KNOT Offshore Partners LP

KNOP

Marine Shipping · Industrials

Price

$10.25

-0.29 (-2.75%)

Market Cap

$345.0M

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−9.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 37.3M (2021) → 33.9M (2025)

KNOT Offshore Partners is a shipping company that owns and operates shuttle tankers — specialized vessels that transport crude oil directly from offshore oil platforms to onshore storage terminals. Its main customers are large oil companies like Equinor, Shell, and Repsol, which hire these ships under long-term contracts. The company focuses on a narrow but essential niche in the oil supply chain, primarily serving fields in the North Sea and Brazil.

The company earns money by leasing its fleet of roughly 20 shuttle tankers under fixed-rate time charters, which provide predictable cash flows. It operates as a master limited partnership (MLP), meaning it distributes most of its income to unitholders as regular cash distributions. Its moat comes from the technical complexity of shuttle tankers and the long-term nature of its contracts, but its main risk is contract renewal — when charters expire, the company must re-sign customers in a market where oil company spending can shift quickly.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-127.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

37.1%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$89M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

KNOT Offshore Partners LP is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

32.3%

Modest — 32.3% gross margin

Operating Margin

29.7%

Excellent — 29.7% operating margin

ROCE

1.8%

Weak — 1.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+14.4%

Fast-growing sales (14.4% YoY)

EPS YoY

+81.1%

Earnings growing fast (81.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

672%

Turns 672% of profit into real cash

FCF Margin

42.8%

Converts sales into free cash efficiently (42.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

1.54

Elevated debt (1.54)

Interest Cover

1.67x

Dangerous — barely covers interest (1.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

15.3x

Fair value — P/E 15.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+0.8

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

1.28%

Small dividend — 1.28% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+23.1%

Dividend growing fast (23.1% YoY)

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