Latest Ratios: P/E Ratio 15.9x · EV/EBITDA 7.8x · ROE 8.0%. (2007–2025 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 | $1.4B | $1.2B | $1.1B | $1.1B | $928M | $574M | $612M | $752M | $523M | $550M | $519M |
| Enterprise Value | $2.1B | $1.9B | $1.6B | $1.7B | $1.6B | $1.4B | $1.3B | $1.5B | $1.3B | $1.4B | $1.2B |
| P/E Ratio → | 15.88 | 11.78 | 12.90 | 13.23 | 17.33 | — | 927.97 | — | — | 98.50 | 11.63 |
| P/S Ratio | 2.45 | 2.01 | 1.95 | 1.97 | 1.96 | 1.41 | 1.84 | 2.49 | 1.69 | 1.84 | 1.76 |
| P/B Ratio | 1.26 | 0.94 | 0.88 | 0.88 | 0.79 | 0.51 | 0.65 | 0.80 | 0.55 | 0.57 | 0.54 |
| P/FCF | 21.86 | 17.88 | 6.52 | — | 10.97 | 6.08 | 14.36 | 16.19 | 6.82 | — | — |
| P/OCF | 6.56 | 5.37 | 5.24 | 6.21 | 7.12 | 5.86 | 13.64 | 15.12 | 6.75 | 7.25 | 5.98 |
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 | — | 3.20 | 2.79 | 3.04 | 3.36 | 3.37 | 4.05 | 4.99 | 4.15 | 4.52 | 4.10 |
| EV / EBITDA | 7.79 | 6.83 | 5.72 | 6.28 | 8.52 | 16.02 | 11.36 | 13.83 | 10.94 | 11.18 | 8.60 |
| EV / EBIT | 15.25 | 10.78 | 11.47 | 12.34 | 19.17 | 4757.76 | 31.76 | 44.93 | 31.04 | 28.62 | 15.43 |
| EV / FCF | — | 28.48 | 9.34 | — | 18.83 | 14.52 | 31.57 | 32.40 | 16.79 | — | — |
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 | 30.1% | 30.1% | 56.4% | 31.0% | 18.8% | 23.1% | 21.2% | 19.4% | 21.1% | 22.9% | 33.6% |
| Operating Margin | 23.9% | 23.9% | 25.3% | 24.9% | 12.8% | -0.7% | 12.6% | 10.8% | 13.4% | 15.8% | 26.5% |
| Net Profit Margin | 17.1% | 17.1% | 15.1% | 14.9% | 11.3% | -7.6% | -0.1% | -5.5% | -1.9% | 1.8% | 15.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.0% | 8.0% | 6.9% | 6.8% | 4.7% | -3.0% | -0.0% | -1.8% | -0.6% | 0.6% | 4.8% |
| ROA | 4.5% | 4.5% | 3.9% | 3.8% | 2.5% | -1.5% | -0.0% | -0.9% | -0.3% | 0.3% | 2.7% |
| ROIC | 5.7% | 5.7% | 6.1% | 5.6% | 2.4% | -0.1% | 1.9% | 1.4% | 1.8% | 2.1% | 3.8% |
| ROCE | 7.2% | 7.2% | 7.4% | 6.9% | 3.1% | -0.2% | 2.4% | 1.9% | 2.4% | 2.8% | 5.1% |
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 | 0.72 | 0.72 | 0.49 | 0.60 | 0.69 | 0.82 | 0.84 | 0.87 | 0.88 | 0.89 | 0.78 |
| Debt / EBITDA | 3.29 | 3.29 | 2.20 | 2.77 | 4.34 | 10.76 | 6.69 | 7.51 | 7.11 | 7.14 | 5.31 |
| Net Debt / Equity | — | 0.56 | 0.38 | 0.48 | 0.57 | 0.71 | 0.78 | 0.80 | 0.80 | 0.83 | 0.72 |
| Net Debt / EBITDA | 2.54 | 2.54 | 1.73 | 2.20 | 3.55 | 9.31 | 6.19 | 6.92 | 6.50 | 6.62 | 4.90 |
| Debt / FCF | — | 10.60 | 2.82 | — | 7.85 | 8.44 | 17.21 | 16.21 | 9.97 | — | — |
| Interest Coverage | 3.12 | 3.12 | 2.45 | 2.09 | 1.73 | 0.01 | 1.03 | 0.69 | 0.92 | 1.25 | 2.42 |
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 | 1.18 | 1.18 | 0.69 | 1.38 | 1.43 | 1.05 | 1.27 | 1.15 | 1.12 | 1.02 | 0.73 |
| Quick Ratio | 1.12 | 1.12 | 0.65 | 1.33 | 1.38 | 0.99 | 1.19 | 1.06 | 1.04 | 0.94 | 0.68 |
| Cash Ratio | 0.82 | 0.82 | 0.41 | 0.81 | 0.92 | 0.61 | 0.55 | 0.58 | 0.68 | 0.56 | 0.45 |
| Asset Turnover | — | 0.26 | 0.26 | 0.25 | 0.23 | 0.19 | 0.18 | 0.16 | 0.17 | 0.16 | 0.17 |
| Inventory Turnover | 26.63 | 26.63 | 17.97 | 42.04 | 45.03 | 23.73 | 31.08 | 25.19 | 27.82 | 28.73 | 28.16 |
| Days Sales Outstanding | — | 34.64 | 33.50 | 47.07 | 35.00 | 55.36 | 51.40 | 39.58 | 25.64 | 37.50 | 25.06 |
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 | 0.9% | 1.3% | 1.3% | 0.7% | — | — | — | — | — | — | — |
| Payout Ratio | 14.7% | 14.7% | 16.7% | 8.9% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 8.5% | 7.8% | 7.6% | 5.8% | — | 0.1% | — | — | 1.0% | 8.6% |
| FCF Yield | 4.6% | 5.6% | 15.3% | — | 9.1% | 16.5% | 7.0% | 6.2% | 14.7% | — | — |
| Buyback Yield | 4.4% | 5.3% | 5.2% | 4.5% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.3% | 6.6% | 6.5% | 5.2% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $68M | $72M | $75M | $78M | $65M | $56M | $56M | $56M | $56M | $56M |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying NVGS stock.
