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KNOT Offshore Partners LP

KNOP

Energy Oil & Gas Midstream

KNOT Offshore Partners LP’s revenue for fiscal 2025 (year ended December 2025) was $364.4 million, up 14.4% from fiscal 2024.

Revenue
+11.2%
EPS
−50.0%
Free cash flow
+3.37%
Total debt
−1.31%

Quarter to June 2026, against a year earlier

8.62 0.05 +0.58%
Market cap
$296.1M
P/E
21.4×
Fwd P/E
11.3×
Dividend yield
2.93%
F-score
7/9
ROIC
3.03%
Net debt / EBITDA
4.4×
Dividend safety
51/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Net bought
$68.5M
Trades
0 sells · 2 buys
Ownership
30.8%

Capital & Financial Ratios $m

Size
Market Cap 296
Revenue ttm 382
Net income ttm 15
Free cash flow ttm 154
Net debt Q 807
Valuation
P/E 21.4
Forward P/E 11.3
Price / sales 0.8
Forward P/S Powerpack
Price / FCF 1.9
Price / book 0.6
Financial health
Current ratio Q 0.3 (below 1: weak)
Debt / equity Q 1.5
Interest coverage Q 1.1
Growth
Revenue growth Q +11.2% (above 0%: growing)
Operating income growth Q −29.9% (below 0%: shrinking)
EPS, this year +10.8%
EPS, next year A −8.5% (below 0%: weak)
Revenue, next year A +0.5%
EPS, past 5 yrs −22.7% (below 0%: weak)
EPS, next 5 yrs A +48.4% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.9×, against a ten-year median of 5.4×; over the ten years it ranged from 2.9× in 2026 to 8.2× in 2017.
P/E against its own 10 years 92.33%
10-year low 10-year high
P/S against its own 10 years 19.76%
10-year low 10-year high
P/B against its own 10 years 27.57%
10-year low 10-year high
EV/Sales against its own 10 years 0.07%
10-year low 10-year high
EV/FCF against its own 10 years 0.07%
10-year low 10-year high

Dividends

Yield
2.93%
Annual rate
0.25
Payout ratio
62.7%
Growth, 2017–25
−31.2%/yr
  1. 2.08 ’17
  2. 2.60 ’18 +25
  3. 2.08 ’19 −20
  4. 2.08 ’20 +0
  5. 2.08 ’21 +0
  6. 2.08 ’22 +0
  7. 0.10 ’23 −95
  8. 0.10 ’24 +0
  9. 0.10 ’25 +0
  10. 0.20 ’26e +92
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 64 67 89 95
Receivables 0 2 1 0
Inventory 4 3 4 5
Other 22 23 17 25
90 95 111 125
2023 2024 2025 Q'26
Payables 12 8 12 12
ST’ Debt 99 257 381 314
Other 0 10 15 15
128 287 427 367

Compound Annual Growth %

10y 5y 3y
Sales 8.92% 5.47% 10.71%
Cash Flow 5.74% (1.65%) 15.55%
Earnings (4.29%) (22.27%) (31.79%)
Book Value 1.78% (2.30%) (1.62%)

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate −0.03 Actual 0.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.13 0.45 Beat by 0.32
Dec 2025 0.21 0.28 Beat by 0.07
Mar 2026 0.17 0.08 Miss by 0.09
Jun 2026 −0.03 0.10 Beat by 0.13
Sep 2026 0.06 — Reports 3 December 2026

