Navios Maritime Partners L.P. (NMM) 10-Year Financial Performance & Capital Metrics

NMM • • Industrial / General

IndustrialsMarine ShippingMarine Services & LogisticsMarine Fuel Services

AboutNavios 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.Show more

Revenue $1.33B +2.1%
EBITDA $663M -1.6%
Net Income $367M -15.3%
EPS (Diluted) 11.98 -14.9%
Gross Margin 66.11% +0.5%
EBITDA Margin 49.73% -3.6%
Operating Margin 33.56% -1.9%
Net Margin 27.53% -17.0%
ROE 12.5% -26.3%
ROIC 8.29% -8.3%
Debt/Equity 0.46 -2.9%
Interest Coverage 3.59 +7.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 43.5%
✓Good 3Y average ROE of 19.2%
✓Healthy 5Y average net margin of 30.1%
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.36%

5Y43.48%

3Y23.21%

TTM-0.47%

Profit (Net Income) CAGR

10Y17.24%

5Y-

3Y-10.72%

TTM-23.39%

EPS CAGR

10Y-1.51%

5Y-

3Y-18.73%

TTM-22.03%

ROCE

10Y Avg6.58%

5Y Avg9.68%

3Y Avg10.32%

Latest9%

Peer Comparison

Marine Fuel Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UFGUni-Fuels Holdings Limited	12.4M	1.27	222.81	119.24%	0.09%	1.96%	2.6%	0.36
HMRHeidmar Maritime Holdings Corp.	52.56M	0.90	26.87	-41.04%	6.61%	11.05%	12.35%	0.28
SFLSFL Corporation Ltd.	1.11B	8.33	8.25	20.79%	-0.2%	-0.16%		2.52
NMMNavios Maritime Partners L.P.	1.6B	55.43	4.63	2.08%	23.31%	9.53%		0.46
CMBTCmb.Tech N.V.	3.23B	11.14	2.51	-23.87%	12.64%	6.47%		2.20
NCTIntercont (Cayman) Limited Ordinary shares	6.74M	0.22	1.70	-21.32%	12.3%	21.74%	96.15%	2.41
HTCOHigh-Trend International Group	78.03M	10.71	-2.14	13.56%	-21.81%	-32.08%		0.80
VNTGVantage Corp	10.4M	0.92		-6.7%	20.6%	105.65%	17%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	223.68M	190.52M	211.65M	231.36M	219.38M	226.77M	713.17M	1.21B	1.31B	1.33B
Revenue Growth %	-0.02%	-0.15%	0.11%	0.09%	-0.05%	0.03%	2.14%	0.7%	0.08%	0.02%
Cost of Goods Sold+	143.68M	163.63M	151.4M	143.41M	140.76M	171.15M	369.67M	693.23M	447.5M	452.07M
COGS % of Revenue	0.64%	0.86%	0.72%	0.62%	0.64%	0.75%	0.52%	0.57%	0.34%	0.34%
Gross Profit+	80M	26.89M	60.25M	87.95M	78.62M	55.62M	343.51M	517.3M	859.39M	882M
Gross Margin %	0.36%	0.14%	0.28%	0.38%	0.36%	0.25%	0.48%	0.43%	0.66%	0.66%
Gross Profit Growth %	0.23%	-0.66%	1.24%	0.46%	-0.11%	-0.29%	5.18%	0.51%	0.66%	0.03%
Operating Expenses+	7.93M	12.35M	17.16M	18.46M	20.98M	117.74M	232.91M	379.2M	412.21M	434.32M
OpEx % of Revenue	0.04%	0.06%	0.08%	0.08%	0.1%	0.52%	0.33%	0.31%	0.32%	0.33%
