MeritValue

KNOT Offshore Partners LP

KNOPdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'epsDiluted'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$269.3M1$268.6M2$290.7M3$318.6M3$364.4M3
Net income$53.9M4$58.7M5−$34.3M6$14.1M6$23.3M6
Operating cash flow$166.4M7$100.9M8$131.6M9$137.1M9$155.7M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$967.1M10$1.06B11$956.8M12$904.7M13$955.1M13
Cash & equivalents$62.3M14$47.6M15$63.9M16$66.9M17$89M17
Diluted shares33.7M34.0M34.0M——

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001104659-22-035029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001558370-25-003754 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-044664 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001104659-24-046301 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001558370-25-003754 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-044664 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-24-046301 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001558370-25-003754 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-044664 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001104659-23-039179 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2022-12-31 · accession 0001104659-24-046301 (LongTermDebtNoncurrent)
  12. 20-F · period ending 2023-12-31 · accession 0001558370-25-003754 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2024-12-31 · accession 0001104659-26-044664 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2021-12-31 · accession 0001104659-23-039179 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001104659-24-046301 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001558370-25-003754 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-12-31 · accession 0001104659-26-044664 (CashAndCashEquivalentsAtCarryingValue)