KNOT Offshore Partners LP (KNOP) vs Martin Midstream Partners L.P. (MMLP)

KNOT Offshore Partners LP and Martin Midstream Partners L.P. are both Oil & Gas Midstream companies. KNOT Offshore Partners LP is the larger, with a market value of $358.7M against $73.2M — 4.9× the size. Martin Midstream Partners L.P. has negative trailing earnings, so its P/E is not meaningful; KNOT Offshore Partners LP trades at 23.4×. KNOT Offshore Partners LP grew revenue faster over the last twelve months: 12.9% against 4.01%. KNOT Offshore Partners LP has the higher net margin (2.04% vs −2.02%) and the lower return on invested capital (3.03% vs 8.06%). Both pay a dividend; KNOT Offshore Partners LP yields more (2.69% vs 0.98%). Across the 20 metrics below, KNOT Offshore Partners LP leads on 12 and Martin Midstream Partners L.P. on 8.

Valuation

Metric KNOP MMLP Oil & Gas Midstream median
P/E 23.39 n/m 12.43
P/S 0.93 0.11 2.57
P/B 0.66 n/m 2.20
Price to free cash flow 2.31 n/m 10.28
EV/EBITDA 5.60 5.16 8.57
EV/Sales 3.04 0.72 3.82
Earnings yield 4.28% (18.63%) 6.97%
Free cash flow yield 43.25% (5.50%) 6.62%

Profitability

Metric KNOP MMLP Oil & Gas Midstream median
Gross margin 63.67% 53.29% 56.58%
Operating margin 18.13% 6.30% 34.18%
Net margin 2.04% (2.02%) 22.50%
Free cash flow margin 40.24% (0.59%) 10.15%
Return on equity 1.46% 0.00% 14.65%
Return on assets 0.48% (2.83%) 5.00%
Return on invested capital 3.03% 8.06% 6.13%

Growth

Metric KNOP MMLP Oil & Gas Midstream median
Revenue growth (TTM) 12.85% 4.01% 15.44%
EPS growth (last fiscal year) 68.29% (184.62%) (7.86%)
Revenue growth, 5-year CAGR 5.47% 1.28% 9.59%
Net income growth, 5-year CAGR (22.27%) 0.00% 0.00%

Health

Metric KNOP MMLP Oil & Gas Midstream median
Debt to equity 1.45 (5.03) 0.78
Current ratio 0.34 1.21 1.19
Net debt to EBITDA 4.37 4.09 3.42

Dividend

Metric KNOP MMLP Oil & Gas Midstream median
Dividend yield 2.69% 0.98% 4.43%
Payout ratio 0.63 — 0.76

Size

Metric KNOP MMLP Oil & Gas Midstream median
Market cap 358.66m 73.16m 3.97b

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