Knot Offshore Partners Lp Financials

KNOP

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Knot Offshore Partners Lp (KNOP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI KNOP FY2025 2026-04-22

KNOT Offshore’s cash engine comes from depreciation-heavy assets, while reported profit is mainly constrained by persistent financing cost.

From FY2023 to FY2025, net income moved from -$34.3M to $23.3M. Operating cash flow still stayed above $131.6M in each of those years, implying the underlying assets kept producing cash even when reported earnings were compressed by depreciation and a still-heavy interest bill; this is a business where accounting profit understates the steadiness of cash generation.

The balance sheet is becoming less long-term leveraged: long-term debt fell from $857.8M in FY2023 to $574.0M in FY2025, which reduces how much of the fleet’s cash output must be reserved for lenders over time. But current liabilities still reached $426.9M against just 0.3x current coverage, so solvency improved faster than liquidity and maturity management remains central to the financing model.

Revenue climbed from $290.7M in FY2023 to $364.4M in FY2025, while SG&A barely moved, so incremental revenue translated into a much larger recovery in operating profit. With operating margin back to 23.2%, the improvement looks more like fixed-cost absorption or contract mix than a one-off trimming of overhead.

Financial Health Signals

Financial Profile 36/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Knot Offshore Partners Lp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Knot Offshore Partners Lp has an operating margin of 23.2%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 67/100, reflecting efficient cost management and pricing power. This is up from 22.9% the prior year.

Growth

Knot Offshore Partners Lp's revenue grew 14.4% year-over-year to $364.4M, a solid pace of expansion. This earns a growth score of 53/100.

Leverage

Knot Offshore Partners Lp carries a low D/E ratio of 0.92, meaning only $0.92 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 83/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Knot Offshore Partners Lp's current ratio of 0.26 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

Knot Offshore Partners Lp generates a 3.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 14/100. This is up from 2.3% the prior year.

Piotroski F-Score Neutral

6/9

Knot Offshore Partners Lp passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

6.70x

For every $1 of reported earnings, Knot Offshore Partners Lp generates $6.70 in operating cash flow ($155.7M OCF vs $23.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.4x

Knot Offshore Partners Lp earns $1.4 in operating income for every $1 of interest expense ($84.6M vs $62.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$364.4M

YoY+14.4%

5Y CAGR+5.5%

10Y CAGR+8.9%

Knot Offshore Partners Lp generated $364.4M in revenue in fiscal year 2025. This represents an increase of 14.4% from the prior year.

EBITDA

$204.4M

YoY+10.6%

5Y CAGR-0.9%

10Y CAGR+5.7%

Knot Offshore Partners Lp's EBITDA was $204.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.6% from the prior year.

Net Income

$23.3M

YoY+65.4%

5Y CAGR-18.6%

10Y CAGR-5.4%

Knot Offshore Partners Lp reported $23.3M in net income in fiscal year 2025. This represents an increase of 65.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$89.0M

YoY+32.9%

5Y CAGR+11.1%

10Y CAGR+14.2%

Knot Offshore Partners Lp held $89.0M in cash against $574.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

23.2%

YoY+0.3pp

5Y CAGR-20.9pp

10Y CAGR-20.7pp

Knot Offshore Partners Lp's operating margin was 23.2% in fiscal year 2025, reflecting core business profitability. This is up 0.3 percentage points from the prior year.

Net Margin

6.4%

YoY+2.0pp

5Y CAGR-17.0pp

10Y CAGR-19.7pp

Knot Offshore Partners Lp's net profit margin was 6.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.0 percentage points from the prior year.

Return on Equity

3.8%

YoY+1.4pp

5Y CAGR-5.6pp

10Y CAGR-4.0pp

Knot Offshore Partners Lp's ROE was 3.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$3.0M

10Y CAGR+2.8%

Knot Offshore Partners Lp spent $3.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

