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 $292.7M against $77.1M — 3.8× the size. Martin Midstream Partners L.P. has negative trailing earnings, so its P/E is not meaningful; KNOT Offshore Partners LP trades at 21.2×. Martin Midstream Partners L.P. grew revenue faster over the last twelve months: 13.2% against 12.9%. KNOT Offshore Partners LP has the higher net margin (3.46% vs −1.35%) and the lower return on invested capital (3.03% vs 8.21%). Both pay a dividend; KNOT Offshore Partners LP yields more (2.96% vs 1.26%). Across the 20 metrics below, KNOT Offshore Partners LP leads on 10 and Martin Midstream Partners L.P. on 10.

Valuation

Metric KNOP MMLP Oil & Gas Midstream median
P/E 21.21 n/m 11.68
P/S 0.77 0.10 2.39
P/B 0.55 n/m 1.68
Price to free cash flow 1.91 n/m 8.52
EV/EBITDA 5.30 5.17 9.03
EV/Sales 2.88 0.69 3.43
Earnings yield 4.71% (13.89%) 7.78%
Free cash flow yield 52.42% (16.15%) 7.11%

Profitability

Metric KNOP MMLP Oil & Gas Midstream median
Gross margin 63.67% 50.59% 54.87%
Operating margin 18.13% 6.22% 34.73%
Net margin 3.46% (1.35%) 20.12%
Free cash flow margin 40.24% (1.55%) 14.43%
Return on equity 2.46% 13.65% 11.73%
Return on assets 0.81% (2.03%) 4.43%
Return on invested capital 3.03% 8.21% 6.10%

Growth

Metric KNOP MMLP Oil & Gas Midstream median
Revenue growth (TTM) 12.85% 13.17% 14.88%
EPS growth (last fiscal year) 128.57% (184.62%) (7.78%)
Revenue growth, 5-year CAGR 5.47% 1.28% 10.05%
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 (5.04) 0.77
Current ratio 0.34 1.35 1.19
Net debt to EBITDA 4.37 4.09 3.46

Dividend

Metric KNOP MMLP Oil & Gas Midstream median
Dividend yield 2.96% 1.26% 4.94%
Payout ratio 0.63 — 0.73

Size

Metric KNOP MMLP Oil & Gas Midstream median
Market cap 292.66m 77.08m 3.56b

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