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Navios Maritime Partners (NMM)
NYSE:NMM
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Navios Maritime Partners
(NYSE:NMM)
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Rating:79Outperform
Price Target:
$53.00
â–²(9.57% Upside)
Navios Maritime Partners receives a strong overall score driven by robust financial performance and attractive valuation. The technical analysis supports a positive outlook, though investors should be aware of potential overbought conditions. The earnings call further reinforces the company's strategic direction and effective management, despite some challenges.
Positive Factors
Fleet Expansion and Modernization
Investing in modern vessels enhances operational efficiency and competitiveness, positioning the company for future growth in the shipping industry.
Strong Cash Generation
Strong cash generation supports financial flexibility, enabling the company to invest in growth opportunities and manage debt effectively.
Strategic Risk Management
Proactive risk management minimizes potential losses and ensures compliance, maintaining operational stability and protecting long-term profitability.
Negative Factors
Decline in Revenue
A decline in revenue may indicate challenges in maintaining market share or pricing power, potentially impacting future growth and profitability.
Increased Operating Expenses
Rising operating expenses can pressure margins and reduce profitability, necessitating cost control measures to sustain financial health.
Challenges in the Dry Bulk Sector
Weakness in the dry bulk sector could affect demand for shipping services, impacting revenue and profitability in this segment.
Navios Maritime Partners (NMM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.37B
Dividend Yield0.42%
Average Volume (3M)116.36K
Price to Earnings (P/E)4.8
Beta (1Y)1.03
Revenue Growth-0.47%
EPS Growth-22.23%
CountryUS
Employees186
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)2.15
Shares Outstanding28,932,657
10 Day Avg. Volume107,960
30 Day Avg. Volume116,359
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap2.35
Enterprise Value/Revenue2.42
Enterprise Value/Gross Profit3.65
Enterprise Value/Ebitda4.46
Forecast
1Y Price Target
$53.00Price Target Upside9.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering0
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:Aug 21, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong financial performance, strategic fleet expansion, effective risk management, and a solid return of capital to shareholders. However, there were notable challenges including a decline in revenue, increased operating expenses, decreased net income, and challenges in the dry bulk sector. Despite these lowlights, the positive aspects such as fleet modernization, increased TCE rates for containers, and effective debt management suggest a mostly favorable outlook.Q2-2025 Updates
Positive Updates
Strong Financial Performance
Navios Maritime Partners reported revenue of $327.6 million, EBITDA of $178.2 million, and net income of $69.9 million for the second quarter of 2025. Earnings per common unit were $2.34.
Fleet Expansion and Modernization
The company acquired 2 new Aframax LR2 tankers for $133 million, with expected delivery in 2027. Additionally, they took delivery of a new Aframax LR2 tanker fixed for $27,446 net per day for the next 5 years.
Effective Risk Management
Swift action was taken in response to OFAC sanctions, terminating contracts for 2 VLCCs and redeploying them into a healthy spot market.
Capital Return to Shareholders
Navios returned $30.8 million to shareholders through dividends and unit repurchases, with $47.2 million still available for further repurchases.
TCE Increase for Container Fleet
The Time Charter Equivalent (TCE) rate for the container fleet increased by 3.6% to $31,316 per day in Q2 2025.
Debt Management and Hedging
29% of debt and bareboat liabilities have fixed interest rates, and the average margin for drawn floating rate debt and bareboat liabilities reduced to 1.9%.
Negative Updates
Decline in Revenue and TCE Rates
Total revenue for Q2 2025 decreased by 4.3% compared to Q2 2024. Combined TCE rate decreased by 1.5% to $23,040 per day.
Increased Operating Expenses
General and administrative expenses increased by $3 million, and vessel operating expenses increased by $9 million due to a 5.6% increase in OpEx days and a 4.5% increase in the combined OpEx rate.
Decreased Net Income
Adjusted net income for Q2 2025 was $64 million, a decrease from $94 million in Q2 2024.
Challenges in the Dry Bulk Sector
The Baltic Dry Index average declined by 30% in the first half of 2025 compared to the first half of 2024.
Company Guidance
During the second quarter of 2025 earnings call for Navios Maritime Partners, the company reported revenue of $327.6 million, EBITDA of $178.2 million, and net income of $69.9 million, with earnings per common unit at $2.34. Navios Partners has a fleet of 173 vessels with an average age of 10 years, spread across three segments and 15 asset classes. The company ended the quarter with $389 million in cash and a net loan-to-value (LTV) ratio of 35.3%. They generated $96 million from selling three vessels and purchased two Aframax LR2 tankers for $133 million, expected to be delivered in 2027. For the remaining six months of 2025, contracted revenue is projected to exceed estimated total cash expenses by $56 million, with 6,838 open and index days offering significant cash-generating opportunities. The company paid a $0.20 dividend per unit annually and repurchased 716,575 common units for $27.8 million, returning a total of $30.8 million in 2025. Additionally, they maintained a strong revenue backlog of $3.1 billion, with an emphasis on addressing market uncertainties and managing interest rate risks.Navios Maritime Partners Financial Statement Overview
Summary
Navios Maritime Partners demonstrates strong financial performance with significant revenue growth and high gross profit margins. The balance sheet is healthy with a balanced capital structure, though there is room for improvement in net profitability and asset investment.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
Neutral
48.37
Price Trends
44.81
Positive
41.70
Positive
41.27
Positive
Market Momentum
1.02
Positive
52.35
Neutral
45.70
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 48.37 is above the 20-day moving average (MA) of 47.90, above the 50-day MA of 44.81, and above the 200-day MA of 41.27, indicating a neutral trend. The MACD of 1.02 indicates Positive momentum. The RSI at 52.35 is Neutral, neither overbought nor oversold. The STOCH value of 45.70 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
Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | 1.47B | 5.17 | 12.73% | 3.71% | -7.24% | -16.39% | |
81 Outperform | 1.14B | 2.98 | 23.89% | 6.03% | 4.43% | 17.82% | |
80 Outperform | 1.70B | 3.82 | 12.79% | 3.67% | 5.63% | -17.54% | |
79 Outperform | $1.37B | 4.81 | 9.89% | 0.42% | -0.47% | -22.23% | |
74 Outperform | 2.19B | 18.11 | 12.28% | 3.99% | 2.95% | -61.74% | |
58 Neutral | 1.05B | 30.21 | 3.40% | 12.78% | 3.51% | -74.09% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
Performance Comparison
NMM
Navios Maritime Partners
48.37
-14.51
-23.08%
CMRE
Costamare
12.22
1.17
10.59%
DAC
Danaos
92.72
10.65
12.98%
GNK
Genco Shipping
19.26
1.48
8.32%
GSL
Global Ship Lease
32.32
8.60
36.26%
SBLK
Star Bulk Carriers
19.79
-1.94
-8.93%
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.