KNOT Offshore Partners LP (KNOP) vs New Fortress Energy LLC (NFE)

KNOT Offshore Partners LP and New Fortress Energy LLC are both Oil & Gas Midstream companies. KNOT Offshore Partners LP is the larger, with a market value of $292.7M against $62.8M — 4.7× the size. New Fortress Energy LLC has negative trailing earnings, so its P/E is not meaningful; KNOT Offshore Partners LP trades at 21.2×. KNOT Offshore Partners LP grew revenue faster over the last twelve months: 12.9% against −37.3%. KNOT Offshore Partners LP has the higher net margin (3.46% vs −147.0%) and the higher return on invested capital (3.03% vs −8.62%). Only KNOT Offshore Partners LP pays a dividend (2.96%). Across the 19 metrics below, KNOT Offshore Partners LP leads on 14 and New Fortress Energy LLC on 5.

Valuation

Metric KNOP NFE Oil & Gas Midstream median
P/E 21.21 n/m 11.68
P/S 0.77 0.02 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 n/m 9.03
EV/Sales 2.88 6.61 3.43
Earnings yield 4.71% (8,608.41%) 7.78%
Free cash flow yield 52.42% (3,439.42%) 7.11%

Profitability

Metric KNOP NFE Oil & Gas Midstream median
Gross margin 63.67% 34.01% 54.87%
Operating margin 18.13% (86.31%) 34.73%
Net margin 3.46% (147.03%) 20.12%
Free cash flow margin 40.24% (59.85%) 14.43%
Return on equity 2.46% (405.12%) 11.73%
Return on assets 0.81% (16.42%) 4.43%
Return on invested capital 3.03% (8.62%) 6.10%

Growth

Metric KNOP NFE Oil & Gas Midstream median
Revenue growth (TTM) 12.85% (37.31%) 14.88%
EPS growth (last fiscal year) 128.57% (426.28%) (7.78%)
Revenue growth, 5-year CAGR 5.47% 27.20% 10.05%
Net income growth, 5-year CAGR (22.27%) 0.00% 0.00%

Health

Metric KNOP NFE Oil & Gas Midstream median
Debt to equity 1.45 (20.48) 0.77
Current ratio 0.34 0.16 1.19
Net debt to EBITDA 4.37 (34.61) 3.46

Dividend

Metric KNOP NFE Oil & Gas Midstream median
Dividend yield 2.96% 0.00% 4.94%
Payout ratio 0.63 — 0.73

Size

Metric KNOP NFE Oil & Gas Midstream median
Market cap 292.66m 62.84m 3.56b

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