	179.44M	48.14M	146.4M	145.09M	186.92M	196.65M	156.07M
Operating Margin %	0.5%	0.51%	0.53%	0.51%	0.13%	0.44%	0.44%	0.5%	0.49%	0.44%
Operating Income Growth %	0.53%	0.17%	0.43%	0.09%	-0.73%	2.04%	-0.01%	0.29%	0.05%	-0.21%
EBITDA+	143.47M	177.65M	246.41M	267.02M	137.45M	229.46M	230.58M	274.41M	295.12M	260.97M
EBITDA Margin %	0.72%	0.78%	0.79%	0.76%	0.36%	0.69%	0.71%	0.74%	0.74%	0.73%
EBITDA Growth %	0.61%	0.24%	0.39%	0.08%	-0.49%	0.67%	0%	0.19%	0.08%	-0.12%
D&A (Non-Cash Add-back)	44.25M	61.77M	81.09M	87.58M	89.31M	83.06M	85.49M	87.49M	98.47M	104.9M
EBIT	114.57M	142.05M	199.87M	192.33M	29.2M	107.85M	43.02M	166.63M	196.19M	155.78M
Net Interest Income+	-35.47M	-60.04M	-69.76M	-70.27M	-70.11M	-50.69M	-37.25M	-45.28M	-59.45M	-4.64M
Interest Income	25.57K	180.46K	998K	2.41M	1.89M	295K	43K	2.36M	7.61M	190K
Interest Expense	27.2M	36.2M	53.6M	66.29M	72M	50.99M	37.3M	47.64M	67.06M	4.83M
Other Income/Expense	-41.37M	-66.88M	-69.64M	-66.61M	-82.91M	0	0	-67.93M	-57.94M	-5.12M
Pretax Income+	72.04M	77.34M	112.83M	115.51M	-34.77M	56.86M	5.73M	118.99M	138.71M	150.95M
Pretax Margin %	0.36%	0.34%	0.36%	0.33%	-0.09%	0.17%	0.02%	0.32%	0.35%	0.42%
Income Tax+	25.57K	36.28M	72.32M	79.2M	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	0.83%	0.89%	1.08%	1%	1%	1%	1%	1%
Net Income+	72.04M	77.27M	94.12M	102.6M	-37.42M	56.86M	5.73M	118.99M	138.71M	150.95M
Net Margin %	0.36%	0.34%	0.3%	0.29%	-0.1%	0.17%	0.02%	0.32%	0.35%	0.42%
Net Income Growth %	1.47%	0.07%	0.22%	0.09%	-1.36%	2.52%	-0.9%	19.78%	0.17%	0.09%
Net Income (Continuing)	83.75M	92.47M	148.1M	128.05M	-34.77M	56.86M	5.73M	118.99M	138.71M	150.95M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.28	2.31	1.83	1.82	-0.79	0.52	-0.47	1.71	2.70	2.94
EPS Growth %	1.75%	0.01%	-0.21%	-0.01%	-1.43%	1.66%	-1.9%	4.64%	0.58%	0.09%
EPS (Basic)	2.28	2.31	1.83	1.83	-0.79	0.55	-0.47	1.77	2.70	2.94
Diluted Shares Outstanding	28.58M	33.45M	47.16M	43.91M	47.25M	50.59M	50.55M	54.24M	51.35M	51.35M
Basic Shares Outstanding	28.58M	33.43M	47.11M	43.82M	47.25M	48.06M	50.55M	52.5M	51.35M	51.35M
Dividend Payout Ratio	3.23%	1.88%	3%	1.15%	-	1.22%	0.35%	0.02%	1.91%	2.48%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	70.36M	62.37M	151.29M	166.85M	109.35M	125.73M	161.11M	243.03M	60.24M	38.27M
Cash & Short-Term Investments	60.4M	51.96M	142.55M	139.13M	96.88M	103.74M	145.53M	223.12M	11.89M	7.77M
Cash Only	60.4M	50.46M	142.55M	129.13M	96.88M	103.74M	145.53M	198.12M	11.89M	7.77M
Short-Term Investments	0	1.5M	0	10M	0	0	0	25M	0	0
Accounts Receivable	6.1M	7.51M	3.88M	28.35M	7.15M	16.27M	11.16M	11.19M	24.44M	13.38M
Days Sales Outstanding	11.14	11.99	4.54	29.35	6.89	17.79	12.49	11	22.43	13.71
Inventory	1.63M	2.06M	2.56M	3.17M	3.35M	3.04M	2.99M	2.89M	2.91M	2.73M
Days Inventory Outstanding	6.66	7.44	7.11	7.35	7.06	6.58	6.51	6.34	6	5.41
Other Current Assets	1.26M	-2.22M	577K	4.62M	372K	0	0	5.83M	21M	14.39M
Total Non-Current Assets+	1.28B	1.43B	1.96B	2.32B	2.29B	2.21B	1.97B	1.77B	1.61B	1.41B
Property, Plant & Equipment	1.27B	1.42B	1.95B	2.32B	2.29B	2.21B	1.97B	1.77B	1.6B	1.41B
Fixed Asset Turnover	0.16x	0.16x	0.16x	0.15x	0.17x	0.15x	0.17x	0.21x	0.25x	0.25x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	6.01M	6.04M	5.12M	0	0	0	0	0	0
