KNOT Offshore Partners L.P. (KNOP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.07	$0.1	+42.9%	—	$96.8M	—
Q1 26	$0.3	$0.08	-73.3%	—	$92M	—
Q4 25	$0.21	-$0.18	-185.7%	—	$96.5M	—
Q3 25	$0.22	$0.43	+95.5%	—	$96.9M	—
Q2 25	$0.19	$0.19	0.0%	—	$87.1M	—
Q1 25	$0.18	$0.22	+22.2%	—	$84M	—
Q4 24	$0.04	$0.67	+1575.0%	—	$91.3M	—
Q3 24	-$0.02	-$0.11	-450.0%	—	$76.3M	—
Q2 24	-$0.13	$0.1	+176.9%	—	$74.4M	—
Q1 24	-$0.07	$0.21	+400.0%	—	$76.6M	—
Q4 23	$0.06	-$0.15	-350.0%	—	$73M	—
Q3 23	-$0.07	$0.37	+628.6%	—	$72.7M	—
Q2 23	-$0.04	$0.27	+775.0%	—	$73.8M	—
Q1 23	$0.06	-$0.04	-166.7%	—	$71.2M	—
Q4 22	$0.17	$0.18	+5.9%	—	$71.6M	—
Q3 22	$0.18	$0.47	+161.1%	—	$67.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.48	—	—	$364.4M	—
FY24	—	$0.41	—	—	$318.6M	—
FY23	—	-$1.01	—	—	$290.7M	—
FY22	—	$1.73	—	—	$268.6M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$173.7M	$219.2M	$279.5M	$282.6M	$279.2M	$281.1M	$268.6M	$290.7M	$318.6M	$364.4M
YoY change	+12%	+26.2%	+27.5%	+1.11%	-1.18%	+0.68%	-4.46%	+8.24%	+9.59%	+14.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	173.7M	219.2M	279.5M	282.6M	279.2M	281.1M	268.6M	290.7M	318.6M	364.4M
Cost of revenue	87.1M	118.3M	145.5M	150M	150.7M	171.7M	196.3M	209.8M	223.9M	253.5M
Gross profit	86.5M	100.9M	134M	132.6M	128.5M	109.5M	72.3M	80.9M	94.7M	111M
Gross margin	49.8%	46%	47.9%	46.9%	46%	38.9%	26.9%	27.8%	29.7%	30.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	4.4M	5.6M	5.3M	4.9M	5.4M	6.5M	6.1M	6.1M	6.1M	7.4M
Operating expenses	4.4M	5.6M	5.3M	4.9M	5.4M	6.5M	6.1M	6.1M	6.1M	7.4M
Operating income	82.2M	95.4M	128.7M	127.7M	123.1M	103M	66.2M	74.8M	88.6M	103.6M
Operating margin	47.3%	43.5%	46%	45.2%	44.1%	36.6%	24.7%	25.7%	27.8%	28.4%
Non-operating income, net	1.1M	4.6M	4M	-18M	-25.6M	-19.6M	35.7M	-44.5M	-9.8M	-19.9M
Pretax income	61.1M	68M	82.2M	59M	65.2M	54.4M	59.5M	-38.9M	14.7M	24.4M
Income tax	-15K	-16K	-2K	9K	10K	488K	875K	-4.6M	631K	1.2M
Net income	61.1M	68.1M	82.2M	59M	65.2M	53.9M	58.7M	-34.3M	14.1M	23.3M
Net margin	35.2%	31.1%	29.4%	20.9%	23.4%	19.2%	21.8%	-11.8%	4.41%	6.38%
EBITDA	134.4M	163M	212.8M	214.1M	208.8M	197.1M	169.7M	185.4M	200.5M	216.9M
EPS	2.25	2.26	2.51	1.8	2	1.63	1.73	-1.01	0.41	0.48
Diluted EPS	2.25	2.26	2.51	1.8	2	1.63	1.73	-1.01	0.41	0.48