KNOP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$364.4M+14.4%	$318.6M+9.6%	$290.7M+8.2%	$268.6M-4.5%	$281.1M+0.7%	$279.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$7.4M+21.9%	$6.1M-1.2%	$6.1M+0.7%	$6.1M-5.6%	$6.5M+19.8%	$5.4M
Operating Income	$84.6M+16.1%	$72.9M+190.1%	$25.1M-62.0%	$66.2M-10.0%	$73.6M-40.2%	$123.1M
Interest Expense	$62.0M-7.9%	$67.4M-6.5%	$72.1M+69.2%	$42.6M+51.8%	$28.1M-11.3%	$31.6M
Income Tax	$1.2M+84.3%	$631K+113.7%	-$4.6M-625.1%	$875K+79.3%	$488K+4780.0%	$10K
Net Income	$23.3M+65.4%	$14.1M+141.0%	-$34.3M-158.5%	$58.7M+8.9%	$53.9M-17.4%	$65.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	$87.1M	N/A	$74.4M	N/A	$73.8M	N/A	$64.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$1.6M	N/A	$1.4M	N/A	$1.8M	N/A	$1.4M
Operating Income	N/A	$22.2M	N/A	$1.3M	N/A	-$31.2M	N/A	$13.4M
Interest Expense	N/A	$15.3M	N/A	$16.9M	N/A	$18.1M	N/A	$8.3M
Income Tax	N/A	$125K	N/A	$213K	N/A	$49K	N/A	$166K
Net Income	N/A	$6.8M	N/A	-$12.9M	N/A	-$40.4M	N/A	$9.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

KNOP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.7B+7.2%	$1.6B-1.5%	$1.6B-7.9%	$1.7B+3.4%	$1.7B-5.8%	$1.8B
Current Assets	$111.4M+16.9%	$95.4M+6.2%	$89.8M+4.5%	$85.9M+16.3%	$73.9M+11.2%	$66.5M
Cash & Equivalents	$89.0M+32.9%	$66.9M+4.7%	$63.9M+34.3%	$47.6M-23.6%	$62.3M+18.5%	$52.6M
Inventory	$4.3M+29.8%	$3.3M-10.6%	$3.7M-35.8%	$5.8M+74.2%	$3.3M+24.7%	$2.7M
Accounts Receivable	$3.7M-40.9%	$6.3M+28.0%	$4.9M-36.3%	$7.7M	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.1B+10.7%	$961.0M-2.8%	$989.0M-8.6%	$1.1B+7.7%	$1.0B-7.2%	$1.1B
Current Liabilities	$426.9M+48.7%	$287.1M+125.1%	$127.6M-67.3%	$390.0M+236.3%	$116.0M-45.8%	$213.9M
Long-Term Debt	$574.0M-11.4%	$648.1M-24.5%	$857.8M+24.9%	$686.6M-21.8%	$878.5M+3.8%	$846.2M
Total Equity	$621.0M+1.6%	$611.1M+0.6%	$607.5M-6.9%	$652.2M-3.1%	$673.0M-3.5%	$697.5M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$1.7B+3.7%	$1.6B+3.3%	$1.6B+3.6%	$1.5B-4.9%	$1.6B-3.1%	$1.6B-5.0%	$1.7B+3.1%	$1.7B
Current Assets	$111.4M+17.8%	$94.6M-0.8%	$95.4M+13.0%	$84.4M-6.0%	$89.8M-4.5%	$94.0M+9.4%	$85.9M-21.7%	$109.8M
Cash & Equivalents	$89.0M+34.2%	$66.3M-0.9%	$66.9M+18.2%	$56.6M-11.4%	$63.9M+1.3%	$63.1M+32.7%	$47.6M-46.2%	$88.5M
Inventory	$4.3M+19.2%	$3.6M+8.9%	$3.3M-11.1%	$3.7M+0.6%	$3.7M+19.4%	$3.1M-46.2%	$5.8M+57.9%	$3.6M
Accounts Receivable	$3.7M	N/A	$6.3M+2.4%	$6.1M+25.1%	$4.9M+55.0%	$3.1M-58.9%	$7.7M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.1B+6.0%	$1.0B+4.5%	$961.0M+4.4%	$920.8M-6.9%	$989.0M-5.1%	$1.0B-3.6%	$1.1B+6.8%	$1.0B
Current Liabilities	$426.9M+94.8%	$219.1M-23.7%	$287.1M+157.1%	$111.7M-12.5%	$127.6M-41.3%	$217.5M-44.2%	$390.0M+234.0%	$116.8M
Long-Term Debt	$574.0M-22.0%	$735.4M+13.5%	$648.1M-19.6%	$806.2M-6.0%	$857.8M+4.5%	$820.9M+19.6%	$686.6M-22.9%	$891.1M
Total Equity	$621.0M+0.1%	$620.3M+1.5%	$611.1M+2.4%	$596.9M-1.7%	$607.5M+0.4%	$605.3M-7.2%	$652.2M-2.6%	$669.9M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

