KNOT Offshore Partners LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data KNOT Offshore Partners LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	174	219	279	283	279	281	269	291	319	364
General and administrative	4.37	5.56	5.29	4.86	5.39	6.46	6.1	6.14	6.07	7.4
Operating expenses	91.5	124	151	155	156	208	202	266	246	281
Operating income	82.2	95.4	129	128	123	73.6	66.2	25.1	72.9	84.6
Interest expense	20.9	30.7	50	50.7	31.6	28.1	42.6	72.1	67.4	62
Interest income	0.02	0.25	0.74	0.87	0.13	0	0.82	3.47	3.64	3.57
Other non-operating income	-21.1	-27.3	-46.5	-68.8	-57.8	-19.2	-6.68	-64.1	-58.2	-60.2
Pre-tax income	61.1	68	82.2	59	65.2	54.4	59.5	-38.9	14.7	24.4
Income tax	-0.02	-0.02	-0	0.01	0.01	0.49	0.88	-4.6	0.63	1.16
Net income	61.1	68.1	82.2	59	65.2	53.9	58.7	-34.3	14.1	23.3
EBITDA	138	167	217	218	213	173	174	136	185	204

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	27.7	46.1	41.7	43.5	52.6	62.3	47.6	63.9	66.9	89
Receivables	0	0					7.66	4.88	6.25	3.69
Inventory	1.18	2.24	2.44	2.29	2.65	3.31	5.76	3.7	3.3	4.29
Other current assets	2.09	5.61	2.46	3.39	5.51	5.63	15.5	8.8	14.8	15.2
Total current assets	31.1	56.1	52.4	52.8	66.5	73.9	85.9	89.8	95.4	111
Property, plant and equipment	1,257	1,723	1,767	1,677	1,709	1,598	1,631	1,493	1,462	1,557
Lease right-of-use assets				1.8	1.49	2.74	2.26	2.13	1.27	0.88
Goodwill	0	0
Intangible assets		2.5	1.89	1.29	0.68	0.08
Total assets	1,292	1,793	1,837	1,738	1,780	1,677	1,734	1,596	1,572	1,685
Accounts payable	2.22	5.22	4.8	2.73	3.85	3.87	4.27	10.2	5.77	9.61
Accrued liabilities	3.37	6.5	6.46	6.62	5.38	6.43	10.7	14.8	11.5	18.4
Deferred revenue		9.98	5.77	6.89	5.42	6.19	1.5	0.47	7.28	5.65
Short-term debt	59	93	107	83.5	184	88.6	370	99	257	381
Total current liabilities	77.6	123	128	104	214	116	390	128	287	427
Long-term debt	658	934	970	912	846	879	687	858	648	574
Lease liabilities				1.23	0.84	2.09	1.55	1.14	0.1	0.47
Total liabilities	771	1,064	1,105	1,026	1,083	1,004	1,082	989	961	1,064
Total debt	746	1,033	1,077	995	1,030	967	1,056	957	905	955
Total liabilities and equity	1,292	1,793	1,837	1,738	1,780	1,677	1,734	1,596	1,572	1,685

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	61.1	68.1	82.2	59	65.2	53.9	58.7	-34.3	14.1	23.3
Depreciation and amortization	56.2	71.6	88.8	89.8	89.7	99.6	107	111	112	120
Deferred income tax	-0.03	-0.03	-0.02				-0	0	0.03	0.01
Change in inventory	-0.02	-0.36	0.06	0.15	-0.23	-0.65	-2.16	2.14	0.58	-1.07
Cash from operations	108	155	149	166	169	166	101	132	137	156
Acquisitions							-32.2			-26
Cash from investing	-14	-94.9	-15.5		-21.4	-11.5	-35.5	-2.78	-0.34	-25.3
Debt issued	30	212	498		33	444	167	250	60	117
Debt repaid	-61	-298	-528
Share buybacks										-3.02
Dividends paid	-60.2	-69	-79.3	-79.3	-79.3	-79.4	-79.5	-10.4	-10.4	-10.4
Cash from financing	-90.3	-41.4	-137	-164	-139	-145	-80	-113	-133	-109
Exchange rate effect	-0.06	0.09	-0.17	-0.03	0.51	-0.02	-0.17	-0.01	-0.48	0.23
Net change in cash	4.09	18.4	-4.39	1.81	9.06	9.71	-14.7	16.3	3.01	22.1
Interest paid			45.9	49	31	25.1	37.3	69.3	65.7	60.4
Income taxes paid	0.26	0.22	0.19	0.13	0.09	0.08	0.42	0.67	0.04	0.13

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $10.56 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	23.2%	Operating income / revenue.
EBITDA margin	56.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.7%	Pre-tax income / revenue.
Net margin	6.4%	Net income / revenue.
Operating cash flow margin	42.7%	Cash from operations / revenue.
Effective tax rate	4.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	1.4%	Net income / average total assets.
D&A / revenue	32.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-7.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	10.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	65.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-26.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-18.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	13.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.26x	Current assets / current liabilities.
Quick ratio	0.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / assets	56.7%	Total debt / total assets.
Liabilities / assets	63.1%	Total liabilities / total assets.
Net debt	$866.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.24x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.36x	Operating income / interest expense.
Working capital	-$315.5M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.22x	Revenue / average total assets.
Fixed asset turnover	0.24x	Revenue / average property, plant and equipment.
Receivables turnover	73.3x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
Payout ratio	44.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$355.5M	Share price x shares outstanding.
Enterprise value	$1.22B	Market cap + total debt - cash - short-term investments.
P/E	15.3x	Market cap / net income. Only when net income is positive.
P/S	0.98x	Market cap / revenue.
P/OCF	2.28x	Market cap / cash from operations, when positive.
EV/Sales	3.35x	Enterprise value / revenue.
EV/EBIT	14.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.98x	Enterprise value / EBITDA, when both are positive.
Earnings yield	6.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.9%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.

What was KNOT Offshore Partners LP's revenue in fiscal 2025?

KNOT Offshore Partners LP reported revenue of $364.4M for fiscal 2025, 14.4% higher than the year before.

Was KNOT Offshore Partners LP profitable in fiscal 2025?

Yes. Net income was $23.3M, a net margin of 6.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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