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	72.7M	73M	76.6M	74.4M	76.3M	91.3M	84M	87.1M	96.9M	96.5M	92M	96.8M
Cost of revenue	51M	53.4M	55.3M	55.3M	58.3M	55.1M	60.1M	63.3M	64.7M	65.4M	74.8M	79.5M
Gross profit	21.7M	19.7M	21.3M	19.1M	18M	36.2M	23.9M	23.7M	32.2M	31.1M	17.2M	17.3M
Gross margin	29.8%	26.9%	27.9%	25.7%	23.6%	39.7%	28.4%	27.3%	33.2%	32.3%	18.7%	17.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.1M	1.6M	1.6M	1.4M	1.5M	1.5M	1.8M	1.6M	1.5M	2.5M	2.5M	1.7M
Operating expenses	1.1M	1.6M	1.6M	1.4M	1.5M	1.5M	1.8M	1.6M	1.5M	2.5M	2.5M	1.7M
Operating income	20.6M	18.1M	19.7M	17.7M	16.5M	34.7M	22.1M	22.2M	30.7M	28.6M	14.7M	15.6M
Operating margin	28.3%	24.8%	25.7%	23.8%	21.6%	38%	26.3%	25.5%	31.7%	29.7%	16%	16.1%
Non-operating income, net	4.4M	-5M	4.8M	-14.6M	-4.5M	4.5M	372K	-637K	289K	-20M	1.5M	1.1M
Pretax income	7.2M	-4.2M	7.6M	-12.6M	-3.5M	23.3M	8.2M	6.9M	15.2M	-5.8M	2.9M	3.6M
Income tax	-5.5M	1.1M	141K	213K	275K	3K	579K	125K	39K	420K	277K	158K
Net income	12.6M	-5.3M	7.4M	-12.9M	-3.8M	23.3M	7.6M	6.8M	15.1M	-6.2M	2.6M	3.4M
Net margin	17.4%	-7.23%	9.71%	-17.3%	-4.95%	25.5%	9.02%	7.82%	15.6%	-6.47%	2.86%	3.52%
EBITDA	48.7M	44M	48M	46M	45.6M	60.4M	50.6M	50.3M	60M	55.4M	54.9M	55.6M
EPS	0.37	-0.16	0.22	-0.42	-0.11	0.68	0.22	0.15	0.45	-0.19	0.08	0.05
Diluted EPS	0.37	-0.16	0.22	-0.42	-0.11	0.68	0.22	0.15	0.45	-0.19	0.08	0.05

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	641.8M	—	586.2M	647.7M	492.4M	441.5M	326.3M	196.1M	185.5M	351.1M	362.5M
Enterprise value	1.4B	—	1.6B	1.6B	1.5B	1.3B	1.3B	1.1B	1B	1.2B	1.3B
Shares outstanding	27.2M	30.1M	32.7M	32.7M	32.7M	33M	33.9M	34M	34M	33.9M	33.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	10.5	—	7.13	11	7.55	8.2	5.56	—	13.2	15.1	44
P/S	3.7	—	2.1	2.29	1.76	1.57	1.21	0.67	0.58	0.96	0.97
P/B	1.23	—	0.8	0.91	0.71	0.66	0.5	0.32	0.3	0.57	0.68
EV/EBITDA	10.1	—	7.62	7.48	7.05	6.84	7.88	5.88	5.11	5.61	6.37
EV/Sales	7.81	—	5.8	5.67	5.27	4.8	4.98	3.75	3.22	3.34	3.34
Earnings yield	9.52%	—	14%	9.1%	13.2%	12.2%	18%	—	7.58%	6.63%	2.27%
FCF yield	16.8%	—	25.3%	25.6%	34.3%	35.1%	29.9%	65.7%	73.4%	44.3%	45.4%
PEG	—	—	—	—	—	—	—	—	—	—	-0.66

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	49.8%	46%	47.9%	46.9%	46%	38.9%	26.9%	27.8%	29.7%	30.4%	17.8%
Operating margin	47.3%	43.5%	46%	45.2%	44.1%	36.6%	24.7%	25.7%	27.8%	28.4%	12.3%
Net margin	35.2%	31.1%	29.4%	20.9%	23.4%	19.2%	21.8%	-11.8%	4.41%	6.38%	3.97%
ROE	11.7%	9.33%	11.2%	8.28%	9.35%	8.01%	9%	-5.65%	2.3%	3.75%	2.4%
ROA	4.73%	3.8%	4.47%	3.39%	3.66%	3.21%	3.38%	-2.15%	0.89%	1.38%	3.19%
ROIC	6.65%	5.58%	7.28%	7.67%	7.34%	6.46%	3.92%	4.98%	5.85%	6.63%	5.91%
Return on tangible assets	4.73%	3.81%	4.48%	3.4%	3.67%	3.21%	3.38%	-2.15%	0.89%	1.38%	0.91%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.4	0.46	0.41	0.51	0.31	0.64	0.22	0.7	0.33	0.26	0.34
Quick ratio	0.39	0.44	0.39	0.49	0.3	0.61	0.21	0.67	0.32	0.25	0.33
Debt / equity	1.42	1.41	1.47	1.4	1.48	1.44	1.62	1.58	1.48	1.54	1.45
Debt / assets	0.57	0.57	0.59	0.57	0.58	0.58	0.61	0.6	0.58	0.57	0.55
Net debt / EBITDA	5.31	6.02	4.87	4.46	4.69	4.6	5.96	4.83	4.18	4	3.58
Interest coverage	4.11	3.35	2.76	2.23	3.24	3.21	2.49	0.44	1.23	1.41	1.28
Effective tax rate	0%	0%	0%	0.02%	0.02%	0.9%	1.47%	0%	4.29%	4.76%	5.66%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.39	7.29	8.55	8.64	8.54	8.51	7.93	8.54	9.36	10.7	10.9
EPS (basic)	2.25	2.26	2.51	1.8	2	1.63	1.73	-1.01	0.41	0.48	0.48
EPS (diluted)	2.25	2.26	2.51	1.8	2	1.63	1.73	-1.01	0.41	0.48	0.24
Book value per share	19.2	24.3	22.4	21.8	21.3	20.4	19.2	17.8	18	18.3	15.5
FCF per share	3.96	5.11	4.54	5.07	5.17	4.69	2.88	3.79	4	4.58	4.06
Cash per share	1.02	1.53	1.28	1.33	1.61	1.88	1.4	1.88	1.97	2.62	2.82
Capex per share	0.03	0.03	0	0	0.01	0.35	0.1	0.08	0.03	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.49%	0.39%	0.04%	0%	0.12%	4.1%	1.23%	0.96%	0.3%	—	—
Capex / operating cash flow	0.73%	0.43%	0.07%	0%	0.23%	7.36%	2.42%	3.95%	0.91%	—	—
Payout ratio	98.5%	101.3%	96.6%	134.6%	121.6%	147.3%	135.5%	-30.3%	74%	44.7%	53.3%
Dividend yield	9.37%	—	13.5%	12.2%	16.1%	18%	24.4%	5.31%	5.61%	2.96%	2.87%

