Navios Maritime Partners (NMM)
NYSE:NMM
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Navios Maritime Partners
(NYSE:NMM)
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Rating:82Outperform
Price Target:
$86.00
â–²(55.15% Upside)
Action:Reiterated
Date:05/25/26
The score is driven primarily by solid financial performance (strong profitability and conservative leverage) and very attractive valuation (low P/E and high dividend yield). Supportive earnings-call fundamentals (record backlog and strong forward visibility) further strengthen the outlook, while the technical picture is positive but moderate. The main constraints are cyclical margin normalization and historically volatile free-cash-flow conversion.
Positive Factors
Strong Profitability & Margins
Sustained high TTM margins indicate durable operating leverage in chartering and efficient cost control, supporting cash generation capacity. Robust EBITDA margins provide buffer through shipping cycles, enabling debt repayment, capex funding and maintenance of distributions even if spot rates soften.
Negative Factors
Leverage Still Above Target
Net LTV remaining above target signals ongoing balance‑sheet repair is needed; until achieved the partnership faces constrained financial flexibility. Elevated LTV can limit covenant headroom, raise refinancing risk on newbuilds and force asset sales or slower buybacks under adverse markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability & Margins
Sustained high TTM margins indicate durable operating leverage in chartering and efficient cost control, supporting cash generation capacity. Robust EBITDA margins provide buffer through shipping cycles, enabling debt repayment, capex funding and maintenance of distributions even if spot rates soften.
Read all positive factors
Navios Maritime Partners (NMM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.11B
Dividend Yield0.39%
Average Volume (3M)149.23K
Price to Earnings (P/E)6.1
Beta (1Y)1.12
Revenue Growth5.87%
EPS Growth8.14%
CountryUS
Employees186
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)11.87
Shares Outstanding28,546,011
10 Day Avg. Volume117,992
30 Day Avg. Volume149,233
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)0.48
Price to Sales (P/S)1.16
P/FCF Ratio-43.35
Enterprise Value/Market Cap1.91
Enterprise Value/Revenue2.89
Enterprise Value/Gross Profit4.39
Enterprise Value/Ebitda4.87
Forecast
1Y Price Target
$85.00Price Target Upside53.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)16.18
Revenue Forecast (FY)$1.42B
Navios Maritime Partners Business Overview & Revenue Model
Company Description
Navios Maritime Partners L.P. is a company that manages and possesses vessels specialized in dry cargo, delivering vital marine shipping solutions across global markets including Asia, Europe, North America, and Australia. The firm facilitates the...
How the Company Makes Money
NMM makes money by monetizing the earning capacity of its vessel fleet through chartering and related maritime services.
1) Time charter revenue (contracted daily hire): A significant portion of NMM’s revenue is generated by leasing vessels to cu...
Navios Maritime Partners Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial picture: rising revenues (+17%), materially higher TCE rates (+21% combined, with sector strengths up to +39%), record contracted backlog ($4.1B, +16%), successful fleet modernization and de-risked VLCC expansion, and improving balance sheet metrics (net LTV trending down to 28.3%, liquidity ~$593M). Lowlights were manageable and largely transitional: net LTV remains above the 20–25% target, ongoing newbuilding equity commitments (~$329M), modest reduction in available days (-3%), currency-driven G&A increases, and macro/geopolitical risks related to the Strait of Hormuz that could reverse current tailwinds. On balance, highlights substantially outweigh the lowlights given strong near-term contracted cash flows, significant backlog, and active capital allocation/renewal strategy.Positive Updates
Strong Quarterly Profitability
Reported net income of $106.3M and EBITDA of $212.7M for Q1 2026; adjusted EBITDA rose by $51M to $204M and adjusted net income increased by $15M to $98M.
Negative Updates
Net LTV Still Above Target
Net loan-to-value at quarter end was 28.3%, above the stated target range of 20–25%, though trending towards the goal by year-end per management commentary.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarterly Profitability
Reported net income of $106.3M and EBITDA of $212.7M for Q1 2026; adjusted EBITDA rose by $51M to $204M and adjusted net income increased by $15M to $98M.
