KNOT Offshore Partners LP (KNOP) 10-Year Financial Performance & Capital Metrics

KNOP • • Industrial / General

IndustrialsMarine ShippingTanker ShippingTanker Operators

AboutKNOT Offshore Partners LP owns, acquires, and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company provides loading, transportation, discharge, and storage of crude oil under time charters and bareboat charters. As of March 17, 2022, it operated a fleet of seventeen shuttle tankers. The company was founded in 2013 and is headquartered in Aberdeen, the United Kingdom.Show more

Revenue $313M +7.5%
EBITDA $184M +35.7%
Net Income $14M +141.0%
EPS (Diluted) 0.21 +120.4%
Gross Margin 64.14% +130.4%
EBITDA Margin 58.78% +26.2%
Operating Margin 23.32% +169.8%
Net Margin 4.5% +138.1%
ROE 2.31% +142.4%
ROIC 3.7% +211.0%
Debt/Equity 1.48 -6.1%
Interest Coverage 1.12 +223.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 43.6% free cash flow margin
✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.9%
✓Share count reduced 12.8% through buybacks

✗Weaknesses

✗Weak 3Y average ROE of 1.9%
✗Profits declining 24.9% over 5 years
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.73%

5Y2.04%

3Y3.6%

TTM14.11%

Profit (Net Income) CAGR

10Y-6.45%

5Y-24.92%

3Y-36.09%

TTM1640.44%

EPS CAGR

10Y-17.22%

5Y-32.95%

3Y-44.67%

TTM4850%

ROCE

10Y Avg5.91%

5Y Avg4.81%

3Y Avg3.88%

Latest5.3%

Peer Comparison

Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNOPKNOT Offshore Partners LP	357.47M	10.50	50	7.54%	10%	5.46%	38.1%	1.48
KEXKirby Corporation	6.85B	126.31	25.73	5.64%	9.22%	9.09%	6.04%	0.32
NATNordic American Tankers Limited	866.06M	4.09	18.59	-10.71%	0.68%	0.41%	14.5%	0.53
ECOOkeanis Eco Tankers Corp.	1.39B	39.25	11.61	-4.81%	21.92%	17.84%	11.05%	1.57
TOROToro Corp.	119.61M	5.57	5.11	-71.46%	24.65%	1.55%	12.08%
TOPSTop Ships Inc.	24.57M	5.31	4.87	3.83%	1.19%	0.8%	70.51%	1.74
HAFNHafnia Limited	2.9B	5.83	3.89	7.37%	18.36%	18.82%	33.78%	0.50
ASCArdmore Shipping Corporation	482.27M	11.85	3.87	2.48%	11.5%	5.42%	20.62%	0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	155.02M	173.67M	219.2M	279.46M	282.56M	279.22M	281.13M	268.58M	290.72M	312.63M
Revenue Growth %	0.37%	0.12%	0.26%	0.27%	0.01%	-0.01%	0.01%	-0.04%	0.08%	0.08%
Cost of Goods Sold+	76.39M	87.13M	118.29M	145.49M	149.97M	150.75M	171.67M	196.26M	209.79M	112.12M
COGS % of Revenue	0.49%	0.5%	0.54%	0.52%	0.53%	0.54%	0.61%	0.73%	0.72%	0.36%
Gross Profit+	78.64M	86.54M	100.91M	133.97M	132.59M	128.47M	109.46M	72.32M	80.93M	200.51M
Gross Margin %	0.51%	0.5%	0.46%	0.48%	0.47%	0.46%	0.39%	0.27%	0.28%	0.64%
