KNOT Offshore Partners LP (KNOP) Stock Analysis
KNOT Offshore Partners LP
▾ What's in the 39/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.
How to read KNOP
We are not publishing an intrinsic value for this one — the section below says exactly why. Everything on this page that comes straight from the filings and the tape is still here; treat the missing valuation as a known gap, not as a verdict on the business.
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Reported earnings & margins ↓
What the company actually reported — unaffected by the valuation being held.
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Balance sheet & book value ↓
Assets, liabilities and equity as filed.
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Who's selling & betting against it ↓
Insider and short-interest behaviour needs no valuation model.
The share count we read for KNOP looks wrong — common for multi-class / founder-controlled filers that report shares per share-class. That makes per-share figures (including intrinsic value) misleading, so we suppressed them. The company's total financials below are sound.
What to use instead: Lean on the totals — revenue, net income, cash flow — and the balance sheet. Multi-class share counts are being corrected; once fixed, the per-share valuation returns automatically.
This note is only about the single DCF fair-value number — KNOP's full financial statements, health scores, and written analysis are all below.
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
The Z-score needs working capital, retained earnings, EBIT, sales and total assets from the latest balance sheet, and at least one of those isn't reported in machine-readable form here — common for foreign private issuers. We leave it blank rather than compute a distress verdict from an estimated input. It doesn't affect the reported figures in the financial tables below.
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✓ Positive net incomeNet income $23.3M in FY2025.
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✓ Positive operating cash flowOperating cash flow $155.7M (was $137.1M the prior year).
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✓ Cash flow backs up reported profitOperating cash flow $155.7M vs net income $23.3M.
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✓ Return on assets improvingReturn on assets 1.4% vs 0.9% a year ago.
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✓ Debt load (vs assets)Long-term debt is 34.1% of assets vs 41.2% a year ago ($574.0M of $1,684.8M assets).
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✗ Short-term liquidity (current ratio)Current ratio 0.26x vs 0.33x a year ago — below 1.0, a caution flag.Why this matters: The current ratio compares assets it can turn to cash within a year against bills due within a year. Below 1.0 means it may struggle to cover near-term obligations.
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· Share count (dilution) (n/a — data not reported; not scored)
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· Pricing power (gross margin) (n/a — data not reported; not scored)
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✓ Sales per asset (asset turnover)Asset turnover 0.22x vs 0.20x a year ago.
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
A standard DCFDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → valuation is not meaningful for KNOT Offshore Partners LP because its free cash flowFree Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation →, while positive, has been erratic, making a reliable projection difficult. Investors are likely focused on the company's consistent revenue growth and positive operating cash flow, betting on its ability to maintain stable, long-term contracts for its shuttle tankers. The #1 quantifiable risk is its current ratio of 0.26, indicating current liabilities significantly exceed liquid assets.
As of 3 months ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Changes in long-term charter rates
- Fleet utilization rates in upcoming quarters
- Improvement in the current ratio
The trend, in plain numbers (FY2024 → FY2025, latest reported)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Revenue grew +14% to $364.4M.
- Free cash flow rose to $155.7M.
- Net income grew +65% to $23.3M.
Nothing was clearly worsening year-over-year.
Management & Leadership
KNOT Offshore Partners LP is led by CEO Espen Albrektsen. The company operates as a master limited partnership, focusing on the ownership and operation of shuttle tankers. Its executive team manages the fleet and secures long-term charters.
What They Make
KNOT Offshore Partners LP owns and operates a fleet of shuttle tankers, which are specialized vessels used for the offshore transportation of crude oil. Their primary customers are major oil companies and energy producers.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market is likely pricing KNOT Offshore Partners LP based on its consistent revenue growth of 6.7%/yr over four years and its track record of positive operating cash flow for five consecutive years. Investors are probably betting on the stability of its long-term charter contracts and its ability to continue generating cash, despite the challenges in forecasting future free cash flowFree Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation →.
Business Model & Valuation
How They Make Money
Free Cash Flow DCF
Standard FCF DCF: positive free cash flow in a sector suited for cash-flow-based valuation.
Show advanced inputs
| Revenue Growth | 6.7% |
| Historical Fcf Growth | -1.6% |
| Sector Default | 6.0% |
| Best Estimate | 6.5% |
| Method | blend(70% revenue_cagr, 30% sector) |
| Growth Basis | total |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project rate-base growth, allowed ROE and dividend growth independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Revenue has been growing at 6.7%/yr over four years, from $281M to $364M.
Geography & Markets
KNOT Offshore Partners LP operates globally, primarily serving offshore oil fields in regions such as the North Sea, Brazil, and other international waters. Specific geographic revenue mix is not available from current data sources.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)50.6NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (6 notes — click to expand/collapse)
Guardrail Notes (6)
- Latest FCF ($0.2B) is 6.7x net income ($0.0B) - using 3yr avg FCF to reduce one-time inflation.
- Shares from unknown — per-share values may be less accurate.
- Illiquidity discount 25% applied (small/micro-cap — harder to exit, demand a margin).
- Shares/market cap missing or defaulted; per-share valuation unreliable.
- Shares defaulted to 1; IV is NOT meaningful — treat as data-unavailable.
- DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From KNOT Offshore Partners LP's SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | 364.4M | 23.3M | — |
| 2024 | 318.6M | 14.1M | — |
| 2023 | 290.7M | -34.3M | — |
| 2022 | 268.6M | 58.7M | — |
| 2021 | 281.1M | 53.9M | — |
Cash Flow (5yr)
Capital expenditure isn't tagged in this filer's machine-readable data (the CapEx column shows "—"). The free-cash-flow column is therefore operating cash flow less stock-based compensation only — an upper bound on true owner earnings, not the real figure. Companies that report capex under a custom label (some large IFRS filers do) look better here than they are.
| Year | Operating CF | CapEx | − SBC & adj. | Free Cash Flow |
|---|---|---|---|---|
| 2025 | 155.7M | — | — | 155.7M |
| 2024 | 137.1M | — | — | 137.1M |
| 2023 | 131.6M | — | — | 131.6M |
| 2022 | 100.9M | — | — | 100.9M |
| 2021 | 166.4M | — | — | 166.4M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a trailing 3-year average, not this single year.
Balance Sheet
| Total Assets | 1.7B |
| Total Liabilities | 1.1B |
| Equity | — |
| Total Debt | 574.0M |
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