Navios Maritime Partners L.P. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Navios Maritime Partners L.P. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	191	212	231	219	227	713	1,211	1,307	1,334	1,344
Cost of revenue	5.67	4.16	10	12.3	11	36.1	123	160	146	128
Gross profit	185	207	221	207	216	677	1,088	1,147	1,188	1,216
General and administrative	12.4	17.2	18.5	21	24	41.5	67.2	80.6	85.2	92
Interest expense	31.2	38.2	42.8	45.3	24.2	42.8	83.1	0	0	3.35
Net income to minority interests	0	0.24	0	0	0	-4.91	0	0
Net income	-52.5	-15.1	-13.1	-62.1	-68.5	516	579	434	367	285

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	17.4	24	58.6	23.4	19.3	159	158	240	270	403
Receivables	10	14.1	14.4	11.3	17	23.8	75	42.2	33.4	34.1
Inventory	0.22	0.22	1	6.28	6.27	21.1	32.7	37.6	32.8	31.9
Other current assets	1.6	0.91	1.9	10.5	8.08	33.1	60.3	61.3	60.9	62.8
Total current assets	56.3	60.3	111	76	60.8	226	310	400	443	512
Property, plant and equipment	1,037	1,099	1,043	1,062	1,041	2,853	3,777	3,735	4,241	4,390
Lease right-of-use assets			0	14.2	13.3	244	323	271	244	219
Intangible assets	19	8.08	4.33	3.17	2	100	78.7	60.4	42.3	3.23
Other non-current assets	0	2.78	5.63	8.17	18.9	48.2	46.1	62.1	61.7	62.8
Total assets	1,269	1,305	1,314	1,254	1,207	3,623	4,896	5,148	5,673	5,929
Accounts payable	3.28	3.72	4.84	8.47	6.3	21.1	27.1	25.5	17.8	17.9
Accrued liabilities	4.45	8.8	5.43	5.99	4.78	12.9	16	23.6	33.9	47.5
Deferred revenue	17.2	15.1	15.3	4.5	3.19	23.9	38.9	63.3	66.2	61.4
Short-term debt	74	26.6	25.1	54	196	173	174	146	163	134
Total current liabilities	99	54.2	52.3	79.8	253	396	618	460	410	455
Long-term debt	450	467	459	346	229	641	690	752	917	975
Lease liabilities			0	13.2	12	226	271	241	215	188
Other non-current liabilities						0	11.3	8.59	8.44	8.44
Total liabilities	588	538	537	525	552	1,854	2,553	2,377	2,567	2,588
Total debt	524	493	507	489	487	1,362	1,556	1,393	1,080	1,108
Other comprehensive income									0	-2.26
Total liabilities and equity	1,269	1,305	1,314	1,254	1,207	3,623	4,896	5,148	5,673	5,929

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-52.5	-14.9	-13.1	-62.1	-68.5	511	579	434	367	285
Depreciation and amortization	92.4	72.8	58.3	53.3	56.1	113	202	261	292	349
Stock-based compensation	0.09	1.9	2.45	2.02	0.95	0.52	0.15	0	0	0
Change in receivables	-6.02	-6.07	-0.32	4.65	-6.5	0.34	-46.6	32.8	8.84	-0.67
Change in payables	0.57	1.63	1.12
Cash from operations	61.8	53.5	68.3	70.4	94.1	277	506	560	483	505
Capital expenditures	-15.3	-158	-116	-21.2	-72.4	-217	-434	-183	-747	-224
Acquisitions		-116	0	0
Cash from investing	5.05	-187	-67.9	-17	-83.9	-106	-316	-253	-782	-348
Debt issued	29	515	83.3	387	79.5	735	480	610	966	768
Debt repaid	-105	-546	-74.9	-448	-82.7	-959	-652	-823	-575	-1,055
Share buybacks		0	0	-4.5	0	0
Dividends paid	0	0	-10.3	-13.6	-7.87	-4.62	-6.16	-6.16	-6.13	-5.96
Cash from financing	-76.3	139	31.1	-84.4	-9.91	-32.2	-184	-233	349	-53.8
Net change in cash	-9.39	6.69	31.5	-31.1	0.33	139	5.65	74.1	50.6	103
Free cash flow	46.5	-105	-47.6	49.2	21.7	60.1	72.6	377	-264	281
Interest paid	26.7	26.6	35.2	32.9	23.7	50.4	80.6	144	139	131

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $91.51 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	90.5%	Gross profit / revenue.
Net margin	21.2%	Net income / revenue.
FCF margin	20.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	37.6%	Cash from operations / revenue.
Return on assets (ROA)	4.9%	Net income / average total assets.
Stock-based pay / revenue	0.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	16.7%	Capital expenditures / revenue.
D&A / revenue	26.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	42.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	41.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-22.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-21.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	39.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	57.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	66.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	37.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.13x	Current assets / current liabilities.
Quick ratio	0.96x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.88x	(Cash + short-term investments) / current liabilities.
Debt / assets	18.7%	Total debt / total assets.
Liabilities / assets	43.7%	Total liabilities / total assets.
Net debt	$705.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$56.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.23x	Revenue / average total assets.
Fixed asset turnover	0.31x	Revenue / average property, plant and equipment.
Inventory turnover	3.95x	Cost of revenue / average inventory.
Days inventory	92 days	365 x average inventory / cost of revenue.
Receivables turnover	39.8x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.
Days payables	51 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	51 days	Days inventory + days sales outstanding - days payables.
FCF conversion	98.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	44.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	2.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	2.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.67B	Share price x shares outstanding.
Enterprise value	$3.37B	Market cap + total debt - cash - short-term investments.
P/E	9.35x	Market cap / net income. Only when net income is positive.
P/S	1.99x	Market cap / revenue.
P/FCF	9.50x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.29x	Market cap / cash from operations, when positive.
EV/Sales	2.51x	Enterprise value / revenue.
EV/FCF	12.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.5%	Free cash flow / market cap.
Earnings yield	10.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.

What was Navios Maritime Partners L.P.'s revenue in fiscal 2025?

Navios Maritime Partners L.P. reported revenue of $1.34B for fiscal 2025, 0.8% higher than the year before.

Was Navios Maritime Partners L.P. profitable in fiscal 2025?

Yes. Net income was $285.3M, a net margin of 21.2%.

How much free cash flow did Navios Maritime Partners L.P. generate in fiscal 2025?

Cash from operations of $505.0M minus capital expenditures of $224.0M left free cash flow of $281.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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