Revenue growth remains inconsistent, swinging from a 12.9% increase in 2025Q1 to a 7.1% contraction by 2026Q1, while gross margins exhibit extreme volatility ranging from 24.9% to 54.8%.
| 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 |
|---|
| Sales/Revenue | 576.17M | 586.96M | 566.68M | 550.74M | 473.79M | 406.48M | 332.5M | 301.38M | 310.05M | 298.6M | 294.11M | 315.22M | 304.87M | 238.34M | 146.72M | 82.02M | 72.53M | 59.68M | 51.4M |
| Revenue Growth % | -1.33% | 3.58% | 2.89% | 16.24% | 16.56% | 22.25% | 10.32% | -2.79% | 3.84% | 1.52% | -6.7% | 3.39% | 27.92% | 62.45% | 78.89% | 13.08% | 21.53% | 16.11% | - |
| Cost of Goods Sold | 369.19M | 410.39M | 247.18M | 380.22M | 384.88M | 312.54M | 261.97M | 242.96M | 244.49M | 230.1M | 195.34M | 165.98M | 170.12M | 153.06M | 96.08M | 38.78M | 20.39M | 17.65M | 11.26M |
| COGS % of Revenue | - | 69.92% | 43.62% | 69.04% | 81.23% | 76.89% | 78.79% | 80.61% | 78.86% | 77.06% | 66.42% | 52.66% | 55.8% | 64.22% | 65.49% | 47.28% | 28.12% | 29.57% | 21.91% |
| Gross Profit | 206.98M | 176.57M | 319.5M | 170.51M | 88.92M | 93.95M | 70.52M | 58.43M | 65.55M | 68.5M | 98.78M | 149.24M | 134.75M | 85.27M | 50.63M | 43.24M | 52.14M | 42.03M | 40.14M |
| Gross Margin % | 35.92% | 30.08% | 56.38% | 30.96% | 18.77% | 23.11% | 21.21% | 19.39% | 21.14% | 22.94% | 33.58% | 47.34% | 44.2% | 35.78% | 34.51% | 52.72% | 71.88% | 70.43% | 78.09% |
| Gross Profit Growth % | - | -44.74% | 87.38% | 91.77% | -5.35% | 33.22% | 20.7% | -10.87% | -4.3% | -30.65% | -33.81% | 10.75% | 58.02% | 68.42% | 17.09% | -17.06% | 24.03% | 4.72% | - |
| Operating Expenses | 62.27M | 36.35M | 176.32M | 33.28M | 28.25M | 96.9M | 28.77M | 25.82M | 24.07M | 21.32M | 20.32M | 20.56M | 19.29M | 15.12M | 10.91M | 24.88M | 22.71M | 16.7M | 14.16M |
| OpEx % of Revenue | - | 6.19% | 31.11% | 6.04% | 5.96% | 23.84% | 8.65% | 8.57% | 7.76% | 7.14% | 6.91% | 6.52% | 6.33% | 6.34% | 7.44% | 30.33% | 31.31% | 27.99% | 27.54% |
| Selling, General & Admin | 40.39M | 36.35M | 36.58M | 31.21M | 27.44M | 28.88M | 23.87M | 20.88M | 24.07M | 21.32M | 20.32M | 18.01M | 17.03M | 11.62M | 9.51M | 6.99M | 7.31M | 4.78M | 3.08M |
| SG&A % of Revenue | - | 6.19% | 6.46% | 5.67% | 5.79% | 7.11% | 7.18% | 6.93% | 7.76% | 7.14% | 6.91% | 5.71% | 5.59% | 4.88% | 6.48% | 8.52% | 10.08% | 8% | 5.99% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 139.74M | 2.07M | 815K | 68.02M | 4.9M | 4.94M | 0 | 0 | -102K | -1.8M | 117.46M | 108.86M | 34.23M | 17.89M | 15.4M | 11.93M | 11.08M |
| Operating Income | 144.71M | 140.22M | 143.18M | 137.23M | 60.66M | -2.95M | 41.75M | 32.61M | 41.48M | 47.18M | 77.96M | 128.62M | 115.46M | 70.16M | 39.72M | 17.46M | 29.13M | 19.3M | 25.13M |
| Operating Margin % | 25.12% | 23.89% | 25.27% | 24.92% | 12.8% | -0.73% | 12.56% | 10.82% | 13.38% | 15.8% | 26.51% | 40.8% | 37.87% | 29.44% | 27.07% | 21.28% | 40.17% | 32.35% | 48.9% |
| Operating Income Growth % | - | -2.07% | 4.34% | 126.23% | 2155.64% | -107.07% | 28.04% | -21.38% | -12.09% | -39.48% | -39.39% | 11.4% | 64.57% | 76.62% | 127.55% | -40.08% | 50.91% | -23.19% | - |
| EBITDA | 271.37M | 274.72M | 275.91M | 266.44M | 186.88M | 85.53M | 118.44M | 108.78M | 117.62M | 120.77M | 140.24M | 182.08M | 161.27M | 106.77M | 63.9M | 35.35M | 44.53M | 31.23M | 36.21M |
| EBITDA Margin % | 47.1% | 46.8% | 48.69% | 48.38% | 39.44% | 21.04% | 35.62% | 36.09% | 37.94% | 40.45% | 47.68% | 57.76% | 52.9% | 44.8% | 43.55% | 43.1% | 61.39% | 52.33% | 70.45% |
| EBITDA Growth % | -3.03% | -0.43% | 3.56% | 42.57% | 118.49% | -27.78% | 8.87% | -7.51% | -2.61% | -13.88% | -22.98% | 12.9% | 51.05% | 67.08% | 80.79% | -20.62% | 42.58% | -13.75% | - |
| D&A (Non-Cash Add-back) | 126.66M | 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 |