Read all positive updates
Company Guidance
Management’s guidance emphasized strong forward visibility and balance‑sheet targets: Q1 results were revenue $357M, net income $106.3M, EBITDA $212.7M (adjusted EBITDA $204M) and EPS $3.64 with a $0.06 quarterly distribution, and a record contracted revenue backlog of $4.1B (up 16%, +~$549M — $483.5M tankers, $65.2M containerships) supporting an EBITDA run‑rate >$750M; the 173‑vessel fleet (avg age 9.1 yrs vs industry 13.7; tankers 5.5 yrs) and $9.7B fleet value (in‑water net vessel equity $4.6B) underpin 53,713 available days (80% fixed) and, for the remaining 9 months, 73% of days fixed at a net avg ~$27,859/day with 10,838 open/index days, leaving contracted revenue that exceeds estimated cash operating cost by ~$179.2M; balance sheet targets include reducing net LTV from 28.3% toward a 20–25% goal (management expects to reach it by year‑end), $593M liquidity (cash $421M + $172M undrawn facilities), 43% of debt fixed (~6.2% avg) and 51% of debt without LTV covenants, 55 debt‑free vessels, 26 newbuilds through 2029 representing $2.1B of investment (~$329M equity remaining), and recent portfolio actions (acquired 4 VLCCs for $482M chartered at ~$47,763/day capturing ~$357M contracted revenue, sold 5 vessels for ~$190M, repurchased 240,502 units for $15.6M — 5.8% of outstanding under a $100M program with ~$16.4M capacity remaining); management also noted options to add 4 more VLCCs if accretive and material upside from open/index days and market dislocations.Navios Maritime Partners Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.40B | 1.34B | 1.33B | 1.31B | 1.21B | 713.17M |
| Gross Profit | 919.38M | 867.45M | 882.00M | 859.39M | 829.32M | 534.96M |
| EBITDA | 828.83M | 769.05M | 780.94M | 837.35M | 896.99M | 682.59M |
| Net Income | 347.30M | 285.33M | 359.87M | 424.97M | 567.66M | 505.86M |
Balance Sheet | ||||||
| Total Assets | 6.01B | 5.93B | 5.67B | 5.15B | 4.90B | 3.62B |
| Cash, Cash Equivalents and Short-Term Investments | 421.19M | 413.45M | 282.45M | 287.38M | 157.81M | 159.47M |
| Total Debt | 2.38B | 2.37B | 1.42B | 1.31B | 1.39B | 1.14B |
| Total Liabilities | 2.57B | 2.59B | 2.57B | 2.38B | 2.55B | 1.85B |
| Stockholders Equity | 3.37B | 3.28B | 3.11B | 2.77B | 2.34B | 1.74B |
Cash Flow | ||||||
| Free Cash Flow | 213.02M | -35.99M | -523.65M | 95.30M | -104.24M | -1.71M |
| Operating Cash Flow | 480.17M | 504.99M | 483.48M | 560.32M | 506.34M | 277.17M |
| Investing Cash Flow | -376.87M | -348.05M | -782.13M | -253.01M | -316.24M | -106.25M |
| Financing Cash Flow | -13.47M | -53.76M | 349.26M | -233.22M | -184.45M | -32.20M |
Navios Maritime Partners Technical Analysis
Neutral
55.43
Price Trends
71.84
Positive
68.33
Positive
59.18
Positive
Market Momentum
0.49
Negative
49.97
Neutral
54.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NMM, the sentiment is Neutral. The current price of 55.43 is below the 20-day moving average (MA) of 72.57, below the 50-day MA of 71.84, and below the 200-day MA of 59.18, indicating a neutral trend. The MACD of 0.49 indicates Negative momentum. The RSI at 49.97 is Neutral, neither overbought nor oversold. The STOCH value of 54.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $2.11B | 6.09 | 10.67% | 0.39% | 5.87% | 8.14% | |
80 Outperform | $2.36B | 4.44 | 13.85% | 3.64% | 2.95% | 15.92% | |
79 Outperform | $1.39B | 3.53 | 21.99% | 6.16% | 7.07% | -0.61% | |
72 Outperform | $3.03B | 20.93 | 5.87% | 1.59% | -11.62% | -37.75% | |
71 Outperform | $1.02B | 60.46 | <0.01% | 4.04% | 2.22% | -63.61% | |
65 Neutral | $1.89B | 5.35 | 16.80% | 2.94% | -59.07% | 10.43% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
NMM
Navios Maritime Partners
72.39
31.77
78.19%
CMRE
Costamare
15.29
6.06
65.67%
DAC
Danaos
126.66
41.21
48.23%
GNK
Genco Shipping
23.33
10.49
81.77%
GSL
Global Ship Lease
37.98
12.96
51.80%
SBLK
Star Bulk Carriers
26.75
10.65
66.12%
Navios Maritime Partners Corporate Events
Navios Maritime Partners Lines Up $482 Million VLCC Order and Lists 2030 Bonds in Oslo
May 22, 2026
In May 2026, Navios Maritime Partners agreed to acquire four newbuilding scrubber-fitted VLCC tankers for $482 million, with deliveries scheduled for the second half of 2028 and each vessel fixed on roughly five-year charters at $47,763 per day pl...
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.