Navios Maritime Partners L.p. is a US-listed company in the marine transportation industry. Its financial year ends in December.
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Under review: our cash-flow value ($16.09) was left out of our combined valuation (it is 0.19x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.
Under review: our cash-flow value ($16.09) was left out of our combined valuation (it is 0.19x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.
Navios Maritime Partners L.p. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $1.34bn, up 0.8% on a year earlier, slower than the 2.1% growth a quarter earlier. Free-cash-flow margin rose to 20.9% from 8.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 2 of our 4 financial-health checks.
Our model value for Navios Maritime Partners is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Navios Maritime Partners L.p.'s trailing-twelve-month revenue grew 0.8% year on year, with a free-cash-flow margin of 20.9%. Where it stands out: gross margin of 90.5% ranks 1 of 10 marine transportation companies we cover.
Our discounted-cash-flow model values the business at ~$16 per share in the base case (—–$42 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 0.8% (-1.3pp vs the prior quarter), the 4th consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
Our value per share comes from a discounted-cash-flow model of Navios Maritime Partners L.p.'s free cash flow after stock-based pay ( $134M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Navios Maritime Partners L.p. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$16 | Left out: out of range vs price (0.19x) |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$190 ~$150–$260 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Navios Maritime Partners L.p. with Marine Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moderate moat
How hard Navios Maritime Partners's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Gross margin has been a median 92.5%, moving by 4.4 percentage points (standard deviation) across 5 years.
Net margin has been a median 29.8%; its worst year was -7.1%.
Free cash flow was positive in 3 of 5 years, at a median 8.4% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (63 before it).
Next results: November 4, 2026, before the open. Analysts expect revenue of $376m and EPS of $4.32 (range $3.10 to $4.99) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $18.79 | +89% | $1.5bn | +22% |
| Next | $19.37 | +3% | $1.6bn | +5% |
Next year's EPS estimate has moved +11.7% in 90 days, across 3 analysts.
The consensus EPS forecast for the current fiscal year is +8.3% on 90 days ago. In the last 30 days, 4 analysts raised Navios Maritime Partners L.p.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $17.34 | $17.33 |
| 60 days ago | $18.35 | $17.37 |
| 30 days ago | $18.38 | $18.78 |
| 7 days ago | $18.38 | $18.78 |
| Now | $18.79 | $19.37 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $4.32 | $4.65 | +7.6% |
| Mar 2026 | $2.77 | $3.35 | +20.7% |
| Dec 2025 | $2.13 | $3.40 | +60.0% |
| Sept 2025 | $2.55 | $2.83 | +11.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| NMM | +126% | +4% | +9% | +56% | +22% | +66% |
| Industry peers (median) | +20% | +15% | +22% | −11% | +20% | +28% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| NMM | 58% | 67% | 50% | 67% | 42% | 73% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| NMM | −38% | −44% | −33% | −34% | −36% | −19% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 95% from November 2, 2015 to March 23, 2020. Getting back needed a 2062% gain, reached on August 17, 2026, 2338 days after the low.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY14 Q4 | $227.4M |
