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Navigator Holdings (NVGS)
NYSE:NVGS
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Navigator Holdings
(NYSE:NVGS)
Select Model
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Rating:79Outperform
Price Target:
$20.00
â–²(11.17% Upside)
Navigator Holdings scores well due to strong financial performance and positive earnings call highlights, including record revenues and increased shareholder returns. Technical indicators support a bullish outlook, although geopolitical tensions and cost pressures present risks. The valuation is reasonable, supporting the overall positive assessment.
Positive Factors
Revenue Growth
The significant revenue growth indicates strong market demand and effective business operations, supporting long-term financial stability and expansion.
Strong Utilization and TCE Rates
High TCE rates and utilization reflect efficient fleet management and robust demand for services, enhancing profitability and competitive positioning.
Robust Financial Position
A strong cash position and liquidity provide financial flexibility, enabling strategic investments and resilience against market fluctuations.
Negative Factors
Declining Free Cash Flow
Reduced free cash flow may limit the company's ability to fund new projects or return capital to shareholders, impacting long-term growth prospects.
Increased Vessel Operating Expenses
Rising operating expenses can pressure profit margins, necessitating cost management to sustain profitability and competitive advantage.
Impact of Geopolitical Tensions
Geopolitical tensions affecting exports can disrupt revenue streams and market stability, posing long-term risks to business operations.
Navigator Holdings (NVGS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.25B
Dividend Yield1.22%
Average Volume (3M)318.98K
Price to Earnings (P/E)12.0
Beta (1Y)0.95
Revenue Growth2.46%
EPS Growth33.89%
CountryUS
Employees174
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.36
Shares Outstanding69,261,600
10 Day Avg. Volume302,374
30 Day Avg. Volume318,981
Financial Highlights & Ratios
PEG Ratio1.59
Price to Book (P/B)0.92
Price to Sales (P/S)1.95
P/FCF Ratio6.53
Enterprise Value/Market Cap1.44
Enterprise Value/Revenue3.10
Enterprise Value/Gross Profit7.34
Enterprise Value/Ebitda6.16
Forecast
1Y Price Target
$24.00Price Target Upside33.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Navigator Holdings Business Overview & Revenue Model
Company DescriptionNavigator Holdings Ltd. is a leading provider of international maritime transportation services, primarily focusing on the transportation of liquefied gases, including liquefied natural gas (LNG) and liquefied petroleum gas (LPG). The company operates a fleet of specialized vessels that facilitate the safe and efficient movement of these gases across global shipping routes. Navigator Holdings serves a diverse client base, including major energy and petrochemical companies, and is recognized for its commitment to safety and operational excellence in the maritime sector.
How the Company Makes MoneyNavigator Holdings generates revenue primarily through the chartering of its fleet of vessels, which transport liquefied gases for clients on a contractual basis. The company typically enters into time charters or voyage charters, allowing it to earn revenue based on the duration of the charter or the specific voyages undertaken. Key revenue streams include long-term contracts with major energy and petrochemical companies, which provide stable cash flow. Additionally, Navigator Holdings benefits from its strategic partnerships and relationships within the energy sector, enabling it to secure consistent business. Economic factors such as global demand for LNG and LPG, as well as fluctuations in shipping rates, also play a significant role in influencing the company's earnings.
Navigator Holdings Earnings Call Summary
Earnings Call Date:Nov 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 18, 2026
Earnings Call Sentiment Positive
The earnings call presented a strong performance in Q3 2025 with record revenues, increased shareholder returns, and robust financials. However, geopolitical tensions and tariff uncertainties continued to impact ethylene exports and softened rates. Despite these challenges, the company maintained high utilization and TCE rates, leading to an overall positive outlook.Q3-2025 Updates
Positive Updates
Record-Breaking Revenue and Growth
In Q3 2025, Navigator Holdings generated revenues of $153 million, up 18% from the previous quarter and 8% year-over-year. Achieved the highest EBITDA on record at $86 million and an adjusted EBITDA of $77 million. Net income attributable to stockholders was $33.2 million, the highest quarterly net income on record.
Increased Capital Return to Shareholders
Increased capital return from 25% to 30% of net income. Fixed dividend increased from $0.05 to $0.07 per share. Completed a $50 million share repurchase program, reducing outstanding shares significantly.
Strong Utilization and TCE Rates
Achieved average TCE rates of $30,966 per day, a 10-year high, with a utilization of 89.3%. September and October 2025 utilization were above 90%.
Robust Financial Position
Maintained a strong balance sheet with a cash position of $216 million and total liquidity of $308 million. Net debt to EBITDA ratio at a comfortable 2.6x.
Negative Updates
Impact of Geopolitical Tensions
Continued impact from trade turmoil, particularly from significantly lower ethylene exports from the U.S. to China due to geopolitical tensions and tariff uncertainties.
Softened Ethylene Rates
Ethylene rates softened by about $2,500 per day due to hesitancy in long-haul ethylene cargo commitments amid trade uncertainties.
Increased Vessel Operating Expenses
Vessel operating expenses rose to $49.3 million, driven by fleet expansion and timing of maintenance costs.