EPS $

Mar Jun Sep Dec Year
’26 0.08 0.10 — — —
’25 0.22 0.20 0.45 (0.23) 0.48
’24 0.22 (0.38) (0.11) 0.61 0.21
’23 (0.04) (1.19) 0.37 (0.20) (1.19)
’22 0.79 0.29 0.47 0.18 1.48
’21 0.86 (0.38) 0.41 0.52 1.38
’20 (0.19) 0.59 0.77 0.75 1.74
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 92 97 — — —
’25 84 87 97 96 364
’24 77 74 76 91 319
’23 71 74 73 73 291
’22 65 64 68 72 269
’21 71 71 67 72 281
’20 68 70 71 70 279
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 33 33 — — —
’25 36 32 44 44 156
’24 27 34 35 41 137
’23 30 42 25 34 132
’22 18 36 26 21 101
’21 48 32 41 46 166
’20 39 42 47 41 169
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 33 33 — — —
’25 37 32 44 43 156
’24 27 34 36 40 137
’23 28 41 25 34 129
’22 18 35 26 18 98
’21 41 32 41 41 155
’20 39 41 47 41 169
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 174 219 279 283 279 281 269 291 319 364 382 +8.6% 366 369 — +0.6%
Gross margin, % 82.21 78.69 79.70 78.72 78.15 74.35 66.92 65.99 64.81 63.29 63.67 (18.9) pt
EBT 61 68 82 59 65 54 60 (39) 15 24 16 (9.7%)
EBT margin, % 35.17 31.04 29.40 20.87 23.36 19.34 22.17 (13.39) 4.61 6.70 4.13 (28.5) pt
Net income 61 68 82 59 65 54 59 (34) 14 23 15 (10.2%)
Per share, $
Per share, $ Revenue 7.26 7.29 8.55 8.64 8.54 8.51 7.93 8.54 9.36 10.74 11.06 +4.5%
Earnings 2.29 2.05 2.25 1.55 1.74 1.38 1.48 (1.19) 0.21 0.48 0.40 (15.9%)
Cash flow 4.53 5.14 4.55 5.07 5.18 5.04 2.98 3.87 4.03 4.59 4.47 +0.1%
Capex (0.04) (0.03) 0.00 0.00 (0.01) (0.35) (0.10) (0.08) (0.01) 0.02 (0.02) n/m
Free cash flow 4.50 5.11 4.54 5.07 5.17 4.69 2.88 3.79 4.02 4.61 4.45 +0.3%
Book value 21.81 24.25 22.39 21.77 21.34 20.36 19.25 17.84 17.95 18.31 17.97 (1.9%)
Shares, m 24 30 33 33 33 33 34 34 34 34 35 +4.0%
Valuation, ×
Valuation, × P/E 9.76 9.47 7.14 11.01 7.57 8.56 5.54 0.00 15.72 16.16 21.41 9.1
P/S 3.37 2.94 2.10 2.29 1.76 1.57 1.21 0.73 0.60 0.98 0.77 1.8
P/B 1.12 1.01 0.91 1.04 0.81 0.75 0.57 0.40 0.36 0.67 0.55 0.8
EV/Sales 7.49 7.40 5.79 5.66 5.27 4.79 4.96 3.80 3.23 3.36 2.89 5.2
EV/FCF 12.08 10.55 10.93 9.70 8.70 8.69 14.50 8.57 7.52 7.82 7.18 9.9
Cash, $m
Cash, $m Operating cash flow 108 155 149 166 169 166 101 132 137 156 154 +4.1%
Capex (1) (1) 0 — 0 (12) (3) (3) 0 1 (1) n/m
Free cash flow 108 154 149 166 169 155 98 129 137 156 154 +4.3%
Balance, $m
Balance, $m Working capital (47) (67) (76) (51) (147) (42) (304) (38) (192) (315) (242) +23.7%
Net debt 714 979 1,031 952 978 905 1,009 893 838 866 807 +2.2%
Shareholders’ equity 522 729 732 712 698 673 652 607 611 621 621 +2.0%
Returns, %
Returns, % ROA 4.36 4.00 4.05 2.84 3.24 2.67 2.99 (2.42) 0.45 0.99 0.81 (3.4) pt
ROIC 4.16 3.49 4.56 4.80 4.59 2.91 2.49 1.05 3.11 3.50 3.03 (0.7) pt
ROE 10.51 10.61 11.47 8.03 9.26 7.70 8.80 (7.40) 1.36 3.04 2.46 (7.5) pt
People
People Employees 290 481 502 534 640 640 694 837 874 815 — +12.2%
Revenue/emp, $m 0.60 0.46 0.56 0.53 0.44 0.44 0.39 0.35 0.36 0.45 — (3.2%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

KNOT Offshore Partners LP vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TK Teekay Corporation Ltd. $1.1B 8.7× 41.1× −24.36% (below 0%: shrinking) −23.68% (below 0%: shrinking) +211.73% (above 0%: growing) 31.43% 27.41% Compare
SBR Sabine Royalty Trust $958.2M 13.4× 12.4× +16.53% (above 0%: growing) +17.21% (above 0%: growing) — 100.00% 95.66% Compare
WHK WhiteHawk Minerals Corp. $746.5M — (loss-making) — (loss-making) — n/m — 100.00% (4.61%) Compare
SMC Summit Midstream Partners, LP $551.0M — (loss-making) 775× +10.55% (above 0%: growing) n/m +74.99% (above 0%: growing) 42.65% 16.09% Compare
KNOP KNOT Offshore Partners LP $296.1M 21.4× 11.3× +11.16% (above 0%: growing) −50.00% (below 0%: shrinking) +3.37% (above 0%: growing) 61.32% 16.08%
IMPP Imperial Petroleum Inc. $205.8M 2.2× 1.5× +139.55% (above 0%: growing) +108.33% (above 0%: growing) +96.17% (above 0%: growing) 49.50% 38.36% Compare
TORO Toro Corp. $135.1M — (loss-making) — +71.27% (above 0%: growing) n/m +127.85% (above 0%: growing) 55.48% (15.53%) Compare
DLNG Dynagas LNG Partners LP $111.3M 1.8× — +2.12% (above 0%: growing) +53.57% (above 0%: growing) −13.57% (below 0%: shrinking) 66.78% 41.34% Compare
MMLP Martin Midstream Partners L.P. $79.4M — (loss-making) 27.1× +37.35% (above 0%: growing) n/m −108.78% (below 0%: shrinking) 45.22% 4.40% Compare
Median of peers $378.4M 5.4× 27.1× +16.53% +35.39% +85.58% 52.49% 21.75%

All 57 Oil & Gas Midstream stocks →

KNOT Offshore Partners LP (KNOP) Latest News

28 Oct

Impact 3 · · Zacks

12 Oct

Impact 3 · · Zacks

1 Oct

Impact 3 · · Business Wire

25 Sep

Impact 3 · · Zacks

9 Sep

Impact 3 · · The Motley Fool transcript

4 Sep

Impact 3 · transcript
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat transcript

3 Sep

Impact 3 ·

26 Aug

Impact 4 ·

29 May

Impact 3 · · GuruFocus.com transcript
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat

28 May

Impact 3 · · Business Wire earnings

26 Mar

Impact 4 · · Moby
Impact 3 · · MarketBeat

25 Mar

Impact 4 ·
Impact 4 · · Business Wire

19 Mar

Impact 4 · · Business Wire

29 Jan

Impact 4 · · Zacks
Impact 3 · · Zacks

27 Jan

Impact 4 · · Simply Wall St.

20 Jan

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14 Jan

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13 Jan

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8 Jan

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stockrow.com/KNOP · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com