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Navigator Holdings
(NYSE:NVGS)
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Rating:75Outperform
Price Target:
$21.50
â–²(4.72% Upside)
Action:Reiterated
Date:05/10/26
The score is driven primarily by improved profitability and solid free cash flow, reinforced by a constructive earnings outlook and shareholder-friendly capital returns. Valuation is supportive with a low P/E. These positives are tempered by elevated momentum readings (overbought risk), mixed recent revenue growth, and higher leverage versus 2024.
Positive Factors
Robust cash generation and improved profitability
Navigator’s TTM operating cash flow (~$188M) and free cash flow (~$141M) reflect durable internal funding capacity. Strong FCF alignment with earnings supports newbuild deposits, debt service, buybacks and an increased capital return policy, giving the business sustainable financial flexibility across cycles.
Negative Factors
Slightly declining revenue and volatile margins
Revenue contraction and historically volatile gross margins indicate sensitivity to charter rate cycles and voyage timing. Even with improved profits, earnings remain exposed to freight pricing, contract mix and timing effects, which can compress margins and cash flow durability in weaker shipping markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust cash generation and improved profitability
Navigator’s TTM operating cash flow (~$188M) and free cash flow (~$141M) reflect durable internal funding capacity. Strong FCF alignment with earnings supports newbuild deposits, debt service, buybacks and an increased capital return policy, giving the business sustainable financial flexibility across cycles.
Read all positive factors
Navigator Holdings Key Performance Indicators (KPIs)
Any
Fleet Utilization Rate
Calculates the share of available days that were earning revenue (earning days ÷ available days). A high utilization rate signals strong demand and better revenue conversion from the fleet, while a low rate warns of idle ships and pressure on freight rates.
Calculates the share of available days that were earning revenue (earning days ÷ available days). A high utilization rate signals strong demand and better revenue conversion from the fleet, while a low rate warns of idle ships and pressure on freight rates.
Data provided by:
The Fly
The FlyNavigator Holdings (NVGS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.18B
Dividend Yield1.27%
Average Volume (3M)398.46K
Price to Earnings (P/E)11.7
Beta (1Y)0.97
Revenue Growth-1.33%
EPS Growth28.23%
CountryUS
Employees1,886
SectorEnergy
Sector Strength52
IndustryMarine Shipping
Share Statistics
EPS (TTM)1.64
Shares Outstanding61,721,878
10 Day Avg. Volume275,346
30 Day Avg. Volume398,457
Financial Highlights & Ratios
PEG Ratio0.48
Price to Book (P/B)0.95
Price to Sales (P/S)1.99
P/FCF Ratio17.70
Enterprise Value/Market Cap1.75
Enterprise Value/Revenue3.58
Enterprise Value/Gross Profit9.95
Enterprise Value/Ebitda6.76
Forecast
1Y Price Target
$26.00Price Target Upside26.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)2.06
Revenue Forecast (FY)$526.83M
Navigator Holdings Business Overview & Revenue Model
Company Description
Navigator Holdings Ltd. owns and operates a fleet of liquefied gas carriers worldwide. It engages in the international and regional seaborne transportation of petrochemical gases, liquefied petroleum gases, and ammonia for energy companies, indust...
How the Company Makes Money
Navigator Holdings makes money primarily by chartering its liquefied gas carriers to customers that need to transport LPG and petrochemical gases. Its core revenue stream is freight/charter revenue earned under (a) time charters, where a customer ...
Navigator Holdings Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive picture driven by record net income, record terminal throughput, improving utilization, disciplined capital returns (increased payout and buybacks), attractive newbuild financing, and solid liquidity and balance sheet metrics. The main negatives were modest TCE softness in Q1 (largely due to revenue timing), higher one-off G&A, seasonal/technical constraints at the terminal for sustaining peak monthly volumes, and contingency around the completion of the Unigas sale. On balance, the favorable structural demand tailwinds (North American ethane/ethylene competitiveness), recurring strong cash generation, and active capital allocation materially outweigh the headwinds.Positive Updates
Record Quarterly Net Income and EPS
Net income was a record $36.0 million (management) / $35.5 million (reported) for Q1 2026, or $0.55 per share, the highest quarterly net income in company history.
Negative Updates
Slight Softness in Average TCE
Average TCE for Q1 2026 was $29,684/day, down ~3.1% vs Q4 2025 ($30,647) and down ~2.6% vs Q1 2025 ($30,476); management attributes much of the softness to U.S. GAAP quarter-end revenue recognition timing with more voyage-chartered vessels loading into Q2.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Net Income and EPS
Net income was a record $36.0 million (management) / $35.5 million (reported) for Q1 2026, or $0.55 per share, the highest quarterly net income in company history.
