KNOT Offshore Partners LP
KNOP NYSE Water Transportation Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$364M
14.4%
vs prior year
Operating margin
Operating income as a share of revenue.
23.2%
0.3 pts
Net income
Profit after all expenses, interest and tax.
$23.3M
65.4%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
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What KNOT Offshore Partners LP does
No business description yet.
- Legal name
- KNOT Offshore Partners LP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 17, 2026
- Accession · CIK
- 0001104659-26-044664
0001564180
Revenue and margins
KNOT Offshore Partners LP had $364M of revenue in fiscal 2025, up 14.4% on the year before.
FY16
Revenue $174M
FY17
Revenue $219M
FY18
Revenue $279M
FY19
Revenue $283M
FY20
Revenue $279M
FY21
Revenue $281M
FY22
Revenue $269M
FY23
Revenue $291M
FY24
Revenue $319M
FY25
Revenue $364M
Q3 '16
Revenue $43.6M
Q4 '16
Revenue $45.0M
Q2 '17
Revenue $54.4M
Q2 '18
Revenue $69.8M
Q2 '19
Revenue $70.9M
Q2 '20
Revenue $70.3M
Q2 '21
Revenue $70.9M
Q2 '22
Revenue $64.0M
Q2 '23
Revenue $73.8M
Q2 '24
Revenue $74.4M
Q2 '25
Revenue $87.1M
Q2 '26
Revenue $96.8M
FY16
Gross —
Operating 47.3%
Net 35.2%
FCF —
FY17
Gross —
Operating 43.5%
Net 31.1%
FCF —
FY18
Gross —
Operating 46.0%
Net 29.4%
FCF —
FY19
Gross —
Operating 45.2%
Net 20.9%
FCF —
FY20
Gross —
Operating 44.1%
Net 23.4%
FCF —
FY21
Gross —
Operating 26.2%
Net 19.2%
FCF —
FY22
Gross —
Operating 24.7%
Net 21.8%
FCF —
FY23
Gross —
Operating 8.6%
Net −11.8%
FCF —
FY24
Gross —
Operating 22.9%
Net 4.4%
FCF —
FY25
Gross —
Operating 23.2%
Net 6.4%
FCF —
Gross
Operating
Net
FCF
Q3 '16
Gross —
Operating 48.6%
Net −9.9%
FCF —
Q4 '16
Gross —
Operating 48.0%
Net 143.7%
FCF —
Q2 '17
Gross —
Operating 48.0%
Net 29.2%
FCF —
Q2 '18
Gross —
Operating 46.0%
Net 31.1%
FCF —
Q2 '19
Gross —
Operating 45.0%
Net 11.5%
FCF —
Q2 '20
Gross —
Operating 47.5%
Net 30.9%
FCF —
Q2 '21
Gross —
Operating −1.7%
Net −15.4%
FCF —
Q2 '22
Gross —
Operating 21.0%
Net 15.5%
FCF —
Q2 '23
Gross —
Operating −42.3%
Net −54.7%
FCF —
Q2 '24
Gross —
Operating 1.8%
Net −17.3%
FCF —
Q2 '25
Gross —
Operating 25.5%
Net 7.8%
FCF —
Q2 '26
Gross —
Operating 16.1%
Net 3.5%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $61.1M
FY17
Net income $68.1M
FY18
Net income $82.2M
FY19
Net income $59.0M
FY20
Net income $65.2M
FY21
Net income $53.9M
FY22
Net income $58.7M
FY23
Net income −$34.3M
FY24
Net income $14.1M
FY25
Net income $23.3M
Q3 '16
Net income −$4.3M
Q4 '16
Net income $64.7M
Q2 '17
Net income $15.9M
Q2 '18
Net income $21.7M
Q2 '19
Net income $8.2M
Q2 '20
Net income $21.7M
Q2 '21
Net income −$10.9M
Q2 '22
Net income $9.9M
Q2 '23
Net income −$40.4M
Q2 '24
Net income −$12.9M
Q2 '25
Net income $6.8M
Q2 '26
Net income $3.4M
FY16
Diluted EPS —
FY17
Diluted EPS —
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets 4.7%
FY17
Return on capital —
Return on equity —
Return on assets 4.4%
FY18
Return on capital —
Return on equity —
Return on assets 4.5%
FY19
Return on capital —
Return on equity —
Return on assets 3.3%
FY20
Return on capital —
Return on equity —
Return on assets 3.7%
FY21
Return on capital —
Return on equity —
Return on assets 3.1%
FY22
Return on capital —
Return on equity —
Return on assets 3.4%
FY23
Return on capital —
Return on equity —
Return on assets −2.1%
FY24
Return on capital —
Return on equity —
Return on assets 0.9%
