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Navios Maritime Partners (NMM)
NYSE:NMM
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Navios Maritime Partners
(NYSE:NMM)
Rating:74Outperform
Price Target:
$43.00
â–¼(-2.60% Downside)
Positive Factors
Earnings
Navios Maritime Partners reported strong quarterly results, with earnings per share and EBITDA exceeding market expectations.
Fleet Expansion
The company has expanded its fleet by taking delivery of four new ships, contributing to a robust charter backlog.
Free Cash Flow
Navios generates significant free cash flow, supported by its $3.65 billion revenue backlog, that justifies a much higher share price.
Negative Factors
Market Volatility
Despite strong performance, the volatile nature of the shipping markets poses a risk to more predictable earnings.
Valuation
Navios is still deeply undervalued from an asset value perspective but more importantly on free cash flow.
Navios Maritime Partners (NMM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.29B
Dividend Yield0.45%
Average Volume (3M)88.19K
Price to Earnings (P/E)4.0
Beta (1Y)1.05
Revenue Growth0.28%
EPS Growth-17.08%
CountryUS
Employees186
SectorIndustrials
Sector Strength85
IndustryMarine Shipping
Share Statistics
EPS (TTM)N/A
Shares Outstanding29,194,208
10 Day Avg. Volume105,482
30 Day Avg. Volume88,187
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap2.52
Enterprise Value/Revenue2.43
Enterprise Value/Gross Profit3.68
Enterprise Value/Ebitda4.49
Forecast
1Y Price Target
$43.00Price Target Upside-2.60% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Navios Maritime Partners Business Overview & Revenue Model
Company DescriptionNavios Maritime Partners L.P. owns and operates dry cargo vessels in Asia, Europe, North America, and Australia. The company offers seaborne transportation services for a range of liquid and dry cargo commodities, including crude oil, refined petroleum, chemicals, iron ore, coal, grain, fertilizer, and containers, as well as provides its vessels under short, medium, and longer-term charters. It operates a fleet of 26 Panamax vessels, 24 Capesize vessels, four Ultra-Handymax vessels, 47 containerships, and 45 tankers. Olympos Maritime Ltd. serves as the general partner of Navios Maritime Partners L.P. The company was founded in 2007 and is based in Monaco.
How the Company Makes MoneyNavios Maritime Partners generates revenue primarily through the leasing of its vessels to shipping companies under time charters and spot market contracts. The company earns revenue from long-term contracts which provide stable cash flows, as well as from spot charters that can offer higher rates during favorable market conditions. Key revenue streams include charter hire payments received for the use of its vessels, and the company benefits from strategic partnerships with major shipping lines and trading companies that require reliable transportation services. Additionally, Navios Maritime Partners may realize gains from vessel sales or acquisitions, depending on market conditions.
Navios Maritime Partners Earnings Call Summary
Earnings Call Date:Jul 23, 2025
(Q1-2025)
| % Change Since: 7.68%|
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted a strong contract backlog, positive cash flow outlook, and effective risk management strategies, but was tempered by decreased revenue and net income, alongside increased operating expenses and global trade uncertainties due to tariffs.Q1-2025 Updates
Positive Updates
Strong Contract Backlog
Navios Partners has a contract backlog of $3.4 billion, providing financial visibility and stability.
Positive Cash Flow Outlook
Contracted revenue exceeds total cash expenses by $12.5 million for the remaining nine months of 2025.
Fleet Modernization
Navios Partners is renewing its fleet with energy-efficient vessels, including new deliveries of dual-fuel containerships and tankers.
Capital Return to Shareholders
Navios Partners returned $17.6 million to shareholders through dividends and buybacks in 2025.
Interest Rate Risk Management
30% of the company’s long-term debt is hedged at a fixed interest rate of 5.5%.
Negative Updates
Revenue Decline
Total revenue for Q1 2025 decreased by 4.6% compared to the same period in 2024, primarily due to lower fleet time charter equivalent rates and available days.
Increased Operating Expenses
Vessel operating expenses increased by 4.8%, contributing to a decline in adjusted EBITDA.
Impact of Global Tariffs
The uncertainty due to U.S. tariffs and their impact on global trade, especially on containers, adds a layer of complexity to future operations.
Decreased Net Income
Adjusted net income for Q1 2025 decreased by $24 million compared to Q1 2024.
