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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 $960.2M against $292.7M — 3.3× the size. Sabine Royalty Trust trades at the lower P/E: 13.4× against 21.5×. 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 3.46%) and the lower return on invested capital (0.00% vs 3.03%). Both pay a dividend; Sabine Royalty Trust yields more (6.86% vs 2.92%). 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 21.46 13.40 11.80
P/S 0.78 12.70 2.38
P/B 0.55 n/m 1.65
Price to free cash flow 1.93 n/m 7.76
EV/EBITDA 5.32 13.27 7.88
EV/Sales 2.89 12.57 3.36
Earnings yield 4.66% 7.46% 7.98%
Free cash flow yield 51.81% 0.00% 7.23%

Profitability

Metric KNOP SBR Oil & Gas Midstream median
Gross margin 63.67% 100.00% 55.22%
Operating margin 18.13% 94.71% 35.83%
Net margin 3.46% 94.71% 20.12%
Free cash flow margin 40.24% 0.00% 14.43%
Return on equity 2.46% 0.00% 14.03%
Return on assets 0.81% 806.27% 4.62%
Return on invested capital 3.03% 0.00% 6.10%

Growth

Metric KNOP SBR Oil & Gas Midstream median
Revenue growth (TTM) 12.85% (2.95%) 15.70%
EPS growth (last fiscal year) 128.57% (7.69%) (7.78%)
Revenue growth, 5-year CAGR 5.47% 16.35% 10.05%
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 0.77
Current ratio 0.34 7.25 1.16
Net debt to EBITDA 4.37 (0.10) 3.46

Dividend

Metric KNOP SBR Oil & Gas Midstream median
Dividend yield 2.92% 6.86% 5.03%
Payout ratio 0.63 0.92 0.73

Size

Metric KNOP SBR Oil & Gas Midstream median
Market cap 292.66m 960.20m 3.30b

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