Selling, General & Admin	7.93M	12.35M	17.16M	18.46M	20.98M	24.01M	41.46M	67.18M	412.21M	434.32M
SG&A % of Revenue	0.04%	0.06%	0.08%	0.08%	0.1%	0.11%	0.06%	0.06%	0.32%	0.33%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	93.73M	191.45M	312.02M	0	0
Operating Income+	72.07M	14.54M	43.09M	69.49M	19.8M	31.61M	302.05M	450.12M	447.17M	447.67M
Operating Margin %	0.32%	0.08%	0.2%	0.3%	0.09%	0.14%	0.42%	0.37%	0.34%	0.34%
Operating Income Growth %	0.26%	-0.8%	1.96%	0.61%	-0.72%	0.6%	8.55%	0.49%	-0.01%	0%
EBITDA+	148M	113.29M	123.02M	134.01M	80.35M	98.95M	430.61M	684.77M	673.91M	663.42M
EBITDA Margin %	0.66%	0.59%	0.58%	0.58%	0.37%	0.44%	0.6%	0.57%	0.52%	0.5%
EBITDA Growth %	-0.03%	-0.23%	0.09%	0.09%	-0.4%	0.23%	3.35%	0.59%	-0.02%	-0.02%
D&A (Non-Cash Add-back)	75.93M	98.75M	79.93M	64.51M	60.55M	67.34M	128.56M	234.65M	226.74M	215.75M
EBIT	73.53M	-21.3M	22.68M	25.73M	23.17M	-45.52M	554.03M	662.34M	567.29M	439.56M
Net Interest Income+	-31.5M	-30.71M	-34.95M	-38.36M	-39.08M	-23.52M	-41.9M	-82.23M	-122.94M	-110.73M
Interest Income	222K	541K	3.28M	4.41M	6.17M	639K	859K	856K	10.7M	13.8M
Interest Expense	31.72M	31.25M	38.23M	42.77M	45.25M	24.16M	42.76M	83.09M	133.64M	124.53M
Other Income/Expense	-30.26M	-67.09M	-57.94M	-82.58M	-81.93M	-100.15M	209.23M	129.13M	-13.53M	-80.36M
Pretax Income+	41.8M	-52.55M	-14.85M	-13.08M	-62.13M	-68.54M	511.27M	579.25M	433.64M	367.31M
Pretax Margin %	0.19%	-0.28%	-0.07%	-0.06%	-0.28%	-0.3%	0.72%	0.48%	0.33%	0.28%
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1.02%	1%	1%	1%	1.01%	1%	1%	1%
Net Income+	41.8M	-52.55M	-15.09M	-13.08M	-62.13M	-68.54M	516.19M	579.25M	433.64M	367.31M
Net Margin %	0.19%	-0.28%	-0.07%	-0.06%	-0.28%	-0.3%	0.72%	0.48%	0.33%	0.28%
Net Income Growth %	-0.44%	-2.26%	0.71%	0.13%	-3.75%	-0.1%	8.53%	0.12%	-0.25%	-0.15%
Net Income (Continuing)	41.8M	-52.55M	-14.85M	-13.08M	-62.13M	-68.54M	511.27M	579.25M	433.64M	367.31M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	4.17M	3.13M	5.46M	5.8M	4.3M	2.82M	26.01M	37.47M	46.02M	0
EPS (Diluted)+	7.20	-9.30	-1.65	-1.21	-5.85	-6.25	22.32	18.82	14.08	11.98
EPS Growth %	-0.48%	-2.29%	0.82%	0.27%	-3.83%	-0.07%	4.57%	-0.16%	-0.25%	-0.15%
EPS (Basic)	7.20	-9.48	-1.71	-1.21	-5.85	-6.25	22.36	18.82	14.08	11.98
Diluted Shares Outstanding	5.81M	5.65M	9.15M	10.82M	10.83M	10.97M	22.66M	30.16M	30.18M	30.03M
Basic Shares Outstanding	5.65M	5.54M	8.84M	10.82M	10.83M	10.97M	22.62M	30.16M	30.18M	30.03M
Dividend Payout Ratio	3.16%	-	-	-	-	-	0.01%	0.01%	0.01%	0.02%

