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Navios Maritime Partners
(NYSE:NMM)
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Rating:81Outperform
Price Target:
$105.00
â–²(22.95% Upside)
Action:Reiterated
Date:08/26/26
The score is driven primarily by strong financial performance (high margins and a major TTM free-cash-flow rebound) and constructive earnings-call fundamentals (record backlog and capital returns). Valuation is a major positive given the low P/E and very high dividend yield. Technicals support the uptrend, but overbought momentum signals (RSI ~80, Stoch ~94) and the business’s historical cyclicality/leverage variability keep the score from being higher.
Positive Factors
Contracted Revenue Visibility
The record backlog and high proportion of fixed employment provide durable revenue visibility, reducing dependence on volatile spot freight markets. This supports planning, debt servicing and cash distributions across the next several years.
Negative Factors
Leverage Above Target
Although leverage has improved, it remains above management's target while newbuild deliveries continue. Elevated debt can constrain distributions and investment flexibility, and increases exposure to refinancing costs if vessel values or cash flows weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Revenue Visibility
The record backlog and high proportion of fixed employment provide durable revenue visibility, reducing dependence on volatile spot freight markets. This supports planning, debt servicing and cash distributions across the next several years.
Read all positive factors
Navios Maritime Partners (NMM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.51B
Dividend Yield0.25%
Average Volume (3M)136.66K
Price to Earnings (P/E)5.8
Beta (1Y)1.00
Revenue Growth13.38%
EPS Growth52.73%
CountryUS
Employees186
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)15.31
Shares Outstanding28,424,620
10 Day Avg. Volume180,891
30 Day Avg. Volume136,659
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)0.47
Price to Sales (P/S)1.16
P/FCF Ratio-43.35
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$100.00Price Target Upside17.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)18.36
Revenue Forecast (FY)$1.48B
Navios Maritime Partners Business Overview & Revenue Model
Company Description
Navios Maritime Partners L.P. is a company that manages and possesses vessels specialized in dry cargo, delivering vital marine shipping solutions across global markets including Asia, Europe, North America, and Australia. The firm facilitates the...
How the Company Makes Money
NMM makes money by earning vessel charter revenues from providing ships (and, depending on contract type, operating services) to cargo interests and shipping operators. Its core revenue stream is charter hire under time charter contracts, where a ...
Navios Maritime Partners Earnings Call Summary
Earnings Call Date:Aug 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and financial progress: double-digit revenue and TCE growth, record $4.4B contracted backlog, significant fleet modernization, improved liquidity and meaningful capital returned to unitholders via a doubled $200M buyback. These positives are balanced against notable external risks — geopolitical disruptions (Hormuz/Red Sea), higher insurance/voyage costs, ongoing newbuilding capital commitments (~$290M equity remaining) and leverage that remains above the 20%–25% target (net LTV 27.9%). Management presented clear mitigation actions (long-term charters, diversified financing, debt-free vessel buffer) and strong cash flow visibility, indicating resilience but also signaling items to monitor (insurance costs, delivery-related funding, spot exposure). Overall the updates and metrics point to materially more positive than negative developments for Navios Partners in the near-to-medium term.Positive Updates
Strong Revenue and TCE Growth
Q2 2026 total revenue of $410.2M, up 25% YoY (Q2 2025: $328M). Combined TCE rate for Q2 2026 increased 24% to $28,512/day. First half 2026 revenue $767M, up 21% YoY; combined H1 TCE up 22% to $27,098/day.
Negative Updates
Geopolitical and Market Disruption Risks
Ongoing Russia-Ukraine war and persistent attacks in the Strait of Hormuz and Red Sea are creating trade disruptions and security risks. Management acknowledged the potential for prolonged Hormuz closure to trigger a global slowdown or recession that could negatively impact shipping demand and rates.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue and TCE Growth
Q2 2026 total revenue of $410.2M, up 25% YoY (Q2 2025: $328M). Combined TCE rate for Q2 2026 increased 24% to $28,512/day. First half 2026 revenue $767M, up 21% YoY; combined H1 TCE up 22% to $27,098/day.
