Navigator Holdings Ltd. (NVGS) 10-Year Financial Performance & Capital Metrics

NVGS • • Industrial / General

EnergyMidstream Oil & GasMarine TransportationLPG Carrier Operators

AboutNavigator 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 companies, industrial users, and commodity traders. As of April 14, 2022, it operated a fleet of 53 semi- or fully-refrigerated liquefied gas carriers. The company was founded in 1997 and is based in London, the United Kingdom.Show more

Revenue $567M +2.9%
EBITDA $276M +3.6%
Net Income $86M +4.0%
EPS (Diluted) 1.19 +8.2%
Gross Margin 56.38% +82.1%
EBITDA Margin 48.69% +0.6%
Operating Margin 25.27% +1.4%
Net Margin 15.1% +1.1%
ROE 6.9% +1.0%
ROIC 6.06% +7.7%
Debt/Equity 0.49 -18.5%
Interest Coverage 2.55 +20.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 29.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 13.5%
✓Share count reduced 3.7% through buybacks
✓Trading near 52-week high

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.4%

5Y13.46%

3Y11.71%

TTM2.46%

Profit (Net Income) CAGR

10Y0.13%

5Y-

3Y-

TTM26.3%

EPS CAGR

10Y-2.79%

5Y-

3Y-

TTM33.63%

ROCE

10Y Avg4.11%

5Y Avg3.93%

3Y Avg5.81%

Latest7.38%

Peer Comparison

LPG Carrier Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NVGSNavigator Holdings Ltd.	1.2B	18.26	15.34	2.89%	17.85%	8.16%	14.13%	0.49
LPGDorian LPG Ltd.	1.25B	29.23	13.66	-36.98%	26.26%	8.9%	12.3%	0.68