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+	39.84M	56.35M	60.31M	111.11M	75.99M	60.78M	226.34M	310.42M	399.75M	442.99M
Cash & Short-Term Investments	26.75M	17.36M	24.05M	58.59M	23.35M	19.3M	159.47M	157.81M	287.38M	282.45M
Cash Only	26.75M	17.36M	24.05M	58.59M	23.35M	30.73M	159.47M	157.81M	240.38M	270.17M
Short-Term Investments	0	0	0	0	0	0	0	0	47M	12.29M
Accounts Receivable	4M	29.66M	29.47M	47.76M	11.29M	22.6M	29.34M	87.72M	50.74M	75.74M
Days Sales Outstanding	6.53	56.82	50.82	75.35	18.79	36.38	15.02	26.45	14.17	20.72
Inventory	1.16M	220K	220K	1M	6.28M	6.27M	21.07M	32.67M	37.57M	32.79M
Days Inventory Outstanding	2.95	0.49	0.53	2.56	16.29	13.37	20.81	17.2	30.64	26.48
Other Current Assets	7.93M	9.08M	6.56M	3.62M	35.06M	12.32M	13.63M	23.39M	16.71M	46.43M
Total Non-Current Assets+	1.31B	1.21B	1.24B	1.2B	1.18B	1.15B	3.4B	4.59B	4.75B	5.23B
Property, Plant & Equipment	1.23B	1.04B	1.1B	1.04B	1.08B	1.04B	3.1B	4.1B	4.44B	4.93B
Fixed Asset Turnover	0.18x	0.18x	0.19x	0.22x	0.20x	0.22x	0.23x	0.30x	0.29x	0.27x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	55.34M	18.95M	8.08M	4.33M	3.17M	2M	100.42M	78.72M	60.43M	42.31M
Long-Term Investments	1.31M	1.26M	52.12M	66.3M	25.73M	26.16M	35.24M	41.4M	39.57M	0
Other Non-Current Assets	22.23M	125M	2.78M	5.63M	8.16M	105.35M	199.63M	406.19M	208.04M	257.94M
Total Assets+	1.35B	1.27B	1.31B	1.31B	1.25B	1.21B	3.62B	4.9B	5.15B	5.67B
Asset Turnover	0.17x	0.15x	0.16x	0.18x	0.18x	0.19x	0.20x	0.25x	0.25x	0.24x
Asset Growth %	0%	-0.06%	0.03%	0.01%	-0.05%	-0.04%	2%	0.35%	0.05%	0.1%
Total Current Liabilities+	41.53M	98.95M	54.25M	52.33M	79.78M	253.25M	395.5M	617.74M	459.6M	409.67M
Accounts Payable	2.71M	766K	1.1M	4.84M	4.58M	5.47M	17.44M	25.36M	24.02M	16.96M
Days Payables Outstanding	6.87	1.71	2.65	12.32	11.87	11.67	17.22	13.35	19.59	13.69
Short-Term Debt	23.34M	74.03M	26.59M	25.11M	59.78M	195.56M	172.85M	174.14M	146.34M	163.23M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	11.06M	2.51M	2.62M	-1.4M	9.16M	35.98M	76.77M	120.13M	51.62M	0
