KNOT Offshore Partners (KNOP)
NYSE:KNOP
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KNOT Offshore Partners
(NYSE:KNOP)
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Rating:59Neutral
Price Target:
$10.50
▲(3.75% Upside)
Action:ReiteratedDate:04/01/26
The score is driven primarily by improving fundamentals and strong cash generation, but held back by balance-sheet leverage and refinancing risk highlighted on the earnings call. Technical signals are weak-to-neutral, and valuation is only moderately supportive given a mid-range P/E and low dividend yield.
Positive Factors
Contracted backlog & charter coverage
A $929M multi-year backlog and high near-term charter coverage materially reduce revenue volatility and spot exposure. Multi-year fixed contracts (avg. 2.6 years) provide durable cash flow visibility that supports planning for capex, debt servicing and selective capital returns over the medium term.
Negative Factors
Elevated leverage and refinancing risk
Debt roughly 1.5x equity and sizable maturities in late 2026 create structural refinancing exposure. While management has a refinancing track record, persistent leverage reduces flexibility, raises refinancing cost sensitivity and could force asset sales or constrain distributions if credit conditions deteriorate.
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Positive Factors
Negative Factors
Contracted backlog & charter coverage
A $929M multi-year backlog and high near-term charter coverage materially reduce revenue volatility and spot exposure. Multi-year fixed contracts (avg. 2.6 years) provide durable cash flow visibility that supports planning for capex, debt servicing and selective capital returns over the medium term.
Read all positive factors
KNOT Offshore Partners (KNOP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$363.50M
Dividend Yield1%
Average Volume (3M)136.19K
Price to Earnings (P/E)15.1
Beta (1Y)0.03
Revenue Growth14.39%
EPS Growth65.35%
CountryUS
Employees1
SectorEnergy
Sector Strength52
IndustryMarine Shipping
Share Statistics
EPS (TTM)-0.18
Shares Outstanding33,660,343
10 Day Avg. Volume88,548
30 Day Avg. Volume136,194
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)0.57
Price to Sales (P/S)0.96
P/FCF Ratio2.26
Enterprise Value/Market Cap3.39
Enterprise Value/Revenue3.38
Enterprise Value/Gross Profit8.81
Enterprise Value/Ebitda5.56
Forecast
1Y Price Target
$14.50Price Target Upside43.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.46
Revenue Forecast (FY)$368.93M
KNOT Offshore Partners Business Overview & Revenue Model
Company Description
KNOT Offshore Partners LP owns, acquires, and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company provides loading, transportation, discharge, and storage of crude oil under time charters and bareboat charter...
How the Company Makes Money
KNOP primarily makes money by chartering its shuttle tankers to oil companies and other energy customers under multi-year, fixed-rate time charter contracts. Under these contracts, the customer pays KNOP a contracted daily/periodic hire rate for t...
KNOT Offshore Partners Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Positive
The call presents a largely positive operational and commercial outlook: strong revenue generation (adjusted for impairment), high utilization, a substantial contracted backlog, improving liquidity and demonstrated refinancing capability. Key negatives include a significant noncash impairment that pressured reported results, upcoming material debt maturities that require refinancing, a reduced accounting useful life that may raise depreciation, and continued uncertainty around distributions and sponsor-related transactions. On balance, the positive operational momentum, backlog, and liquidity improvements outweigh the near-term financial and accounting headwinds.Positive Updates
Quarterly Revenue and Profitability (Adjusted)
Revenues of $96.5 million for Q4 FY2025; operating income of $8.4 million on a fully reported basis and $28.6 million excluding the noncash impairment related to Bodil Knutsen; net income was a loss of $6.2 million reported but $14.0 million when excluding the impairment; Adjusted EBITDA of $59.3 million.
Negative Updates
Noncash Impairment Impact
A noncash impairment related to Bodil Knutsen materially reduced reported results: pushed reported operating income down to $8.4 million and caused a reported net loss of $6.2 million versus positive results when excluding the impairment (operating income $28.6M; net income $14.0M).
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Q4-2025 Updates
Positive
Negative
Quarterly Revenue and Profitability (Adjusted)
Revenues of $96.5 million for Q4 FY2025; operating income of $8.4 million on a fully reported basis and $28.6 million excluding the noncash impairment related to Bodil Knutsen; net income was a loss of $6.2 million reported but $14.0 million when excluding the impairment; Adjusted EBITDA of $59.3 million.
