The company remains heavily leveraged with a debt-to-equity ratio of 1.50 and a critically thin current ratio that has deteriorated to 0.25 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 121.75M | 111.44M | 95.37M | 89.78M | 85.93M | 73.89M | 66.47M | 52.81M | 52.38M | 56.1M | 31.08M | 26.28M | 35.75M | 32.01M | 6.51M | 7.19M |
| Cash & Short-Term Investments | 92.66M | 88.98M | 66.93M | 63.92M | 47.58M | 62.29M | 52.58M | 43.52M | 41.71M | 46.1M | 27.66M | 23.57M | 30.75M | 28.84M | 1.29M | 3.19M |
| Cash Only | 92.66M | 88.98M | 66.93M | 63.92M | 47.58M | 62.29M | 52.58M | 43.52M | 41.71M | 46.1M | 27.66M | 23.57M | 30.75M | 28.84M | 1.29M | 3.19M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 332K | 705K | 15.52M | 7.58M | 10.93M | 2.67M | 5.73M | 5.06M | 2.79M | 571K | 150K | 497K | 2.29M | 77K | 1.31M | 262K |
| Days Sales Outstanding | 3.73 | 0.71 | 18.12 | 9.51 | 14.86 | 3.46 | 7.49 | 6.54 | 3.65 | 0.95 | 0.32 | 1.17 | 7.39 | 0.38 | 7.27 | 2.18 |
| Inventory | 4.18M | 4.29M | 3.3M | 3.7M | 5.76M | 3.31M | 2.65M | 2.29M | 2.44M | 2.24M | 1.18M | 849K | 915K | 578K | 541K | 469K |
| Days Inventory Outstanding | 5.48 | 6.17 | 10.76 | 6.43 | 10.71 | 7.03 | 6.42 | 5.58 | 6.13 | 6.91 | 4.93 | 4.06 | 5.74 | 5.54 | 5.78 | 5.77 |
| Other Current Assets | 24.59M | 17.47M | 8.11M | 13.02M | 20.35M | 4.47M | 4.46M | 920K | 4.62M | 4.24M | 980K | 0 | 1.34M | 2.27M | 4.18M | 2.83M |
| Total Non-Current Assets | 1.54B | 1.57B | 1.48B | 1.51B | 1.65B | 1.6B | 1.71B | 1.69B | 1.78B | 1.74B | 1.26B | 1.2B | 1.03B | 628.16M | 505.31M | 527.42M |
| Property, Plant & Equipment | 1.52B | 1.56B | 1.46B | 1.5B | 1.63B | 1.6B | 1.71B | 1.68B | 1.77B | 1.72B | 1.26B | 1.19B | 1.02B | 617.78M | 496.77M | 517.9M |
| Fixed Asset Turnover | 0.24x | 0.23x | 0.21x | 0.19x | 0.16x | 0.18x | 0.16x | 0.17x | 0.16x | 0.13x | 0.14x | 0.13x | 0.11x | 0.12x | 0.13x | 0.08x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.22M | 5.75M | 5.75M | 5.75M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 75K | 681K | 1.29M | 1.89M | 2.5M | -1.52M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 37.74M | 1.91M | 5.19M | 7.23M | 14.38M | 2.46M | 2.87M | 648K | 15.47M | 11.54M | 4.31M | 695K | 2.97M | 2.62M | 0 | 0 |
| Other Non-Current Assets | 0 | 10.93M | 4.82M | 0 | 0 | 2.46M | 0 | 8.6M | 15.47M | 11.54M | 5.83M | 2.82M | 6.92M | 4.63M | 2.79M | 3.77M |
| Total Assets | 1.66B | 1.68B | 1.57B | 1.6B | 1.73B | 1.68B | 1.78B | 1.74B | 1.84B | 1.79B | 1.29B | 1.22B | 1.07B | 660.17M | 515.25M | 534.6M |
| Asset Turnover | 0.22x | 0.22x | 0.20x | 0.18x | 0.15x | 0.17x | 0.16x | 0.16x | 0.15x | 0.12x | 0.13x | 0.13x | 0.11x | 0.11x | 0.13x | 0.08x |
| Asset Growth % | 22.91% | 7.17% | -1.52% | -7.93% | 3.38% | -5.79% | 2.43% | -5.38% | 2.43% | 38.76% | 5.59% | 14.3% | 62.19% | 28.13% | -3.62% | - |
| Total Current Liabilities | 481.13M | 426.93M | 287.12M | 127.58M | 389.99M | 115.96M | 213.93M | 104M | 128.42M | 122.81M | 77.64M | 65.54M | 60.03M | 42.04M | 54.57M | 77.98M |
| Accounts Payable | 10.6M | 9.61M | 5.77M | 10.24M | 4.27M | 3.87M | 3.85M | 2.73M | 4.8M | 5.22M | 2.22M | 2M | 1.87M | 1.11M | 370K | 704K |
| Days Payables Outstanding | 11.23 | 13.83 | 18.77 | 17.82 | 7.94 | 8.23 | 9.32 | 6.64 | 12.04 | 16.12 | 9.3 | 9.53 | 11.72 | 10.62 | 3.95 | 8.66 |
| Short-Term Debt | 428.38M | 381.53M | 256.66M | 98.96M | 370.5M | 88.58M | 184.84M | 83.45M | 106.93M | 92.98M | 58.98M | 48.53M | 38.72M | 29.27M | 28.83M | 28.08M |
| Deferred Revenue (Current) | 34.48M | 9.02M | 10.16M | 467K | 2.15M | 7.7M | 6.94M | 1.52M | 7.29M | 11.5M | 8.74M | 3.37M | 8.27M | 5.99M | 5.89M | 7.57M |