Current Ratio	0.96x	0.57x	1.11x	2.12x	0.95x	0.24x	0.57x	0.50x	0.87x	1.08x
Quick Ratio	0.93x	0.57x	1.11x	2.10x	0.87x	0.22x	0.52x	0.45x	0.79x	1.00x
Cash Conversion Cycle	2.6	55.61	48.7	65.59	23.2	38.08	18.6	30.3	25.22	33.51
Total Non-Current Liabilities+	576.55M	489.42M	483.35M	485.05M	445.71M	299.19M	1.46B	1.94B	1.92B	2.16B
Long-Term Debt	574.74M	449.75M	466.88M	458.56M	346.45M	228.54M	640.94M	689.69M	751.78M	917.1M
Capital Lease Obligations	0	0	0	0	13.15M	11.98M	225.51M	271.26M	240.6M	215M
Deferred Tax Liabilities	-1.81M	0	-16.47M	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	11.11M	0	22.12M	82.79M	56.48M	588.11M	923.91M	861.22M	969.32M
Total Liabilities	618.08M	588.37M	537.59M	537.38M	525.5M	552.44M	1.85B	2.55B	2.38B	2.57B
Total Debt+	598.08M	523.78M	493.46M	483.67M	420.44M	500.01M	1.14B	1.39B	1.31B	1.42B
Net Debt	571.33M	506.42M	469.42M	425.07M	397.08M	456.13M	980.41M	1.23B	1.07B	1.15B
Debt / Equity	0.81x	0.77x	-	-	0.58x	0.76x	0.64x	0.59x	0.47x	0.46x
Debt / EBITDA	4.04x	4.62x	4.01x	3.61x	5.23x	5.05x	2.65x	2.03x	1.94x	2.15x
Net Debt / EBITDA	3.86x	4.47x	3.82x	3.17x	4.94x	4.61x	2.28x	1.80x	1.58x	1.74x
Interest Coverage	2.27x	0.47x	1.13x	1.62x	0.44x	1.31x	7.06x	5.42x	3.35x	3.59x
Total Equity+	736.38M	683.34M	-12.21M	-311.18M	728.02M	657.65M	1.77B	2.34B	2.77B	3.11B
Equity Growth %	-0.02%	-0.07%	-1.02%	-24.48%	3.34%	-0.1%	1.69%	0.32%	0.18%	0.12%
Book Value per Share	126.83	120.93	-1.34	-28.75	67.22	59.97	78.09	77.69	91.78	103.45
Total Shareholders' Equity	732.22M	680.21M	-17.68M	-316.98M	728.02M	654.83M	1.74B	2.34B	2.77B	3.11B
Common Stock	728.05M	677.08M	791.67M	800.37M	728.02M	652.01M	1.74B	2.34B	2.77B	3.11B
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-276.14M	-317.09M	-321.06M	-316.98M	0	0	0	0	0	0
Minority Interest	4.17M	3.13M	5.46M	5.8M	4.3M	2.82M	26.01M	37.47M	46.02M	0