| FY15 Q4 | $223.7M |
| FY16 Q4 | $190.5M |
| FY17 Q4 | $211.7M |
| FY18 Q4 | $231.4M |
| FY19 Q4 | $219.4M |
| FY20 Q4 | $226.8M |
| FY21 Q4 | $713.2M |
| FY22 Q4 | $1.2B |
| FY23 Q4 | $1.3B |
| FY24 Q4 | $1.3B |
| FY25 Q4 | $1.3B |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY14 Q4 | 14.7% |
| FY15 Q4 | -1.6% |
| FY16 Q4 | -14.8% |
| FY17 Q4 | 11.1% |
| FY18 Q4 | 9.3% |
| FY19 Q4 | -5.2% |
| FY20 Q4 | 3.4% |
| FY21 Q4 | 214.5% |
| FY22 Q4 | 69.7% |
| FY23 Q4 | 8.0% |
| FY24 Q4 | 2.1% |
| FY25 Q4 | 0.8% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY14 Q4 | 6.8% |
| FY15 Q4 | -11.0% |
| FY16 Q4 | 24.4% |
| FY17 Q4 | -49.5% |
| FY18 Q4 | -20.6% |
| FY19 Q4 | 22.4% |
| FY20 Q4 | 9.6% |
| FY21 Q4 | 8.4% |
| FY22 Q4 | 6.0% |
| FY23 Q4 | 28.9% |
| FY24 Q4 | -19.8% |
| FY25 Q4 | 20.9% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 93 | 143 | 187 | 205 | 198 | 227 | 224 | 191 | 212 | 231 | 219 | 227 | 713 | 1,211 | 1,307 | 1,334 | 1,344 |
| Gross profit | 79 | 131 | 173 | 192 | 183 | 212 | 216 | 185 | 207 | 221 | 207 | 216 | 677 | 1,088 | 1,147 | 1,188 | 1,216 |
| Net income | 34 | 61 | 65 | 96 | 59 | 75 | 42 | −53 | −15 | −13 | −62 | −69 | 516 | 579 | 434 | 367 | 285 |
| Growth (year on year) | |||||||||||||||||
| Revenue | — | +54.6% | +30.5% | +9.9% | −3.5% | +14.7% | −1.6% | −14.8% | +11.1% | +9.3% | −5.2% | +3.4% | +214.5% | +69.7% | +8.0% | +2.1% | +0.8% |
| Net income | — | +76.3% | +8.0% | +46.8% | −38.5% | +26.9% | −44.2% | −225.7% | — | — | — | — | — | +12.2% | −25.1% | −15.3% | −22.3% |
| Margins | |||||||||||||||||
| Gross margin | 85.0% | 91.6% | 92.8% | 93.7% | 92.5% | 93.2% | 96.8% | 97.0% | 98.0% | 95.7% | 94.4% | 95.1% | 94.9% | 89.9% | 87.7% | 89.0% | 90.5% |
| Net margin | 37.0% | 42.2% | 34.9% | 46.7% | 29.8% | 32.9% | 18.7% | −27.6% | −7.1% | −5.7% | −28.3% | −30.2% | 72.4% | 47.9% | 33.2% | 27.5% | 21.2% |
| Free-cash-flow margin | 61.4% | −136.5% | 68.2% | 64.6% | −119.3% | 6.8% | −11.0% | 24.4% | −49.5% | −20.6% | 22.4% | 9.6% | 8.4% | 6.0% | 28.9% | −19.8% | 20.9% |
| Cash flow | |||||||||||||||||
| Cash from operations | 81 | 96 | 127 | 179 | 105 | 172 | 123 | 62 | 53 | 68 | 70 | 94 | 277 | 506 | 560 | 483 | 505 |
| Capital spending | 24 | 292 | 0 | 46 | 341 | 156 | 148 | 15 | 158 | 116 | 21 | 72 | 217 | 434 | 183 | 747 | 224 |
| Free cash flow | 57 | −196 | 127 | 133 | −236 | 15 | −25 | 46 | −105 | −48 | 49 | 22 | 60 | 73 | 377 | −264 | 281 |
| Stock-based pay | — | — | — | — | — | 0 | 0 | 0 | 2 | 2 | 2 | 1 | 1 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | — | — | — | — | — | 15 | −25 | 46 | −107 | −50 | 47 | 21 | 60 | 72 | 377 | −264 | 281 |
| Balance sheet | |||||||||||||||||
| Cash | 78 | 51 | 48 | 32 | 35 | 99 | 27 | 17 | 24 | 59 | 23 | 19 | 159 | 158 | 240 | 270 | 403 |
| Total debt | 0 | 322 | 326 | 300 | 538 | 587 | 606 | 528 | 511 | 519 | 494 | 491 | 1,374 | 1,959 | 1,879 | 2,153 | 2,187 |
| Net debt (negative = net cash) | −78 | 270 | 278 | 268 | 502 | 487 | 579 | 511 | 487 | 460 | 471 | 472 | 1,215 | 1,801 | 1,639 | 1,883 | 1,784 |
| Returned to shareholders | |||||||||||||||||
| Dividends | 39 | 72 | 95 | 107 | 122 | 139 | 132 | 0 | 0 | 10 | 14 | 8 | 5 | 6 | 6 | 6 | 6 |
| Buybacks | — | — | — | — | — | — | — | — | 0 | 0 | 4 | 0 | 0 | — | — | — | — |
| Total returned | 39 | 72 | 95 | 107 | 122 | 139 | 132 | 0 | 0 | 10 | 18 | 8 | 5 | 6 | 6 | 6 | 6 |
| Last 12 months unless stated | NMM | INSW | DAC | TNK | TK | CMRE | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.3bn | $1.3bn | $1.0bn | $952m | $950m | $878m | $329m |
