Earnings quality is heavily supported by non-cash depreciation, with the OCF/NI ratio frequently exceeding 2.0x, though free cash flow remains sensitive to irregular capital expenditures that spiked to 68.9% of revenue in 2025Q1.
| 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 |
|---|
| Cash from Operations | 188.24M | 219.49M | 210.52M | 174.7M | 130.31M | 97.94M | 44.88M | 49.7M | 77.52M | 75.92M | 86.75M | 149.55M | 129.84M | 78.81M | 54.96M | 25.87M | 42.8M | 33.61M | 32.99M |
| Operating CF Margin % | - | 37.39% | 37.15% | 31.72% | 27.5% | 24.09% | 13.5% | 16.49% | 25% | 25.43% | 29.49% | 47.44% | 42.59% | 33.07% | 37.46% | 31.54% | 59.02% | 56.32% | 64.18% |
| Operating CF Growth % | -50.82% | 4.26% | 20.5% | 34.07% | 33.05% | 118.23% | -9.7% | -35.88% | 2.1% | -12.48% | -42% | 15.18% | 64.75% | 43.39% | 112.45% | -39.56% | 27.34% | 1.88% | - |
| Net Income | 108.55M | 100.12M | 85.57M | 82.25M | 54.88M | -29.22M | 1.31M | -16.61M | -5.74M | 5.31M | 44.64M | 98.09M | 84.47M | 40.98M | 30.54M | 15M | 26.71M | 2.23M | 26.75M |
| Depreciation & Amortization | 133.17M | 134.5M | 132.72M | 129.2M | 126.22M | 88.49M | 76.68M | 76.17M | 76.14M | 73.59M | 62.28M | 53.45M | 45.81M | 36.61M | 24.18M | 17.89M | 15.4M | 11.93M | 11.08M |
| Stock-Based Compensation | 806.12K | 0 | 1.33M | 1.28M | 869K | 1.37M | 1.25M | 1.5M | 1.07M | 1.41M | 1.57M | 1.64M | 1.12M | 728.59K | 796.76K | 1.2M | 2.14M | 613.08K | 0 |
| Deferred Taxes | 7.83M | 10.17M | 0 | 2.36M | 3.84M | 0 | 0 | 0 | 2.82M | 2.5M | 208K | 9.74M | -155.6K | 23.27K | 27.49K | -1.2M | -2.18M | 13.37M | 0 |
| Other Non-Cash Items | -57.35M | -25.7M | -26.16M | -22.37M | -71.4M | 32.52M | -6.5M | -11M | -4.15M | 2.44M | -6.75M | -17.04M | -2.47M | -768.06K | 959.21K | 1.42M | 2.37M | 5.89M | -3.26M |
| Working Capital Changes | -5.55M | 398K | 17.06M | -18.03M | 15.9M | 4.78M | -27.86M | -368K | 7.37M | -9.33M | -15.2M | 3.66M | 1.07M | 1.23M | -1.54M | -8.44M | -1.63M | -410.06K | -1.57M |
| Change in Receivables | -15.89M | -11.29M | -800K | -33.05M | 13.66M | 20.68M | -12.89M | -7.07M | -2.14M | -7.83M | 1.99M | -1.85M | 4.64M | -7.96M | -2.57M | -681.7K | -1.74M | -997.21K | 334.33K |
| Change in Inventory | 1.24M | -1.66M | -4.71M | -496K | 3.96M | -2.7M | 1.22M | -856K | -781K | -1.07M | -3.46M | 1.33M | 1.11M | -1.1M | -372.52K | -1.67M | -1.5M | 68.91K | -1.08M |
| Change in Payables | 11.65M | 11.95M | 3.31M | 4.5M | 10.48M | 3.21M | -4.12M | 7.55M | 7.66M | -6.04M | -6.04M | 8.39M | -7.22M | 12.89M | 7.79M | -49.79K | 1.8M | -1.64M | 1.33M |
| Cash from Investing | 41.54M | -94.93M | -100.99M | -176.48M | 35.64M | 33.06M | -16.15M | -90.41M | -42.33M | -183.03M | -238.15M | -205.86M | -228.6M | -456.3M | -202.79M | -4.95M | -124.19M | -63.43M | -21.04M |
| Capital Expenditures | -47.73M | -153.6M | -41.4M | -191.96M | -45.77M | -3.54M | -2.26M | -3.27M | -830K | -184.29M | -249.43M | -240.14M | -230.41M | -466.3M | -192.79M | -4.95M | -138.47M | -69.8M | -395.46K |
| CapEx % of Revenue | 8.28% | 26.17% | 7.31% | 34.86% | 9.66% | 0.87% | 0.68% | 1.08% | 0.27% | 61.72% | 84.81% | 76.18% | 75.57% | 195.65% | 131.4% | 6.03% | 190.91% | 116.96% | 0.77% |
| Acquisitions | 19.06M | 51.83M | 0 | 0 | 44.68M | 13.48M | -17.35M | -89.32M | -42.5M | 0 | 0 | 31.96M | 0 | 202.79B | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 70.13M | 12.08M | -58.34M | 52.04M | 85.41M | 23.12M | 3.47M | 2.18M | 1M | 1.27M | 11.28M | 34.28M | 1.8M | -202.79B | -10M | 0 | 14.27M | 6.38M | -20.65M |
| Cash from Financing | -169.77M | -58.21M | -126.01M | 6.81M | -134.14M | -66.09M | -35.38M | 35.32M | -25.78M | 111.94M | 120.9M | 81.56M | -33.45M | 431.36M | 261.96M | -15.21M | 80M | 28.88M | -20M |
| Debt Issued (Net) | 34.56M | 43.21M | -51.63M | 39.16M | -115.46M | -66.07M | -31.25M | 41.2M | -24.75M | 115.82M | 123.58M | 87.43M | -32.63M | 207.25M | 223.88M | -12M | 80M | 28.88M | 0 |
| Equity Issued (Net) | -122.07M | -62.72M | -57.05M | -48.74M | -5.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 246.57M | 46.88M | 0 | 0 | 0 | 0 |
| Dividends Paid | -18.95M | -14.76M | -14.25M | -7.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.42B | -2.42M | -3.21M | 0 | 0 | -20M |
| Share Repurchases | -122.07M | -62.72M | -57.05M | -48.74M | -5.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -63.32M | -23.95M | -3.08M | 23.72M | -13.2M | -26K | -4.13M | -5.88M | -1.03M | -3.88M | -2.68M | -5.88M | -828K | -22.46M | -6.37M | 0 | 0 | 0 | 0 |
| Net Change in Cash | 60.59M | 65.07M | -18.45M | 5.05M | 28.97M | 64.95M | -6.86M | -5.38M | 9.41M | 4.84M | -30.51M | 25.25M | -132.21M | 53.87M | 114.14M | 5.71M | -1.39M | -937.16K | -8.05M |
