Navigator Holdings Ltd (NVGS)
NYSE:NVGS
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Navigator Holdings
(NYSE:NVGS)
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Rating:75Outperform
Price Target:
$26.00
â–²(26.64% Upside)
Action:Reiterated
Date:05/10/26
The score is driven primarily by improved profitability and solid free cash flow, reinforced by a constructive earnings outlook and shareholder-friendly capital returns. Valuation is supportive with a low P/E. These positives are tempered by elevated momentum readings (overbought risk), mixed recent revenue growth, and higher leverage versus 2024.
Positive Factors
Strong cash generation
Navigator’s trailing‑twelve‑month operating cash flow (~$188M) and free cash flow (~$141M, ~75% of net income) show durable cash conversion. This consistent cash generation underpins dividends, buybacks, newbuild funding and debt servicing, providing a structural buffer through shipping cycles.
Negative Factors
Elevated leverage & scheduled amortization
Leverage has increased compared with 2024 and net debt/EBITDA (~2.5x) plus recurring amortization and ~$54M of near‑term balloons constrain balance‑sheet flexibility. Sustained higher debt loads raise refinancing and liquidity risk if shipping rates soften over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Navigator’s trailing‑twelve‑month operating cash flow (~$188M) and free cash flow (~$141M, ~75% of net income) show durable cash conversion. This consistent cash generation underpins dividends, buybacks, newbuild funding and debt servicing, providing a structural buffer through shipping cycles.
Read all positive factors
Navigator Holdings Key Performance Indicators (KPIs)
Any
Fleet Utilization Rate
Calculates the share of available days that were earning revenue (earning days ÷ available days). A high utilization rate signals strong demand and better revenue conversion from the fleet, while a low rate warns of idle ships and pressure on freight rates.
Calculates the share of available days that were earning revenue (earning days ÷ available days). A high utilization rate signals strong demand and better revenue conversion from the fleet, while a low rate warns of idle ships and pressure on freight rates.
Data provided by:
The Fly
The FlyNavigator Holdings (NVGS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.34B
Dividend Yield1.27%
Average Volume (3M)458.99K
Price to Earnings (P/E)13.0
Beta (1Y)0.96
Revenue Growth-1.33%
EPS Growth28.23%
CountryUS
Employees174
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)1.64
Shares Outstanding61,721,878
10 Day Avg. Volume524,283
30 Day Avg. Volume458,994
Financial Highlights & Ratios
PEG Ratio0.48
Price to Book (P/B)0.95
Price to Sales (P/S)1.99
P/FCF Ratio17.70
Enterprise Value/Market Cap1.53
Enterprise Value/Revenue3.55
Enterprise Value/Gross Profit9.87
Enterprise Value/Ebitda7.11
Forecast
1Y Price Target
$26.00Price Target Upside26.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)2.06
Revenue Forecast (FY)$527.80M
Navigator Holdings Business Overview & Revenue Model
Company Description
Navigator Holdings Ltd. owns and operates a fleet of liquefied gas carriers worldwide. The company provides international and regional seaborne transportation services of liquefied petroleum gas, petrochemical gases, and ammonia for energy compani...
How the Company Makes Money
Navigator primarily makes money by chartering its liquefied gas carriers to customers and earning shipping revenue for transporting liquefied gas cargoes. Its main revenue stream is vessel operating revenue generated under charter arrangements, wh...
Navigator Holdings Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive picture driven by record net income, record terminal throughput, improving utilization, disciplined capital returns (increased payout and buybacks), attractive newbuild financing, and solid liquidity and balance sheet metrics. The main negatives were modest TCE softness in Q1 (largely due to revenue timing), higher one-off G&A, seasonal/technical constraints at the terminal for sustaining peak monthly volumes, and contingency around the completion of the Unigas sale. On balance, the favorable structural demand tailwinds (North American ethane/ethylene competitiveness), recurring strong cash generation, and active capital allocation materially outweigh the headwinds.Positive Updates
Record Quarterly Net Income and EPS
Net income was a record $36.0 million (management) / $35.5 million (reported) for Q1 2026, or $0.55 per share, the highest quarterly net income in company history.
Negative Updates
Slight Softness in Average TCE
Average TCE for Q1 2026 was $29,684/day, down ~3.1% vs Q4 2025 ($30,647) and down ~2.6% vs Q1 2025 ($30,476); management attributes much of the softness to U.S. GAAP quarter-end revenue recognition timing with more voyage-chartered vessels loading into Q2.
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Q1-2026 Updates
Positive
Negative
Record Quarterly Net Income and EPS
Net income was a record $36.0 million (management) / $35.5 million (reported) for Q1 2026, or $0.55 per share, the highest quarterly net income in company history.