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	315.22M	294.11M	298.6M	310.05M	301.38M	332.5M	406.48M	473.79M	550.74M	566.68M
Revenue Growth %	0.03%	-0.07%	0.02%	0.04%	-0.03%	0.1%	0.22%	0.17%	0.16%	0.03%
Cost of Goods Sold+	165.98M	195.34M	230.1M	244.49M	242.96M	261.97M	312.54M	384.88M	380.22M	247.18M
COGS % of Revenue	0.53%	0.66%	0.77%	0.79%	0.81%	0.79%	0.77%	0.81%	0.69%	0.44%
Gross Profit+	149.24M	98.78M	68.5M	65.55M	58.43M	70.52M	93.95M	88.92M	170.51M	319.5M
Gross Margin %	0.47%	0.34%	0.23%	0.21%	0.19%	0.21%	0.23%	0.19%	0.31%	0.56%
Gross Profit Growth %	0.11%	-0.34%	-0.31%	-0.04%	-0.11%	0.21%	0.33%	-0.05%	0.92%	0.87%
Operating Expenses+	20.56M	20.32M	21.32M	24.07M	25.82M	28.77M	96.9M	28.25M	33.28M	176.32M
OpEx % of Revenue	0.07%	0.07%	0.07%	0.08%	0.09%	0.09%	0.24%	0.06%	0.06%	0.31%
Selling, General & Admin	18.01M	20.32M	21.32M	24.07M	20.88M	23.87M	28.88M	27.44M	31.21M	36.58M
SG&A % of Revenue	0.06%	0.07%	0.07%	0.08%	0.07%	0.07%	0.07%	0.06%	0.06%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-1.8M	-102K	0	0	4.94M	4.9M	68.02M	815K	2.07M	139.74M
Operating Income+	128.62M	77.96M	47.18M	41.48M	32.61M	41.75M	-2.95M	60.66M	137.23M	143.18M
Operating Margin %	0.41%	0.27%	0.16%	0.13%	0.11%	0.13%	-0.01%	0.13%	0.25%	0.25%
Operating Income Growth %	0.11%	-0.39%	-0.39%	-0.12%	-0.21%	0.28%	-1.07%	21.56%	1.26%	0.04%
EBITDA+	182.08M	140.24M	120.77M	117.62M	108.78M	118.44M	85.53M	186.88M	266.44M	275.91M
EBITDA Margin %	0.58%	0.48%	0.4%	0.38%	0.36%	0.36%	0.21%	0.39%	0.48%	0.49%
EBITDA Growth %	0.13%	-0.23%	-0.14%	-0.03%	-0.08%	0.09%	-0.28%	1.18%	0.43%	0.04%
D&A (Non-Cash Add-back)	53.45M	62.28M	73.59M	76.14M	76.17M	76.68M	88.49M	126.22M	129.2M	132.72M
EBIT	126.98M	78.14M	47.18M	41.48M	33.48M	42.36M	288K	83.04M	135.5M	137.69M
Net Interest Income+	-27.93M	-32.04M	-37.17M	-44.05M	-47.69M	-40.67M	-38.38M	-46.92M	-59.21M	-49.9M
Interest Income	152K	281K	519K	854K	920K	408K	302K	1.08M	5.71M	6.24M
Interest Expense	28.09M	32.32M	37.69M	44.91M	48.61M	41.08M	38.68M	48M	64.92M	56.14M
Other Income/Expense	-29.73M	-32.14M	-41.48M	-46.89M	-47.74M	-39.82M	-24.3M	165K	-46.04M	-44.72M
Pretax Income+	98.89M	45.81M	5.71M	-5.41M	-15.13M	1.93M	-27.25M	60.83M	91.2M	98.46M
Pretax Margin %	0.31%	0.16%	0.02%	-0.02%	-0.05%	0.01%	-0.07%	0.13%	0.17%	0.17%
Income Tax+	800K	1.18M	397K	333K	352K	617K	1.97M	5.95M	4.33M	4.37M
Effective Tax Rate %	0.99%	0.97%	0.93%	1.06%	1.1%	-0.23%	1.14%	0.88%	0.9%	0.87%
Net Income+	98.09M	44.64M	5.31M	-5.74M	-16.71M	-443K	-30.96M	53.47M	82.25M	85.57M
Net Margin %	0.31%	0.15%	0.02%	-0.02%	-0.06%	-0%	-0.08%	0.11%	0.15%	0.15%
Net Income Growth %	0.16%	-0.54%	-0.88%	-2.08%	-1.91%	0.97%	-68.9%	2.73%	0.54%	0.04%
Net Income (Continuing)	98.09M	44.64M	5.31M	-5.74M	-16.61M	1.31M	-29.22M	54.88M	86.87M	94.1M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	99K	1.85M	3.6M	10.92M	42.8M	40.9M