| Free Cash Flow | 140.5M | 65.89M | 169.12M | -17.26M | 84.54M | 94.4M | 42.62M | 46.43M | 76.69M | -108.37M | -162.68M | -90.58M | -100.56M | -387.49M | -137.83M | 20.92M | -95.66M | -36.19M | 32.6M |
| FCF Margin % | 24.39% | 11.23% | 29.84% | -3.13% | 17.84% | 23.22% | 12.82% | 15.41% | 24.73% | -36.29% | -55.31% | -28.74% | -32.99% | -162.58% | -93.94% | 25.51% | -131.89% | -60.64% | 63.41% |
| FCF Growth % | 77.66% | -61.04% | 1079.96% | -120.41% | -10.45% | 121.52% | -8.22% | -39.45% | 170.76% | 33.38% | -79.59% | 9.92% | 74.05% | -181.14% | -758.81% | 121.87% | -164.34% | -211.02% | - |
| FCF per Share | 2.14 | 0.97 | 2.35 | -0.23 | 1.09 | 1.46 | 0.76 | 0.83 | 1.38 | -1.94 | -2.92 | -1.63 | -1.81 | -8.42 | -3.70 | 0.67 | -3.09 | -1.20 | 1.09 |
| FCF Conversion (FCF/Net Income) | 1.29x | 2.19x | 2.46x | 2.12x | 2.44x | -3.16x | -101.31x | -2.97x | -13.51x | 14.30x | 1.94x | 1.52x | 1.54x | 1.92x | 1.80x | 1.72x | 1.60x | 15.08x | 1.23x |
| Interest Paid | 29.43M | 0 | 53.79M | 62.11M | 48.6M | 33.02M | 37.62M | 44.86M | 41.47M | 35.89M | 29.82M | 24.43M | 25.45M | 23.04M | 6.17M | 2.07M | 1.66M | 492.32K | 0 |
| Taxes Paid | 633K | 0 | 1.94M | 1.8M | 2.44M | 579K | 330K | 323K | 176K | 515K | 601K | 632K | 560K | 171K | 165.1K | 102.69K | 185.15K | 85.78K | 0 |
Fleet Renewal Capital Intensity
Based on reported financial statements, Navigator Holdings consistently generates operating cash flow significantly higher than net income, with the OCF/NI ratio frequently exceeding 2.0x, which suggests that non-cash depreciation charges are the primary driver of the company's reported cash-generative capacity rather than pure operational margin expansion.
The persistent gap between net income and operating cash flow highlights the capital-intensive nature of the fleet, where heavy depreciation masks the underlying cash volatility. Investors should monitor whether this conversion quality remains sustainable if maintenance requirements for the aging fleet begin to outpace current depreciation schedules.
As reported in recent quarterly filings, Navigator Holdings' free cash flow margins have exhibited extreme variance, swinging from a negative 27.1% in 2025Q1 to a robust 46.0% in 2024Q2, indicating that the company's cash trajectory is highly sensitive to the timing of major capital expenditures and spot market fluctuations.
This erratic FCF profile suggests that the company lacks the predictable cash flow generation typical of pure-play midstream infrastructure. The reliance on spot voyages appears to create significant quarterly noise, making it difficult to rely on FCF as a consistent indicator of long-term dividend or buyback capacity.
According to historical data, Navigator Holdings' capital expenditure intensity is highly irregular, with quarterly CapEx/Revenue ratios spiking as high as 68.9% in 2025Q1, which underscores the significant burden of periodic dry-docking and potential fleet renewal costs on the company's overall liquidity position.
The lumpy nature of these investments suggests that management faces a difficult balancing act between maintaining an aging fleet and funding growth initiatives. Future cash flow may be pressured if the company is forced to accelerate vessel replacement cycles to remain competitive in the specialized gas shipping niche.
Based on the provided cash flow data, Navigator Holdings has prioritized share repurchases, including a $62.2M outlay in 2026Q1, even as the company manages significant capital expenditure requirements, which may indicate a management preference for returning capital over aggressive fleet expansion or rapid debt reduction.
This deployment strategy warrants further investigation, as it appears to prioritize shareholder returns during periods where FCF is already under pressure from capital intensity. Investors should consider whether this capital allocation is sustainable if the ethane and LPG export markets experience a prolonged cyclical downturn.
Quick answers to the most common questions about buying NVGS stock.
Navigator Holdings Ltd. (NVGS) generated $219.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Navigator Holdings Ltd. (NVGS) generated $65.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Navigator Holdings Ltd. (NVGS) spent $153.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Navigator Holdings Ltd. (NVGS) returned $14.8M to shareholders via cash dividends and spent $62.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.