KNOT Offshore Partners LP (KNOP) vs Toro Corp. (TORO)

KNOT Offshore Partners LP and Toro Corp. are both Oil & Gas Midstream companies. KNOT Offshore Partners LP is the larger, with a market value of $369.4M against $184.6M — 2.0× the size. KNOT Offshore Partners LP trades at the lower P/E: 24.1× against 131×. KNOT Offshore Partners LP grew revenue faster over the last twelve months: 12.9% against −0.04%. KNOT Offshore Partners LP has the higher net margin (2.04% vs 1.55%) and the higher return on invested capital (3.03% vs −2.54%). Across the 19 metrics below, KNOT Offshore Partners LP leads on 14 and Toro Corp. on 5.

Valuation

Metric KNOP TORO Oil & Gas Midstream median
P/E 24.11 130.75 13.19
P/S 0.96 5.93 2.60
P/B 0.68 0.66 2.08
Price to free cash flow 2.38 n/m 10.14
EV/EBITDA 5.65 80.28 8.11
EV/Sales 3.07 2.38 3.89
Earnings yield 4.15% 0.76% 6.83%
Free cash flow yield 41.94% (29.16%) 6.94%

Profitability

Metric KNOP TORO Oil & Gas Midstream median
Gross margin 63.67% 53.03% 58.81%
Operating margin 18.13% (21.05%) 32.14%
Net margin 2.04% 1.55% 21.16%
Free cash flow margin 40.24% (172.97%) 10.15%
Return on equity 1.46% 0.17% 11.30%
Return on assets 0.48% 0.10% 5.00%
Return on invested capital 3.03% (2.54%) 6.13%

Growth

Metric KNOP TORO Oil & Gas Midstream median
Revenue growth (TTM) 12.85% (0.04%) 15.44%
EPS growth (last fiscal year) 68.29% (92.66%) —
Revenue growth, 5-year CAGR 5.47% — 8.96%
Net income growth, 5-year CAGR (22.27%) — 0.00%

Health

Metric KNOP TORO Oil & Gas Midstream median
Debt to equity 1.45 0.00 0.78
Current ratio 0.34 22.23 1.19
Net debt to EBITDA 4.37 (305.33) 3.42

Dividend

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

Size

Metric KNOP TORO Oil & Gas Midstream median
Market cap 369.37m 184.55m 3.61b

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