KNOP
KNOT Offshore Partners LP
KNOP's fundamentals are mixed, but it looks expensive: trading at 22x earnings, more than twice its usual 9.7x. Its downside scenario is about three times its upside.
KNOP Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Under pressure |
KNOP's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is under pressure.
KNOP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.6x | $2.86 | -69% |
| Fair | 9.6x | $4.14 | -55% |
| Forward | 16x | $9.23 | — |
| Expensive | 18x | $7.76 | -16% |
| Current | 22x | $9.23 | — |
Historical ranges are pointers, not guarantees.
KNOP's PE is in its expensive range at 22x. On analysts' estimates for next year's earnings, today's price would be 16x.
KNOP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect KNOP's earnings and profitability to decline, with its revenue holding steady.
KNOP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.58 | +35% |
| Q2 2026 | $0.43 | -57% |
| Q1 2026 | $0.53 | +43% |
| Q4 2025 | $0.67 | +81% |
| Q3 2025 | $1.54 | +$2.00 |
| Q2 2025 | $0.99 | +4850% |
| Q1 2025 | $0.37 | +$1.11 |
| Q4 2024 | $0.37 | +$1.37 |
| Q3 2024 | -$0.46 | +$0.21 |
KNOP's earnings per share have fallen from their peak: $0.43 over the past year, against $2.94 in early 2021.
KNOP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $96.8M | +11% |
| Q1 2026 | $92M | +9.5% |
| Q4 2025 | $96.5M | +5.7% |
| Q3 2025 | $96.9M | +27% |
| Q2 2025 | $87.1M | +17% |
| Q1 2025 | $84M | +9.7% |
| Q4 2024 | $91.3M | +25% |
| Q3 2024 | $76.3M | +5% |
KNOP's revenue has grown year over year for 14 quarters in a row: $97M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 16% | -9.4 points |
| Q1 2026 | 16% | -12 points |
| Q4 2025 | 30% | -8.3 points |
| Q3 2025 | 32% | +9.1 points |
| Q2 2025 | 25% | +24 points |
| Q1 2025 | 28% | +2.2 points |
| Q4 2024 | 38% | +13 points |
| Q3 2024 | 23% | -5.8 points |
KNOP's operating margin was 16% last quarter, down 9.4 points from the same quarter a year ago.
KNOP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $32.9M | -3.2% |
| Q1 2026 | $33M | -7.7% |
| Q4 2025 | $43.4M | +5.4% |
| Q3 2025 | $44.3M | +28% |
| Q2 2025 | $34M | +0.7% |
| Q1 2025 | $35.8M | +34% |
| Q4 2024 | $41.2M | +28% |
| Q3 2024 | $34.5M | +37% |
KNOP's free cash flow has been positive every quarter for seven years: $154M over the past year, up 5.6% from the year before.
KNOP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.1% | -385K shares |
| 3 years | -1.1% | -385K shares |
| 5 years | +3.4% | +1.1M shares |
| Available history | +3.7% | +1.2M shares |
KNOP has 34M diluted shares, down 1.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $1.4M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
KNOP spent $1M buying back its own shares over the past year, after none the year before.
KNOP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.9x | Elevated |
| Q1 2026 | 4.1x | High |
| Q4 2025 | 4.4x | High |
| Q3 2025 | 4.0x | Elevated |
| Q2 2025 | 4.1x | High |
| Q1 2025 | 4.7x | High |
| Q4 2024 | 4.4x | High |
| Q3 2024 | 5.2x | High |
KNOP's net debt is about 3.9 years of its operating earnings (EBITDA), down from 4.1 years a year ago.
KNOP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.3 | Neutral |
| Stochastic | 16.3 | Oversold |
KNOP's weekly RSI is 40 (neutral) and its Stochastic is 16 (oversold).
KNOP PE vs Industrials Sector
| Metric | KNOP | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 24x | 10% below |
| PE % | 93 | 58 | 35 pts above |
KNOP is trading at 22x earnings, a 10% discount to the Industrials sector's median of 24x.
KNOP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.89 | 6.7% below |
| 20 week MA | $10.4 | 11% below |
| 50 week MA | $10.5 | 12% below |
| 100 week MA | $8.76 | 5.4% above |
| 200 week MA | $7.34 | 26% above |
KNOP has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 26% above its 200-week average.
KNOP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.7 | $14.9 | -24% |
| 2021 | $14.9 | $13.1 | -12% |
| 2022 | $13.1 | $9.46 | -28% |
| 2023 | $9.46 | $5.76 | -39% |
| 2024 | $5.76 | $5.37 | -6.8% |
| 2025 | $5.37 | $10.6 | +98% |
| 2026 YTD | $10.6 | $9.23 | -13% |
KNOP has finished lower in five of the last six years. It's down 13% so far in 2026.