Genesis Energy Lp

GEL

Pipe Lines (No Natural Gas)

Mkt Cap

$1.561B

PE

37.09

Debt

$3.905B

Cash

$34.85M

EV

$5.432B

FCF

-$113.2M

Market Cap

$1.561B

P/E Ratio

37.09

Debt

$3.905B

Cash

$34.85M

EV

$5.432B

FCF

-$113.2M

Charts data: {"Earnings":[{"time":"2014-12-30","value":106202000},{"time":"2015-12-30","value":421585000},{"time":"2016-12-30","value":111082000},{"time":"2017-12-30","value":60652000},{"time":"2018-12-30","value":-75876000},{"time":"2019-12-30","value":21532000},{"time":"2020-12-30","value":-491414000},{"time":"2021-12-30","value":-239803000},{"time":"2022-12-30","value":-4595000},{"time":"2023-12-30","value":26995000}],"Sales":[{"time":"2014-12-30","value":3846164000},{"time":"2015-12-30","value":2246529000},{"time":"2016-12-30","value":1712493000},{"time":"2017-12-30","value":2028377000},{"time":"2018-12-30","value":2912770000},{"time":"2019-12-30","value":2480820000},{"time":"2020-12-30","value":1824655000},{"time":"2021-12-30","value":2125476000},{"time":"2022-12-30","value":2788957000},{"time":"2023-12-30","value":3176996000}],"Net Margins":[{"time":"2014-12-30","value":0.027612447103139648},{"time":"2015-12-30","value":0.18766060887707214},{"time":"2016-12-30","value":0.06486566660418466},{"time":"2017-12-30","value":0.029901739173733483},{"time":"2018-12-30","value":-0.0260494306107245},{"time":"2019-12-30","value":0.008679388266782757},{"time":"2020-12-30","value":-0.26931885753745227},{"time":"2021-12-30","value":-0.11282319819184032},{"time":"2022-12-30","value":-0.0016475693243029562},{"time":"2023-12-30","value":0.008497020455801644}],"Assets":[{"time":"2014-12-30","value":3230374000},{"time":"2015-12-30","value":5459599000},{"time":"2016-12-30","value":5702592000},{"time":"2017-12-30","value":7137481000},{"time":"2018-12-30","value":6479071000},{"time":"2019-12-30","value":6597641000},{"time":"2020-12-30","value":5933619000},{"time":"2021-12-30","value":5905801000},{"time":"2022-12-30","value":6365992000},{"time":"2023-12-30","value":7018778000}],"Stockholders Equity":[{"time":"2014-12-30","value":1229203000}],"ROE":[{"time":"2014-12-30","value":0.08639907322061531}],"ROA":[{"time":"2014-12-30","value":0.04103271014439814},{"time":"2015-12-30","value":0.07794931459251861},{"time":"2016-12-30","value":0.03619880222888118},{"time":"2017-12-30","value":0.030900397493177214},{"time":"2018-12-30","value":0.026276606630796298},{"time":"2019-12-30","value":0.0413334099263661},{"time":"2020-12-30","value":-0.04145159977410076},{"time":"2021-12-30","value":0.012817228348872575},{"time":"2022-12-30","value":0.049483568311113175},{"time":"2023-12-30","value":0.046934095935218356}]}

Genesis Energy, L.P. operates in the midstream segment of the crude oil and natural gas industry. The company's Offshore Pipeline Transportation segment engages in offshore crude oil and natural gas pipeline transportation and handling operations; and in the deepwater pipeline servicing in the southern Keathley Canyon area of the Gulf of Mexico. This segment owns interests in approximately 1,396 miles of crude oil pipelines located offshore in the Gulf of Mexico. Its Sodium Minerals and Sulfur Services segment offers sulfur-extraction services to refining operations; and operates storage and transportation assets. This segment provides services to eleven refining operations; and sells sodium hydrosulfide and caustic soda to industrial and commercial companies involved in the mining of base metals. Its Onshore Facilities and Transportation segment offers onshore facilities and transportation services to Gulf Coast crude oil refineries and producers by purchasing, transporting, storing, blending, and marketing crude oil and refined products. It operates trucks, trailers, railcars, and terminals and tankage with 4.2 million barrels of storage capacity in various locations along the Gulf Coast. This segment also transports crude oil. It owns four onshore crude oil pipeline systems with approximately 450 miles of pipe in Alabama, Florida, Louisiana, Mississippi, and Texas; and four operational crude oil rail unloading facilities in Baton Rouge, Raceland, and Louisiana, as well as Walnut Hill, Florida and Natchez, Mississippi. Its Marine Transportation segment offers waterborne transportation of petroleum and crude oil in North America. This segment owns a fleet of 91 barges with a combined transportation capacity of 3.2 million barrels; and 42 push/tow boats. In addition, the company produces natural soda ash. Genesis Energy, LLC serves as a general partner of the company. The company was incorporated in 1996 and is headquartered in Houston, Texas.

Sector

10-Q
9/30/23
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6/30/23
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3/31/23
10-K
12/31/22
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12/31/21
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12/31/20
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12/31/19
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3/31/19
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12/31/18
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9/30/18
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6/30/18
10-Q
3/31/18
10-K
12/31/17

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -26%

Earnings Stability -11%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been increasing indicating a higher marginal ROA with respect to the calculated one, giving a good sign for continued growth.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	19%	6.5%	3%	-2.6%	0.87%	-27%	-11%	-0.16%	0.85%	1.3%
ROA	7.8%	3.6%	3.1%	2.6%	4.1%	-4.1%	1.3%	4.9%	4.7%	5.1%
ROE	-	-	-	-	-	-	-	-	-	-

What is the average Net Margin?

The average Net Margin over the past 5 years is -6.54%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +0.85%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +2.26%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +0.52%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is -.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Under the assumption that FCF does not diminish and debt does not increase, the current years to repay the debt are acceptable.

The Graham’s stability indicate a relevant drawdown, consider checking when it has occured and why.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-14.17	-18.76	41.90	17.63	15.79	22.48	82.22	-39.05	-38.66	-34.50
Debt Equity	-	-	-	-	-	-	-	-	-	-
MIN
Graham Stability	-	-	28%	-38%	67%	-23K%	-	-	-	-23K%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -34.50.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -11.04.

What is the Graham’s Stability?

Graham’s Stability measure stands at -233.71.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has not been increasing in the past years.

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	9.2%	1.8%	20%	14%	5.2%
Net Income	-18%	-	-	-	-170%
Stockholders Equity	-	-	-	-	-
FCF	-	-	-	-	-63%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +1.75%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +5.22%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -171.18%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -63.26%.