Other Non-Current Assets	2.08M	928.2K	0	850K	128K	186K	44K	1.3M	1.99M	1.48M
Total Assets+	1.35B	1.49B	2.11B	2.49B	2.4B	2.33B	2.13B	2.02B	1.67B	1.45B
Asset Turnover	0.15x	0.15x	0.15x	0.14x	0.16x	0.14x	0.15x	0.18x	0.24x	0.25x
Asset Growth %	0.49%	0.11%	0.42%	0.18%	-0.04%	-0.03%	-0.09%	-0.05%	-0.17%	-0.13%
Total Current Liabilities+	353.09M	77.96M	148.22M	497.98M	186.74M	185.21M	175.5M	177.23M	80.35M	84.26M
Accounts Payable	2.94M	3.29M	5.31M	7.63M	16.63M	13.58M	9.55M	9.3M	9.33M	7.73M
Days Payables Outstanding	12	11.86	14.71	17.68	35.01	29.45	20.78	20.37	19.22	15.36
Short-Term Debt	340.38M	45.12M	132.1M	429.44M	109.82M	104.91M	99.31M	90.36M	28.83M	42.74M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	-13.79M	65.69M	-29.18M	-2.38M	2.61M	8.19M	5.18M	0	13.72M	33.78M
Current Ratio	0.20x	0.80x	1.02x	0.34x	0.59x	0.68x	0.92x	1.37x	0.75x	0.45x
Quick Ratio	0.19x	0.77x	1.00x	0.33x	0.57x	0.66x	0.90x	1.35x	0.71x	0.42x
Cash Conversion Cycle	5.8	7.57	-3.06	19.02	-21.07	-5.07	-1.78	-3.03	9.21	3.76
Total Non-Current Liabilities+	415.91M	768.81M	1.05B	811M	1.24B	1.19B	1.04B	877.29M	65.47M	65.16M
Long-Term Debt	415.72M	768.63M	1.05B	805.56M	1.24B	1.18B	986.45M	831.59M	0	0
Capital Lease Obligations	0	0	0	0	414K	112K	45.56M	45.14M	65.08M	64.85M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	182.2K	182.28K	250K	5.44M	7.61M	13.28M	4.72M	570K	397K	304K
Total Liabilities	768.99M	846.77M	1.2B	1.31B	1.43B	1.38B	1.21B	1.05B	145.82M	149.41M
Total Debt+	741.49M	813.75M	1.16B	1.23B	1.35B	1.29B	1.14B	984.51M	93.91M	107.59M
Net Debt	681.09M	763.29M	1.01B	1.11B	1.25B	1.18B	996.13M	786.39M	82.02M	99.82M
Debt / Equity	1.28x	1.27x	1.27x	1.05x	1.39x	1.35x	1.24x	1.02x	0.06x	0.08x
Debt / EBITDA	5.17x	4.58x	4.69x	4.63x	9.80x	5.60x	4.95x	3.59x	0.32x	0.41x
Net Debt / EBITDA	4.75x	4.30x	4.11x	4.14x	9.09x	5.15x	4.32x	2.87x	0.28x	0.38x
Interest Coverage	3.65x	3.20x	3.08x	2.71x	0.67x	2.87x	3.89x	3.92x	2.93x	32.31x
Total Equity+	578.18M	642.37M	910.15M	1.18B	965.97M	953.82M	919.5M	960.91M	1.52B	1.3B
Equity Growth %	0.42%	0.11%	0.42%	0.3%	-0.18%	-0.01%	-0.04%	0.05%	0.58%	-0.15%
Book Value per Share	20.23	19.20	19.30	26.87	20.44	18.85	18.19	17.71	29.61	25.25
Total Shareholders' Equity	578.18M	642.37M	910.15M	1.18B	965.97M	953.82M	919.5M	960.91M	1.52B	1.3B
Common Stock	0	798.04M	1.07B	1.25B	965.97M	953.82M	919.5M	960.91M	1.52B	1.3B
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	113.23M	144.06M	180.13M	185.11M	239.06M	166.62M	233.39M	277.74M	262.4M	265.31M
Operating CF Margin %	0.57%	0.63%	0.58%	0.53%	0.63%	0.5%	0.72%	0.75%	0.66%	0.74%
Operating CF Growth %	0.45%	0.27%	0.25%	0.03%	0.29%	-0.3%	0.4%	0.19%	-0.06%	0.01%
Net Income	72.04M	77.34M	112.83M	115.51M	-34.77M	56.86M	5.73M	118.99M	138.71M	150.95M
Depreciation & Amortization	44.25M	50.01M	67.73M	81.59M	89.31M	83.06M	85.49M	87.49M	98.47M	104.9M
Stock-Based Compensation	205.2K	479.86K	850K	1.03M	1.16M	1.91M	378K	760K	1.36M	0
Deferred Taxes	-23.24M	-25.46M	-49.01M	-56.04M	85.49M	-14.6M	102.11M	22.65M	0	0
Other Non-Cash Items	3.94M	10.56M	3.6M	63.87M	70.11M	50.69M	37.25M	45.28M	59.18M	536K
Working Capital Changes	-7.21M	5.66M	-4.88M	-20.86M	27.76M	-11.3M	2.42M	2.58M	-35.32M	8.93M
