KNOT Offshore Partners LP (KNOP) vs Navigator Holdings Ltd. (NVGS)

KNOT Offshore Partners LP and Navigator Holdings Ltd. are both Oil & Gas Midstream companies. Navigator Holdings Ltd. is the larger, with a market value of $1.3B against $337.6M — 3.9× the size. Navigator Holdings Ltd. trades at the lower P/E: 9.7× against 22.5×. KNOT Offshore Partners LP grew revenue faster over the last twelve months: 12.9% against 8.39%. Navigator Holdings Ltd. has the higher net margin (22.8% vs 2.04%) and the higher return on invested capital (5.16% vs 3.03%). Both pay a dividend; KNOT Offshore Partners LP yields more (2.80% vs 1.31%). Across the 23 metrics below, Navigator Holdings Ltd. leads on 12 and KNOT Offshore Partners LP on 11.

Valuation

Metric KNOP NVGS Oil & Gas Midstream median
P/E 22.50 9.74 12.77
P/S 0.90 2.14 2.36
P/B 0.64 1.03 2.09
Price to free cash flow 2.22 6.45 9.71
EV/EBITDA 5.53 6.75 8.30
EV/Sales 3.01 3.19 3.88
Earnings yield 4.44% 10.27% 7.15%
Free cash flow yield 44.95% 15.49% 6.86%

Profitability

Metric KNOP NVGS Oil & Gas Midstream median
Gross margin 63.67% 54.61% 56.58%
Operating margin 18.13% 25.77% 34.18%
Net margin 2.04% 22.80% 22.50%
Free cash flow margin 40.24% 33.14% 13.70%
Return on equity 1.46% 11.09% 14.65%
Return on assets 0.48% 5.96% 5.00%
Return on invested capital 3.03% 5.16% 6.13%

Growth

Metric KNOP NVGS Oil & Gas Midstream median
Revenue growth (TTM) 12.85% 8.39% 15.60%
EPS growth (last fiscal year) 68.29% 23.53% (7.86%)
Revenue growth, 5-year CAGR 5.47% 12.04% 9.59%
Net income growth, 5-year CAGR (22.27%) 0.00% 0.00%

Health

Metric KNOP NVGS Oil & Gas Midstream median
Debt to equity 1.45 0.72 0.78
Current ratio 0.34 1.71 1.19
Net debt to EBITDA 4.37 2.48 3.42

Dividend

Metric KNOP NVGS Oil & Gas Midstream median
Dividend yield 2.80% 1.31% 4.54%
Payout ratio 0.63 0.13 0.76

Size

Metric KNOP NVGS Oil & Gas Midstream median
Market cap 337.59m 1.33b 3.73b

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