Read all positive updates
Company Guidance
Management's guidance and updates highlighted a Q4 revenue of $96.5M, operating income $8.4M (or $28.6M excluding the Bodil Knutsen impairment), net loss $6.2M (or net income $14M excl. impairment), and Adjusted EBITDA $59.3M; available liquidity totaled $137M ($89M cash + $48M undrawn), up $11.8M vs. Sept. 30, utilization was 99.5% (96.4% overall accounting for Synnove dry docking), and operating cash flow was up 13.5% year-over-year; the partnership declared a $0.026/unit cash distribution (paid Feb), carries $929M backlog averaging 2.6 years, operates 19 vessels (avg. age 10.2 years), targets ~$90M+ debt repayment per year, has a $71.1M term loan for Synnove, average floating-rate debt margin 2.2% over SOFR, charter coverage of 93% in 2026 and 69% in 2027 (98%/88% if options exercised), and faces upcoming refinancings of $220M (five-ship) in Sept. 2026 and $65M (single-ship) in Oct. 2026; an unsolicited $10/unit sponsor offer was terminated.KNOT Offshore Partners Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
45
Neutral
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 364.44M | 312.63M | 290.72M | 268.58M | 281.13M |
| Gross Profit | 110.96M | 200.51M | 80.93M | 72.32M | 109.46M |
| EBITDA | 223.27M | 190.68M | 144.64M | 210.19M | 183.00M |
| Net Income | 23.26M | 14.06M | -34.33M | 58.67M | 53.88M |
Balance Sheet | |||||
| Total Assets | 1.68B | 1.57B | 1.60B | 1.73B | 1.68B |
| Cash, Cash Equivalents and Short-Term Investments | 88.98M | 66.93M | 63.92M | 47.58M | 62.29M |
| Total Debt | 955.98M | 906.00M | 958.91M | 1.06B | 969.87M |
| Total Liabilities | 1.06B | 961.03M | 989.01M | 1.08B | 1.00B |
| Stockholders Equity | 620.97M | 611.13M | 607.48M | 652.21M | 673.01M |
Cash Flow | |||||
| Free Cash Flow | 155.46M | 136.20M | 128.86M | 97.63M | 154.88M |
| Operating Cash Flow | 155.74M | 137.15M | 131.64M | 100.94M | 166.41M |
| Investing Cash Flow | -25.29M | -338.00K | -2.78M | -35.51M | -11.54M |
| Financing Cash Flow | -108.63M | -133.32M | -112.51M | -79.97M | -145.15M |
KNOT Offshore Partners Technical Analysis
Negative
10.12
Price Trends
10.26
Negative
10.33
Negative
9.27
Positive
Market Momentum
-0.02
Negative
49.29
Neutral
52.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KNOP, the sentiment is Negative. The current price of 10.12 is above the 20-day moving average (MA) of 10.03, below the 50-day MA of 10.26, and above the 200-day MA of 9.27, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 49.29 is Neutral, neither overbought nor oversold. The STOCH value of 52.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KNOP.
KNOT Offshore Partners Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.14B | 3.51 | 13.56% | 3.64% | 3.26% | 2.76% | |
71 Outperform | $2.04B | 8.98 | ― | 6.50% | -0.43% | 10.49% | |
70 Outperform | $2.01B | 3.29 | 8.85% | 0.39% | 0.76% | -19.76% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $2.76B | 26.26 | 3.46% | 1.59% | -17.62% | -74.58% | |
59 Neutral | $363.50M | 15.09 | 3.77% | 1.00% | 14.39% | 65.35% | |
59 Neutral | $1.58B | -39.32 | -2.63% | 12.24% | -18.95% | -120.07% |
* Energy Sector Average
KNOP
KNOT Offshore Partners
10.81
4.47
70.48%
DAC
Danaos
120.38
43.30
56.18%
NMM
Navios Maritime Partners
72.76
38.98
115.38%
SFL
SFL Corporation
11.17
3.85
52.51%
SBLK
Star Bulk Carriers
24.58
10.33
72.47%
ECO
Okeanis Eco Tankers Corp.
54.24
33.07
156.24%
KNOT Offshore Partners Corporate Events
KNOT Offshore Partners Posts Strong Q4 2025 Operations as Take-Private Talks Collapse and Charter Coverage Tightens
Mar 25, 2026
KNOT Offshore Partners reported interim results for the quarter ended December 31, 2025, posting revenues of $96.5 million, operating income of $8.4 million and a net loss of $6.2 million, mainly due to a $20.3 million non-cash impairment on the s...
KNOT Offshore Partners Ends Talks on Sponsor’s Buyout Offer
Mar 19, 2026
On March 19, 2026, KNOT Offshore Partners LP announced that it has terminated discussions over an unsolicited, non-binding buyout proposal first received on October 31, 2025 from its sponsor, Knutsen NYK Offshore Tankers AS, which sought to acquir...
KNOT Offshore Partners’ Adjourned 2025 Unitholder Meeting Fails to Reach Quorum
Jan 5, 2026
On January 5, 2026, KNOT Offshore Partners LP reported that its adjourned 2025 Annual Meeting of Limited Partners, convened that same day, again failed to achieve the required quorum, preventing the partnership from conducting formal unitholder bu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.