EPS (Diluted)+	1.76	0.80	0.10	-0.10	-0.28	0.01	-0.58	0.69	1.10	1.19
EPS Growth %	0.11%	-0.55%	-0.88%	-2%	-1.8%	1.04%	-50.15%	2.19%	0.59%	0.08%
EPS (Basic)	1.77	0.81	0.10	-0.10	-0.28	0.01	-0.58	0.69	1.11	1.20
Diluted Shares Outstanding	55.71M	55.79M	55.88M	55.63M	55.79M	55.89M	64.67M	77.56M	74.61M	71.84M
Basic Shares Outstanding	55.36M	55.42M	55.51M	55.63M	55.79M	55.89M	64.67M	77.23M	74.1M	71.91M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	0.09%	0.17%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	125M	93.8M	112.14M	118.13M	126.13M	136.54M	215.34M	228.32M	255.37M	220.38M
Cash & Short-Term Investments	87.78M	57.27M	62.11M	71.52M	64.02M	59.27M	123.89M	146.56M	149.58M	130.46M
Cash Only	87.78M	57.27M	62.11M	71.52M	64.02M	59.27M	123.89M	146.56M	149.58M	130.46M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	14.7M	20.19M	30.68M	21.78M	32.68M	46.82M	61.65M	45.43M	71.02M	52.01M
Days Sales Outstanding	17.02	25.06	37.5	25.64	39.58	51.4	55.36	35	47.07	33.5
Inventory	3.48M	6.94M	8.01M	8.79M	9.64M	8.43M	13.17M	8.55M	9.04M	13.75M
Days Inventory Outstanding	7.65	12.96	12.7	13.12	14.49	11.74	15.38	8.11	8.68	20.31
Other Current Assets	15.94M	13.99M	15.79M	6.04M	2.11M	22.02M	337K	27.79M	25.73M	24.17M
Total Non-Current Assets+	1.45B	1.63B	1.74B	1.71B	1.75B	1.7B	1.94B	1.87B	1.95B	1.96B
Property, Plant & Equipment	1.44B	1.63B	1.74B	1.67B	1.62B	1.55B	1.76B	1.7B	1.76B	1.7B
Fixed Asset Turnover	0.22x	0.18x	0.17x	0.19x	0.19x	0.21x	0.23x	0.28x	0.31x	0.33x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	277K	400K	239K	332K	406K
Long-Term Investments	0	0	0	42.46M	130.66M	148.66M	150.21M	148.53M	174.91M	253.73M
Other Non-Current Assets	10.14M	0	0	0	0	2.04M	26.98M	23.33M	14.67M	8.44M
Total Assets+	1.57B	1.72B	1.85B	1.83B	1.87B	1.84B	2.16B	2.1B	2.2B	2.18B
Asset Turnover	0.20x	0.17x	0.16x	0.17x	0.16x	0.18x	0.19x	0.23x	0.25x	0.26x
Asset Growth %	0.15%	0.1%	0.07%	-0.01%	0.02%	-0.02%	0.17%	-0.03%	0.05%	-0.01%
Total Current Liabilities+	92.24M	127.68M	110.43M	105.39M	109.51M	107.22M	204.34M	159.62M	185.44M	318.77M
Accounts Payable	11.47M	6.39M	8.07M	10.78M	10.47M	8.56M	11.6M	7.77M	11.64M	13.82M
Days Payables Outstanding	25.23	11.94	12.8	16.1	15.73	11.93	13.55	7.37	11.18	20.41
Short-Term Debt	61.98M	103.46M	81.56M	68.86M	64.7M	66.94M	148.57M	99.01M	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	20.11M	0	0	120.33M	250.09M
Current Ratio	1.36x	0.73x	1.02x	1.12x	1.15x	1.27x	1.05x	1.43x	1.38x	0.69x
Quick Ratio	1.32x	0.68x	0.94x	1.04x	1.06x	1.19x	0.99x	1.38x	1.33x	0.65x
Cash Conversion Cycle	-0.55	26.09	37.4	22.66	38.34	51.21	57.19	35.73	44.57	33.4
Total Non-Current Liabilities+	568.32M	640.68M	780.24M	772.25M	824.85M	789.79M	835.64M	763.7M	784.17M	615.49M
Long-Term Debt	568.32M	640.68M	780.24M	767.09M	744.69M	720.33M	771.03M	707.28M	732.31M	603.44M
Capital Lease Obligations	0	0	0	0	6.33M	5.23M	522K	4.03M	3.5M	2.57M