Read all positive updates
Company Guidance
Management's guidance emphasized strong cash‑flow visibility and continued deleveraging: Q2 revenue $410.2M, EBITDA $275.2M (adjusted EBITDA $242M), net income $167.9M (adjusted $135M) and EPS $5.78 (adjusted $4.65); H1 revenue $767M and adjusted EBITDA $446M; combined TCEs $28,512/day in Q2 ($27,098/day H1) with bulk $23,682/day, tankers $33,159/day and containers ≈$31,191/day. The 176‑vessel fleet (avg age 8.7 yrs vs industry 13.7; tankers avg 5 yrs) underpins a $4.4B contracted backlog through 2037 and secured ~$922M tanker (14 vessels, ~5‑yr avg), $125M dry bulk (4 vessels, ~3 yrs) and $194M container (6 vessels, ~3 yrs) contracted revenue; 29 newbuilds (~$2.5B) deliver through 2029 with ~$290M equity remaining, in‑water net vessel equity $4.8B and total fleet value $10.2B. Balance‑sheet and operational metrics: liquidity $625M (cash $469M + $156M RCF), long‑term borrowings ≈$2.26B, net LTV 27.9% (target 20–25%), net debt/book cap 30.6%, 53,546 available days (88% fixed), 6,250 open/index‑linked days in 2026, 77% of remaining days fixed at $28,100/day, H2 contracted revenue exceeds projected cash operating cost by ~$151M; capital return includes a $0.06/unit distribution and a new $200M buyback (1.9M units repurchased for $92.6M to date, common units down ~6% to 28.3M).Navios Maritime Partners Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
63
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.48B | 1.34B | 1.33B | 1.31B | 1.21B | 713.17M |
| Gross Profit | 985.40M | 867.45M | 882.00M | 859.39M | 829.32M | 534.96M |
| EBITDA | 889.20M | 769.05M | 780.94M | 837.35M | 896.99M | 682.59M |
| Net Income | 446.74M | 285.33M | 359.87M | 424.97M | 567.66M | 505.86M |
Balance Sheet | ||||||
| Total Assets | 6.26B | 5.93B | 5.67B | 5.15B | 4.90B | 3.62B |
| Cash, Cash Equivalents and Short-Term Investments | 469.29M | 413.27M | 282.45M | 287.38M | 157.81M | 159.47M |
| Total Debt | 2.26B | 2.38B | 2.37B | 2.13B | 2.26B | 1.61B |
| Total Liabilities | 2.67B | 2.59B | 2.57B | 2.38B | 2.55B | 1.85B |
| Stockholders Equity | 3.59B | 3.34B | 3.11B | 2.77B | 2.34B | 1.77B |
Cash Flow | ||||||
| Free Cash Flow | 354.34M | -35.99M | -523.65M | 95.30M | -104.24M | -1.71M |
| Operating Cash Flow | 545.18M | 504.99M | 483.48M | 560.32M | 506.34M | 277.17M |
| Investing Cash Flow | -531.10M | -348.05M | -782.13M | -253.01M | -316.24M | -106.25M |
| Financing Cash Flow | -38.66M | -53.76M | 349.26M | -233.22M | -184.45M | -32.20M |
Navios Maritime Partners Technical Analysis
Positive
85.40
Price Trends
78.38
Positive
75.09
Positive
67.24
Positive
Market Momentum
3.06
Negative
64.45
Neutral
57.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NMM, the sentiment is Positive. The current price of 85.4 is above the 20-day moving average (MA) of 83.92, above the 50-day MA of 78.38, and above the 200-day MA of 67.24, indicating a bullish trend. The MACD of 3.06 indicates Negative momentum. The RSI at 64.45 is Neutral, neither overbought nor oversold. The STOCH value of 57.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NMM.
Navios Maritime Partners Risk Analysis
Navios Maritime Partners disclosed 81 risk factors in its most recent earnings report. Navios Maritime Partners reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Navios Maritime Partners Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $2.76B | 5.10 | 13.97% | 2.57% | 2.45% | 21.62% | |
81 Outperform | $2.51B | 5.81 | 13.13% | 0.27% | 13.38% | 52.73% | |
81 Outperform | $1.61B | 4.28 | 20.88% | 5.50% | 5.55% | -3.50% | |
71 Outperform | $3.44B | 12.13 | 11.71% | 3.66% | 6.34% | 141.62% | |
67 Neutral | $1.85B | 5.84 | 15.97% | 2.99% | -52.60% | 11.51% | |
66 Neutral | $1.14B | 28.43 | 0.02% | 4.30% | 25.64% | 156.91% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
NMM
Navios Maritime Partners
88.91
42.20
90.34%
CMRE
Costamare
15.37
4.19
37.49%
DAC
Danaos
151.09
61.70
69.02%
GNK
Genco Shipping
26.03
10.28
65.30%
GSL
Global Ship Lease
44.48
16.18
57.16%
SBLK
Star Bulk Carriers
31.05
13.67
78.68%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.