Gross Profit Growth %	0.44%	0.1%	0.17%	0.33%	-0.01%	-0.03%	-0.15%	-0.34%	0.12%	1.48%
Operating Expenses+	4.29M	4.37M	5.55M	5.29M	4.86M	5.39M	6.46M	6.1M	55.79M	127.59M
OpEx % of Revenue	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.19%	0.41%
Selling, General & Admin	4.29M	4.37M	5.55M	5.29M	4.86M	5.39M	6.46M	6.1M	6.14M	6.07M
SG&A % of Revenue	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
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	49.65M	121.53M
Operating Income+	68.13M	82.17M	95.36M	128.68M	127.73M	123.08M	73.57M	66.22M	25.14M	72.92M
Operating Margin %	0.44%	0.47%	0.44%	0.46%	0.45%	0.44%	0.26%	0.25%	0.09%	0.23%
Operating Income Growth %	0.35%	0.21%	0.16%	0.35%	-0.01%	-0.04%	-0.4%	-0.1%	-0.62%	1.9%
EBITDA+	115.46M	138.4M	167.37M	218.04M	218.18M	213.13M	173.13M	173.64M	135.39M	183.77M
EBITDA Margin %	0.74%	0.8%	0.76%	0.78%	0.77%	0.76%	0.62%	0.65%	0.47%	0.59%
EBITDA Growth %	0.39%	0.2%	0.21%	0.3%	0%	-0.02%	-0.19%	0%	-0.22%	0.36%
D&A (Non-Cash Add-back)	47.33M	56.23M	72.01M	89.36M	90.45M	90.05M	99.56M	107.42M	110.25M	110.85M
EBIT	56.69M	83.27M	100.17M	133.38M	110.55M	97.58M	83.44M	102.77M	33.74M	79.83M
Net Interest Income+	-17.95M	-22.15M	-31.87M	-50.48M	-50.72M	-32.23M	-29.07M	-42.41M	-69.19M	-64.07M
Interest Income	8K	24K	248K	739K	865K	125K	2K	822K	3.47M	1.06M
Interest Expense	17.95M	22.18M	32.12M	51.22M	51.58M	32.35M	29.08M	43.23M	72.66M	65.13M
Other Income/Expense	-27.75M	-21.08M	-27.31M	-46.52M	-68.76M	-57.85M	-19.21M	-6.68M	-64.06M	-58.22M
Pretax Income+	40.38M	61.09M	68.05M	82.16M	58.97M	65.23M	54.36M	59.54M	-38.92M	14.7M
Pretax Margin %	0.26%	0.35%	0.31%	0.29%	0.21%	0.23%	0.19%	0.22%	-0.13%	0.05%
Income Tax+	-59K	-15K	-16K	-2K	9K	10K	488K	875K	-4.59M	631K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	0.99%	0.99%	0.88%	0.96%
Net Income+	40.44M	61.1M	68.06M	82.17M	58.96M	65.22M	53.88M	58.67M	-34.33M	14.06M
Net Margin %	0.26%	0.35%	0.31%	0.29%	0.21%	0.23%	0.19%	0.22%	-0.12%	0.04%
Net Income Growth %	0.48%	0.51%	0.11%	0.21%	-0.28%	0.11%	-0.17%	0.09%	-1.59%	1.41%
Net Income (Continuing)	40.44M	61.1M	68.06M	82.17M	58.96M	65.22M	53.88M	58.67M	-34.33M	14.06M
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)+	1.60	2.25	2.26	2.51	1.55	1.74	1.24	1.33	-1.03	0.21
EPS Growth %	0.15%	0.41%	0%	0.11%	-0.38%	0.12%	-0.29%	0.07%	-1.77%	1.2%
EPS (Basic)	1.60	2.25	2.26	2.51	1.55	1.74	1.39	1.48	-1.18	0.21
Diluted Shares Outstanding	25.27M	27.19M	30.07M	32.69M	32.69M	32.69M	37.26M	38.34M	39.32M	34.3M
Basic Shares Outstanding	25.27M	27.19M	30.07M	32.69M	32.69M	32.69M	33.24M	34.3M	34.3M	34.05M
Dividend Payout Ratio	1.32%	0.98%	1.01%	0.97%	1.35%	1.22%	1.47%	1.35%	-	0.74%

