KNOT Offshore Partners LP (KNOP) vs Pyxis Tankers Inc. (PXS)

KNOT Offshore Partners LP and Pyxis Tankers Inc. are both Oil & Gas Midstream companies. KNOT Offshore Partners LP is the larger, with a market value of $337.6M against $77.4M — 4.4× the size. Pyxis Tankers Inc. trades at the lower P/E: 9.3× against 22.5×. KNOT Offshore Partners LP grew revenue faster over the last twelve months: 12.9% against −5.01%. Pyxis Tankers Inc. has the higher net margin (20.0% vs 2.04%) and the higher return on invested capital (6.15% vs 3.03%). Across the 22 metrics below, Pyxis Tankers Inc. leads on 14 and KNOT Offshore Partners LP on 8.

Valuation

Metric KNOP PXS Oil & Gas Midstream median
P/E 22.50 9.26 12.77
P/S 0.90 1.81 2.36
P/B 0.64 0.72 2.09
Price to free cash flow 2.22 5.13 9.71
EV/EBITDA 5.53 4.72 8.30
EV/Sales 3.01 2.40 3.88
Earnings yield 4.44% 10.80% 7.15%
Free cash flow yield 44.95% 19.50% 6.86%

Profitability

Metric KNOP PXS Oil & Gas Midstream median
Gross margin 63.67% 61.64% 56.58%
Operating margin 18.13% 30.65% 34.18%
Net margin 2.04% 20.00% 22.50%
Free cash flow margin 40.24% 35.37% 13.70%
Return on equity 1.46% 8.26% 14.65%
Return on assets 0.48% 4.43% 5.00%
Return on invested capital 3.03% 6.15% 6.13%

Growth

Metric KNOP PXS Oil & Gas Midstream median
Revenue growth (TTM) 12.85% (5.01%) 15.60%
EPS growth (last fiscal year) 68.29% (79.12%) (7.86%)
Revenue growth, 5-year CAGR 5.47% 12.43% 9.59%
Net income growth, 5-year CAGR (22.27%) 0.00% 0.00%

Health

Metric KNOP PXS Oil & Gas Midstream median
Debt to equity 1.45 0.78 0.78
Current ratio 0.34 4.72 1.19
Net debt to EBITDA 4.37 2.31 3.42

Dividend

Metric KNOP PXS Oil & Gas Midstream median
Dividend yield 2.80% — 4.54%
Payout ratio 0.63 — 0.76

Size

Metric KNOP PXS Oil & Gas Midstream median
Market cap 337.59m 77.41m 3.73b

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