Navigator Global Investments Ltd (NGI) AI Stock Analysis

• Market Cap: AU$1.13B
• Dividend Yield: 1.5%
• Average Volume (3M): 603.62K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.51
• Revenue Growth: 29.98%
• EPS Growth: 39.74%
• Country: AU
• Employees: 286
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management - Global
• EPS (TTM): -0.01
• Shares Outstanding: 491,118,070
• 10 Day Avg. Volume: 682,896
• 30 Day Avg. Volume: 603,622
• PEG Ratio: 0.11
• Price to Book (P/B): 0.78
• Price to Sales (P/S): 1346.09
• P/FCF Ratio: 6.37
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$3.42
• Price Target Upside: 43.27% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.14
• Revenue Forecast (FY): AU$203.41M

• Rating: 61 Neutral
• Price Target: AU$2.50 ▲(4.60% Upside)
• Action: Downgraded Date: 02/23/26
• Date: Action: Downgraded 02/23/26

The score is driven primarily by mixed financial performance (strong margins/cash flow and a stable balance sheet, but revenue volatility and a negative gross margin) and a cautious earnings outlook (FY26 EBITDA expected lower than FY25, cost pressure, dividend suspension). Valuation is a relative positive (low P/E), while technical indicators are broadly neutral with mild near-term weakness.

Positive Factors

Balance-sheet strength & liquidity

Conservative leverage and an under‑utilised credit line provide durable financial flexibility. A net debt/EBITDA of 0.6x and sizeable net assets create capacity for selective M&A, absorb investment volatility, and fund growth without stressing short‑term liquidity or forcing asset sales.

Strong cash generation and EBITDA momentum

Consistent EBITDA expansion coupled with improving operating and free cash flow underpins reinvestment and deleveraging. Durable cash conversion supports funding of new product launches, partner investments and acquisitions, reducing reliance on external financing through business cycles.

Scale and diversified AUM/fee mix

Growing, diversified AUM across Lighthouse, NGI Strategic and partner firms expands recurring management fee base and raises fee yield potential. Scale supports distribution, product launches and cross-selling, making fee revenue more resilient long term despite performance fee cyclicality.

Negative Factors

Revenue volatility & negative gross margin

Volatile top-line and a negative gross margin signal earnings‑quality risk and execution or cost allocation issues. Reliance on fair‑value movements from partner investments can swing statutory results, complicating forward cash visibility and making sustainable margin improvement harder to predict.

Rising operating costs

Material increases in payroll and operating spend compress operating leverage. Higher bonus accruals tied to volatile performance fees can make cost base cyclical and less controllable, limiting margin upside from revenue gains and reducing free cash flow available for discretionary investments.

Dividend suspension reduces shareholder returns

Suspending dividends is a durable change to capital allocation that prioritises reinvestment and acquisitions over income returns. While supportive of long‑term AUM targets, it reduces appeal to income investors and raises execution risk if acquisitions or reinvestments fail to deliver expected compound returns.

Navigator Global Investments Ltd Business Overview & Revenue Model

Company Description

Navigator Global Investments Limited operates as a fund management company in Australia. The company, through its subsidiaries, offers open-ended products and structured products to retail, wholesale, and institutional investors. Navigator Global Investments Limited is based in Sydney, Australia.

How the Company Makes Money

Navigator Global Investments generates revenue primarily through asset management fees, which are charged as a percentage of the assets under management (AUM). The firm also earns performance fees based on the investment returns exceeding a predetermined benchmark. Additionally, NGI may have revenue streams from advisory services, where clients pay for investment strategies and financial planning. Strategic partnerships with financial institutions and other investment managers can also contribute to revenue growth, enhancing their product offerings and market reach.

Navigator Global Investments Ltd Financial Statement Overview

Summary

Mixed fundamentals: profitability and cash generation appear solid (healthy EBIT/EBITDA margins and improving operating/free cash flow), and the balance sheet is conservatively levered. Offsetting this, revenue has been volatile with a sharp latest-year decline and the gross profit margin turning negative, which raises execution and earnings-quality risk.