| EBIT | 160.58M | 140.22M | 137.69M | 135.5M | 83.04M | 288K | 42.36M | 33.48M | 41.48M | 47.18M | 78.14M | 126.98M | 115.46M | 70.16M | 39.79M | 17.46M | 29.24M | 3.38M | 26.8M |
| Net Interest Income | -51.75M | -49.96M | -49.9M | -59.21M | -46.92M | -38.38M | -40.67M | -47.69M | -44.05M | -37.17M | -32.04M | -27.93M | -26.82M | -27.46M | -8.67M | -2.35M | -2.34M | -54.59K | 1.67M |
| Interest Income | 4.1M | 5.82M | 6.24M | 5.71M | 1.08M | 302K | 408K | 920K | 854K | 519K | 281K | 152K | 230K | 99K | 64.59K | 1.48K | 103.79K | 944.7K | 1.67M |
| Interest Expense | 55.85M | 55.78M | 56.14M | 64.92M | 48M | 38.68M | 41.08M | 48.61M | 44.91M | 37.69M | 32.32M | 28.09M | 27.05M | 27.56M | 8.74M | 2.35M | 2.44M | 999.29K | 0 |
| Other Income/Expense | -17.51M | -21.86M | -44.72M | -46.04M | 165K | -24.3M | -39.82M | -47.74M | -46.89M | -41.48M | -32.14M | -29.73M | -26.82M | -27.46M | -8.67M | -2.35M | -2.34M | -16.93M | 1.67M |
| Pretax Income | 127.2M | 118.36M | 98.46M | 91.2M | 60.83M | -27.25M | 1.93M | -15.13M | -5.41M | 5.71M | 45.81M | 98.89M | 85.37M | 41.49M | 31.05M | 15.1M | 26.79M | 2.38M | 26.8M |
| Pretax Margin % | 22.08% | 20.16% | 17.38% | 16.56% | 12.84% | -6.7% | 0.58% | -5.02% | -1.74% | 1.91% | 15.58% | 31.37% | 28% | 17.41% | 21.16% | 18.41% | 36.94% | 3.98% | 52.14% |
| Income Tax | 13.67M | 12.49M | 4.37M | 4.33M | 5.95M | 1.97M | 617K | 352K | 333K | 397K | 1.18M | 800K | 903.53K | 506.26K | 515.12K | 99.45K | 82.03K | 149.24K | 52.49K |
| Effective Tax Rate % | 10.74% | 10.55% | 4.43% | 4.74% | 9.78% | -7.23% | 31.97% | -2.33% | -6.16% | 6.96% | 2.57% | 0.81% | 1.06% | 1.22% | 1.66% | 0.66% | 0.31% | 6.28% | 0.2% |
| Net Income | 108.55M | 100.12M | 85.57M | 82.25M | 53.47M | -30.96M | -443K | -16.71M | -5.74M | 5.31M | 44.64M | 98.09M | 84.47M | 40.98M | 30.54M | 15M | 26.71M | 2.23M | 26.75M |
| Net Margin % | 18.84% | 17.06% | 15.1% | 14.94% | 11.29% | -7.62% | -0.13% | -5.54% | -1.85% | 1.78% | 15.18% | 31.12% | 27.71% | 17.2% | 20.81% | 18.29% | 36.83% | 3.73% | 52.04% |
| Net Income Growth % | 20.56% | 17% | 4.03% | 53.83% | 272.69% | -6889.62% | 97.35% | -191.1% | -208.08% | -88.1% | -54.49% | 16.13% | 106.1% | 34.22% | 103.52% | -43.83% | 1098.71% | -91.67% | - |
| Net Income (Continuing) | 113.53M | 105.87M | 94.1M | 86.87M | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 |
| EPS (Diluted) | 1.65 | 1.47 | 1.19 | 1.10 | 0.69 | -0.58 | 0.01 | -0.28 | -0.10 | 0.10 | 0.80 | 1.76 | 1.58 | 0.92 | 0.82 | 0.48 | 0.86 | 0.07 | 0.89 |
| EPS Growth % | 27.34% | 23.53% | 8.18% | 59.42% | 218.97% | -5015.25% | 104.21% | -180% | -200% | -87.5% | -54.55% | 11.39% | 71.74% | 12.2% | 70.83% | -44.19% | 1073.26% | -91.76% | - |
| EPS (Basic) | - | 1.49 | 1.20 | 1.11 | 0.69 | -0.58 | 0.01 | -0.28 | -0.10 | 0.10 | 0.81 | 1.77 | 1.59 | 0.92 | 0.82 | 0.48 | 0.86 | 0.07 | 0.89 |
| Diluted Shares Outstanding | 65.63M | 68.04M | 71.84M | 74.61M | 77.56M | 64.67M | 55.89M | 55.79M | 55.63M | 55.88M | 55.79M | 55.71M | 55.48M | 46.03M | 37.29M | 31.03M | 30.96M | 30.24M | 30M |
| Basic Shares Outstanding | 64.94M | 67.33M | 71.91M | 74.1M | 77.23M | 64.67M | 55.89M | 55.79M | 55.63M | 55.51M | 55.42M | 55.36M | 55.34M | 46.03M | 37.29M | 31.03M | 30.96M | 30.24M | 30M |
| Dividend Payout Ratio | - | 14.74% | 16.66% | 8.92% | - | - | - | - | - | - | - | - | - | - | 7.92% | 21.39% | - | - | 74.77% |
Fleet Age and Utilization
According to the provided quarterly income statements, Navigator Holdings has experienced significant revenue volatility, with growth rates swinging from a 12.9% increase in 2025Q1 to a 7.1% contraction by 2026Q1, suggesting that the company's reliance on spot market voyages creates an unpredictable top-line trajectory for investors.
