KNOT Offshore Partners LP (KNOP) vs Tsakos Energy Navigation Ltd (TEN)

KNOT Offshore Partners LP and Tsakos Energy Navigation Ltd are both Oil & Gas Midstream companies. Tsakos Energy Navigation Ltd is the larger, with a market value of $1.4B against $369.4M — 3.7× the size. Tsakos Energy Navigation Ltd trades at the lower P/E: 7.5× against 24.1×. Tsakos Energy Navigation Ltd grew revenue faster over the last twelve months: 23.2% against 12.9%. Tsakos Energy Navigation Ltd has the higher net margin (30.8% vs 2.04%) and the higher return on invested capital (7.05% vs 3.03%). Both pay a dividend; Tsakos Energy Navigation Ltd yields more (4.18% vs 1.81%). Across the 22 metrics below, Tsakos Energy Navigation Ltd leads on 14 and KNOT Offshore Partners LP on 8.

Valuation

Metric KNOP TEN Oil & Gas Midstream median
P/E 24.11 7.53 13.19
P/S 0.96 1.44 2.60
P/B 0.68 0.68 2.08
Price to free cash flow 2.38 n/m 10.14
EV/EBITDA 5.65 7.25 8.11
EV/Sales 3.07 3.13 3.89
Earnings yield 4.15% 13.28% 6.83%
Free cash flow yield 41.94% (19.20%) 6.94%

Profitability

Metric KNOP TEN Oil & Gas Midstream median
Gross margin 63.67% 61.58% 58.81%
Operating margin 18.13% 43.17% 32.14%
Net margin 2.04% 30.77% 21.16%
Free cash flow margin 40.24% (27.72%) 10.15%
Return on equity 1.46% 15.61% 11.30%
Return on assets 0.48% 7.22% 5.00%
Return on invested capital 3.03% 7.05% 6.13%

Growth

Metric KNOP TEN Oil & Gas Midstream median
Revenue growth (TTM) 12.85% 23.23% 15.44%
EPS growth (last fiscal year) 68.29% (11.53%) —
Revenue growth, 5-year CAGR 5.47% 4.40% 8.96%
Net income growth, 5-year CAGR (22.27%) 0.00% 0.00%

Health

Metric KNOP TEN Oil & Gas Midstream median
Debt to equity 1.45 1.02 0.78
Current ratio 0.34 1.40 1.19
Net debt to EBITDA 4.37 3.89 3.42

Dividend

Metric KNOP TEN Oil & Gas Midstream median
Dividend yield 1.81% 4.18% 7.29%
Payout ratio — 0.05 0.64

Size

Metric KNOP TEN Oil & Gas Midstream median
Market cap 369.37m 1.38b 3.61b

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