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 $369.4M — 2.9× the size. Sabine Royalty Trust trades at the lower P/E: 14.7× against 24.1×. 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 (9.97% vs 1.81%). 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 24.11 14.65 13.19
P/S 0.96 13.88 2.60
P/B 0.68 n/m 2.08
Price to free cash flow 2.38 n/m 10.14
EV/EBITDA 5.65 14.52 8.11
EV/Sales 3.07 13.75 3.89
Earnings yield 4.15% 6.83% 6.83%
Free cash flow yield 41.94% 0.00% 6.94%

Profitability

Metric KNOP SBR Oil & Gas Midstream median
Gross margin 63.67% 100.00% 58.81%
Operating margin 18.13% 94.71% 32.14%
Net margin 2.04% 94.71% 21.16%
Free cash flow margin 40.24% 0.00% 10.15%
Return on equity 1.46% 0.00% 11.30%
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%) 15.44%
EPS growth (last fiscal year) 68.29% (7.69%) —
Revenue growth, 5-year CAGR 5.47% 16.35% 8.96%
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 1.81% 9.97% 7.29%
Payout ratio — 1.00 0.64

Size

Metric KNOP SBR Oil & Gas Midstream median
Market cap 369.37m 1.06b 3.61b

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