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NVGS

Navigator Holdings Ltd.

NVGS

Navigator Holdings Ltd. • NYSE
$17.89 ▼ -0.06% (-0.01)
Market Cap $1.22 B
52w High $18.29
52w Low $10.55
Dividend Yield 0.22%
P/E 11.93
Volume 182.53K
Outstanding Shares 68.33M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $153.086M ▲ $30.829M ▲ $33.155M ▲ 21.658% ▲ $0.5 ▲ $82.504M ▲
Q2-2025 $129.635M ▼ $11.8M ▲ $21.453M ▼ 16.549% ▼ $0.31 ▼ $68.82M ▼
Q1-2025 $151.407M ▲ $10.039M ▼ $27.036M ▲ 17.857% ▲ $0.39 ▲ $76.362M ▲
Q4-2024 $144.031M ▲ $43.718M ▲ $21.586M ▲ 14.987% ▲ $0.31 ▲ $63.588M ▼
Q3-2024 $141.817M $11.224M $18.172M 12.814% $0.26 $65.48M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $216.597M ▼ $2.3B ▼ $1.034B ▼ $1.221B ▲
Q2-2025 $238.14M ▲ $2.382B ▲ $1.126B ▲ $1.214B ▼
Q1-2025 $91.032M ▼ $2.266B ▲ $997.499M ▲ $1.228B ▲
Q4-2024 $130.455M ▲ $2.181B ▲ $934.265M ▲ $1.205B ▲
Q3-2024 $118.282M $2.124B $886.442M $1.188B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $33.155M ▲ $49.488M ▲ $1.106M ▼ $-120.45M ▼ $-70.832M ▼ $10.935M ▼
Q2-2025 $22.241M ▼ $40.439M ▼ $20.835M ▲ $86.29M ▲ $148.411M ▲ $40.438M ▲
Q1-2025 $28.723M ▲ $63.305M ▲ $-107.557M ▼ $44.464M ▲ $-779K ▼ $-41.016M ▼
Q4-2024 $22.858M ▲ $45.502M ▼ $-67.889M ▼ $35.582M ▲ $12.106M ▲ $24.681M ▼
Q3-2024 $19.478M $48.512M $-24.756M $-31.238M $-10.765M $27.931M

Revenue by Products

Product Q2-2019Q4-2019Q2-2022Q4-2022
Time Charters
Time Charters
 $40.00M ▲$130.00M ▲$60.00M ▼$190.00M ▲
Voyage Charters
Voyage Charters
 $40.00M ▲$100.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing a business that is expanding, not shrinking. Profitability has improved even faster than sales: margins have widened, and the company has moved from small or negative earnings a few years ago to clearly positive, healthier profits more recently. The dip in operating performance in the middle of the period now looks like a temporary setback that has been worked through. Overall, the income statement points to a business that has gained pricing power and efficiency in its niche, with earnings becoming more durable and less fragile than before, though still exposed to the usual swings in shipping and energy markets.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid and gradually stronger over time. Total assets have grown and been refreshed rather than run down, while shareholders’ equity has built up, suggesting retained profits and disciplined capital management. Debt levels have stayed broadly stable instead of rising aggressively, which, combined with growing equity, means leverage has become more manageable. Cash on hand is modest but noticeably better than a few years ago, providing a more comfortable liquidity cushion, though not a fortress. In short, the company appears financially stable, with a capital structure that supports its fleet- and terminal-heavy business without looking overstretched.

Cash Flow

Cash Flow Cash generation from the core business has trended upward, which is a key positive for a capital-intensive shipping and midstream company. Operating cash flow has become stronger and more consistent, supporting ongoing investment and debt service. Free cash flow has been a bit lumpy: one year shows a clear investment surge that temporarily pushed free cash flow negative, but more recently, with lower capital spending, free cash flow has turned solidly positive again. This pattern suggests a company that invests in growth in bursts, but overall lives within its means and is increasingly self-funded from its own operations.

Competitive Edge

Competitive Edge Navigator occupies a leading position in a specialized corner of the gas shipping market, particularly in handysize liquefied gas carriers. Its scale in this niche, combined with a versatile fleet that can handle multiple types of petrochemical gases, gives it bargaining power and operational flexibility that many smaller rivals lack. A major differentiator is its ownership stake in the large Morgan’s Point ethylene export terminal, which ties shipping together with critical infrastructure and deepens customer relationships. The relatively limited pipeline of new competing vessels in its segment, along with its global operating experience, supports a defensible competitive position, though the company remains exposed to broader trade flows, petrochemical demand, and regulatory shifts in shipping emissions.

Innovation and R&D

Innovation and R&D The company is unusually active on the innovation front for a shipping-focused business. It has invested in a modern, efficiency-oriented fleet with a range of technical upgrades aimed at lowering fuel use, cutting emissions, and improving cargo handling. It is also placing strategic bets on future fuels and infrastructure, including dual-fuel and ammonia-capable vessels, clean ammonia projects, and carbon capture transport through joint ventures. Partnerships with technology and engineering firms, and enhancements like terminal electrification and faster cargo-switching systems, show a clear intent to stay ahead of environmental rules and customer demands. This focus on sustainability and advanced capabilities could deepen its moat over time, but these projects also involve execution risk and long lead times.

Summary

Navigator Holdings appears to be evolving from a traditional gas shipping company into an integrated gas logistics and infrastructure player. Financially, revenue and profits have improved meaningfully over the last five years, the balance sheet has become sturdier, and cash flows are increasingly supportive of both investment and debt service. Strategically, its dominant role in a specialized vessel segment, combined with its stake in a key ethylene export terminal, provides a strong competitive backbone. Layered on top of that, the company’s push into greener technologies, future fuels, and carbon-related logistics positions it to benefit from long-term shifts in the energy and chemicals landscape. Key things to watch include market cycles in petrochemicals and shipping, the pace and payoff of its growth and decarbonization projects, and its ongoing discipline in managing leverage and capital spending.

NEWS

November 6, 2025 · 10:00 AM UTC

Santander Bank Launches Navigator Global to Empower U.S. Businesses Expanding Internationally

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November 5, 2025 · 8:00 AM UTC

MineHub Expands Market Opportunity with Launch of Navigator: Providing Carrier-Agnostic, Real-Time Map Visibility

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November 4, 2025 · 4:15 PM UTC

Navigator Gas Announces Preliminary Third Quarter 2025 Results (Unaudited)

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October 22, 2025 · 8:15 AM UTC

Navigator Gas Announces Date for the Release of Third Quarter 2025 Results and Zoom Conference Call

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October 8, 2025 · 7:00 AM UTC

Navigator Gas to Participate in Capital Link's 17th Annual New York Maritime Forum on October 14, 2025

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