Navigator Holdings Ltd.'s current P/E ratio is 15.9x. The historical average is 21.9x. This places it at the 73th percentile of its historical range.
Navigator Holdings Ltd.'s current EV/EBITDA is 7.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
Navigator Holdings Ltd.'s return on equity (ROE) is 8.0%. The historical average is 4.8%.
Based on historical data, Navigator Holdings Ltd. is trading at a P/E of 15.9x. This is at the 73th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Navigator Holdings Ltd.'s current dividend yield is 0.93% with a payout ratio of 14.7%.
Navigator Holdings Ltd. has 30.1% gross margin and 23.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Navigator Holdings Ltd.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Volatile Voyage Expenses
Discount to Midstream Peers, Premium to Shippers
NVGS trades at a forward P/E of 10.05 and EV/EBITDA of 6.11, a significant discount to midstream peers like Golar LNG (EV/EBITDA 36.26) but a premium to pure-play shippers like StealthGas (EV/EBITDA 3.16), suggesting the market is pricing its hybrid model inconsistently.
The valuation gap implies the market is not fully recognizing the stable, fee-based earnings from the Morgan's Point terminal, which should command a multiple closer to midstream infrastructure. Conversely, the premium to StealthGas may reflect the perceived value of this integrated asset and the specialized Handysize fleet. The low PEG ratio of 0.09 suggests the market is pricing in minimal future growth, which appears misaligned with the terminal expansion and potential ammonia trade optionality.
Margin Volatility Masks Underlying Strength
Gross margins have swung wildly from 24.9% to 54.7% over the past ten quarters, yet the operating margin has stabilized at a robust 28.5% in 2026Q2, indicating effective cost control over fixed expenses despite volatile voyage costs.
The extreme gross margin volatility is a direct function of fluctuating bunker fuel costs, which are a key variable in voyage expenses. The stability of the operating margin, however, suggests management has successfully insulated core profitability from these swings through disciplined SG&A control and likely favorable charter mix. This divergence highlights that the net margin, which can be distorted by non-operating items, is a less reliable indicator of true operational earning power than the operating margin.
Low but Improving Returns on Invested Capital
ROIC has improved from a low of 0.8% in 2025Q2 to 1.9% in 2026Q2, but remains well below the cost of capital, suggesting the company is not yet generating sufficient returns to justify its asset base.
The low ROIC is characteristic of the capital-intensive shipping industry, where a massive asset base (PPE at ~74% of total assets) dilutes returns. The recent improvement appears driven by margin expansion rather than a significant increase in asset turnover, which has remained stagnant at 0.06-0.07. For NVGS to create value, it must leverage its specialized fleet and terminal asset to drive higher-margin cargo, which would improve returns without requiring proportional asset growth.
Strategic Leverage Increase Remains Manageable
Total debt has increased 52% since 2024Q4, pushing the Debt-to-Equity ratio to 0.73, yet the interest coverage ratio has simultaneously improved to 4.88, indicating the new debt is being serviced comfortably by stronger earnings.
The rise in leverage appears strategic, likely funding fleet expansion or terminal investments, rather than a sign of distress. The improving interest coverage, driven by higher operating income, suggests the debt load is sustainable under current market conditions. However, investors should monitor this closely; a downturn in charter rates or a spike in fuel costs could quickly erode the coverage buffer, especially given the high fixed-cost structure.
Working Capital Cycle Reflects Operational Rhythm
The cash conversion cycle has averaged 37 days over the last ten quarters, with Days Sales Outstanding (DSO) consistently higher than Days Payable Outstanding (DPO), indicating NVGS collects from customers slower than it pays suppliers.
The extended DSO, averaging 37 days, is typical for shipping where payment terms with charterers can be lengthy. The relatively short DIO of 14 days reflects the nature of the business—vessels are the primary asset, not inventory. The overall CCC suggests a moderate working capital requirement, but the volatility in FCF (from -27.1% to 46.0% margin) is driven far more by lumpy capital expenditures than by working capital management.
The Misapplied P/E Ratio
The P/E ratio of 15.01 is the most commonly misapplied metric for NVGS, as it obscures the significant, stable earnings from the unconsolidated Morgan's Point terminal and the cyclical volatility of the shipping business.
The P/E ratio is misleading because it is based on net income, which is distorted by non-operating items and does not capture the equity income from the 50%-owned terminal JV. This makes the company appear less profitable and more cyclical than its underlying economic footprint. A more appropriate metric would be EV/EBITDA, which better captures the cash-generating power of the entire asset base, or a sum-of-the-parts analysis that separately values the fleet and the terminal infrastructure.