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 $337.6M — 3.6× the size. Teekay Corporation Ltd. trades at the lower P/E: 9.6× against 22.5×. 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%). Only KNOT Offshore Partners LP pays a dividend (2.80%). Across the 23 metrics below, Teekay Corporation Ltd. leads on 13 and KNOT Offshore Partners LP on 10.

Valuation

Metric KNOP TK Oil & Gas Midstream median
P/E 22.50 9.63 12.77
P/S 0.90 1.05 2.36
P/B 0.64 0.53 2.09
Price to free cash flow 2.22 1.41 9.71
EV/EBITDA 5.53 0.31 8.30
EV/Sales 3.01 0.12 3.88
Earnings yield 4.44% 10.38% 7.15%
Free cash flow yield 44.95% 71.07% 6.86%

Profitability

Metric KNOP TK Oil & Gas Midstream median
Gross margin 63.67% 39.94% 56.58%
Operating margin 18.13% 29.93% 34.18%
Net margin 2.04% 10.96% 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% 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%) 15.60%
EPS growth (last fiscal year) 68.29% (19.72%) (7.86%)
Revenue growth, 5-year CAGR 5.47% (3.70%) 9.59%
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 2.80% 0.00% 4.54%
Payout ratio 0.63 — 0.76

Size

Metric KNOP TK Oil & Gas Midstream median
Market cap 337.59m 1.23b 3.73b

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