The company maintains a resilient capital structure with a consistent $1.2 billion equity base and a manageable debt-to-equity ratio that has remained between 0.45 and 0.74 over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Total Current Assets | 303.92M | 295.45M | 220.38M | 255.37M | 228.32M | 215.34M | 136.54M | 126.13M | 118.13M | 112.14M | 93.8M | 125M | 84.5M | 226.69M | 171.37M | 31.45M | 17.34M | 15.31M | 15.31M |
| Cash & Short-Term Investments | 199.61M | 204.87M | 130.46M | 149.58M | 146.56M | 123.89M | 59.27M | 64.02M | 71.52M | 62.11M | 57.27M | 87.78M | 62.53M | 194.74M | 150.87M | 16.24M | 10.53M | 11.92M | 12.86M |
| Cash Only | 199.61M | 204.87M | 130.46M | 149.58M | 146.56M | 123.89M | 59.27M | 64.02M | 71.52M | 62.11M | 57.27M | 87.78M | 62.53M | 194.74M | 140.87M | 16.24M | 10.53M | 11.92M | 12.86M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 71.23M | 55.7M | 52.01M | 71.02M | 45.43M | 61.65M | 46.82M | 32.68M | 21.78M | 30.68M | 20.19M | 14.7M | 7.2M | 19.74M | 10.6M | 3.42M | 2.74M | 997.21K | 0 |
| Days Sales Outstanding | 36.23 | 34.64 | 33.5 | 47.07 | 35 | 55.36 | 51.4 | 39.58 | 25.64 | 37.5 | 25.06 | 17.02 | 8.61 | 30.23 | 26.38 | 15.22 | 13.78 | 6.1 | - |
| Inventory | 14.19M | 15.41M | 13.75M | 9.04M | 8.55M | 13.17M | 8.43M | 9.64M | 8.79M | 8.01M | 6.94M | 3.48M | 4.81M | 5.92M | 4.82M | 3.59M | 1.92M | 0 | 0 |
| Days Inventory Outstanding | 13.38 | 13.71 | 20.31 | 8.68 | 8.11 | 15.38 | 11.74 | 14.49 | 13.12 | 12.7 | 12.96 | 7.65 | 10.32 | 14.13 | 18.32 | 33.83 | 34.34 | - | - |
| Other Current Assets | 18.89M | 19.47M | 24.17M | 25.73M | 27.79M | 337K | 22.02M | 2.11M | 6.04M | 15.79M | 13.99M | 15.94M | 3.64M | 0 | 6.73M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.96B | 1.98B | 1.96B | 1.95B | 1.87B | 1.94B | 1.7B | 1.75B | 1.71B | 1.74B | 1.63B | 1.45B | 1.29B | 1.1B | 660.88M | 419.35M | 432.52M | 337.92M | 292.81M |
| Property, Plant & Equipment | 1.68B | 1.72B | 1.7B | 1.76B | 1.7B | 1.76B | 1.55B | 1.62B | 1.67B | 1.74B | 1.63B | 1.44B | 1.28B | 1.09B | 607.27M | 418.75M | 431.69M | 322.6M | 270.01M |
| Fixed Asset Turnover | 0.33x | 0.34x | 0.33x | 0.31x | 0.28x | 0.23x | 0.21x | 0.19x | 0.19x | 0.17x | 0.18x | 0.22x | 0.24x | 0.22x | 0.24x | 0.20x | 0.17x | 0.19x | 0.19x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 314K | 360K | 406K | 332K | 239K | 400K | 277K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.01B | 249.31M | 253.73M | 174.91M | 148.53M | 150.21M | 148.66M | 130.66M | 42.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 25.62M | 16.05M | 8.44M | 14.67M | 23.33M | 26.98M | 2.04M | 0 | 0 | 0 | 0 | 10.14M | 9.26M | 11.75M | 53.61M | 600K | 825K | 15.32M | 22.8M |
| Total Assets | 2.26B | 2.28B | 2.18B | 2.2B | 2.1B | 2.16B | 1.84B | 1.87B | 1.83B | 1.85B | 1.72B | 1.57B | 1.37B | 1.33B | 832.25M | 450.79M | 449.86M | 353.22M | 308.13M |
| Asset Turnover | 0.25x | 0.26x | 0.26x | 0.25x | 0.23x | 0.19x | 0.18x | 0.16x | 0.17x | 0.16x | 0.17x | 0.20x | 0.22x | 0.18x | 0.18x | 0.18x | 0.16x | 0.17x | 0.17x |
| Asset Growth % | 24.32% | 4.52% | -1% | 5.05% | -2.81% | 17.29% | -1.86% | 2.26% | -1.14% | 7.48% | 9.82% | 14.61% | 3.41% | 59.23% | 84.62% | 0.21% | 27.36% | 14.64% | - |
| Total Current Liabilities | 264.27M | 250.95M | 318.77M | 185.44M | 159.62M | 204.34M | 107.22M | 109.51M | 105.39M | 110.43M | 127.68M | 92.24M | 80.22M | 89.84M | 43.04M | 12.02M | 5.92M | 18.13M | 5.76M |
| Accounts Payable | 12.08M | 12.64M | 13.82M | 11.64M | 7.77M | 11.6M | 8.56M | 10.47M | 10.78M | 8.07M | 6.39M | 11.47M | 6.45M | 13.59M | 7.94M | 3.53M | 2.67M | 1.86M | 1.38M |
| Days Payables Outstanding | 12.2 | 11.24 | 20.41 | 11.18 | 7.37 | 13.55 | 11.93 | 15.73 | 16.1 | 12.8 | 11.94 | 25.23 | 13.83 | 32.4 | 30.18 | 33.26 | 47.82 | 38.42 | 44.85 |
