Navios Maritime Partners (NMM)
NYSE:NMM
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Navios Maritime Partners
(NYSE:NMM)
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Rating:70Outperform
Price Target:
$65.00
â–²(17.27% Upside)
Action:ReiteratedDate:03/16/26
The score is supported primarily by an attractive valuation (low P/E and very high yield) and a constructive earnings-call outlook with strong contracted revenue coverage and ongoing capital returns. Offsetting this are weaker financial quality signals—especially volatile/negative free cash flow and rising debt—plus near-term technical weakness despite a still-positive longer-term trend.
Positive Factors
Fleet Modernization
A modern fleet with a lower average age than the industry standard enhances operational efficiency and competitiveness, supporting long-term growth.
Negative Factors
Increased Leverage
Higher leverage can increase financial risk, potentially impacting the company's ability to invest in growth and manage economic downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Fleet Modernization
A modern fleet with a lower average age than the industry standard enhances operational efficiency and competitiveness, supporting long-term growth.
Read all positive factors
Navios Maritime Partners (NMM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.87B
Dividend Yield0.39%
Average Volume (3M)207.99K
Price to Earnings (P/E)3.3
Beta (1Y)1.23
Revenue Growth-1.33%
EPS Growth-33.66%
CountryUS
Employees186
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)3.40
Shares Outstanding28,546,011
10 Day Avg. Volume238,605
30 Day Avg. Volume207,987
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 Cap2.11
Enterprise Value/Revenue2.93
Enterprise Value/Gross Profit4.51
Enterprise Value/Ebitda5.33
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)13.26
Revenue Forecast (FY)$1.41B
Navios Maritime Partners Business Overview & Revenue Model
Company Description
Navios 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 petr...
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:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call conveyed a solid operational and financial performance for Q4 2025 with notable revenue and TCE improvements, strong quarterly profitability, increased distributions and active capital returns via buybacks. The company emphasized fleet modernization, high contracted revenue coverage (71%) and improved liquidity. Offsetting items include a net LTV that remains above target (30.9%), modest full-year profitability headwinds from higher depreciation and interest costs, rising operating expenses, delivery and financing commitments for newbuilds, and material industry geopolitical risks. On balance the positives (strong quarter, distribution increase, contracted coverage, active buybacks and fleet renewal) outweigh the negatives, though execution risks and market/geopolitical uncertainty remain.Positive Updates
Strong Quarterly and Annual Profitability
Reported Q4 2025 net income of $117.3 million and EBITDA of $224.8 million; FY 2025 net income of $285.3 million and EBITDA of $744.6 million; Q4 earnings per common unit $3.99 and FY earnings per common unit $9.59.
Negative Updates
Net LTV Still Above Target
Net loan-to-value was 30.9% at year-end, above the stated target range of 20%–25%, although management is actively reducing LTV and targeting further improvement.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Quarterly and Annual Profitability
Reported Q4 2025 net income of $117.3 million and EBITDA of $224.8 million; FY 2025 net income of $285.3 million and EBITDA of $744.6 million; Q4 earnings per common unit $3.99 and FY earnings per common unit $9.59.
Read all positive updates
Company Guidance
The company guided that it has strong 2026 revenue visibility with roughly 71% of available days fixed (leaving 15,565 days, ~29%, open or index-linked), having secured contracted revenue of about $3.8 billion (slide reference $3.75B) that exceeds estimated total cash operating costs by roughly $172.7 million, fixed days at a net average of $26,865/day, and $261 million of new charter commitments YTD; it reiterated a 20% increase in the annual distribution to $0.24 per unit (funded mainly by unit repurchases), noted net LTV at 30.9% with a target range of 20–25%, available liquidity of $580 million ($413M cash + $167M revolver), fleet metrics of 171 vessels with average age 9.6 years (vs industry 13.5) and fleet value including newbuilds of $8.8 billion (net vessel equity ~$4.1B), a newbuilding program of 26 vessels costing ~$1.9B with ~$197M equity to pay, and continued capital returns after repurchasing 1.6 million units for ~$73 million (reducing outstanding units by 5.3% and leaving ~$27M authorization capacity), all while targeting to exceed cash breakeven and maintain buybacks/dividends as LTV and market opportunities permit.Navios Maritime Partners Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.34B | 1.33B | 1.31B | 1.21B | 713.17M |
| Gross Profit | 867.45M | 882.00M | 859.39M | 829.32M | 534.96M |
| EBITDA | 739.98M | 736.77M | 717.24M | 684.77M | 430.61M |
| Net Income | 285.33M | 359.87M | 424.97M | 567.66M | 505.86M |
Balance Sheet | |||||
| Total Assets | 5.93B | 5.67B | 5.15B | 4.90B | 3.62B |
| Cash, Cash Equivalents and Short-Term Investments | 413.45M | 282.45M | 287.38M | 157.81M | 159.47M |
| Total Debt | 2.37B | 1.42B | 1.31B | 1.39B | 1.14B |
| Total Liabilities | 2.59B | 2.57B | 2.38B | 2.55B | 1.85B |
| Stockholders Equity | 3.28B | 3.11B | 2.77B | 2.34B | 1.74B |
Cash Flow | |||||
| Free Cash Flow | -35.99M | -523.65M | 95.30M | -104.24M | -1.71M |
| Operating Cash Flow | 504.99M | 483.48M | 560.32M | 506.34M | 277.17M |
| Investing Cash Flow | -348.05M | -782.13M | -253.01M | -316.24M | -106.25M |
| Financing Cash Flow | -53.76M | 349.26M | -233.22M | -184.45M | -32.20M |
Navios Maritime Partners Technical Analysis
Positive
55.43
Price Trends
62.87
Positive
57.39
Positive
50.45
Positive
Market Momentum
0.62
Positive
57.52
Neutral
76.43
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 55.43 is below the 20-day moving average (MA) of 66.74, below the 50-day MA of 62.87, and above the 200-day MA of 50.45, indicating a bullish trend. The MACD of 0.62 indicates Positive momentum. The RSI at 57.52 is Neutral, neither overbought nor oversold. The STOCH value of 76.43 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $1.37B | 3.00 | 24.76% | 6.16% | 7.13% | 23.37% | |
81 Outperform | $2.08B | 3.51 | 13.56% | 3.64% | 3.82% | -13.73% | |
72 Outperform | $2.09B | 5.21 | 16.86% | 2.94% | -29.82% | -16.77% | |
70 Outperform | $1.87B | 3.29 | 8.85% | 0.39% | -1.33% | -33.66% | |
69 Neutral | $996.31M | 13.01 | -0.49% | 4.04% | -24.58% | -110.22% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $2.66B | 26.26 | 3.46% | 1.59% | -13.87% | -82.48% |
* Industrials Sector Average
NMM
Navios Maritime Partners
68.28
28.86
73.22%
CMRE
Costamare
17.49
10.33
144.34%
DAC
Danaos
116.10
38.43
49.48%
GNK
Genco Shipping
23.00
10.28
80.77%
GSL
Global Ship Lease
39.45
17.77
81.92%
SBLK
Star Bulk Carriers
23.39
7.70
49.05%
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.