Navigator Holdings Ltd (NVGS)
NYSE:NVGS
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Earnings Data
Report Date
Aug 19, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.51Last Year’s EPS
0.14Same Quarter Last Year
Strong Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive picture driven by record net income, record terminal throughput, improving utilization, disciplined capital returns (increased payout and buybacks), attractive newbuild financing, and solid liquidity and balance sheet metrics. The main negatives were modest TCE softness in Q1 (largely due to revenue timing), higher one-off G&A, seasonal/technical constraints at the terminal for sustaining peak monthly volumes, and contingency around the completion of the Unigas sale. On balance, the favorable structural demand tailwinds (North American ethane/ethylene competitiveness), recurring strong cash generation, and active capital allocation materially outweigh the headwinds.Company Guidance
Record Quarterly Net Income and EPS
Net income was a record $36.0 million (management) / $35.5 million (reported) for Q1 2026, or $0.55 per share, the highest quarterly net income in company history.
Strong EBITDA and Adjusted EBITDA Run
Reported EBITDA was $80.3 million in Q1 2026 and adjusted EBITDA was $65.9 million. Navigator has delivered at least $60 million of quarterly adjusted EBITDA for 13 consecutive quarters, averaging approximately $71 million over that period.
Terminal Throughput Surge (Morgans Point)
Morgans Point ethylene export terminal delivered record Q1 throughput of 300,537 tons (monthly record of ~150,000 tons in March), up 57% vs Q4 2025 (191,707 tons) and over 2.5x vs Q1 2025 (85,553 tons); April set another monthly record (~151,000 tons) and May was scheduled at ~160,000 tons (above 130,000 tpm nameplate).
Fleet Utilization Improvement and Strong April
Fleet utilization was 90.6% in Q1 2026 and improved to over 95% in April 2026, with both utilization and TCE expected to be above Q1 levels in Q2.
Attractive Spot and Time-Charter Dynamics
Spot fixtures for ethane/ethylene-capable vessels are materially elevated versus the 12-month assessed rate (~$33,000/day); management highlighted outsized spot premiums that are driving upside for vessels operating in the spot market.
Capital Returns and Shareholder-Friendly Actions
Executed $61.2 million share repurchase and cancellation of 3.5 million shares in March (avg $17.50/share); total repurchases & cancellations to date: 16 million shares for $236 million (avg ~$15/share). Board declared Q1 fixed dividend $0.07/share and increased the capital return policy from 30% to 35% of net income starting in Q2; new $50 million share repurchase authorization approved.
Accretive Asset Sales and Significant LOI
Completed vessel sales including Navigator Pegasus (~$30.5M sale with ~$15.2M book gain to be booked in Q2) and prior January sales with book gains; signed LOI to sell 8 Unigas pool vessels for approx. $183M (expected net cash proceeds ~ $129M after ~$54M debt repayment) with expected book gains of ~ $65M on delivery.
Newbuild Financing at Very Attractive Terms
Financing in place for 2 of 6 ordered newbuilds via a 5-year post-delivery facility up to $133.8M at a margin of 150 bps over SOFR (management described that as equal to the best ever); expect all six newbuilds to be financed by end of Q2 2026. Capital paid toward newbuilds: ~$110M as of March 31, 2026.
Robust Liquidity and Conservative Leverage Metrics
Available liquidity was $291M at March 31, 2026 (cash & restricted $199.6M plus $91M undrawn facilities) and available liquidity less restricted cash was $241M; liquidity updated to approximately $310M ($360M incl. restricted) as of May 4, 2026. Net debt / LTM adjusted EBITDA ~2.5x and loan-to-fleet value ~32% (below ~30% including reasonable terminal value).
Low All-in Cash Breakeven
Estimated 2026 all-in cash breakeven of $21,230 per vessel per day (incorporating operating costs, debt amortization and net interest), materially below current and historic TCEs and providing significant headroom.
NVGS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NVGS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 06, 2026 | $22.52 | $22.59 | +0.31% |
Mar 11, 2026 | $20.30 | $17.96 | -11.55% |
Nov 04, 2025 | $16.20 | $16.75 | +3.36% |
Aug 12, 2025 | $15.77 | $15.55 | -1.38% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Navigator Holdings Ltd (NVGS) report earnings?
Navigator Holdings Ltd (NVGS) is schdueled to report earning on Aug 19, 2026, After Close (Confirmed).
What is Navigator Holdings Ltd (NVGS) earnings time?
Navigator Holdings Ltd (NVGS) earnings time is at Aug 19, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is NVGS EPS forecast?
NVGS EPS forecast for the fiscal quarter 2026 (Q2) is 0.51.