KNOT Offshore Partners LP (KNOP) vs Teekay Corporation Ltd. (TK)

KNOT Offshore Partners LP and Teekay Corporation Ltd. are both Oil & Gas Midstream companies. Teekay Corporation Ltd. is the larger, with a market value of $1.2B against $369.4M — 3.2× the size. Teekay Corporation Ltd. trades at the lower P/E: 9.4× against 24.1×. KNOT Offshore Partners LP grew revenue faster over the last twelve months: 12.9% against −16.7%. Teekay Corporation Ltd. has the higher net margin (11.0% vs 2.04%) and the lower return on invested capital (0.00% vs 3.03%). Across the 22 metrics below, Teekay Corporation Ltd. leads on 13 and KNOT Offshore Partners LP on 9.

Valuation

Metric KNOP TK Oil & Gas Midstream median
P/E 24.11 9.38 13.19
P/S 0.96 1.02 2.60
P/B 0.68 0.51 2.08
Price to free cash flow 2.38 1.37 10.14
EV/EBITDA 5.65 0.24 8.11
EV/Sales 3.07 0.09 3.89
Earnings yield 4.15% 10.66% 6.83%
Free cash flow yield 41.94% 72.93% 6.94%

Profitability

Metric KNOP TK Oil & Gas Midstream median
Gross margin 63.67% 39.94% 58.81%
Operating margin 18.13% 29.93% 32.14%
Net margin 2.04% 10.96% 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% 0.00% 5.00%
Return on invested capital 3.03% 0.00% 6.13%

Growth

Metric KNOP TK Oil & Gas Midstream median
Revenue growth (TTM) 12.85% (16.70%) 15.44%
EPS growth (last fiscal year) 68.29% (19.72%) —
Revenue growth, 5-year CAGR 5.47% (3.70%) 8.96%
Net income growth, 5-year CAGR (22.27%) 0.00% 0.00%

Health

Metric KNOP TK Oil & Gas Midstream median
Debt to equity 1.45 0.00 0.78
Current ratio 0.34 10.36 1.19
Net debt to EBITDA 4.37 (2.50) 3.42

Dividend

Metric KNOP TK Oil & Gas Midstream median
Dividend yield 1.81% — 7.29%
Payout ratio — 0.00 0.64

Size

Metric KNOP TK Oil & Gas Midstream median
Market cap 369.37m 1.20b 3.61b

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