| Revenue growth, last 12 months | 0.8% | 57.4% | 2.8% | −22.6% | −22.2% | −1.2% | 0.8% |
| Revenue growth, 3-year average | 89.3% | 2.9% | 21.0% | 74.2% | −19.6% | — | 16.8% |
| Gross margin | 90.5% | — | — | 66.7% | 66.6% | — | 64.5% |
| Operating margin | — | 64.2% | 47.8% | 32.5% | 31.9% | 52.0% | 18.6% |
| Operating margin, 3-year average | — | 51.4% | 47.1% | −1.0% | 1.7% | 46.9% | 13.1% |
| Net margin | 21.2% | 62.0% | 47.4% | 36.9% | 10.3% | 41.5% | 13.3% |
| Cash from operations / revenue | 37.6% | 50.4% | 61.8% | 32.1% | 31.8% | 61.2% | 33.1% |
| Free-cash-flow margin | 20.9% | 50.3% | 46.2% | 12.1% | 11.7% | 46.4% | 14.2% |
| Free-cash-flow margin, 3-year average | −6.7% | 51.9% | 35.4% | 2.0% | −2.4% | 37.0% | 9.4% |
| Stock pay / revenue | 0.0% | 0.6% | 1.6% | 0.5% | 1.0% | 0.8% | 0.7% |
| Change in share count | — | 0.2% | −4.7% | 0.2% | −7.0% | 0.8% | 0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 0.8% | 0.8% | 20 of 40 |
| Change in growth rate Growth | -1.3pp | +0.7pp | 22 of 40 |
| Gross margin Profitability | 90.5% | 62.3% | 1 of 10 |
| Net margin Profitability | 21.2% | 13.4% | 14 of 42 |
| Free-cash-flow margin Cash generation | 20.9% | 13.6% | 14 of 41 |
| Stock pay as % of revenue Cash generation | 0.0% | 0.9% | 1 of 34 |
| Long-term debt as % of assets Balance sheet | 16.4% | 24.2% | 10 of 35 |
| Days sales outstanding Balance sheet | 9 days | 19 days | 8 of 33 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Pilgrim Global Advisors LLC | $325M | 4.6M | 47.7% | 0.0% |
| Morgan Stanley | $86.3M | 1.2M | 12.7% | ▲ 4.8% |
| Main Street Financial Solutions, LLC | $62.2M | 888K | 9.1% | ▼ 0.2% |
| Ion Fund Management Ltd | $30.9M | 441K | 4.5% | ▲ 2.4% |
| Armor Advisors, L.L.C. | $13.7M | 196K | 2.0% | ▼ 2.8% |
| ING Groep NV | $12.1M | 173K | 1.8% | ▲ 6.8% |
| Bank Of America Corp | $11.9M | 170K | 1.8% | ▼ 14.4% |
| Natixis | $10.8M | 154K | 1.6% | 0.0% |
| Acadian Asset Management LLC | $9.2M | 132K | 1.4% | ▼ 0.7% |
| Jpmorgan Chase & Co | $7.3M | 105K | 1.1% | ▲ 8.5% |
| HRT Financial LP | $7.1M | 101K | 1.0% | ▼ 15.1% |
| UBS Group AG | $6.8M | 97K | 1.0% | ▲ 504.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Navios Maritime Partners L.p.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Frangou Angeliki See Remarks | August 12, 2026 | Buy pre-set plan | 1,062 | $79.16 | $84,068 |
| Frangou Angeliki See Remarks | August 11, 2026 | Buy pre-set plan | 1,057 | $78.40 | $82,869 |
| Frangou Angeliki See Remarks | August 10, 2026 | Buy pre-set plan | 1,050 | $79.09 | $83,044 |
| Frangou Angeliki See Remarks | August 7, 2026 | Buy pre-set plan | 1,054 | $78.94 | $83,203 |
| Frangou Angeliki See Remarks | August 6, 2026 | Buy pre-set plan | 1,063 | $79.53 | $84,540 |
| Frangou Angeliki See Remarks | August 5, 2026 | Buy pre-set plan | 1,064 | $78.41 | $83,428 |
| Frangou Angeliki See Remarks | August 4, 2026 | Buy pre-set plan | 1,041 | $78.94 | $82,177 |
| Frangou Angeliki See Remarks | August 3, 2026 | Buy pre-set plan | 653 | $79.91 | $52,181 |
| Frangou Angeliki See Remarks | July 31, 2026 | Buy pre-set plan | 830 | $80.00 | $66,400 |
| Frangou Angeliki See Remarks | July 30, 2026 | Buy pre-set plan | 1,068 | $78.37 | $83,699 |
| Frangou Angeliki See Remarks | July 29, 2026 | Buy pre-set plan | 1,051 | $78.55 | $82,556 |
| Frangou Angeliki See Remarks | July 28, 2026 | Buy pre-set plan | 1,072 | $78.59 | $84,248 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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