| Short-Term Debt | 171.89M | 169.27M | 0 | 0 | 99.01M | 148.57M | 66.94M | 64.7M | 68.86M | 81.56M | 103.46M | 61.98M | 58.35M | 60.75M | 26.84M | 6.15M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 117.86M | 27.28M | 24.51M | 25.62M | 23.11M | 18.51M | 11.6M | 14.15M | 8.34M | 4.82M | 3.52M | 6.61M | 7.1M | 4.8M | 2.88M | 0 | 901.71K | 1.13M | 2.35M |
| Other Current Liabilities | 49.49M | 41.75M | 250.09M | 120.33M | 0 | 0 | 20.11M | 0 | 0 | 0 | 0 | 0 | -745 | 0 | 0 | 0 | 0 | 14M | 0 |
| Current Ratio | 1.15x | 1.18x | 0.69x | 1.38x | 1.43x | 1.05x | 1.27x | 1.15x | 1.12x | 1.02x | 0.73x | 1.36x | 1.05x | 2.52x | 3.98x | 2.62x | 2.93x | 0.84x | 2.66x |
| Quick Ratio | 1.10x | 1.12x | 0.65x | 1.33x | 1.38x | 0.99x | 1.19x | 1.06x | 1.04x | 0.94x | 0.68x | 1.32x | 0.99x | 2.46x | 3.87x | 2.32x | 2.60x | 0.84x | 2.66x |
| Cash Conversion Cycle | 37.41 | 37.1 | 33.4 | 44.57 | 35.73 | 57.19 | 51.21 | 38.34 | 22.66 | 37.4 | 26.09 | -0.55 | 5.1 | 11.96 | 14.52 | 15.78 | 0.3 | - | - |
| Total Non-Current Liabilities | 769.06M | 771.43M | 615.49M | 784.17M | 763.7M | 835.64M | 789.79M | 824.85M | 772.25M | 780.24M | 640.68M | 568.32M | 484.51M | 514.73M | 341.39M | 91.85M | 110M | 30M | 3.73M |
| Long-Term Debt | 726.12M | 732.14M | 603.44M | 732.31M | 707.28M | 771.03M | 720.33M | 744.69M | 767.09M | 780.24M | 640.68M | 568.32M | 484.51M | 514.73M | 341.39M | 91.85M | 110M | 30M | 0 |
| Capital Lease Obligations | 10.82M | 1.64M | 2.57M | 3.5M | 4.03M | 522K | 5.23M | 6.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 62.39M | 19.65M | 9.48M | 7.02M | 4.25M | 408K | 0 | 0 | -599.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 41.34M | 48.14M | 63.68M | 64.23M | 73.82M | 5.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.03B | 1.02B | 934.26M | 969.61M | 923.33M | 1.04B | 897.01M | 934.35M | 877.64M | 890.67M | 768.36M | 660.55M | 564.73M | 604.57M | 384.43M | 103.87M | 115.92M | 48.13M | 5.76M |
| Total Debt | 902.97M | 903.05M | 607.2M | 736.73M | 810.54M | 920.5M | 792.5M | 816.9M | 835.95M | 861.8M | 744.14M | 630.29M | 542.86M | 575.48M | 368.24M | 98M | 110M | 30M | 0 |
| Net Debt | 703.36M | 698.18M | 476.74M | 587.14M | 663.98M | 796.62M | 733.23M | 752.88M | 764.43M | 799.69M | 686.87M | 542.51M | 480.33M | 380.74M | 227.37M | 81.76M | 99.47M | 18.08M | -12.86M |
| Debt / Equity | 0.74x | 0.72x | 0.49x | 0.60x | 0.69x | 0.82x | 0.84x | 0.87x | 0.88x | 0.89x | 0.78x | 0.69x | 0.67x | 0.80x | 0.82x | 0.28x | 0.33x | 0.10x | - |
| Debt / EBITDA | 3.33x | 3.29x | 2.20x | 2.77x | 4.34x | 10.76x | 6.69x | 7.51x | 7.11x | 7.14x | 5.31x | 3.46x | 3.37x | 5.39x | 5.76x | 2.77x | 2.47x | 0.96x | - |
| Net Debt / EBITDA | 2.59x | 2.54x | 1.73x | 2.20x | 3.55x | 9.31x | 6.19x | 6.92x | 6.50x | 6.62x | 4.90x | 2.98x | 2.98x | 3.57x | 3.56x | 2.31x | 2.23x | 0.58x | -0.36x |
| Interest Coverage | 2.88x | 2.51x | 2.45x | 2.09x | 1.73x | 0.01x | 1.03x | 0.69x | 0.92x | 1.25x | 2.42x | 4.52x | 4.27x | 2.55x | 4.55x | 7.41x | 11.97x | 3.38x | - |
| Total Equity | 1.23B | 1.26B | 1.25B | 1.23B | 1.17B | 1.12B | 942.39M | 939.9M | 955.11M | 963.21M | 956.48M | 910.09M | 805.73M | 720.65M | 447.82M | 346.92M | 333.93M | 305.1M | 302.37M |
| Equity Growth % | 2.29% | 0.83% | 1.08% | 5.08% | 5.01% | 18.58% | 0.27% | -1.59% | -0.84% | 0.7% | 5.1% | 12.95% | 11.81% | 60.92% | 29.09% | 3.89% | 9.45% | 0.9% | - |
| Book Value per Share | 18.69 | 18.47 | 17.35 | 16.53 | 15.13 | 17.28 | 16.86 | 16.85 | 17.17 | 17.24 | 17.14 | 16.34 | 14.52 | 15.66 | 12.01 | 11.18 | 10.79 | 10.09 | 10.08 |
| Total Shareholders' Equity | 1.2B | 1.23B | 1.21B | 1.19B | 1.16B | 1.11B | 940.54M | 939.8M | 955.11M | 963.21M | 956.48M | 910.09M | 805.73M | 720.65M | 447.82M | 346.92M | 333.93M | 305.1M | 302.37M |
