Is KNOT Offshore Partners LP overvalued or undervalued?

As of 17 October 2025, the valuation grade for KNOT Offshore Partners LP has moved from very attractive to fair, indicating a shift in its perceived value. The company appears to be fairly valued based on its current metrics. Key ratios include a P/E ratio of 5, a price-to-book value of 0.37, and an EV to EBITDA of 5.41.
In comparison to its peers, KNOT Offshore Partners LP has a P/E ratio lower than Genco Shipping & Trading Ltd. at 46.00 and Teekay Corp. at 4.37, which suggests that while it is not the most attractive option, it is also not the most overvalued. The company's recent performance shows a strong year-to-date return of 62.39%, significantly outperforming the S&P 500's 13.30% return in the same period, although its long-term performance over 3 and 5 years has lagged behind the index.