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+	123.37M	56.53M	53.93M	68.32M	70.39M	94.09M	277.17M	506.34M	560.32M	483.48M
Operating CF Margin %	0.55%	0.3%	0.25%	0.3%	0.32%	0.41%	0.39%	0.42%	0.43%	0.36%
Operating CF Growth %	-0.28%	-0.54%	-0.05%	0.27%	0.03%	0.34%	1.95%	0.83%	0.11%	-0.14%
Net Income	41.8M	-52.55M	-14.85M	-13.08M	-62.13M	-68.54M	511.27M	579.25M	433.64M	367.31M
Depreciation & Amortization	75.93M	92.37M	72.76M	58.33M	53.63M	57.01M	112.42M	205.73M	226.74M	218.73M
Stock-Based Compensation	0	93K	1.9M	2.45M	2.02M	946K	523K	154K	4K	0
Deferred Taxes	0	44.55M	34.57M	40.44M	76.75M	78.84M	-114.46M	0	0	0
Other Non-Cash Items	-9.78M	-826K	-3.6M	-3.68M	-18.01M	-13.13M	-186M	-204.87M	24.82M	-86.41M
Working Capital Changes	15.41M	-27.12M	-36.84M	-16.14M	18.14M	38.97M	-46.58M	-73.92M	-124.89M	-16.15M
Change in Receivables	9.28M	-6.02M	-6.07M	-315K	4.65M	-6.5M	344K	-46.56M	33.95M	12.46M
Change in Inventory	5.89M	-15.38M	-30.63M	-17.06M	10.77M	49.09M	-65.93M	0	0	0
Change in Payables	-1.12M	570K	1.63M	1.12M	2.5M	-2.32M	1.26M	3.4M	-1.63M	-7.73M
Cash from Investing+	-149.4M	5.05M	-187.21M	-67.89M	-17.03M	-83.85M	-106.25M	-316.24M	-253.01M	-782.13M
Capital Expenditures	-147.83M	-15.34M	-161.02M	-118.75M	-23.7M	-83.1M	-278.88M	-610.58M	-465.02M	0
CapEx % of Revenue	0.66%	0.08%	0.76%	0.51%	0.11%	0.37%	0.39%	0.5%	0.36%	0.75%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-771K	-450K	5.63M	65.33M	27.83M	71.67M	129.95M	284.48M	212M	-782.13M
Cash from Financing+	-46.72M	-70.97M	139.96M	31.09M	-84.41M	-9.91M	-32.2M	-184.45M	-233.22M	349.26M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-132.31M	0	0	-10.26M	-13.27M	-7.71M	-4.52M	-6.04M	-6.16M	-6.13M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-7.16M	0	10.2M	-1.25M	-4.96M	-1.23M	-12.26M	-124K	-14.04M	-10.76M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-24.46M	41.19M	-107.09M	-50.44M	46.7M	10.98M	-1.71M	-104.24M	95.3M	-523.65M
FCF Margin %	-0.11%	0.22%	-0.51%	-0.22%	0.21%	0.05%	-0%	-0.09%	0.07%	-0.39%
FCF Growth %	-2.59%	2.68%	-3.6%	0.53%	1.93%	-0.76%	-1.16%	-60.07%	1.91%	-6.49%
FCF per Share	-4.21	7.29	-11.71	-4.66	4.31	1.00	-0.08	-3.46	3.16	-17.44
FCF Conversion (FCF/Net Income)	2.95x	-1.08x	-3.57x	-5.22x	-1.13x	-1.37x	0.54x	0.87x	1.29x	1.32x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.63%	-7.4%	-4.5%	-	-29.81%	-9.89%	42.53%	28.17%	16.96%	12.5%
Return on Invested Capital (ROIC)	4.25%	0.87%	3.92%	18.25%	2.4%	2.11%	11.69%	10.67%	9.05%	8.29%
Gross Margin	35.76%	14.11%	28.47%	38.02%	35.84%	24.53%	48.17%	42.73%	65.76%	66.11%
Net Margin	18.69%	-27.58%	-7.13%	-5.65%	-28.32%	-30.22%	72.38%	47.85%	33.18%	27.53%
Debt / Equity	0.81x	0.77x	-	-	0.58x	0.76x	0.64x	0.59x	0.47x	0.46x
Interest Coverage	2.27x	0.47x	1.13x	1.62x	0.44x	1.31x	7.06x	5.42x	3.35x	3.59x
FCF Conversion	2.95x	-1.08x	-3.57x	-5.22x	-1.13x	-1.37x	0.54x	0.87x	1.29x	1.32x
Revenue Growth	-1.62%	-14.82%	11.09%	9.31%	-5.18%	3.37%	214.49%	69.74%	7.96%	2.08%

Revenue by Geography

	2022
Asia	767.51M
Asia Growth	-
Europe	277.3M
Europe Growth	-
America	165.26M
America Growth	-
Other	459K
Other Growth	-

Frequently Asked Questions

Valuation & Price

Navios Maritime Partners L.P. (NMM) has a price-to-earnings (P/E) ratio of 4.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Navios Maritime Partners L.P. (NMM) reported $1.31B in revenue for fiscal year 2024. This represents a 598% increase from $187.0M in 2011.

Navios Maritime Partners L.P. (NMM) grew revenue by 2.1% over the past year. Growth has been modest.

Yes, Navios Maritime Partners L.P. (NMM) is profitable, generating $304.2M in net income for fiscal year 2024 (27.5% net margin).

Dividend & Returns

Yes, Navios Maritime Partners L.P. (NMM) pays a dividend with a yield of 0.37%. This makes it attractive for income-focused investors.

Navios Maritime Partners L.P. (NMM) has a return on equity (ROE) of 12.5%. This is reasonable for most industries.

Navios Maritime Partners L.P. (NMM) had negative free cash flow of $380.8M in fiscal year 2024, likely due to heavy capital investments.

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