Change in Receivables	-3.7M	2.46M	579K	-9.63M	6.6M	-7.84M	8.11M	1.39M	-13.59M	11M
Change in Inventory	189.25K	-232.44K	243K	-90K	26K	317K	45K	97K	-18K	187K
Change in Payables	-611.48K	-843.74K	1.19M	230K	3.65M	-1.81M	-2.4M	-366K	4.35M	-178K
Cash from Investing+	14.59M	-6.62M	2.23M	-31.85M	5.47M	-23.29M	98.17M	76.41M	149.44M	139.13M
Capital Expenditures	-7.14M	-5.3M	-4.76M	-24.18M	-13.94M	-23.62M	-19.44M	-2.54M	-15.17M	-8.48M
CapEx % of Revenue	0.04%	0.02%	0.02%	0.07%	0.04%	0.07%	0.06%	0.01%	0.04%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	34.17K	180.42K	991K	2.33M	1.95M	326K	43K	1.97M	139.61M	-614K
Cash from Financing+	-114.66M	-149.66M	-96.31M	-173.59M	-281.02M	-136.47M	-289.76M	-302.25M	-598.38M	-408.56M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-231.67M	-141.52M	-282.45M	-118.09M	-137.95M	-69.56M	-31.88M	-29.1M	-292.26M	-374.66M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	290.22K	-10.1M	-3.63M	-26.07M	-95.32M	-4.66M	-44.52M	6.16M	-65.94M	-33.86M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	106.09M	138.76M	175.36M	160.93M	225.12M	143M	213.94M	275.2M	241.7M	256.84M
FCF Margin %	0.53%	0.61%	0.56%	0.46%	0.59%	0.43%	0.66%	0.74%	0.61%	0.72%
FCF Growth %	1.44%	0.31%	0.26%	-0.08%	0.4%	-0.36%	0.5%	0.29%	-0.12%	0.06%
FCF per Share	3.71	4.15	3.72	3.66	4.76	2.83	4.23	5.07	4.71	5.00
FCF Conversion (FCF/Net Income)	1.57x	1.86x	1.91x	1.80x	-6.39x	2.93x	40.76x	2.33x	1.89x	1.76x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.61%	12.66%	12.12%	9.82%	-3.49%	5.92%	0.61%	12.66%	11.18%	10.72%
Return on Invested Capital (ROIC)	7.04%	6.52%	7.45%	6.4%	1.6%	5.05%	5.37%	7.65%	8.81%	7.81%
Gross Margin	55.19%	55.78%	57.73%	55.34%	54.22%	49.56%	48.58%	55.1%	55.45%	48.42%
Net Margin	36.08%	33.78%	30.22%	29.1%	-9.88%	17.04%	1.76%	32.07%	34.87%	42.37%
Debt / Equity	1.28x	1.27x	1.27x	1.05x	1.39x	1.35x	1.24x	1.02x	0.06x	0.08x
Interest Coverage	3.65x	3.20x	3.08x	2.71x	0.67x	2.87x	3.89x	3.92x	2.93x	32.31x
FCF Conversion	1.57x	1.86x	1.91x	1.80x	-6.39x	2.93x	40.76x	2.33x	1.89x	1.76x
Revenue Growth	67.75%	14.55%	36.17%	13.19%	7.42%	-11.89%	-2.25%	13.76%	7.22%	-10.45%

Revenue by Segment

	2022	2023	2024
Long-term time charters	187.8M	164.26M	184.18M
Long-term time charters Growth	-	-12.54%	12.13%
Spot time charters	183.23M	233.58M	172.09M
Spot time charters Growth	-	27.48%	-26.33%

Frequently Asked Questions

Valuation & Price

GasLog Partners LP (GLOP-PA) has a price-to-earnings (P/E) ratio of 8.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

GasLog Partners LP (GLOP-PA) reported $384.6M in revenue for fiscal year 2024.

GasLog Partners LP (GLOP-PA) saw revenue decline by 10.5% over the past year.

Yes, GasLog Partners LP (GLOP-PA) is profitable, generating $120.4M in net income for fiscal year 2024 (42.4% net margin).

Dividend & Returns

Yes, GasLog Partners LP (GLOP-PA) pays a dividend with a yield of 28.18%. This makes it attractive for income-focused investors.

GasLog Partners LP (GLOP-PA) has a return on equity (ROE) of 10.7%. This is reasonable for most industries.

GasLog Partners LP (GLOP-PA) generated $280.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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