| Other Current Liabilities | 33.09M | 26.72M | 0 | 2.15M | 1.7M | 8.73M | 12.27M | 9.11M | 1.74M | 978K | 3.3M | 7.32M | 7.45M | 2.12M | 5.26M | 5.46M |
| Current Ratio | 0.25x | 0.26x | 0.33x | 0.70x | 0.22x | 0.64x | 0.31x | 0.51x | 0.41x | 0.46x | 0.40x | 0.40x | 0.60x | 0.76x | 0.12x | 0.09x |
| Quick Ratio | 0.24x | 0.25x | 0.32x | 0.67x | 0.21x | 0.61x | 0.30x | 0.49x | 0.39x | 0.44x | 0.39x | 0.39x | 0.58x | 0.75x | 0.11x | 0.09x |
| Cash Conversion Cycle | -2.01 | -6.95 | 10.1 | -1.88 | 17.63 | 2.26 | 4.59 | 5.47 | -2.27 | -8.25 | -4.06 | -4.31 | 1.41 | -4.69 | 9.09 | -0.71 |
| Total Non-Current Liabilities | 560.86M | 636.94M | 673.91M | 861.44M | 691.75M | 888.31M | 868.82M | 922.35M | 976.37M | 941.14M | 692.93M | 636.41M | 591.35M | 336.21M | 360.04M | 389.25M |
| Long-Term Debt | 500.88M | 574.44M | 648.08M | 857.83M | 686.6M | 878.55M | 846.16M | 911.94M | 970.37M | 933.63M | 682.66M | 622.01M | 574.5M | 320.71M | 319.02M | 347.85M |
| Capital Lease Obligations | 4.53M | 469K | 97K | 1.14M | 1.55M | 2.09M | 838K | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 373K | 82K | 91K | 127K | 424K | 228K | 295K | 357K | 453K | 624K | 685K | 877K | 1.4M | 2.14M | 3.1M | 2.28M |
| Other Non-Current Liabilities | 405K | 909K | 0 | 0 | 0 | 4.26M | 19.36M | 5.13M | 345K | 6.89M | 286K | 10.71M | 0 | 0 | 22.62M | 21.87M |
| Total Liabilities | 1.04B | 1.06B | 961.03M | 989.01M | 1.08B | 1B | 1.08B | 1.03B | 1.1B | 1.06B | 770.57M | 703.1M | 651.38M | 378.25M | 414.62M | 467.23M |
| Total Debt | 929.62M | 955.98M | 906M | 958.91M | 1.06B | 969.87M | 1.03B | 997.2M | 1.08B | 1.03B | 741.65M | 671.69M | 613.22M | 349.98M | 347.85M | 375.93M |
| Net Debt | 836.96M | 866.99M | 839.07M | 894.99M | 1.01B | 907.57M | 979.25M | 953.67M | 1.04B | 980.51M | 713.98M | 648.12M | 582.48M | 321.14M | 346.56M | 372.74M |
| Debt / Equity | 1.50x | 1.54x | 1.48x | 1.58x | 1.62x | 1.44x | 1.48x | 1.40x | 1.47x | 1.41x | 1.42x | 1.29x | 1.46x | 1.24x | 3.58x | - |
| Debt / EBITDA | 4.14x | 4.28x | 4.93x | 7.08x | 6.10x | 5.60x | 4.84x | 4.57x | 4.94x | 6.13x | 5.36x | 5.82x | 7.38x | 6.70x | 7.51x | 12.45x |
| Net Debt / EBITDA | 3.73x | 3.88x | 4.57x | 6.61x | 5.82x | 5.24x | 4.59x | 4.37x | 4.75x | 5.86x | 5.16x | 5.61x | 7.01x | 6.15x | 7.49x | 12.35x |
| Interest Coverage | 1.61x | 1.65x | 1.23x | 0.46x | 2.38x | 2.87x | 3.02x | 2.14x | 2.60x | 3.12x | 3.75x | 3.16x | 2.58x | 2.66x | 1.15x | -0.82x |
| Total Equity | 621.01M | 620.97M | 611.13M | 607.48M | 652.21M | 673.01M | 697.55M | 711.66M | 732.04M | 729.21M | 521.71M | 520.77M | 419.37M | 281.93M | 97.19M | 0 |
| Equity Growth % | 13.23% | 1.61% | 0.6% | -6.86% | -3.09% | -3.52% | -1.98% | -2.78% | 0.39% | 39.77% | 0.18% | 24.18% | 48.75% | 190.07% | - | - |
| Book Value per Share | 18.31 | 18.31 | 17.82 | 15.45 | 17.01 | 18.06 | 21.34 | 21.77 | 22.39 | 24.25 | 19.18 | 20.61 | 21.20 | 16.45 | 5.67 | -1.81 |
| Total Shareholders' Equity | 611.42M | 620.97M | 611.13M | 607.48M | 652.21M | 673.01M | 697.55M | 711.66M | -363.34M | 673.11M | 4K | 520.77M | 419.37M | 281.93M | 194.4M | -31.09M |
| Common Stock | 527.11M | 536.66M | 526.83M | 523.17M | 567.9M | 588.71M | 608.28M | 622.4M | 642.77M | 639.95M | 521.71M | 0 | 0 | 0 | 97.19M | 0 |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.1B | -729.21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -363.34M | -280.32M | 4K | 0 | 0 | 0 | 194.4M | -31.09M |
| Minority Interest | 9.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High debt service burden