Deferred Tax Liabilities	0	0	0	-599.68M	0	0	408K	4.25M	7.02M	9.48M
Other Non-Current Liabilities	0	0	0	5.15M	73.82M	64.23M	63.68M	48.14M	41.34M	0
Total Liabilities	660.55M	768.36M	890.67M	877.64M	934.35M	897.01M	1.04B	923.33M	969.61M	934.26M
Total Debt+	630.29M	744.14M	861.8M	835.95M	816.9M	792.5M	920.5M	810.54M	736.73M	607.2M
Net Debt	542.51M	686.87M	799.69M	764.43M	752.88M	733.23M	796.62M	663.98M	587.14M	476.74M
Debt / Equity	0.69x	0.78x	0.89x	0.88x	0.87x	0.84x	0.82x	0.69x	0.60x	0.49x
Debt / EBITDA	3.46x	5.31x	7.14x	7.11x	7.51x	6.69x	10.76x	4.34x	2.77x	2.20x
Net Debt / EBITDA	2.98x	4.90x	6.62x	6.50x	6.92x	6.19x	9.31x	3.55x	2.20x	1.73x
Interest Coverage	4.58x	2.41x	1.25x	0.92x	0.67x	1.02x	-0.08x	1.26x	2.11x	2.55x
Total Equity+	910.09M	956.48M	963.21M	955.11M	939.9M	942.39M	1.12B	1.17B	1.23B	1.25B
Equity Growth %	0.13%	0.05%	0.01%	-0.01%	-0.02%	0%	0.19%	0.05%	0.05%	0.01%
Book Value per Share	16.34	17.14	17.24	17.17	16.85	16.86	17.28	15.13	16.53	17.35
Total Shareholders' Equity	910.09M	956.48M	963.21M	955.11M	939.8M	940.54M	1.11B	1.16B	1.19B	1.21B
Common Stock	554K	554K	555K	557K	558K	559K	772K	769K	733K	695K
Retained Earnings	323.55M	368.19M	373.5M	364.41M	347.57M	346.97M	316.01M	364M	390.22M	404.52M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-465K	-287K	-277K	-363K	-331K	-245K	-253K	-463K	-152K	-548K
Minority Interest	0	0	0	0	99K	1.85M	3.6M	10.92M	42.8M	40.9M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	149.55M	86.75M	75.92M	77.52M	49.7M	44.88M	97.94M	130.31M	174.7M	210.52M
Operating CF Margin %	0.47%	0.29%	0.25%	0.25%	0.16%	0.13%	0.24%	0.28%	0.32%	0.37%
Operating CF Growth %	0.15%	-0.42%	-0.12%	0.02%	-0.36%	-0.1%	1.18%	0.33%	0.34%	0.21%
Net Income	98.09M	44.64M	5.31M	-5.74M	-16.61M	1.31M	-29.22M	54.88M	82.25M	85.57M
Depreciation & Amortization	53.45M	62.28M	73.59M	76.14M	76.17M	76.68M	88.49M	126.22M	129.2M	132.72M
Stock-Based Compensation	1.64M	1.57M	1.41M	1.07M	1.5M	1.25M	1.37M	869K	1.28M	1.33M
Deferred Taxes	9.74M	208K	2.5M	2.82M	0	0	0	3.84M	2.36M	0
Other Non-Cash Items	-17.04M	-6.75M	2.44M	-4.15M	-11M	-6.5M	32.52M	-71.4M	-22.37M	-26.16M
Working Capital Changes	3.66M	-15.2M	-9.33M	7.37M	-368K	-27.86M	4.78M	15.9M	-18.03M	17.06M
Change in Receivables	-1.85M	1.99M	-7.83M	-2.14M	-7.07M	-12.89M	20.68M	13.66M	-33.05M	-800K
Change in Inventory	1.33M	-3.46M	-1.07M	-781K	-856K	1.22M	-2.7M	3.96M	-496K	-4.71M
Change in Payables	8.39M	-6.04M	-6.04M	7.66M	7.55M	-4.12M	3.21M	10.48M	4.5M	3.31M
Cash from Investing+	-205.86M	-238.15M	-183.03M	-42.33M	-90.41M	-16.15M	33.06M	35.64M	-176.48M	-100.99M
Capital Expenditures	-240.14M	-249.43M	-184.29M	-830K	-3.27M	-2.26M	-3.54M	-45.77M	-191.96M	-41.4M
CapEx % of Revenue	0.76%	0.85%	0.62%	0%	0.01%	0.01%	0.01%	0.1%	0.35%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	34.28M	11.28M	1.27M	1M	2.18M	3.47M	23.12M	85.41M	52.04M	-58.34M