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+	26.28M	31.08M	56.1M	52.38M	52.81M	66.47M	73.89M	85.93M	89.78M	95.37M
Cash & Short-Term Investments	23.57M	27.66M	46.1M	41.71M	43.52M	52.58M	62.29M	47.58M	63.92M	66.93M
Cash Only	23.57M	27.66M	46.1M	41.71M	43.52M	52.58M	62.29M	47.58M	63.92M	66.93M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	497K	150K	571K	2.79M	5.06M	5.73M	2.67M	10.93M	7.58M	15.52M
Days Sales Outstanding	1.17	0.32	0.95	3.65	6.54	7.49	3.46	14.86	9.51	18.12
Inventory	849K	1.18M	2.24M	2.44M	2.29M	2.65M	3.31M	5.76M	3.7M	3.3M
Days Inventory Outstanding	4.06	4.93	6.91	6.13	5.58	6.42	7.03	10.71	6.43	10.76
Other Current Assets	0	980K	4.24M	4.62M	920K	4.46M	4.47M	20.35M	13.02M	8.11M
Total Non-Current Assets+	1.2B	1.26B	1.74B	1.78B	1.69B	1.71B	1.6B	1.65B	1.51B	1.48B
Property, Plant & Equipment	1.19B	1.26B	1.72B	1.77B	1.68B	1.71B	1.6B	1.63B	1.5B	1.46B
Fixed Asset Turnover	0.13x	0.14x	0.13x	0.16x	0.17x	0.16x	0.18x	0.16x	0.19x	0.21x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	-1.52M	2.5M	1.89M	1.29M	681K	75K	0	0	0
Long-Term Investments	695K	4.31M	11.54M	15.47M	648K	2.87M	2.46M	14.38M	7.23M	5.19M
Other Non-Current Assets	2.82M	5.83M	11.54M	15.47M	8.6M	0	2.46M	0	0	4.82M
Total Assets+	1.22B	1.29B	1.79B	1.84B	1.74B	1.78B	1.68B	1.73B	1.6B	1.57B
Asset Turnover	0.13x	0.13x	0.12x	0.15x	0.16x	0.16x	0.17x	0.15x	0.18x	0.20x
Asset Growth %	0.14%	0.06%	0.39%	0.02%	-0.05%	0.02%	-0.06%	0.03%	-0.08%	-0.02%
Total Current Liabilities+	65.54M	77.64M	122.81M	128.42M	104M	213.93M	115.96M	389.99M	127.58M	287.12M
Accounts Payable	2M	2.22M	5.22M	4.8M	2.73M	3.85M	3.87M	4.27M	10.24M	5.77M
Days Payables Outstanding	9.53	9.3	16.12	12.04	6.64	9.32	8.23	7.94	17.82	18.77
Short-Term Debt	48.53M	58.98M	92.98M	106.93M	83.45M	184.84M	88.58M	370.5M	98.96M	256.66M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	467K	1000K
Other Current Liabilities	7.32M	3.3M	978K	1.74M	9.11M	12.27M	8.73M	1.7M	2.15M	0
Current Ratio	0.40x	0.40x	0.46x	0.41x	0.51x	0.31x	0.64x	0.22x	0.70x	0.33x
Quick Ratio	0.39x	0.39x	0.44x	0.39x	0.49x	0.30x	0.61x	0.21x	0.67x	0.32x
Cash Conversion Cycle	-4.31	-4.06	-8.25	-2.27	5.47	4.59	2.26	17.63	-1.88	10.1
Total Non-Current Liabilities+	636.41M	692.93M	941.14M	976.37M	922.35M	868.82M	888.31M	691.75M	861.44M	673.91M
Long-Term Debt	622.01M	682.66M	933.63M	970.37M	911.94M	846.16M	878.55M	686.6M	857.83M	648.08M
Capital Lease Obligations	0	0	0	0	1.23M	838K	2.09M	1.55M	1.14M	97K
Deferred Tax Liabilities	877K	685K	624K	453K	357K	295K	228K	424K	127K	91K
Other Non-Current Liabilities	10.71M	286K	6.89M	345K	5.13M	19.36M	4.26M	3.6M	0	0
Total Liabilities	703.1M	770.57M	1.06B	1.1B	1.03B	1.08B	1B	1.08B	989.01M	961.03M