Read all positive updates
Company Guidance
Guidance highlighted that Q2 is expected to be stronger than Q1 with both TCE and utilization above Q1 levels (Q1 average TCE $29,684/day; Q1 utilization 90.6%; April utilization >95%), and that the ethylene terminal should set new Q2 throughput records after Q1 throughput of 300,537 tonnes (March ~150k t, April ~151k, May ~160k expected versus 130k tpm nameplate). Financially, Q1 produced record net income of roughly $35.5–36.0m ($0.55/sh), EBITDA $80.3m (adjusted $65.9m); available liquidity was $241m (or $291m including undrawn RCF, ~$310–360m as of May 4); net debt/LTM adjusted EBITDA 2.5x; loan-to-fleet value ≈32% (below 30% incl. terminal); 2026 all‑in cash breakeven ~$21,230/vessel/day; ~$17–18m annual EBITDA sensitivity per $1,000 TCE. Management expects financing for all six newbuilds by end‑Q2 (first facility priced at +150bps over SOFR), will increase capital returns to 35% of net income from Q2 (Q1 fixed dividend $0.07/sh; Q2 planned return $10.6m = $4.3m dividend + $6.3m buybacks), and intends to deploy vessel-sale and Unigas proceeds (~$183m gross / ~$129m net) toward buybacks, debt paydown and growth.Navigator Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 576.17M | 586.96M | 566.68M | 550.74M | 473.79M | 406.48M |
| Gross Profit | 206.98M | 176.57M | 319.50M | 170.51M | 88.92M | 93.95M |
| EBITDA | 287.24M | 274.72M | 270.42M | 264.71M | 209.26M | 88.77M |
| Net Income | 108.55M | 100.12M | 85.57M | 82.25M | 53.47M | -30.96M |
Balance Sheet | ||||||
| Total Assets | 2.26B | 2.28B | 2.18B | 2.20B | 2.10B | 2.16B |
| Cash, Cash Equivalents and Short-Term Investments | 199.61M | 204.87M | 130.46M | 149.58M | 146.56M | 123.89M |
| Total Debt | 902.97M | 903.05M | 607.20M | 736.73M | 810.54M | 920.50M |
| Total Liabilities | 1.03B | 1.02B | 934.26M | 969.61M | 923.33M | 1.04B |
| Stockholders Equity | 1.20B | 1.23B | 1.21B | 1.19B | 1.16B | 1.11B |
Cash Flow | ||||||
| Free Cash Flow | 140.50M | 65.89M | 169.12M | -17.26M | 84.54M | 94.40M |
| Operating Cash Flow | 188.24M | 219.49M | 210.52M | 174.70M | 130.31M | 97.94M |
| Investing Cash Flow | 41.54M | -94.93M | -100.99M | -176.48M | 35.64M | 33.06M |
| Financing Cash Flow | -169.77M | -58.21M | -126.01M | 6.81M | -134.14M | -66.09M |
Navigator Holdings Technical Analysis
Positive
20.53
Price Trends
21.17
Positive
20.05
Positive
18.22
Positive
Market Momentum
0.35
Positive
41.77
Neutral
4.69
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NVGS, the sentiment is Positive. The current price of 20.53 is below the 20-day moving average (MA) of 22.98, below the 50-day MA of 21.17, and above the 200-day MA of 18.22, indicating a neutral trend. The MACD of 0.35 indicates Positive momentum. The RSI at 41.77 is Neutral, neither overbought nor oversold. The STOCH value of 4.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NVGS.
Navigator Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $2.44B | 5.70 | 21.40% | 3.72% | -2.29% | 31.43% | |
82 Outperform | $1.72B | 8.85 | 17.91% | 13.08% | 36.27% | 109.57% | |
78 Outperform | $2.63B | 7.93 | 29.14% | 6.12% | 4.66% | 85.89% | |
75 Outperform | $1.34B | 12.98 | 8.94% | 1.27% | -1.33% | 28.23% | |
71 Outperform | $1.63B | 21.30 | 10.36% | 12.31% | -4.20% | -26.95% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $5.05B | 43.73 | 7.49% | 2.68% | 81.68% | 5160.46% |
* Energy Sector Average
NVGS
Navigator Holdings
21.70
7.74
55.49%
DHT
DHT Holdings
16.32
5.80
55.09%
GLNG
Golar LNG
49.75
9.02
22.15%
TNK
Teekay Tankers
70.35
26.16
59.22%
LPG
Dorian LPG
40.22
20.77
106.77%
FLNG
FLEX LNG
29.77
8.59
40.54%
Navigator Holdings Corporate Events
Navigator Holdings Files Q1 2026 Form 6-K Highlighting Market Risks and Strategic Initiatives
May 6, 2026
Navigator Holdings Ltd. has filed its Form 6-K report for the quarter ended March 31, 2026, providing management’s discussion and analysis of financial condition and results, along with unaudited condensed consolidated financial statements. ...
Navigator Gas Signs LOI to Sell Eight Gas Vessels and Exit Unigas Joint Venture
Apr 15, 2026
On April 14, 2026, Navigator Gas signed a non-binding letter of intent to sell eight handysize liquefied gas carriers and its stake in the Unigas International joint venture to Bernhard Schulte and Sloman Neptun for about $183 million. The vessels...
Navigator Holdings Closes 8 Million-Share Secondary Offering and Buys Back 3.5 Million Shares
Mar 23, 2026
Navigator Holdings, through its Navigator Gas brand, is a leading owner and operator of handysize liquefied gas carriers, moving petrochemical gases such as ethylene, ethane, LPG and ammonia worldwide. It also owns a 50% interest in an ethylene ex...
Navigator Holdings Prices Upsized 8 Million-Share Secondary Offering and Launches Concurrent Buyback
Mar 20, 2026
On March 20, 2026, Navigator Holdings announced that selling shareholder BW Group Limited had upsized and priced a secondary public offering of 8,000,000 Navigator common shares at $17.50 each. The company itself is not issuing new stock or receiv...
Navigator Gas Shareholder Launches 7 Million-Share Secondary Offering as Company Plans Concurrent Buyback
Mar 19, 2026
On March 19, 2026, Navigator Gas reported that major shareholder BW Group Limited launched a secondary public offering of 7,000,000 Navigator common shares, with all proceeds going to the selling shareholder rather than the company. The transactio...
Navigator Holdings Secures $133.7 Million Loan to Finance Two New Ethylene Gas Carriers
Mar 3, 2026
On March 2, 2026, Navigator Holdings’ subsidiaries Navigator Parsec and Navigator Pleione secured a senior secured pre- and post-delivery term loan facility of up to $133.77 million from a banking syndicate led by ABN AMRO, Crédit Agric...
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.