Income Statement

Navigator Global Investments Ltd has shown a volatile revenue trajectory with a significant decline in the latest year. The gross profit margin turned negative, indicating cost management issues. However, the company maintains a strong net profit margin due to high EBIT and EBITDA margins, suggesting effective operational efficiency despite revenue challenges.

Balance Sheet

The company maintains a low debt-to-equity ratio, indicating conservative leverage and financial stability. Return on equity has improved, reflecting better profitability relative to shareholder equity. The equity ratio suggests a strong capital structure, providing a buffer against potential financial risks.

Cash Flow

Operating cash flow has increased, supporting the company's ability to generate cash from operations. Free cash flow growth is positive, indicating improved cash generation. The ratios of operating and free cash flow to net income are healthy, demonstrating efficient cash conversion from profits.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	249.47M	457.00K	276.28M	184.90M	84.15M	121.85M
Gross Profit	67.52M	-5.34M	177.28M	225.73M	129.37M	100.16M
EBITDA	144.56M	147.97M	116.40M	86.61M	101.34M	47.65M
Net Income	46.18M	119.36M	66.31M	35.51M	53.37M	26.93M
Balance Sheet
Total Assets	960.09M	938.89M	787.85M	1.15B	979.25M	486.79M
Cash, Cash Equivalents and Short-Term Investments	62.66M	55.48M	61.62M	101.88M	136.76M	52.10M
Total Debt	74.47M	28.24M	24.34M	57.02M	38.02M	23.61M
Total Liabilities	164.23M	145.27M	124.64M	512.86M	377.90M	116.17M
Stockholders Equity	795.86M	793.62M	663.21M	633.27M	601.35M	370.62M
Cash Flow
Free Cash Flow	106.84M	96.63M	51.28M	44.56M	119.86M	34.25M
Operating Cash Flow	111.27M	100.25M	57.99M	56.47M	123.74M	35.79M
Investing Cash Flow	-105.04M	-92.92M	-34.88M	-92.79M	-64.88M	12.52M
Financing Cash Flow	1.61M	-14.37M	-28.13M	-2.82M	2.63M	-22.92M

Navigator Global Investments Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.39
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NGI, the sentiment is Negative. The current price of 2.39 is below the 20-day moving average (MA) of 2.75, below the 50-day MA of 2.94, and above the 200-day MA of 2.34, indicating a neutral trend. The MACD of -0.18 indicates Positive momentum. The RSI at 28.79 is Positive, neither overbought nor oversold. The STOCH value of 11.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:NGI.

Navigator Global Investments Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RPL	79 Outperform	AU$1.06B	8.64	5.73%	4.92%	21.81%	-43.93%
EQT	69 Neutral	AU$537.98M	7.80	8.50%	4.63%	4.26%	79.41%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
AEF	64 Neutral	AU$542.97M	10.53	58.10%	2.70%	18.80%	74.51%
NGI	61 Neutral	AU$1.13B	-61.86	16.39%	1.50%	29.98%	39.74%
PPS	52 Neutral	AU$355.85M	9.65	15.42%	2.81%	24.56%	59.32%

Navigator Global Investments Ltd Corporate Events

Navigator Global lifts half-year profit on AUM and fee growth but warns of softer FY26 earnings

Navigator Global Investments reported a 17% rise in adjusted EBITDA to USD48.2 million for the half year to 31 December 2025, alongside a 5% increase in ownership-adjusted assets under management to USD29 billion. Revenue grew 17% to USD108.3 million, driven by higher management fees across both business segments and strong risk-adjusted performance at Lighthouse Investment Partners, which lifted performance fees even as NGI Strategic’s performance fees normalized after an exceptionally strong prior year.

The group highlighted a flexible balance sheet and significant cash flow to support acquisitive growth, underpinned by consistently growing underlying management fees and a higher three-year rolling average of performance fee revenue. However, management flagged that FY26 earnings are expected to be lower than FY25 due to unusually strong profit distributions from NGI Strategic in the second half of FY25, signaling a return to more sustainable earnings levels for stakeholders.