Total Debt+	671.69M	741.65M	1.03B	1.08B	997.2M	1.03B	969.87M	1.06B	958.91M	906M
Net Debt	648.12M	713.98M	980.51M	1.04B	953.67M	979.25M	907.57M	1.01B	894.99M	839.07M
Debt / Equity	1.29x	1.42x	1.41x	1.47x	1.40x	1.48x	1.44x	1.62x	1.58x	1.48x
Debt / EBITDA	5.82x	5.36x	6.13x	4.94x	4.57x	4.84x	5.60x	6.10x	7.08x	4.93x
Net Debt / EBITDA	5.61x	5.16x	5.86x	4.75x	4.37x	4.59x	5.24x	5.82x	6.61x	4.57x
Interest Coverage	3.79x	3.70x	2.97x	2.51x	2.48x	3.80x	2.53x	1.53x	0.35x	1.12x
Total Equity+	520.77M	521.71M	729.21M	732.04M	711.66M	697.55M	673.01M	652.21M	607.48M	611.13M
Equity Growth %	0.24%	0%	0.4%	0%	-0.03%	-0.02%	-0.04%	-0.03%	-0.07%	0.01%
Book Value per Share	20.61	19.18	24.25	22.39	21.77	21.34	18.06	17.01	15.45	17.82
Total Shareholders' Equity	520.77M	4K	673.11M	-363.34M	711.66M	697.55M	673.01M	652.21M	607.48M	611.13M
Common Stock	0	521.71M	639.95M	642.77M	622.4M	608.28M	588.71M	567.9M	523.17M	526.83M
Retained Earnings	0	0	-729.21M	-1.1B	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	4K	-280.32M	-363.34M	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+	89.16M	108.44M	154.59M	148.65M	165.69M	169.24M	166.41M	100.94M	131.64M	137.15M
Operating CF Margin %	0.58%	0.62%	0.71%	0.53%	0.59%	0.61%	0.59%	0.38%	0.45%	0.44%
Operating CF Growth %	0.5%	0.22%	0.43%	-0.04%	0.11%	0.02%	-0.02%	-0.39%	0.3%	0.04%
Net Income	40.44M	61.1M	68.06M	82.17M	58.96M	65.22M	53.88M	58.67M	-34.33M	14.06M
Depreciation & Amortization	48.48M	55.91M	70.49M	87.84M	90.45M	91.33M	98.65M	105.98M	110.25M	110.85M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	-2K	9K	10K	0	875K	-4.59M	631K
Other Non-Cash Items	4.71M	-8.5M	-14.2M	-10.29M	17.54M	18.72M	8.51M	-53.78M	40.91M	26.34M
Working Capital Changes	-4.07M	866K	30.24M	-8.85M	-1.26M	-6.05M	5.38M	-10.79M	19.4M	-14.74M
Change in Receivables	-15K	-3.15M	26.97M	-4.46M	-2.33M	-5.06M	5.25M	1.45M	1.65M	-4.82M
Change in Inventory	210K	-20K	-358K	55K	152K	-225K	-653K	-2.16M	2.14M	583K
Change in Payables	45K	45K	2.19M	-1.3M	-2.1M	700K	18K	251K	5.87M	-4.38M
Cash from Investing+	-46.49M	-13.95M	-94.86M	-15.49M	0	-21.43M	-11.54M	-35.51M	-2.78M	-338K
Capital Expenditures	-1.53M	-846K	-849K	-117K	0	-339K	-11.54M	-3.31M	-2.78M	-945K
CapEx % of Revenue	0.01%	0%	0%	0%	-	0%	0.04%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	-49.58M	-90.34M	-41.38M	-137.38M	-163.85M	-139.26M	-145.15M	-79.97M	-112.51M	-133.32M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-53.37M	-60.16M	-68.97M	-79.34M	-79.34M	-79.34M	-79.39M	-79.47M	-10.41M	-10.41M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-9K	-174K	-1.24M	-5.3M	21K	-90K	-5.21M	-889K	-2.46M	-521K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	87.63M	107.6M	153.74M	148.53M	165.69M	168.9M	154.88M	97.63M	128.86M	136.2M
