KNOT Offshore Partners LP

KNOP

Marine Shipping · Industrials

Price

$10.68

+0.17 (+1.62%)

Market Cap

$359.5M

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Mixed

Valuation

Good

Dividends

Strong

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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)

Winston Score History

The full picture

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.

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

+9.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-64.8% 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

37.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$108M 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 9% 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

Profit per sale

Gross Margin

18.7%

Thin — 18.7% gross margin

Profit after running costs

Operating Margin

16.0%

Healthy — 16.0% operating margin

Return on the money invested

ROCE

6.2%

Weak — 6.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+14.2%

Fast-growing sales (+14.2% YoY)

Profit growth

EPS YoY

+42.6%

Earnings growing fast (+42.6% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

848%

Turns 848% of profit into real cash

Spare cash per sale

FCF Margin

41.5%

Converts sales into free cash efficiently (41.5%)

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

What it owes vs what it owns

Debt / Equity

1.52

Elevated debt (1.52)

Covers its interest

Interest Cover

1.63x

Dangerous — barely covers interest (1.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

20.2x

Growth-priced — P/E 20.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+4.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.2 → 16.2)

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Dividends

Dividend

Dividend Yield

2.81%

Moderate income — 2.81% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+70.2%

Dividend growing fast (70.2% YoY)

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