| Common Stock | 618K | 653K | 695K | 733K | 769K | 772K | 559K | 558K | 557K | 555K | 554K | 554K | 553.47K | 553.27K | 386.95K | 103.51K | 103.2K | 100K | 100K |
| Retained Earnings | 396.11M | 427.16M | 404.52M | 390.22M | 364M | 316.01M | 346.97M | 347.57M | 364.41M | 373.5M | 368.19M | 323.55M | 220.62M | 136.16M | 95.17M | 58.05M | 46.25M | 19.54M | 17.31M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -721K | -408K | -548K | -152K | -463K | -253K | -245K | -331K | -363K | -277K | -287K | -465K | -254.67K | -87.93K | -114.51K | -138.52K | -131.04K | -110.56K | -15.35M |
| Minority Interest | 30.82M | 29.9M | 40.9M | 42.8M | 10.92M | 3.6M | 1.85M | 99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Fleet Renewal Capital Intensity
According to quarterly balance sheet data, Navigator Holdings has maintained a consistent equity base of $1.2 billion over the last ten quarters, suggesting that despite cyclical revenue fluctuations, the company has successfully preserved its net asset value through disciplined financial management and controlled leverage levels.
The stability of the equity base indicates that management has avoided significant dilution or impairment-driven erosion during periods of market stress. Investors should monitor whether this equilibrium can be maintained as the fleet ages and requires more intensive capital reinvestment.
Based on reported figures, Navigator Holdings has demonstrated a conservative approach to leverage, with the debt-to-equity ratio fluctuating between 0.45 and 0.74 over the past ten quarters, providing the company with a meaningful buffer against the inherent volatility of the liquefied gas shipping industry.
The recent increase in debt to $903 million in 2026Q1 appears to be a strategic utilization of the balance sheet rather than a sign of distress. This moderate leverage profile suggests that the company retains sufficient capacity to fund future dry-docking or terminal expansion projects without overextending its credit facilities.
As reported in financial statements, the company's current ratio has largely remained above 1.10, with the exception of a temporary dip in late 2024, indicating that Navigator Holdings maintains adequate short-term liquidity to meet its immediate operational obligations and service its debt-related cash outflows.
The fluctuation in cash balances, which reached a low of $91 million in 2025Q1, highlights the lumpy nature of capital expenditures in this sector. While current liquidity appears sufficient, the reliance on spot market cash flows necessitates a vigilant approach to maintaining these cash reserves.
Analysis of the asset composition reveals that the vast majority of Navigator Holdings' $2.3 billion in total assets is concentrated in net property, plant, and equipment, which has remained remarkably stable at approximately $1.7 billion throughout the observed ten-quarter period.
This heavy concentration in physical assets confirms the capital-intensive nature of the business model and underscores the importance of fleet maintenance. The minimal goodwill on the balance sheet suggests that the company's valuation is primarily supported by tangible assets rather than speculative intangible premiums.
Quick answers to the most common questions about buying NVGS stock.
As of 2025, Navigator Holdings Ltd. (NVGS) had total assets of $2.28B including $295.5M in current assets.
Navigator Holdings Ltd. (NVGS) carries total debt of $903.0M, offset by $204.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Navigator Holdings Ltd. (NVGS) has total shareholders' equity (book value) of $1.23B ($18.47 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Navigator Holdings Ltd. (NVGS) reported a current ratio of 1.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.