The most recent analyst rating on (AU:NGI) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on Navigator Global Investments Ltd stock, see the AU:NGI Stock Forecast page.

Navigator Global Swings to Loss Despite Higher Revenue as It Halts Dividends for Growth Push

Navigator Global Investments reported a 19% rise in revenue to $175.5 million for the six months to 31 December 2025, but swung to a net loss of $4.3 million as statutory EBITDA fell 77%. The loss was driven by reductions in the fair value of investments, although adjusted EBITDA, which strips out non-operating items, rose 17% to $48.2 million on strong performance fee income from its wholly owned U.S. unit.

Basic earnings per share fell to a loss of 0.78 cents, yet net tangible assets per share increased to 140.24 U.S. cents from 126.47 cents a year earlier, underscoring balance sheet strength. The board has suspended future dividends after the September 2025 payout to redirect capital toward acquiring new alternative asset management partnerships, signalling a strategic focus on growth and longer-term shareholder value over near-term income.

The most recent analyst rating on (AU:NGI) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on Navigator Global Investments Ltd stock, see the AU:NGI Stock Forecast page.

Navigator Global to Host Webcast on 2026 Interim Results

Navigator Global Investments Limited will host a live webcast to present its 2026 interim financial results, offering investors and analysts an opportunity to hear management discuss the company’s performance and outlook. The event will be streamed online on 23 February 2026, with an archived version available on the company’s website, and participants can pre-register for streamlined access and join a conference call to ask questions, underscoring Navigator’s efforts to maintain active engagement and transparency with stakeholders.

The most recent analyst rating on (AU:NGI) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on Navigator Global Investments Ltd stock, see the AU:NGI Stock Forecast page.

Navigator Global Holds AUM Steady as Performance and Private Markets Drive Growth

Navigator Global Investments reported that its ownership-adjusted assets under management held steady at USD29 billion at 31 December 2025, up 7% year-on-year, while total firm-level AUM dipped 3.2% in the quarter to USD83.7 billion but remained 6.6% higher over 12 months. The quarter was marked by strong absolute and relative investment performance across partner firms amid volatile markets, record AUM of USD17.3 billion at Lighthouse Partners driven by outperforming hedge fund strategies, and continued expansion in NGI Strategic’s private markets platform, whose AUM rose 7.1% in the quarter and 50% over the year, even as the sale of US private credit manager Bardin Hill to Man Group temporarily reduced reported AUM. Management highlighted sustained demand from institutional and global private wealth clients for alternative strategies, suggesting that robust performance and higher AUM should support fee revenue growth and reinforce NGI’s positioning in the alternatives sector ahead of its interim results in February 2026.

The most recent analyst rating on (AU:NGI) stock is a Buy with a A$3.85 price target. To see the full list of analyst forecasts on Navigator Global Investments Ltd stock, see the AU:NGI Stock Forecast page.

Navigator Global Investments Director Increases Shareholding

Navigator Global Investments Ltd announced a change in the director’s interest, with Nicola Meaden Grenham acquiring 20,000 additional ordinary shares through an on-market trade, increasing her total holdings to 109,768 shares. This acquisition reflects a significant personal investment by a key director, which may indicate confidence in the company’s future performance and could positively influence stakeholder perceptions.

The most recent analyst rating on (AU:NGI) stock is a Buy with a A$3.45 price target. To see the full list of analyst forecasts on Navigator Global Investments Ltd stock, see the AU:NGI Stock Forecast page.

Navigator Global Investments Director Acquires New Shares

Navigator Global Investments Limited announced a change in the director’s interest, with Roger Andrew Davis acquiring 50,000 ordinary fully paid shares through an on-market trade. This acquisition, valued at AUD 148,424.10, reflects a strategic move that could influence the company’s governance and potentially impact shareholder confidence and market perception.

The most recent analyst rating on (AU:NGI) stock is a Buy with a A$3.45 price target. To see the full list of analyst forecasts on Navigator Global Investments Ltd stock, see the AU:NGI Stock Forecast page.