According to quarterly balance sheet data, KNOP's equity base has remained stagnant near $611M while total liabilities have fluctuated near $1B, suggesting that the company's financial position is failing to strengthen despite the capital-intensive nature of its specialized shuttle tanker fleet operations over recent periods.
The lack of meaningful growth in equity suggests that the company is not retaining earnings to bolster its capital base, which is concerning given the high debt load. This trajectory implies that the business model is currently focused on survival rather than value creation for equity holders.
As reported in financial statements, KNOP maintains a debt-to-equity ratio consistently hovering around 1.50, which, when combined with total debt levels near $930M, indicates that the company remains heavily reliant on external financing to sustain its capital-intensive maritime operations in a high-interest-rate environment.
The persistent reliance on debt to fund a fleet that requires constant maintenance suggests that the company may face significant refinancing risks if credit markets tighten. Investors should monitor whether the company can generate sufficient cash to deleverage, as current debt levels appear to be a structural burden.
Based on reported figures, KNOP's current ratio has deteriorated from 0.70 in 2023Q4 to a precarious 0.25 in 2026Q1, signaling that the company's ability to cover its short-term obligations with existing liquid assets has significantly weakened over the last ten quarters of operations.
A current ratio well below 1.0 indicates that the company is essentially operating without a meaningful liquidity buffer, leaving it highly vulnerable to operational disruptions or unexpected dry-docking costs. This lack of working capital suggests that any delay in charter payments could trigger a liquidity crisis.
As indicated by the balance sheet, KNOP's net PPE has remained relatively flat at approximately $1.5B, which, in the context of a shipping company, suggests that capital expenditures are primarily serving to offset depreciation rather than expanding the fleet's overall productive capacity or technological edge.
The concentration of assets in specialized vessels means that the company's balance sheet is highly sensitive to the residual value of these ships. If the North Sea or Brazilian markets shift away from current vessel specifications, the company may face significant impairment risks that are not currently reflected.
Analysis of the balance sheet reveals that deferred revenue has surged from $2.8M in 2023Q4 to $68.2M in 2026Q1, which may artificially inflate the appearance of future contract stability while potentially obscuring the underlying cash flow pressures currently facing the company's core maritime service business.
While rising deferred revenue is often a positive indicator of future performance, in this context, it may simply reflect the timing of contract payments rather than genuine growth in demand. Investors should be cautious, as this metric may be masking the true extent of the company's current operational strain.
Quick answers to the most common questions about buying KNOP stock.
As of 2025, KNOT Offshore Partners LP (KNOP) had total assets of $1.68B including $111.4M in current assets.
KNOT Offshore Partners LP (KNOP) carries total debt of $956.0M, offset by $89.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
KNOT Offshore Partners LP (KNOP) has total shareholders' equity (book value) of $621.0M ($18.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
KNOT Offshore Partners LP (KNOP) reported a current ratio of 0.26x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.