FY25
Return on capital —
Return on equity —
Return on assets 1.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $108M
Capital spending —
FY17
Cash from operations $155M
Capital spending —
FY18
Cash from operations $149M
Capital spending —
FY19
Cash from operations $166M
Capital spending —
FY20
Cash from operations $169M
Capital spending —
FY21
Cash from operations $166M
Capital spending —
FY22
Cash from operations $101M
Capital spending —
FY23
Cash from operations $132M
Capital spending —
FY24
Cash from operations $137M
Capital spending —
FY25
Cash from operations $156M
Capital spending —
Cash from operations
Capital spending
Q3 '16
Cash from operations $30.6M
Capital spending —
Q4 '16
Cash from operations $25.3M
Capital spending —
Q2 '17
Cash from operations —
Capital spending —
Q2 '18
Cash from operations —
Capital spending —
Q2 '19
Cash from operations —
Capital spending —
Q2 '20
Cash from operations —
Capital spending —
Q2 '21
Cash from operations —
Capital spending —
Q2 '22
Cash from operations —
Capital spending —
Q2 '23
Cash from operations —
Capital spending —
Q2 '24
Cash from operations —
Capital spending —
Q2 '25
Cash from operations —
Capital spending —
Q2 '26
Cash from operations —
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
KNOT Offshore Partners LP returned $3.0M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY16
Dividends $60.2M
Buybacks —
FY17
Dividends $69.0M
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks $3.0M
Dividends
Buybacks
Q3 '16
Dividends $15.0M
Buybacks —
Q4 '16
Dividends $15.0M
Buybacks —
Q2 '17
Dividends —
Buybacks —
Q2 '18
Dividends —
Buybacks —
Q2 '19
Dividends —
Buybacks —
Q2 '20
Dividends —
Buybacks —
Q2 '21
Dividends —
Buybacks —
Q2 '22
Dividends —
Buybacks —
Q2 '23
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares —
FY17
Diluted shares 0.00B
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably KNOT Offshore Partners LP can carry it.
FY16
Cash $27.7M
Debt $746M
FY17
Cash $46.1M
Debt $1.0B
FY18
Cash $41.7M
Debt $1.1B
FY19
Cash $43.5M
Debt $995M
FY20
Cash $52.6M
Debt $1.0B
FY21
Cash $62.3M
Debt $967M
FY22
Cash $47.6M
Debt $1.1B
FY23
Cash $63.9M
Debt $957M
FY24
Cash $66.9M
Debt $905M
FY25
Cash $89.0M
Debt $955M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $62.3M | $47.6M | $63.9M | $66.9M | $89.0M |
| Debt incl. finance leases | $967M | $1.1B | $957M | $905M | $955M |
| Net debt / EBITDA | 5.2x | 5.8x | 6.6x | 4.5x | 4.2x |
| Interest coverage | 2.6x | 1.6x | 0.3x | 1.1x | 1.4x |
| Current ratio | 0.6x | 0.2x | 0.7x | 0.3x | 0.3x |
| Quick ratio | 0.6x | 0.2x | 0.7x | 0.3x | 0.3x |
| Total assets | $1.7B | $1.7B | $1.6B | $1.6B | $1.7B |
| Total liabilities | $1.0B | $1.1B | $989M | $961M | $1.1B |
| Net debt (− = net cash) | $905M | $1.0B | $893M | $838M | $866M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | — | — | — | — | — | — | — | — | — |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 5 / 7 | 5 / 7 | 6 / 7 | 4 / 7 | 6 / 7 | 4 / 7 | 5 / 7 | 6 / 7 | 6 / 7 |
| Accruals ratio | −3.7% | −5.6% | −3.7% | −6.0% | −5.9% | −6.5% | −2.5% | −10.0% | −7.8% | −8.1% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $174M | $219M | $279M | $283M | $279M | $281M | $269M | $291M | $319M | $364M |
| Operating income | $82.2M | $95.4M | $129M | $128M | $123M | $73.6M | $66.2M | $25.1M | $72.9M | $84.6M |