FCF Margin %	0.57%	0.62%	0.7%	0.53%	0.59%	0.6%	0.55%	0.36%	0.44%	0.44%
FCF Growth %	0.48%	0.23%	0.43%	-0.03%	0.12%	0.02%	-0.08%	-0.37%	0.32%	0.06%
FCF per Share	3.47	3.96	5.11	4.54	5.07	5.17	4.16	2.55	3.28	3.97
FCF Conversion (FCF/Net Income)	2.20x	1.77x	2.27x	1.81x	2.81x	2.59x	3.09x	1.72x	-3.83x	9.75x
Interest Paid	0	0	0	0	0	0	0	0	0	65.7M
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)	8.6%	11.72%	10.88%	11.25%	8.17%	9.26%	7.86%	8.85%	-5.45%	2.31%
Return on Invested Capital (ROIC)	4.71%	5.13%	4.86%	5.55%	5.58%	5.52%	3.39%	3.06%	1.19%	3.7%
Gross Margin	50.73%	49.83%	46.04%	47.94%	46.92%	46.01%	38.93%	26.93%	27.84%	64.14%
Net Margin	26.09%	35.18%	31.05%	29.4%	20.87%	23.36%	19.16%	21.84%	-11.81%	4.5%
Debt / Equity	1.29x	1.42x	1.41x	1.47x	1.40x	1.48x	1.44x	1.62x	1.58x	1.48x
Interest Coverage	3.79x	3.70x	2.97x	2.51x	2.48x	3.80x	2.53x	1.53x	0.35x	1.12x
FCF Conversion	2.20x	1.77x	2.27x	1.81x	2.81x	2.59x	3.09x	1.72x	-3.83x	9.75x
Revenue Growth	37.38%	12.03%	26.22%	27.49%	1.11%	-1.18%	0.68%	-4.46%	8.24%	7.54%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Time Charter And Bareboat Revenues	-	-	-	262.8M	277.08M	306.92M
Time Charter And Bareboat Revenues Growth	-	-	-	-	5.44%	10.77%
Time Charter Revenues	237.39M	233.35M	-	216.82M	246.67M	302.06M
Time Charter Revenues Growth	-	-1.70%	-	-	13.77%	22.46%
Bareboat Revenues	45.12M	45.23M	-	45.98M	30.41M	4.85M
Bareboat Revenues Growth	-	0.27%	-	-	-33.85%	-84.04%
Time charter revenues (service element included)	-	-	224.19M	-	-	-
Time charter revenues (service element included) Growth	-	-	-	-	-	-
Bareboat revenues	-	-	45.12M	-	-	-
Bareboat revenues Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

KNOT Offshore Partners LP (KNOP) has a price-to-earnings (P/E) ratio of 50.0x. This suggests investors expect higher future growth.

Growth & Financials

KNOT Offshore Partners LP (KNOP) reported $338.6M in revenue for fiscal year 2024. This represents a 671% increase from $43.9M in 2011.

KNOT Offshore Partners LP (KNOP) grew revenue by 7.5% over the past year. This is steady growth.

Yes, KNOT Offshore Partners LP (KNOP) is profitable, generating $33.9M in net income for fiscal year 2024 (4.5% net margin).

Dividend & Returns

Yes, KNOT Offshore Partners LP (KNOP) pays a dividend with a yield of 2.89%. This makes it attractive for income-focused investors.

KNOT Offshore Partners LP (KNOP) has a return on equity (ROE) of 2.3%. This is below average, suggesting room for improvement.

KNOT Offshore Partners LP (KNOP) generated $145.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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