Yield

2.87%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.075

ex-dividend Jul 27, 2026

Payout ratio

53%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 27, 2026	$0.075
Apr 27, 2026	$0.05
Jan 26, 2026	$0.026
Oct 27, 2025	$0.026
Jul 28, 2025	$0.026

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$72.7M	$73M	$76.6M	$74.4M	$76.3M	$91.3M	$84M	$87.1M	$96.9M	$96.5M	$92M	$96.8M
YoY change	+7.18%	+1.98%	+7.66%	+0.81%	+4.97%	+25%	+9.65%	+17%	+27%	+5.73%	+9.49%	+11.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	27.7M	46.1M	41.7M	43.5M	52.6M	62.3M	47.6M	63.9M	66.9M	89M
Receivables	0	0	0	0	0	0	9.1M	4.9M	7.1M	3.7M
Inventory	1.2M	2.2M	2.4M	2.3M	2.7M	3.3M	5.8M	3.7M	3.3M	4.3M
Total current assets	31.1M	56.1M	52.4M	52.8M	66.5M	73.9M	85.9M	89.8M	95.4M	111.4M
Property, plant & equipment	-212M	-280.3M	-363.3M	-449.7M	-539.8M	-664.9M	-755M	-903.3M	-958.1M	-1B
Goodwill & intangibles	0	5M	3.8M	2.6M	1.4M	150K	0	—	—	—
Total assets	1.3B	1.8B	1.8B	1.7B	1.8B	1.7B	1.7B	1.6B	1.6B	1.7B
Accounts payable	2.2M	5.2M	4.8M	2.7M	3.8M	3.9M	4.3M	10.2M	5.8M	9.6M
Short-term debt	59M	93M	106.9M	84M	184.8M	89.2M	370.5M	99.9M	257.8M	381.5M
Total current liabilities	77.6M	122.8M	128.4M	104M	213.9M	116M	390M	127.6M	287.1M	426.9M
Long-term debt	682.7M	933.6M	970.4M	913.2M	847M	880.6M	688.1M	859M	648.2M	574.4M
Total liabilities	770.6M	1.1B	1.1B	1B	1.1B	1B	1.1B	989M	961M	1.1B
Shareholders' equity	521.7M	729.2M	732M	711.7M	697.5M	673M	652.2M	607.5M	611.1M	621M
Total debt	741.6M	1B	1.1B	997.2M	1B	969.9M	1.1B	958.9M	906M	956M
Net debt	714M	980.5M	1B	953.7M	979.3M	907.6M	1B	895M	839.1M	867M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	53.2M	63.9M	50.2M	56.6M	67.2M	66.9M	67.3M	66.3M	77.2M	89M	92.7M	95.3M
Receivables	—	4.9M	—	—	—	7.1M	—	7.1M	—	3.7M	—	8.9M
Inventory	3.1M	3.7M	4.3M	3.7M	3.8M	3.3M	4.2M	3.6M	4M	4.3M	4.2M	4.6M
Total current assets	80.4M	89.8M	80.8M	84.4M	91.8M	95.4M	99.5M	94.6M	102.1M	111.4M	121.8M	124.9M
Property, plant & equipment	2.2M	-903.3M	2M	-974.6M	1.6M	-958.1M	4.1M	3.9M	1.4M	-1B	776K	-1.1B
Goodwill & intangibles	0	—	—	—	—	—	—	—	—	—	—	—
Total assets	1.6B	1.6B	1.6B	1.5B	1.6B	1.6B	1.7B	1.6B	1.7B	1.7B	1.7B	1.6B
Accounts payable	6M	10.2M	6.7M	5.5M	6.3M	5.8M	8M	5.8M	7M	9.6M	10.6M	8.7M
Short-term debt	157.7M	99.9M	90.2M	90.3M	176.1M	257.8M	250.4M	180M	325.2M	381.5M	428.4M	314.2M
Total current liabilities	176.6M	127.6M	113.6M	111.7M	209.9M	287.1M	290.1M	219.1M	367.7M	426.9M	481.1M	367.1M
