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 $369.4M against $67.7M — 5.5× the size. Pyxis Tankers Inc. trades at the lower P/E: 8.1× against 24.1×. 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 15 and KNOT Offshore Partners LP on 7.

Valuation

Metric KNOP PXS Oil & Gas Midstream median
P/E 24.11 8.06 13.19
P/S 0.96 1.58 2.60
P/B 0.68 0.63 2.08
Price to free cash flow 2.38 4.46 10.14
EV/EBITDA 5.65 4.26 8.11
EV/Sales 3.07 2.17 3.89
Earnings yield 4.15% 12.40% 6.83%
Free cash flow yield 41.94% 22.40% 6.94%

Profitability

Metric KNOP PXS Oil & Gas Midstream median
Gross margin 63.67% 61.64% 58.81%
Operating margin 18.13% 30.65% 32.14%
Net margin 2.04% 20.00% 21.16%
Free cash flow margin 40.24% 35.37% 10.15%
Return on equity 1.46% 8.26% 11.30%
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%) 15.44%
EPS growth (last fiscal year) 68.29% (79.12%) —
Revenue growth, 5-year CAGR 5.47% 12.43% 8.96%
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 1.81% — 7.29%
Payout ratio — 0.00 0.64

Size

Metric KNOP PXS Oil & Gas Midstream median
Market cap 369.37m 67.68m 3.61b

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