Read all positive updates
Company Guidance
Guidance highlighted that Q2 is expected to be stronger than Q1 with both TCE and utilization above Q1 levels (Q1 average TCE $29,684/day; Q1 utilization 90.6%; April utilization >95%), and that the ethylene terminal should set new Q2 throughput records after Q1 throughput of 300,537 tonnes (March ~150k t, April ~151k, May ~160k expected versus 130k tpm nameplate). Financially, Q1 produced record net income of roughly $35.5–36.0m ($0.55/sh), EBITDA $80.3m (adjusted $65.9m); available liquidity was $241m (or $291m including undrawn RCF, ~$310–360m as of May 4); net debt/LTM adjusted EBITDA 2.5x; loan-to-fleet value ≈32% (below 30% incl. terminal); 2026 all‑in cash breakeven ~$21,230/vessel/day; ~$17–18m annual EBITDA sensitivity per $1,000 TCE. Management expects financing for all six newbuilds by end‑Q2 (first facility priced at +150bps over SOFR), will increase capital returns to 35% of net income from Q2 (Q1 fixed dividend $0.07/sh; Q2 planned return $10.6m = $4.3m dividend + $6.3m buybacks), and intends to deploy vessel-sale and Unigas proceeds (~$183m gross / ~$129m net) toward buybacks, debt paydown and growth.Navigator Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 576.17M | 586.96M | 566.68M | 550.74M | 473.79M | 406.48M |
| Gross Profit | 206.98M | 176.57M | 319.50M | 170.51M | 88.92M | 93.95M |
| EBITDA | 304.90M | 308.63M | 270.42M | 264.71M | 209.26M | 88.77M |
| Net Income | 108.55M | 100.12M | 85.57M | 82.25M | 53.47M | -30.96M |
Balance Sheet | ||||||
| Total Assets | 2.26B | 2.28B | 2.18B | 2.20B | 2.10B | 2.16B |
| Cash, Cash Equivalents and Short-Term Investments | 199.61M | 204.87M | 130.46M | 149.58M | 146.56M | 123.89M |
| Total Debt | 902.97M | 903.05M | 607.20M | 736.73M | 810.54M | 920.50M |
| Total Liabilities | 1.03B | 1.02B | 934.26M | 969.61M | 923.33M | 1.04B |
| Stockholders Equity | 1.20B | 1.23B | 1.21B | 1.19B | 1.16B | 1.11B |
Cash Flow | ||||||
| Free Cash Flow | 140.50M | 65.89M | 169.12M | -17.26M | 84.54M | 94.40M |
| Operating Cash Flow | 188.24M | 219.49M | 210.52M | 174.70M | 130.31M | 97.94M |
| Investing Cash Flow | 41.54M | -94.93M | -100.99M | -176.48M | 35.64M | 33.06M |
| Financing Cash Flow | -169.77M | -58.21M | -126.01M | 6.81M | -134.14M | -66.09M |
Navigator Holdings Technical Analysis
Negative
20.53
Price Trends
22.01
Negative
20.82
Negative
18.85
Positive
Market Momentum
-0.85
Positive
30.70
Neutral
11.84
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NVGS, the sentiment is Negative. The current price of 20.53 is below the 20-day moving average (MA) of 21.36, below the 50-day MA of 22.01, and above the 200-day MA of 18.85, indicating a neutral trend. The MACD of -0.85 indicates Positive momentum. The RSI at 30.70 is Neutral, neither overbought nor oversold. The STOCH value of 11.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NVGS.
Navigator Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $2.34B | 5.47 | 21.40% | 3.72% | -2.29% | 31.43% | |
78 Outperform | $2.77B | 8.34 | 29.14% | 6.12% | 4.66% | 85.89% | |
76 Outperform | $1.54B | 7.91 | 17.91% | 13.08% | 36.27% | 109.57% | |
75 Outperform | $1.18B | 11.66 | 8.94% | 1.27% | -1.33% | 28.23% | |
71 Outperform | $1.56B | 20.92 | 10.36% | 12.31% | -4.20% | -26.95% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $4.98B | 35.51 | 7.49% | 2.68% | 81.68% | 5160.46% |
* Energy Sector Average
NVGS
Navigator Holdings
19.12
4.10
27.29%
DHT
DHT Holdings
17.18
7.14
71.10%
GLNG
Golar LNG
49.01
8.45
20.82%
TNK
Teekay Tankers
67.60
23.92
54.76%
LPG
Dorian LPG
36.01
12.31
51.97%
FLNG
FLEX LNG
29.29
8.95
44.02%
Navigator Holdings Corporate Events
Navigator Holdings Secures $205.8 Million JOLCO Financing for Two Newbuild Gas Carriers
Jun 18, 2026
Navigator Holdings announced on June 18, 2026, that subsidiaries have secured a financing package for two newbuild gas carriers being constructed in China under 2024 shipbuilding contracts, with delivery scheduled for 2027. To cover construction-s...
Navigator Holdings Shareholders Back Board Slate and Auditor at 2026 AGM
Jun 15, 2026
On June 15, 2026, Navigator Holdings, the liquefied gas shipping group listed in New York, held its 2026 Annual General Meeting of Shareholders in New York City. Investors approved all items on the agenda, reinforcing continuity in the boardroom a...
Navigator Holdings Sets June 15 Date for 2026 Annual Shareholder Meeting in New York
May 11, 2026
Navigator Holdings has called its 2026 Annual General Meeting of Shareholders for June 15, 2026, at Baker Botts’ offices in New York, setting May 4, 2026 as the record date and mailing the notice, proxy statement and related materials on or ...
Navigator Holdings Files Q1 2026 Form 6-K Highlighting Market Risks and Strategic Initiatives
May 6, 2026
Navigator Holdings Ltd. has filed its Form 6-K report for the quarter ended March 31, 2026, providing management’s discussion and analysis of financial condition and results, along with unaudited condensed consolidated financial statements. ...
Navigator Gas Signs LOI to Sell Eight Gas Vessels and Exit Unigas Joint Venture
Apr 15, 2026
On April 14, 2026, Navigator Gas signed a non-binding letter of intent to sell eight handysize liquefied gas carriers and its stake in the Unigas International joint venture to Bernhard Schulte and Sloman Neptun for about $183 million. The vessels...
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.