KNOP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$155.7M+13.6%	$137.1M+4.2%	$131.6M+30.4%	$100.9M-39.3%	$166.4M-1.7%	$169.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$25.3M-7382.2%	-$338K+87.8%	-$2.8M+92.2%	-$35.5M-207.9%	-$11.5M+46.2%	-$21.4M
Financing Cash Flow	-$108.6M+18.5%	-$133.3M-18.5%	-$112.5M-40.7%	-$80.0M+44.9%	-$145.1M-4.2%	-$139.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$3.0M	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

KNOP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	23.2%+0.3pp	22.9%+14.2pp	8.6%-16.0pp	24.7%-1.5pp	26.2%-17.9pp	44.1%
Net Margin	6.4%+2.0pp	4.4%+16.2pp	-11.8%-33.7pp	21.8%+2.7pp	19.2%-4.2pp	23.4%
Return on Equity	3.8%+1.4pp	2.3%+8.0pp	-5.7%-14.6pp	9.0%+1.0pp	8.0%-1.3pp	9.3%
Return on Assets	1.4%+0.5pp	0.9%+3.0pp	-2.1%-5.5pp	3.4%+0.2pp	3.2%-0.5pp	3.7%
Current Ratio	0.26-0.1	0.33-0.4	0.70+0.5	0.22-0.4	0.64+0.3	0.31
Debt-to-Equity	0.92-0.1	1.06-0.4	1.41+0.4	1.05-0.3	1.31+0.1	1.21
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	25.5%	N/A	1.8%	N/A	-42.3%	N/A	21.0%
Net Margin	N/A	7.8%	N/A	-17.3%	N/A	-54.7%	N/A	15.5%
Return on Equity	N/A	1.1%	N/A	-2.1%	N/A	-6.7%	N/A	1.5%
Return on Assets	N/A	0.4%	N/A	-0.9%	N/A	-2.5%	N/A	0.6%
Current Ratio	0.26-0.2	0.43+0.1	0.33-0.4	0.76+0.1	0.70+0.3	0.43+0.2	0.22-0.7	0.94
Debt-to-Equity	0.92-0.3	1.19+0.1	1.06-0.3	1.35-0.1	1.41+0.1	1.36+0.3	1.05-0.3	1.33
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.26), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Knot Offshore Partners Lp's annual revenue?

Knot Offshore Partners Lp (KNOP) reported $364.4M in total revenue for fiscal year 2025. This represents a 14.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Knot Offshore Partners Lp's revenue growing?

Knot Offshore Partners Lp (KNOP) revenue grew by 14.4% year-over-year, from $318.6M to $364.4M in fiscal year 2025.

Is Knot Offshore Partners Lp profitable?

Yes, Knot Offshore Partners Lp (KNOP) reported a net income of $23.3M in fiscal year 2025, with a net profit margin of 6.4%.

What is Knot Offshore Partners Lp's EBITDA?

Knot Offshore Partners Lp (KNOP) had EBITDA of $204.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Knot Offshore Partners Lp have?

As of fiscal year 2025, Knot Offshore Partners Lp (KNOP) had $89.0M in cash and equivalents against $574.0M in long-term debt.

What is Knot Offshore Partners Lp's operating margin?

Knot Offshore Partners Lp (KNOP) had an operating margin of 23.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Knot Offshore Partners Lp's net profit margin?

Knot Offshore Partners Lp (KNOP) had a net profit margin of 6.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Knot Offshore Partners Lp's return on equity (ROE)?

Knot Offshore Partners Lp (KNOP) has a return on equity of 3.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Knot Offshore Partners Lp's operating cash flow?

Knot Offshore Partners Lp (KNOP) generated $155.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Knot Offshore Partners Lp's total assets?

Knot Offshore Partners Lp (KNOP) had $1.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Knot Offshore Partners Lp buy back shares?

Yes, Knot Offshore Partners Lp (KNOP) spent $3.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Knot Offshore Partners Lp's current ratio?

Knot Offshore Partners Lp (KNOP) had a current ratio of 0.26 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Knot Offshore Partners Lp's debt-to-equity ratio?

Knot Offshore Partners Lp (KNOP) had a debt-to-equity ratio of 0.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Knot Offshore Partners Lp's return on assets (ROA)?

Knot Offshore Partners Lp (KNOP) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Knot Offshore Partners Lp's Piotroski F-Score?

Knot Offshore Partners Lp (KNOP) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Knot Offshore Partners Lp's earnings high quality?

Knot Offshore Partners Lp (KNOP) has an earnings quality ratio of 6.70x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Knot Offshore Partners Lp cover its interest payments?

Knot Offshore Partners Lp (KNOP) has an interest coverage ratio of 1.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Knot Offshore Partners Lp?

Knot Offshore Partners Lp (KNOP) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.