Company Guidance
During Navios Maritime Partners' First Quarter 2025 Earnings Conference Call, significant guidance and financial metrics were provided. For Q1 2025, Navios reported revenue of $304.1 million, EBITDA of $147.6 million, and net income of $41.7 million, with earnings per common unit at $1.38. The company highlighted a substantial contract backlog of $3.4 billion and noted that contracted revenue exceeds total cash expenses by $12.5 million for the remaining nine months of 2025. Navios also emphasized its strategic financial management, including maintaining $343 million in cash, a net loan-to-value (LTV) ratio of 35.2%, and managing interest rate risks through fixed cost financing, with 30% of long-term debt at a fixed interest rate of 5.5%. The fleet consists of 174 vessels with an average age of 9.9 years, and the company has been actively renewing its fleet, selling three older vessels and acquiring new ones. The call underscored the challenges presented by global economic uncertainties, such as U.S. tariffs and geopolitical tensions, while affirming Navios' focus on leveraging contracted income, maintaining liquidity, and optimizing capital allocation, including share repurchases and a dividend program.Navios Maritime Partners Financial Statement Overview
Summary
Navios Maritime Partners exhibits strong financial health with impressive revenue growth and a solid gross profit margin. However, the decrease in net profit margin and concerns about underinvestment in assets slightly temper the overall financial performance.Income Statement
Navios Maritime Partners has demonstrated significant revenue growth over the past few years, with an impressive increase from $226M in 2020 to over $1.33B in 2024. The gross profit margin improved substantially, reaching approximately 83.2% in 2024, indicating efficient cost management. The EBIT margin for 2024 stands at 50.7%, showcasing strong operating performance. However, net profit margin slightly decreased to 27.5% from 33.2% in the previous year, suggesting areas for improvement in net profitability.84
Very Positive
Balance Sheet
The company's balance sheet shows a healthy equity position with stockholders' equity increasing to $3.11B in 2024. The debt-to-equity ratio is 0.69, indicating a balanced capital structure. Return on equity (ROE) was 11.8% in 2024, suggesting good returns for shareholders. However, the equity ratio is at 54.8%, indicating moderate leverage which could be a potential risk if not managed carefully.78
Positive
Cash Flow
Operating cash flow remains robust at $483M in 2024, with a positive free cash flow of the same amount, reflecting strong cash generation capabilities. The free cash flow to net income ratio is 1.32, indicating efficient cash conversion. However, there was a decrease in operating cash flow from the previous year, and capital expenditure remains at zero, which may suggest underinvestment in asset growth or maintenance.72
Positive
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.33B | 1.31B | 1.21B | 713.17M | 226.77M |
| Gross Profit | 882.00M | 859.39M | 517.30M | 343.51M | 55.62M |
| EBITDA | 655.31M | 794.03M | 896.99M | 601.75M | 21.83M |
| Net Income | 367.31M | 433.64M | 579.25M | 293.50M | -37.54M |
Balance Sheet | |||||
| Total Assets | 5.67B | 5.15B | 4.90B | 3.62B | 1.21B |
| Cash, Cash Equivalents and Short-Term Investments | 282.45M | 287.38M | 157.81M | 159.47M | 30.73M |
| Total Debt | 2.37B | 2.13B | 1.17B | 1.06B | 486.86M |
| Total Liabilities | 2.57B | 2.38B | 2.55B | 1.85B | 552.44M |
| Stockholders Equity | 3.11B | 2.77B | 2.34B | -53.78M | 654.83M |
Cash Flow | |||||
| Free Cash Flow | -523.65M | 95.30M | -104.24M | -1.71M | 10.98M |
| Operating Cash Flow | 483.48M | 560.32M | 506.34M | 277.17M | 94.09M |
| Investing Cash Flow | -782.13M | -253.01M | -316.24M | -106.25M | -83.85M |
| Financing Cash Flow | 349.26M | -233.22M | -184.45M | -32.20M | -9.91M |
Navios Maritime Partners Technical Analysis
Positive
44.15
Price Trends
40.38
Positive
38.38
Positive
42.02
Positive
Market Momentum
1.22
Negative
62.96
Neutral
63.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NMM, the sentiment is Positive. The current price of 44.15 is above the 20-day moving average (MA) of 42.40, above the 50-day MA of 40.38, and above the 200-day MA of 42.02, indicating a bullish trend. The MACD of 1.22 indicates Negative momentum. The RSI at 62.96 is Neutral, neither overbought nor oversold. The STOCH value of 63.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NMM.
Navios Maritime Partners Risk Analysis
Navios Maritime Partners disclosed 81 risk factors in its most recent earnings report. Navios Maritime Partners reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Navios Maritime Partners Peers Comparison
Overall Rating
UnderperformOutperform
Sector (58)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $1.28B | 4.50 | 14.61% | 4.23% | -7.24% | -16.39% | |
81 Outperform | $1.09B | 2.85 | 26.40% | 6.11% | 4.43% | 17.82% | |
80 Outperform | $1.73B | 3.91 | 13.38% | 3.54% | 5.63% | -17.54% | |
76 Outperform | $2.17B | 17.52 | 5.11% | 7.66% | 2.95% | -61.74% | |
74 Outperform | $1.29B | 4.02 | 11.19% | 0.45% | 0.28% | -17.08% | |
69 Neutral | $1.32B | 21.93 | 5.09% | 11.76% | 6.68% | -57.55% | |
58 Neutral | HK$13.61B | 5.40 | -2.78% | 5.74% | 2.29% | -57.49% |
* Industrials Sector Average
Performance Comparison
NMM
Navios Maritime Partners
44.15
-1.11
-2.45%
CMRE
Costamare
10.87
0.86
8.59%
DAC
Danaos
94.50
15.45
19.54%
GSL
Global Ship Lease
30.68
5.67
22.67%
SFL
SFL Corporation
9.18
-1.05
-10.26%
SBLK
Star Bulk Carriers
18.79
-1.18
-5.91%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.