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 $292.7M against $57.2M — 5.1× the size. Pyxis Tankers Inc. trades at the lower P/E: 6.9× against 21.5×. 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 3.46%) and the higher return on invested capital (6.15% vs 3.03%). Across the 22 metrics below, Pyxis Tankers Inc. leads on 15 and KNOT Offshore Partners LP on 7.

Valuation

Metric KNOP PXS Oil & Gas Midstream median
P/E 21.46 6.90 11.80
P/S 0.78 1.35 2.38
P/B 0.55 0.54 1.65
Price to free cash flow 1.93 3.82 7.76
EV/EBITDA 5.32 3.81 7.88
EV/Sales 2.89 1.94 3.36
Earnings yield 4.66% 14.49% 7.98%
Free cash flow yield 51.81% 26.16% 7.23%

Profitability

Metric KNOP PXS Oil & Gas Midstream median
Gross margin 63.67% 61.64% 55.22%
Operating margin 18.13% 30.65% 35.83%
Net margin 3.46% 20.00% 20.12%
Free cash flow margin 40.24% 35.37% 14.43%
Return on equity 2.46% 8.26% 14.03%
Return on assets 0.81% 4.43% 4.62%
Return on invested capital 3.03% 6.15% 6.10%

Growth

Metric KNOP PXS Oil & Gas Midstream median
Revenue growth (TTM) 12.85% (5.01%) 15.70%
EPS growth (last fiscal year) 128.57% (79.12%) (7.78%)
Revenue growth, 5-year CAGR 5.47% 12.43% 10.05%
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 0.77
Current ratio 0.34 4.72 1.16
Net debt to EBITDA 4.37 2.31 3.46

Dividend

Metric KNOP PXS Oil & Gas Midstream median
Dividend yield 2.92% — 5.03%
Payout ratio 0.63 — 0.73

Size

Metric KNOP PXS Oil & Gas Midstream median
Market cap 292.66m 57.24m 3.30b

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