The inconsistent revenue performance appears to be a direct consequence of the company's hybrid business model, which balances long-term charters against cyclical spot market exposure. Investors should monitor whether the recent revenue decline reflects a structural softening in US Gulf Coast export demand or merely temporary fluctuations in vessel availability.
As reported in financial statements, Navigator Holdings' gross margins have fluctuated wildly, ranging from a low of 24.9% in 2025Q2 to a peak of 54.8% in 2024Q4, indicating that the company's profitability is highly sensitive to bunker fuel costs and the timing of vessel dry-docking cycles.
The wide variance in gross margins suggests that the company lacks the pricing power to fully pass through volatile voyage expenses to charterers in all market conditions. This sensitivity warrants further investigation into the company's fuel hedging strategies and the extent to which maintenance-related off-hire days are depressing periodic profitability.
Based on Navigator Holdings' reported figures, operating income has failed to scale consistently with gross profit, as evidenced by the 2025Q3 period where a massive gross profit of $83.7M only translated into an operating margin of 34.5%, highlighting the burden of high fixed vessel operating expenses.
The company's cost structure appears heavily weighted toward fixed obligations, which limits the potential for margin expansion during periods of high utilization. Management's ability to control SG&A expenses has been inconsistent, suggesting that operational efficiency gains are frequently offset by the inherent capital intensity of the specialized gas carrier fleet.
Analysis of the income statement reveals that net income is frequently decoupled from operating performance, such as in 2025Q4 where net margins compressed to 12.1% despite a relatively stable operating margin, suggesting that non-operating items or tax anomalies may be significantly impacting the bottom line for shareholders.
The discrepancy between operating income and net income warrants further investigation into the impact of the Morgan’s Point joint venture and potential non-recurring financial charges. Investors should be cautious of relying on headline EPS figures, as they may not accurately reflect the underlying cash-generating capability of the core shipping operations.
Data from recent filings suggests that Navigator Holdings faces a potential value trap scenario, as the company's aging fleet may necessitate significant future capital expenditures that could erode free cash flow and limit the sustainability of current earnings levels in the face of increasing maritime regulatory requirements.
Short-sellers may focus on the potential for margin compression if the company is forced to accelerate fleet renewal in a high-interest-rate environment. The reliance on equity income from the Morgan’s Point terminal may also mask underlying weakness in the shipping segment, creating a false sense of security regarding the company's overall competitive positioning.
Quick answers to the most common questions about buying NVGS stock.
For fiscal year 2025, Navigator Holdings Ltd. (NVGS) reported total revenue of $587.0M. This represents a 1041.9% increase compared to $51.4M in 2007.
Navigator Holdings Ltd. (NVGS) is profitable, generating $100.1M in net income for the fiscal year ending 2025 with a net profit margin of 17.1%.
Navigator Holdings Ltd. (NVGS) reported an operating income of $140.2M, resulting in an operating profit margin of 23.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Navigator Holdings Ltd. (NVGS) generated $176.6M in gross profit for the year, representing a gross profit margin of 30.1%. This demonstrates the company's core pricing power and production efficiency.