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what it is
Navios owns 179 cargo and tanker vessels and rents them out to move iron ore, grain, containers, crude, and products worldwide.
how it gets paid
Last year Navios Maritime made $1.3B in revenue. dry bulk transportation was the main engine at $0.52B, or 40% of sales.
why it's growing
Revenue grew 0.8% last year. The 93% revenue jump matters most because it shows how violently shipping results can move when rates and utilization cooperate.
what just happened
The latest quarter was a shipping mood swing: revenue hit $632M, up 93% vs. prior year.
At a glance
C++ balance sheet — some cracks in the foundation
10/100 earnings predictability — expect surprises
6.8x trailing p/e — the market's not buying it — or you found a deal
0.3% dividend yield — cash in your pocket every quarter
8.6% return on capital — nothing to write home about
xvary composite: 40/100 — below average
What they do
Navios owns 179 cargo and tanker vessels and rents them out to move iron ore, grain, containers, crude, and products worldwide.
Scale matters here. Navios has 179 vessels, which gives you more routes, more charter options, and more ways to keep ships earning instead of sitting still. Medium- to long-term charters (contracted ship rentals → locked-in revenue visibility → fewer daily pricing shocks) matter because shipping rates swing hard, and Navios spread one customer to just 11.3% of 2024 revenue.
How they make money
$1.3B
annual revenue · their business grew +0.8% last year
dry bulk transportation
$0.52B
containership charters
$0.29B
crude tanker charters
$0.21B
product tanker charters
$0.18B
other vessel and charter services
$0.10B
The products that matter
large dry bulk transport
Capesize Vessels
fleet revenue split not disclosed here
Dry bulk shipping is the whole $1B business, but this snapshot does not break revenue out by vessel class. That missing split matters because the earnings power of each class can swing hard with freight rates.
core fleet
mid-size bulk transport
Panamax Vessels
29% of 2026 days still open
The open 29% of 2026 exposure has to be earned ship by ship, not through a brand premium. That is why contract coverage matters more here than storytelling.
rate exposure
smaller flexible bulk transport
Supramax Vessels
6.8x earnings
A 6.8x P/E tells you the market assumes flexibility alone is not enough. In weak freight markets, these vessels can help operationally, but they do not make a cyclical business non-cyclical.
operating flexibility
Key numbers
50.7%
operating margin
Operating margin → profit after running the business → so what: Navios keeps about $0.51 from each revenue dollar before interest and taxes, which is huge for a cyclical shipowner.
6.8x
trailing p/e
P/E → price relative to earnings → so what: you are paying less than 7 years of current earnings for the stock, which says the market does not trust the cycle.
$2.2B
long-term debt
Long-term debt → money owed over many years → so what: leverage amplifies good years and bad years, and this debt load is bigger than the company's roughly $2B market cap.
$11.98
2024 EPS
EPS → profit per share → so what: even after falling from $14.08 in 2023, earnings still cover the current $59.61 price at a low multiple.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $2.2B (56% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for NMM right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The latest quarter was a shipping mood swing: revenue hit $632M, up 93% vs. prior year.
Consensus data shows last earnings per share came in at $1.9. shows full-year 2024 EPS of $11.98, down from $14.08 in 2023, so the business is still profitable even as earnings normalize.
$632M
revenue
$1.90
eps
50.7%
operating margin
the number that mattered
The 93% revenue jump matters most because it shows how violently shipping results can move when rates and utilization cooperate.
source: EDGAR, Yahoo Finance consensus,
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What could go wrong
the top risk is freight-rate pressure on the 29% of 2026 days that are still open.
high
spot-market exposure
71% of 2026 available days are contracted. The other 29% is still exposed to whatever freight markets decide to do next.
That open slice sits on roughly $376M of current revenue mix. When rates weaken, the market usually prices the pain before the income statement catches up.
med
debt and fixed obligations
Long-term debt stands at $2.2B, or 56% of capital. That is manageable in good markets and much less fun in weak ones.
The business can absorb volatility better with backlog than without it, but leverage means equity holders do not get a clean ride through a downturn.
med
lumpy earnings profile
Earnings predictability is 10 / 100 and price stability is 20 / 100. Translation: the stock and the quarter-to-quarter numbers can both swing harder than most investors like.
A cheap multiple can stay cheap when the market does not trust the durability of the earnings behind it.
A freight reset would hit the uncontracted slice first, but leverage and low predictability are what can turn a 6.8x multiple from bargain to trap.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the key metric
contract coverage versus open exposure
The split is 71% contracted and 29% spot-exposed for 2026. If the contracted share falls from here, the risk profile gets worse fast.
calendar
Q1 2026 earnings report
Expected late April 2026. You want to hear how the open portion of the fleet is performing and whether backlog still supports the valuation case.
balance sheet
debt discipline
$2.2B of long-term debt is the number to keep next to every bullish argument. In shipping, leverage is manageable until it suddenly is the whole story.
trend
whether earnings strength repeats
Q4 delivered $3.40 EPS and a 61.5% EBITDA margin. One more strong quarter helps the market trust the backlog. One weak one brings the 10 / 100 predictability score right back into focus.
Analyst rankings
earnings predictability
10 / 100
In human-speak, analysts do not view these earnings as steady or easy to forecast.
price stability
20 / 100
This stock has not behaved like a bunker. You should expect bigger swings than the average name.
risk rank
3
Middle-of-the-road on the headline rank, but the debt load and shipping exposure make the ride feel hotter than that sounds.
source: institutional data
Institutional activity
institutional ownership data for NMM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$60
current price
n/a
target midpoint · n/a from current
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