Long-term debt	821.8M	859M	831.4M	806.8M	767.3M	648.2M	697.9M	738.3M	658.4M	574.4M	501.2M	588.9M
Total liabilities	1B	989M	947.4M	920.8M	1B	961M	1B	1B	1.1B	1.1B	1B	1B
Shareholders' equity	615.4M	607.5M	612.3M	596.9M	590.5M	611.1M	616.1M	620.3M	631.2M	621M	621M	621M
Total debt	979.5M	958.9M	921.6M	897.1M	943.3M	906M	948.4M	918.3M	983.6M	956M	929.6M	903.2M
Net debt	926.3M	895M	871.4M	840.5M	876.1M	839.1M	881.1M	852M	906.4M	867M	837M	807.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	61.1M	68.1M	82.2M	59M	65.2M	53.9M	58.7M	-34.3M	14.1M	23.3M
Depreciation & amortization	54.7M	70.5M	87.8M	88.9M	88.8M	98.6M	106M	110.3M	110.9M	112.9M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	2.7M	63.4M	-3.3M	-3.5M	-4.8M	4.5M	-14.1M	16.4M	-23.4M	1.6M
Operating cash flow	115.5M	195.3M	156.4M	194.9M	149.1M	156.8M	136.5M	70.4M	103.3M	155.7M
Capital expenditure	-846K	-849K	-117K	0	-339K	-11.5M	-3.3M	-2.8M	-945K	—
Investing cash flow	-14M	-94.9M	-15.5M	0	-21.4M	-11.5M	-35.5M	-2.8M	-338K	-25M
Dividends paid	-60.2M	-69M	-79.3M	-79.3M	-79.3M	-79.4M	-79.5M	-10.4M	-10.4M	-10.4M
Share repurchases	0	0	-4K	—	—	—	—	—	—	-3M
Financing cash flow	-90.3M	-41.4M	-137.4M	-163.8M	-139.3M	-145.1M	-80M	-112.5M	-133.3M	-108.6M
Net change in cash	11.2M	59.1M	3.5M	31.1M	-11.6M	99K	21M	-44.9M	-30.3M	22.1M
Free cash flow	107.6M	153.7M	148.5M	165.7M	168.9M	154.9M	97.6M	128.9M	136.2M	155.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	12.6M	-5.3M	7.4M	-12.9M	-3.8M	23.3M	7.6M	6.8M	15.1M	-6.2M	2.6M	3.4M
Depreciation & amortization	27.4M	27.6M	27.7M	27.7M	27.7M	27.7M	27.9M	28M	28.7M	28.4M	39.6M	39.8M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-3.3M	3.1M	-7.6M	635K	-8.4M	-6M	-5.1M	-4.2M	3.8M	1.7M	-9.9M	-2.8M
Operating cash flow	29.3M	20.7M	28.2M	16M	15.8M	45.3M	30.4M	32M	44.2M	43.5M	33.4M	33.2M
Capital expenditure	-67K	32K	-70K	-5K	-841K	-29K	-213K	—	—	—	—	—
Investing cash flow	-67K	32K	-70K	-5K	520K	-783K	827K	0	0	0	0	0
Dividends paid	-2.6M	-2.6M	-2.6M	-2.6M	-2.6M	-2.6M	-2.6M	-2.6M	-2.6M	-2.6M	-2.6M	-3.4M
Share repurchases	—	—	—	—	—	—	—	—	—	-1.4M	—	—
Financing cash flow	-35.1M	-23.7M	-40.3M	-86.9M	-25.4M	-40.2M	-36.7M	-33M	-5.1M	-31.7M	-29.4M	-30.3M
Net change in cash	-5.9M	-2.9M	-12.2M	-70.9M	-9.1M	4.3M	-5.5M	-1M	39.1M	11.9M	4M	2.9M
Free cash flow	25.2M	34.3M	26.7M	33.8M	34.5M	41.2M	35.8M	32M	44.3M	43.4M	33M	33M

KNOT Offshore Partners L.P. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement