Latest Ratios: P/E Ratio 9.2x · EV/EBITDA 6.1x · ROE 8.9%. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.5B | $1.6B | $1.3B | $844M | $783M | $569M | $123M | $202M | $138M | $324M | $119M |
| Enterprise Value | $4.5B | $3.5B | $2.5B | $1.9B | $2.0B | $1.5B | $579M | $599M | $563M | $793M | $626M |
| P/E Ratio → | 9.17 | 5.47 | 3.61 | 1.99 | 1.38 | 1.12 | — | — | — | — | — |
| P/S Ratio | 1.87 | 1.16 | 0.97 | 0.65 | 0.65 | 0.80 | 0.54 | 0.92 | 0.60 | 1.53 | 0.63 |
| P/B Ratio | 0.78 | 0.47 | 0.42 | 0.30 | 0.33 | 0.32 | 0.19 | 0.28 | — | — | 0.17 |
| P/FCF | — | — | — | 8.86 | — | — | 11.18 | 4.32 | — | — | 2.90 |
| P/OCF | 4.97 | 3.09 | 2.69 | 1.51 | 1.55 | 2.05 | 1.31 | 2.86 | 2.02 | 6.00 | 2.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.63 | 1.84 | 1.46 | 1.67 | 2.17 | 2.55 | 2.73 | 2.43 | 3.75 | 3.28 |
| EV / EBITDA | 6.06 | 4.77 | 3.33 | 2.66 | 2.95 | 3.60 | 5.85 | 5.07 | 4.20 | 6.53 | 5.52 |
| EV / EBIT | 11.46 | 9.03 | 5.48 | 4.27 | 4.48 | 5.13 | 18.31 | 10.39 | 8.10 | 19.06 | 43.04 |
| EV / FCF | — | — | — | 20.05 | — | — | 52.71 | 12.82 | — | — | 15.20 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.5% | 64.5% | 66.1% | 65.8% | 68.5% | 75.0% | 65.9% | 66.9% | 38.0% | 28.5% | 14.1% |
| Operating Margin | 29.1% | 29.1% | 33.6% | 34.2% | 37.2% | 42.4% | 13.9% | 26.3% | 30.0% | 19.7% | 7.6% |
| Net Profit Margin | 21.2% | 21.2% | 27.0% | 32.5% | 46.9% | 70.9% | -30.2% | -28.3% | -5.7% | -7.0% | -27.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 12.2% | 16.6% | 27.6% | 41.7% | -9.9% | -29.8% | — | -4.4% | -7.3% |
| ROA | 4.9% | 4.9% | 6.7% | 8.5% | 13.3% | 20.9% | -5.6% | -4.8% | -1.0% | -1.1% | -3.9% |
| ROIC | 6.1% | 6.1% | 8.3% | 9.0% | 10.7% | 11.7% | 2.1% | 7.0% | 18.3% | 3.8% | 0.9% |
| ROCE | 7.3% | 7.3% | 9.0% | 10.0% | 12.0% | 14.4% | 3.0% | 4.7% | 5.5% | 3.4% | 1.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.71 | 0.71 | 0.46 | 0.47 | 0.59 | 0.64 | 0.76 | 0.58 | — | — | 0.77 |
| Debt / EBITDA | 3.21 | 3.21 | 1.93 | 1.82 | 2.03 | 2.65 | 5.05 | 3.56 | 3.61 | 4.06 | 4.62 |
| Net Debt / Equity | — | 0.59 | 0.37 | 0.39 | 0.53 | 0.55 | 0.69 | 0.55 | — | — | 0.74 |
| Net Debt / EBITDA | 2.66 | 2.66 | 1.57 | 1.49 | 1.80 | 2.28 | 4.61 | 3.36 | 3.17 | 3.86 | 4.47 |
| Debt / FCF | — | — | — | 11.20 | — | — | 41.53 | 8.50 | — | — | 12.30 |
| Interest Coverage | 2.90 | 2.90 | 3.59 | 3.35 | 5.42 | 7.06 | 1.31 | 1.27 | 1.62 | 1.09 | 0.47 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.13 | 1.13 | 1.08 | 0.87 | 0.50 | 0.57 | 0.24 | 0.95 | 2.12 | 1.11 | 0.57 |
| Quick Ratio | 1.13 | 1.13 | 1.00 | 0.79 | 0.45 | 0.52 | 0.22 | 0.87 | 2.10 | 1.11 | 0.57 |
| Cash Ratio | 0.91 | 0.91 | 0.69 | 0.63 | 0.26 | 0.40 | 0.12 | 0.29 | 1.12 | 0.44 | 0.18 |
| Asset Turnover | — | 0.23 | 0.24 | 0.25 | 0.25 | 0.20 | 0.19 | 0.18 | 0.18 | 0.16 | 0.15 |
| Inventory Turnover | — | — | 13.79 | 11.91 | 11.67 | 8.46 | 12.35 | 11.55 | 142.84 | 688.18 | 743.79 |
| Days Sales Outstanding | — | 11.01 | 20.72 | 14.17 | 26.45 | 15.02 | 36.38 | 18.79 | 75.35 | 50.82 | 56.82 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.4% | 0.5% | 0.7% | 0.8% | 0.8% | 6.3% | 6.6% | 7.4% | — | — |
| Payout Ratio | 2.1% | 2.1% | 1.7% | 1.4% | 1.1% | 0.9% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.9% | 18.3% | 27.7% | 50.4% | 72.5% | 89.0% | — | — | — | — | — |
| FCF Yield | — | — | — | 11.3% | — | — | 8.9% | 23.2% | — | — | 34.5% |
| Buyback Yield | 1.7% | 2.8% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 2.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.9% | 3.1% | 2.4% | 0.7% | 0.8% | 0.8% | 6.3% | 8.8% | 7.4% | 0.0% | 0.0% |
| Shares Outstanding | — | $30M | $30M | $30M | $30M | $23M | $11M | $11M | $11M | $9M | $6M |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying NMM stock.
Navios Maritime Partners L.P.'s current P/E ratio is 9.2x. The historical average is 16.7x. This places it at the 57th percentile of its historical range.
Navios Maritime Partners L.P.'s current EV/EBITDA is 6.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.5x.
Navios Maritime Partners L.P.'s return on equity (ROE) is 8.9%. The historical average is 16.1%.
Based on historical data, Navios Maritime Partners L.P. is trading at a P/E of 9.2x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Navios Maritime Partners L.P.'s current dividend yield is 0.23% with a payout ratio of 2.1%.
Navios Maritime Partners L.P. has 64.5% gross margin and 29.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Navios Maritime Partners L.P.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Cyclical Rate Volatility & Leverage
Deep Discount to Sum-of-Parts Value
NMM trades at a forward EV/EBITDA of 3.70 and a P/B of 0.82, a significant discount to peers like Star Bulk (EV/EBITDA 14.06) and Diana Shipping (P/B 0.66), suggesting the market is applying a steep conglomerate discount to its diversified fleet model.
The valuation multiples imply the market is pricing in severe cyclicality or structural complexity, as NMM's forward P/E of 5.02 is less than half that of its pure-play dry bulk peers. This discount appears to persist despite NMM's superior gross margin of 68.6% and its multi-segment revenue base, which theoretically provides a more stable earnings floor. Investors should investigate whether this discount is a permanent feature of the partnership structure or a potential opportunity if the market re-rates the asset base.
Margin Expansion Driven by Fleet Mix
NMM's gross margin has expanded to 68.6% in 2026Q2, up from a low of 60.0% in 2025Q3, indicating a favorable shift in revenue mix toward higher-margin, long-term charter contracts in the tanker and containership segments.
The 39.4% operating margin in the latest quarter demonstrates strong operating leverage, as fixed vessel costs are spread over a growing revenue base. However, the 40.9% net margin is exceptionally high and may be influenced by non-operating items or favorable tax treatment, warranting a closer look at the income statement's lower lines. The sustainability of these peak margins is questionable, as evidenced by the sharp compression seen in 2025Q3, suggesting they are highly sensitive to the charter rate cycle.
Improving but Cyclical Returns on Capital
ROIC has improved to 2.2% in 2026Q2 from a low of 1.3% in 2025Q3, but remains below the 3.1% ROIC of peer Star Bulk, indicating that NMM's diversified model has not yet translated into superior returns on invested capital.
The ROE of 4.8% is also modest compared to peers, suggesting that the company's asset-heavy model and potential conglomerate discount are diluting returns to equity holders. The improvement in ROIC appears driven by margin expansion rather than a significant increase in asset turnover, which has remained stagnant at 0.06-0.07. This implies that future return improvement will depend more on sustaining favorable charter rates than on operational efficiency gains.
Leverage Rebounds After Deleveraging
After a significant deleveraging event in early 2025, NMM's debt-to-equity ratio has rebounded to 0.69 in 2026Q2, pushing the D/EBITDA to 10.08 and indicating a renewed appetite for debt-financed fleet expansion.
The interest coverage ratio of 5.51x appears adequate but is highly sensitive to EBITDA volatility, as seen in the drop to 2.43x in 2025Q1. The current leverage level, while lower than some peers like Diana Shipping (D/E 1.27), represents a significant increase from the 0.42 D/E ratio in 2025Q1, suggesting the balance sheet is becoming more leveraged as the company pursues growth. This trend warrants monitoring, especially if charter rates soften, as it could pressure covenant compliance and limit financial flexibility.
Liquidity Position Strengthens Substantially
The current ratio has improved markedly from a low of 0.69 in 2024Q2 to a healthy 1.53 in 2026Q2, indicating a substantial strengthening in the company's short-term liquidity position and its ability to cover near-term obligations.
The quick ratio mirrors the current ratio at 1.53, confirming that the liquidity improvement is not dependent on inventory, which is minimal for a shipping company. This strong liquidity position provides a meaningful buffer against short-term operational disruptions or charter payment delays. However, the improvement coincides with a period of strong cash generation, and investors should assess whether this buffer would be maintained under a severe stress scenario involving a sharp drop in charter rates.
The Misapplied Net Asset Value Discount
The most commonly misapplied metric for NMM is the Net Asset Value (NAV) discount, as it obscures the value of the contracted, long-term charter backlog that provides a stable cash flow floor independent of current vessel prices.
Analysts often compare NMM's market capitalization to the estimated resale value of its fleet, concluding it trades at a steep discount. However, this approach fails to adequately value the multi-year, fixed-rate charter contracts attached to many vessels, which generate predictable cash flows regardless of spot market volatility. A more appropriate metric would be a discounted cash flow analysis of the contracted backlog, which would likely show a higher intrinsic value than a simple NAV calculation suggests, especially for the tanker and containership segments.