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. In the quarter to June 2026, revenue grew 11.2%, EPS fell 50.0%, free cash flow grew 3.37% and total debt fell 1.31%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three, operating cash flow growth for three; insiders bought in the last twelve months.
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KNOT Offshore Partners LP (KNOP) Beneish M-score
KNOT Offshore Partners LP's Beneish M-score for fiscal 2025 is −3.36; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.36 | (5.13) |
| FY2024 | 1.77 | 5.47 |
| FY2023 | −3.70 | (1.73) |
| FY2022 | −1.96 | 1.29 |
| FY2021 | −3.26 | (1.39) |
| FY2020 | −1.87 | (0.14) |
| FY2019 | −1.73 | 0.06 |
| FY2018 | −1.79 | (1.74) |
| FY2017 | −0.04 | (0.67) |
| FY2016 | 0.62 | 3.94 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.28 | — | 0.25 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 1.05 | — | 0.42 | |
| Sales growth index | 1.14 | — | 1.02 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 1.07 | — | −0.18 | |
| Total accruals to total assets | (0.08) | — | −0.37 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.36 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TORO Toro Corp. compare | −5.5× |
| KNOP KNOT Offshore Partners LP | −3.4× |
| SMC Summit Midstream Partners, LP compare | −2.7× |
| NVGS Navigator Holdings Ltd. compare | −2.6× |
| IMPP Imperial Petroleum Inc. compare | −2.6× |
| DLNG Dynagas LNG Partners LP compare | −2.4× |
| BROGF Brooge Energy Limited compare | −1.9× |
| TK Teekay Corporation Ltd. compare | −1.6× |
| SBR Sabine Royalty Trust compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI