Navios Maritime Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Navios Maritime Holdings Inc. 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

	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Revenue	512	569	481	420	463	506	482	216	223	255
Cost of revenue	244	263	248	175	214	206
Gross profit	268	306	233	245	249	299
General and administrative	44.6	45.6	34.2	25.3	27.5	26.6	36.2	16.9	17	19.8
Interest expense	111	114	113	114	122	138	133	49.2	65.4	64.7
Interest income	2.3	5.52	2.37	4.95	6.83	8.75	10.7	0.21	0.23	0.88
Pre-tax income	-110	-62	-129	-299	-168	-267	-179	-0.59	21.5	-61.2
Income tax	-4.26	0.08	-3.15	1.27	-3.19	-1.11	1.48	1.87	4.72	-0.32
Income from continuing operations					-165	-266	-180	-2.46	16.7	-60.8
Net income to minority interests	3.77	-5.86	8.05	3.67	1.12	3.21	7.66	4.36	-24.8	-2.04
Net income	-109	-56.2	-134	-304	-166	-269	-192	-193	117	87.3
EPS, basic	-1.09	-0.65	-1.42	-2.54	-15.02	-23.33	-12.43	-15.35	6.90	2.52
EPS, diluted	-1.09	-0.65	-1.42	-2.54	-15.02	-23.33	-12.43	-15.35	6.74	2.50
Shares, basic (weighted)	102	103	106	107	11.7	12	12.4	12.9	16.2	22.7
Shares, diluted (weighted)	102	103	106	107	11.7	12	12.4	12.9	16.6	22.8

Balance sheet

	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Cash and equivalents	188	248	163	136	128	138	78	94.9	53.4	78.5
Receivables	86.2	85.6	64.8	65.8	60.3	60.3	51.9	54.3	53.7	46.5
Inventory	26.6	32.5	24.4	28.5	30.2	27.7	10.5	14.1	8.61	10.5
Other current assets	29	2.44	0.7	1.96	2.52	6.01	1.68	3.63	2.93	1.56
Total current assets	340	417	303	273	256	299	168	195	229	148
Property, plant and equipment	1,777	1,911	1,824	1,821	1,809	1,898	1,277	1,140	523	496
Lease right-of-use assets						0	264	228	9.16	11.8
Goodwill	160	160	160	160	160	160	160	160	104	104
Intangible assets	192	189	150	127	116	139	104	98.6	49	46.2
Other non-current assets	5.46	7.03	3.54	2.65	4.86	23.7	49.1	61.9	3.57	4.48
Total assets	2,886	3,128	2,959	2,753	2,630	2,682	2,143	1,971	1,809	924
Accounts payable	51.7	53.8	72.6	85.5	79.7	78.9	21.7	29.2	30.4	21.6
Accrued liabilities	64.2	107	103	91.7	94.9	124	51.2	72.5	48.3	39.9
Deferred revenue					11	11.8	8.85	8.34	2.69	4.27
Short-term debt	19.3	23.3	16.9	29.8	33.9	69.1	50.1	374	131	23.5
Total current liabilities	150	198	227	252	236	320	225	593	497	108
Long-term debt	199	1,590	1,564	1,621	1,649	1,747	1,513	1,210	687	651
Lease liabilities						0	226	193	8.9	11
Other non-current liabilities									0.93	0.93
Total liabilities	1,730	1,861	1,848	1,949	2,013	2,161	1,984	2,006	1,742	782
Total debt	1,478	1,613	1,581	1,651	1,682	1,816	1,563	1,584	817	675
Paid-in capital	553	721	727	679	682	687	642	643	679	665
Retained earnings	524	432	263	-0.26	-166	-435	-598	-785	-668	-576
Other comprehensive income	-11.2	-0.58	-0.45	0	0	0
Shareholders' equity	1,066	1,153	989	678	516	252	43.9	-142	11.4	88.9
Minority interests	124	114	122	125	101	270	115	107	55.2	53.2
Total equity	1,189	1,267	1,111	804	617	522	159	-34.3	66.6	142
Total liabilities and equity	2,920	3,128	2,959	2,753	2,630	2,682	2,143	1,971	1,809	924
Shares outstanding	104	106	110	117	12	12.8	13.4	15.9	25.2	22.8

Cash flow statement

	FY2013	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Net income	-105	-62.1	-126	-300	-165	-266	-184	-189	91.9	85.3
Depreciation and amortization	98.1	105	120	114	104	99.8	81.7	28.9	31.7	31.7
Stock-based compensation	5.02	7.72	5.59	3.45	4.3	4.56	2.89	1.27	0.59	0.17
Change in receivables	-1.11	-0.11	20.6	-2.35	5.29	6.58	5.43	-2.99	-9.89	-0.69
Change in inventory	4.97	-5.93	8.08	-4.05	-1.68	2.67	12.6	-3.64	1.8	-2.11
Change in payables	-12.9	1.74	17.6	7.21	-7.39	-3.02
Cash from operations	59.7	56.3	43.5	39.8	48.1	55.6	96.1	25.2	110	131
Capital expenditures	-85.7	-124	0	-60.1	0	-46.4	-74.3	-97	-25	-21.4
Cash from investing	-259	-245	-36.5	-151	-42.4	27.9	-56.5	0.59	119	332
Debt issued	51.3	72.3	0	116	125	56.9	0	488	0	0
Debt repaid	-157	-20.8	-36.1	-40.7	-48.6	-94.3	-68.3	-384	-169	-610
Stock issued	0.55	0.64	0	0			0	0	44.4	0
Share buybacks	0	0	-0.25	-0.82	0	-0	0	0	-21	-5
Dividends paid	-24.7	-25.2	-19.3	0	0	0	0	0	0	0
Cash from financing	129	248	-91.1	75.2	-12.9	-66.9	-112	6.65	-202	-522
Net change in cash	-70	59.7	-84.1	-27.4	-8.36	16.6	-72	32.5	26.7	-59
Free cash flow	-26	-67.2	43.5	-20.3	48.1	9.24	21.8	-71.8	84.7	109
Interest paid	147	92.8	108	108	116	122	136	110	141	102
Income taxes paid	0.59	0.69	0.14	0.09	0.39	0.49	0.3	0.19	0.26	0.06

Key metrics

Worked out from the statements above. Latest values use fiscal 2022. Valuation uses the share price of $8.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	-23.9%	Pre-tax income / revenue.
Net margin	34.2%	Net income / revenue.
FCF margin	42.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	51.2%	Cash from operations / revenue.
Return on equity (ROE)	174.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.4%	Net income / average total assets.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.4%	Capital expenditures / revenue.
D&A / revenue	12.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-19.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-11.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-25.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-62.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	19.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.8%	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	22.1%	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 growth, 1y	29.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	71.1%	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	17.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	679.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	26.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-29.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-48.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-24.4%	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	-18.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	38.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	22.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.37x	Current assets / current liabilities.
Quick ratio	1.16x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.73x	(Cash + short-term investments) / current liabilities.
Debt / equity	7.59x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	73.0%	Total debt / total assets.
Liabilities / assets	84.6%	Total liabilities / total assets.
Net debt	$596.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$39.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	16.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$61.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.
Fixed asset turnover	0.50x	Revenue / average property, plant and equipment.
Receivables turnover	5.10x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
FCF conversion	125.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$2.52	Net income per basic share, as reported (split-adjusted).
Revenue per share	$11.18	Revenue / diluted weighted shares.
FCF per share	$4.79	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.72	Cash from operations / diluted weighted shares.
Book value per share	$3.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.69	Tangible book value / shares outstanding.
Cash per share	$3.44	(Cash + short-term investments) / shares outstanding.
Payout ratio	0.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	4.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$182.6M	Share price x shares outstanding.
Enterprise value	$778.8M	Market cap + total debt - cash - short-term investments.
P/E	2.09x	Market cap / net income. Only when net income is positive.
P/S	0.72x	Market cap / revenue.
P/B	2.05x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	1.67x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.40x	Market cap / cash from operations, when positive.
EV/Sales	3.05x	Enterprise value / revenue.
EV/FCF	7.12x	Enterprise value / free cash flow, when both are positive.
FCF yield	59.9%	Free cash flow / market cap.
Earnings yield	47.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	2.7%	(Dividends paid + share buybacks) / market cap.

What was Navios Maritime Holdings Inc.'s revenue in fiscal 2022?

Navios Maritime Holdings Inc. reported revenue of $255.4M for fiscal 2022, 14.3% higher than the year before.

Was Navios Maritime Holdings Inc. profitable in fiscal 2022?

Yes. Net income was $87.3M, a net margin of 34.2%.

How much free cash flow did Navios Maritime Holdings Inc. generate in fiscal 2022?

Cash from operations of $130.7M minus capital expenditures of $21.4M left free cash flow of $109.4M.

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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