Company Guidance
During the third quarter of 2025, Navigator Holdings reported revenues of $153 million, marking an 18% increase from the previous quarter and an 8% rise compared to the same period last year. This growth was driven by higher time charter equivalent (TCE) rates, which reached a decade-high average of $30,966 per day, alongside robust utilization rates of 89.3%. The company achieved a record EBITDA of $86 million, with an adjusted EBITDA of $77 million when excluding a $13 million book gain from the sale of Navigator Gemini. The balance sheet remained strong, featuring a cash position of $216 million and total liquidity of $308 million. The company increased its capital return to 30% of net income, with a fixed dividend rise from $0.05 to $0.07 per share, underscoring its commitment to shareholder returns. Despite geopolitical uncertainties, Navigator Holdings expects utilization and TCE rates to remain near current levels, supported by a diversified customer base and strong balance sheet.Navigator Holdings Financial Statement Overview
Summary
Navigator Holdings demonstrates solid financial performance with strong revenue growth and profitability. The balance sheet is stable, with a reasonable debt level and satisfactory equity returns. However, declining free cash flow and gross profit margins may pose challenges. Overall, the company is well-positioned but should focus on improving cash flow and cost management.Income Statement
Navigator Holdings shows strong revenue growth with a TTM increase of 1.99% and consistent profitability, evidenced by a solid net profit margin of 15.57% and an impressive EBITDA margin of 48.38%. However, the gross profit margin has declined from previous periods, indicating potential cost pressures.78
Positive
Balance Sheet
The company maintains a healthy debt-to-equity ratio of 0.73, reflecting a balanced approach to leveraging. Return on equity is moderate at 7.30%, suggesting efficient use of equity but with room for improvement. The equity ratio indicates a stable financial structure with equity covering a significant portion of assets.72
Positive
Cash Flow
Operating cash flow remains robust, but free cash flow has decreased by 32.66% in the TTM, highlighting potential challenges in cash generation. The operating cash flow to net income ratio of 0.84 suggests strong cash conversion, though the free cash flow to net income ratio is lower, indicating reduced cash available after capital expenditures.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 578.16M | 566.68M | 550.74M | 473.79M | 406.48M | 332.50M |
| Gross Profit | 244.34M | 319.50M | 170.51M | 88.92M | 93.95M | 70.52M |
| EBITDA | 291.27M | 270.42M | 264.71M | 209.26M | 88.77M | 119.04M |
| Net Income | 103.23M | 85.57M | 82.25M | 53.47M | -30.96M | -443.00K |
Balance Sheet | ||||||
| Total Assets | 2.30B | 2.18B | 2.20B | 2.10B | 2.16B | 1.84B |
| Cash, Cash Equivalents and Short-Term Investments | 216.60M | 130.46M | 149.58M | 146.56M | 123.89M | 59.27M |
| Total Debt | 936.38M | 607.20M | 736.73M | 810.54M | 920.50M | 792.50M |
| Total Liabilities | 1.03B | 934.26M | 969.61M | 923.33M | 1.04B | 897.01M |
| Stockholders Equity | 1.22B | 1.21B | 1.19B | 1.16B | 1.11B | 940.54M |
Cash Flow | ||||||
| Free Cash Flow | 35.04M | 169.12M | -17.26M | 84.54M | 94.40M | 42.62M |
| Operating Cash Flow | 198.73M | 210.52M | 174.70M | 130.31M | 97.94M | 44.88M |
| Investing Cash Flow | -153.50M | -100.99M | -176.48M | 35.64M | 33.06M | -16.15M |
| Financing Cash Flow | 45.89M | -126.01M | 6.81M | -134.14M | -66.09M | -35.38M |
Navigator Holdings Technical Analysis
Positive
17.99
Price Trends
16.20
Positive
16.05
Positive
14.97
Positive
Market Momentum
0.55
Negative
68.11
Neutral
62.37
Neutral
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 17.99 is above the 20-day moving average (MA) of 17.10, above the 50-day MA of 16.20, and above the 200-day MA of 14.97, indicating a bullish trend. The MACD of 0.55 indicates Negative momentum. The RSI at 68.11 is Neutral, neither overbought nor oversold. The STOCH value of 62.37 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.45B | 14.76 | 12.79% | 11.52% | -3.20% | 6.76% | |
79 Outperform | $1.25B | 11.99 | 8.57% | 1.22% | 2.46% | 33.89% | |
78 Outperform | $2.15B | 6.91 | 17.02% | 3.21% | -20.11% | -26.44% | |
72 Outperform | $2.20B | 11.04 | 18.81% | 5.39% | -16.45% | 23.94% | |
71 Outperform | $1.07B | 11.19 | 8.81% | 12.59% | -27.21% | -62.22% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | $3.78B | 63.24 | 2.99% | 2.77% | 19.15% | 329.74% |
* Energy Sector Average
NVGS
Navigator Holdings
17.99
2.27
14.44%
DHT
DHT Holdings
13.73
4.34
46.22%
GLNG
Golar LNG
36.09
-4.35
-10.76%
TNK
Teekay Tankers
62.25
22.49
56.56%
LPG
Dorian LPG
24.92
1.21
5.10%
FLNG
FLEX LNG
26.90
3.69
15.90%
Navigator Holdings Corporate Events
Navigator Holdings Reports Q3 2025 Financial Results Amid Global Challenges
Nov 4, 2025
Navigator Holdings Ltd. reported its financial results for the quarter ended September 30, 2025, highlighting its operational performance and financial condition. The report includes discussions on market risks, financial forecasts, and the impact of global events such as the Russian-Ukraine war and Middle Eastern conflicts on the shipping industry. The company also addressed its strategies for managing financial obligations and maintaining liquidity, emphasizing the importance of compliance with debt covenants and the potential effects of regulatory changes.
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.