KNOT Offshore Partners LP (KNOP) vs Sabine Royalty Trust (SBR)

KNOT Offshore Partners LP and Sabine Royalty Trust are both Oil & Gas Midstream companies. Sabine Royalty Trust is the larger, with a market value of $1.1B against $337.6M — 3.1× the size. Sabine Royalty Trust trades at the lower P/E: 14.8× against 22.5×. KNOT Offshore Partners LP grew revenue faster over the last twelve months: 12.9% against −2.95%. Sabine Royalty Trust has the higher net margin (94.7% vs 2.04%) and the lower return on invested capital (0.00% vs 3.03%). Both pay a dividend; Sabine Royalty Trust yields more (6.22% vs 2.80%). Across the 21 metrics below, Sabine Royalty Trust leads on 12 and KNOT Offshore Partners LP on 9.

Valuation

Metric KNOP SBR Oil & Gas Midstream median
P/E 22.50 14.79 12.77
P/S 0.90 14.02 2.36
P/B 0.64 n/m 2.09
Price to free cash flow 2.22 n/m 9.71
EV/EBITDA 5.53 14.66 8.30
EV/Sales 3.01 13.89 3.88
Earnings yield 4.44% 6.76% 7.15%
Free cash flow yield 44.95% 0.00% 6.86%

Profitability

Metric KNOP SBR Oil & Gas Midstream median
Gross margin 63.67% 100.00% 56.58%
Operating margin 18.13% 94.71% 34.18%
Net margin 2.04% 94.71% 22.50%
Free cash flow margin 40.24% 0.00% 13.70%
Return on equity 1.46% 0.00% 14.65%
Return on assets 0.48% 806.27% 5.00%
Return on invested capital 3.03% 0.00% 6.13%

Growth

Metric KNOP SBR Oil & Gas Midstream median
Revenue growth (TTM) 12.85% (2.95%) 15.60%
EPS growth (last fiscal year) 68.29% (7.69%) (7.86%)
Revenue growth, 5-year CAGR 5.47% 16.35% 9.59%
Net income growth, 5-year CAGR (22.27%) 17.13% 0.00%

Health

Metric KNOP SBR Oil & Gas Midstream median
Debt to equity 1.45 0.00 0.78
Current ratio 0.34 7.25 1.19
Net debt to EBITDA 4.37 (0.10) 3.42

Dividend

Metric KNOP SBR Oil & Gas Midstream median
Dividend yield 2.80% 6.22% 4.54%
Payout ratio 0.63 0.92 0.76

Size

Metric KNOP SBR Oil & Gas Midstream median
Market cap 337.59m 1.05b 3.73b

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