Cash from Financing+	81.56M	120.9M	111.94M	-25.78M	35.32M	-35.38M	-66.09M	-134.14M	6.81M	-126.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	-7.33M	-14.25M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-5.88M	-2.68M	-3.88M	-1.03M	-5.88M	-4.13M	-26K	-13.2M	23.72M	-3.08M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-90.58M	-162.68M	-108.37M	76.69M	46.43M	42.62M	94.4M	84.54M	-17.26M	169.12M
FCF Margin %	-0.29%	-0.55%	-0.36%	0.25%	0.15%	0.13%	0.23%	0.18%	-0.03%	0.3%
FCF Growth %	0.1%	-0.8%	0.33%	1.71%	-0.39%	-0.08%	1.22%	-0.1%	-1.2%	10.8%
FCF per Share	-1.63	-2.92	-1.94	1.38	0.83	0.76	1.46	1.09	-0.23	2.35
FCF Conversion (FCF/Net Income)	1.52x	1.94x	14.30x	-13.51x	-2.97x	-101.31x	-3.16x	2.44x	2.12x	2.46x
Interest Paid	24.43M	29.82M	35.89M	41.47M	44.86M	37.62M	33.02M	48.6M	62.11M	53.79M
Taxes Paid	632K	601K	515K	176K	323K	330K	579K	2.44M	1.8M	1.94M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.43%	4.78%	0.55%	-0.6%	-1.76%	-0.05%	-3.01%	4.67%	6.84%	6.9%
Return on Invested Capital (ROIC)	7.04%	3.78%	2.08%	1.79%	1.43%	1.86%	-0.12%	2.43%	5.63%	6.06%
Gross Margin	47.34%	33.58%	22.94%	21.14%	19.39%	21.21%	23.11%	18.77%	30.96%	56.38%
Net Margin	31.12%	15.18%	1.78%	-1.85%	-5.54%	-0.13%	-7.62%	11.29%	14.94%	15.1%
Debt / Equity	0.69x	0.78x	0.89x	0.88x	0.87x	0.84x	0.82x	0.69x	0.60x	0.49x
Interest Coverage	4.58x	2.41x	1.25x	0.92x	0.67x	1.02x	-0.08x	1.26x	2.11x	2.55x
FCF Conversion	1.52x	1.94x	14.30x	-13.51x	-2.97x	-101.31x	-3.16x	2.44x	2.12x	2.46x
Revenue Growth	3.39%	-6.7%	1.52%	3.84%	-2.79%	10.32%	22.25%	16.56%	16.24%	2.89%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Time Charters	-	168.64M	177.76M	190.42M	245.65M	317.01M	336.75M
Time Charters Growth	-	-	5.41%	7.12%	29.00%	29.05%	6.23%
Voyage Charters	-	132.74M	141.9M	162.5M	159.7M	176.33M	174.91M
Voyage Charters Growth	-	-	6.90%	14.52%	-1.72%	10.41%	-0.80%
Cargo Commences	1.5M	1.3M	-	-	-	-	-
Cargo Commences Growth	-	-13.33%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Navigator Holdings Ltd. (NVGS) has a price-to-earnings (P/E) ratio of 15.3x. This is roughly in line with market averages.

Growth & Financials

Navigator Holdings Ltd. (NVGS) reported $578.2M in revenue for fiscal year 2024. This represents a 605% increase from $82.0M in 2010.

Navigator Holdings Ltd. (NVGS) grew revenue by 2.9% over the past year. Growth has been modest.

Yes, Navigator Holdings Ltd. (NVGS) is profitable, generating $103.2M in net income for fiscal year 2024 (15.1% net margin).

Dividend & Returns

Yes, Navigator Holdings Ltd. (NVGS) pays a dividend with a yield of 1.09%. This makes it attractive for income-focused investors.

Navigator Holdings Ltd. (NVGS) has a return on equity (ROE) of 6.9%. This is below average, suggesting room for improvement.

Navigator Holdings Ltd. (NVGS) generated $35.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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