KNOT Offshore Partners LP (KNOP) vs WhiteHawk Minerals Corp. (WHK)

KNOT Offshore Partners LP and WhiteHawk Minerals Corp. are both Oil & Gas Midstream companies. WhiteHawk Minerals Corp. is the larger, with a market value of $730.7M against $292.7M — 2.5× the size. WhiteHawk Minerals Corp. has negative trailing earnings, so its P/E is not meaningful; KNOT Offshore Partners LP trades at 21.2×. KNOT Offshore Partners LP has the higher net margin (3.46% vs −81.9%) and the higher return on invested capital (3.03% vs 0.04%). Across the 17 metrics below, KNOT Offshore Partners LP leads on 14 and WhiteHawk Minerals Corp. on 3.

Valuation

Metric KNOP WHK Oil & Gas Midstream median
P/E 21.21 n/m 11.68
P/S 0.77 5.92 2.39
P/B 0.55 1.11 1.68
Price to free cash flow 1.91 n/m 8.52
EV/EBITDA 5.30 15.79 9.03
EV/Sales 2.88 6.79 3.43
Earnings yield 4.71% (21.24%) 7.78%
Free cash flow yield 52.42% (35.89%) 7.11%

Profitability

Metric KNOP WHK Oil & Gas Midstream median
Gross margin 63.67% 100.00% 54.87%
Operating margin 18.13% 0.38% 34.73%
Net margin 3.46% (81.94%) 20.12%
Free cash flow margin 40.24% (212.45%) 14.43%
Return on equity 2.46% 0.00% 11.73%
Return on assets 0.81% 0.00% 4.43%
Return on invested capital 3.03% 0.04% 6.10%

Growth

Metric KNOP WHK Oil & Gas Midstream median
Revenue growth (TTM) 12.85% — 14.88%
EPS growth (last fiscal year) 128.57% 66.36% (7.78%)
Revenue growth, 5-year CAGR 5.47% — 10.05%
Net income growth, 5-year CAGR (22.27%) — 0.00%

Health

Metric KNOP WHK Oil & Gas Midstream median
Debt to equity 1.45 0.18 0.77
Current ratio 0.34 1.39 1.19
Net debt to EBITDA 4.37 4.91 3.46

Dividend

Metric KNOP WHK Oil & Gas Midstream median
Dividend yield 2.96% — 4.94%
Payout ratio 0.63 — 0.73

Size

Metric KNOP WHK Oil & Gas Midstream median
Market cap 292.66m 730.66m 3.56b

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