| Interest expense | $20.9M | $30.7M | $50.0M | $50.7M | $31.6M | $28.1M | $42.6M | $72.1M | $67.4M | $62.0M |
| Pretax income | $61.1M | $68.0M | $82.2M | $59.0M | $65.2M | $54.4M | $59.5M | −$38.9M | $14.7M | $24.4M |
| Income tax | −$0.0M | −$0.0M | −$0.0M | $0.0M | $0.0M | $0.5M | $0.9M | −$4.6M | $0.6M | $1.2M |
| Net income | $61.1M | $68.1M | $82.2M | $59.0M | $65.2M | $53.9M | $58.7M | −$34.3M | $14.1M | $23.3M |
| Diluted shares | — | 0.00B | — | — | — | — | — | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | $108M | $155M | $149M | $166M | $169M | $166M | $101M | $132M | $137M | $156M |
| Depreciation and amortization | $56.2M | $71.6M | $88.8M | $89.8M | $89.7M | $99.6M | $107M | $111M | $112M | $120M |
| Acquisitions | — | — | — | — | — | — | $32.2M | — | — | $26.0M |
| Share buybacks | — | — | — | — | — | — | — | — | — | $3.0M |
| Dividends paid | $60.2M | $69.0M | — | — | — | — | — | — | — | — |
| Dividends and buybacks | $60.2M | $69.0M | — | — | — | — | — | — | — | $3.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $27.7M | $46.1M | $41.7M | $43.5M | $52.6M | $62.3M | $47.6M | $63.9M | $66.9M | $89.0M |
| Total debt | $746M | $1.0B | $1.1B | $995M | $1.0B | $967M | $1.1B | $957M | $905M | $955M |
| Current assets | $31.1M | $56.1M | $52.4M | $52.8M | $66.5M | $73.9M | $85.9M | $89.8M | $95.4M | $111M |
| Current liabilities | $77.6M | $123M | $128M | $104M | $214M | $116M | $390M | $128M | $287M | $427M |
| Inventory | $1.2M | $2.2M | $2.4M | $2.3M | $2.7M | $3.3M | $5.8M | $3.7M | $3.3M | $4.3M |
| Property and equipment, net | $1.3B | $1.7B | $1.8B | $1.7B | $1.7B | $1.6B | $1.6B | $1.5B | $1.5B | $1.6B |
| Goodwill | $0.0M | $0.0M | — | — | — | — | — | — | — | — |
| Intangible assets | — | $2.5M | $1.9M | $1.3M | $0.7M | $0.1M | — | — | — | — |
| Total assets | $1.3B | $1.8B | $1.8B | $1.7B | $1.8B | $1.7B | $1.7B | $1.6B | $1.6B | $1.7B |
| Total liabilities | $771M | $1.1B | $1.1B | $1.0B | $1.1B | $1.0B | $1.1B | $989M | $961M | $1.1B |
| Margins | ||||||||||
| Operating margin | 47.3% | 43.5% | 46.0% | 45.2% | 44.1% | 26.2% | 24.7% | 8.6% | 22.9% | 23.2% |
| EBITDA margin | 79.7% | 76.2% | 77.8% | 77.0% | 76.2% | 61.6% | 64.7% | 46.8% | 58.0% | 56.1% |
| Net margin | 35.2% | 31.1% | 29.4% | 20.9% | 23.4% | 19.2% | 21.8% | −11.8% | 4.4% | 6.4% |
| Returns | ||||||||||
| Return on capital employed | 6.8% | 5.7% | 7.5% | 7.8% | 7.9% | 4.7% | 4.9% | 1.7% | 5.7% | 6.7% |
| Return on assets | 4.7% | 4.4% | 4.5% | 3.3% | 3.7% | 3.1% | 3.4% | −2.1% | 0.9% | 1.4% |
| Growth | ||||||||||
| Revenue growth | — | 26.2% | 27.5% | 1.1% | −1.2% | 0.7% | −4.5% | 8.2% | 9.6% | 14.4% |
| Net income growth | — | 11.4% | 20.7% | −28.2% | 10.6% | −17.4% | 8.9% | −158.5% | — | 65.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 5.2x | 5.9x | 4.8x | 4.4x | 4.6x | 5.2x | 5.8x | 6.6x | 4.5x | 4.2x |
| Interest coverage | 3.9x | 3.1x | 2.6x | 2.5x | 3.9x | 2.6x | 1.6x | 0.3x | 1.1x | 1.4x |
| Current ratio | 0.4x | 0.5x | 0.4x | 0.5x | 0.3x | 0.6x | 0.2x | 0.7x | 0.3x | 0.3x |
| Quick ratio | 0.4x | 0.4x | 0.4x | 0.5x | 0.3x | 0.6x | 0.2x | 0.7x | 0.3x | 0.3x |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 5.0 | 6.0 | 4.0 | 6.0 | 4.0 | 5.0 | 6.0 | 6.0 |
| Accruals ratio | −3.7% | −5.6% | −3.7% | −6.0% | −5.9% | −6.5% | −2.5% | −10.0% | −7.8% | −8.1% |
Source: SEC EDGAR XBRL filings (CIK 0001564180). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.