Navigator Holdings Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Navigator Holdings Ltd. 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	294	299	310	301	332	406	474	551	567	587
General and administrative	12.5	15.9	18.9	20.9	23.9	28.9	27.4	31.2	36.6	36.4
Operating income	78	47.2	41.5	32.6	41.8	-2.95	60.7	137	143	165
Interest expense	32.3	37.7	44.9	48.6	41.1	38.7	50.8	64.9	56.1	55.8
Pre-tax income	45.8	5.71	-5.37	-15.1	1.28	-38.4	35	70.6	81.6	110
Income tax	1.18	0.4	0.33	0.35	0.62	1.97	5.95	4.33	4.37	12.5
Net income to minority interests				0.1	1.76	1.75	1.41	4.62	8.53	5.75
Net income	44.6	5.31	-5.74	-16.7	-0.44	-31	53.5	82.3	85.6	100
EBITDA	140	121	118	109	118	85.5	187	266	276	300
EPS, basic	0.81	0.10	-0.10	-0.30	-0.01	-0.48	0.69	1.11	1.20	1.49
EPS, diluted	0.80	0.10	-0.10	-0.30	-0.01	-0.48	0.69	1.10	1.19	1.47
Shares, basic (weighted)	55.4	55.5	55.6	55.8	55.9	64.7	77.2	74.1	71.1	67.3
Shares, diluted (weighted)	55.8	55.9	55.6	55.8	55.9	64.7	77.6	74.6	71.8	68
Dividend per share	0.00							0.01

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	57.3	62.1	71.4	64	59.1	124	147	150	131	155
Receivables	7.06	14.9	17	23.5	14.5	31.9	18.2	34.7	29	34.8
Other current assets	8.54	11.3	16	17.7	22	16.3	21.2	17.1	14.8	19.5
Total current assets	93.8	112	118	126	137	215	228	255	220	295
Property, plant and equipment	0.19	1.61	1.3	0.79	0.5	1,763	1,692	1,754	1,654	1,601
Lease right-of-use assets				6.78	5.7	0.92	3.63	2.87	2.09	1.28
Intangible assets				0.37	0.28	0.4	0.24	0.33	0.41	0.36
Other non-current assets			1,812					0	1.25	8.29
Total assets	1,725	1,854	1,833	1,874	1,839	2,157	2,097	2,203	2,181	2,279
Accounts payable	6.39	8.07	10.8	10.5	8.57	11.6	7.77	11.6	13.8	12.6
Deferred revenue		4.82	8.34	14.2	11.6	18.5	23.1	25.6	24.5
Short-term debt	78.5	81.6	68.9	64.7	65.7	149	99	120	250	168
Total current liabilities	128	110	105	110	107	204	160	185	319	251
Long-term debt	541	682	600	647	614	655	656	683	505
Lease liabilities				6.33	5.23	0.52	4.03	3.5	2.57	1.64
Other non-current liabilities			865				48.1	41.3	0
Total liabilities	768	891	878	934	897	1,040	923	970	934	1,022
Total debt	629	772	676	717	686	816	762	804	755	168
Paid-in capital	588	589	591	592	593	797	798	799	801	799
Retained earnings	368	373	364	348	347	316	364	390	405	427
Other comprehensive income	-0.29	-0.28	-0.36	-0.33	-0.25	-0.25	-0.46	-0.15	-0.55	-0.41
Shareholders' equity	956	963	955	940	941	1,114	1,162	1,190	1,205	1,227
Minority interests				0.1	1.86	3.6	10.9	42.8	40.9	29.9
Total equity	956	963	955	940	942	1,117	1,173	1,233	1,246	1,257
Total liabilities and equity	1,725	1,854	1,833	1,874	1,839	2,157	2,097	2,203	2,181	2,279
Shares outstanding	55.4	55.5	55.7	55.8	55.9	77.2	76.8	73.2	69.4	65.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	44.6	5.31	-5.74	-16.6	1.31	-29.2	54.9	86.9	94.1	106
Depreciation and amortization	62.3	73.6	76.1	76.2	76.7	88.5	126	129	133	134
Stock-based compensation	1.57	1.41	1.07	1.5	1.25	1.37	0.87	1.28	1.33	1.83
Deferred income tax				-0.17	0.13	0.71	3.84	2.37	2.46	10.2
Change in receivables	1.99	-7.83	-2.14	-6.43	8.86	-7.87	13.7	-16.4	5.62	-5.77
Change in inventory	-3.46	-1.07	-0.78	-0.86	1.22	-2.7	3.96	-0.5	-4.71	-1.66
Change in payables	-6.04	4.65	7.66	7.55	-4.12	3.21	6.64	4.5	3.31	12
Cash from operations	86.7	75.9	77.5	49.7	44.9	97.9	130	174	211	202
Capital expenditures	-1.73	-1.94	-0.65				-45.7	-192	0	-85
Acquisitions					-44.8
Purchases of investments		-25
Cash from investing	-238	-183	-42.3	-90.4	-16.2	33.1	29.7	-176	-101	-81.1
Dividends paid						0	0	-7.33	-14.3	-14.8
Cash from financing	121	112	-25.8	35.3	-35.4	-66.1	-128	7.1	-126	-54.2
Exchange rate effect					-0.21	0.05	-2.84
Net change in cash	-30.5	4.84	9.41	-5.39	-6.86	65	29	5.05	-18.4	65.1
Free cash flow	85	74	76.9				84.6	-17.3	211	117
Interest paid	29.8	35.9	41.5	44.9	37.6	33	48.6	62.1	53.8	56.1
Income taxes paid	0.6	0.52	0.18	0.32	0.33	0.58	2.44	1.8	1.94	2.09

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $23.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	28.2%	Operating income / revenue.
EBITDA margin	51.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.8%	Pre-tax income / revenue.
Net margin	17.1%	Net income / revenue.
FCF margin	19.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.4%	Cash from operations / revenue.
Effective tax rate	11.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.5%	Net income / average total assets.
Return on invested capital (ROIC)	9.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	14.5%	Capital expenditures / revenue.
D&A / revenue	22.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	39.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	31.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	20.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	23.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	28.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.7%	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	35.1%	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	-44.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	1.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.8%	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	5.5%	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	4.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.8%	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	4.4%	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	-5.3%	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	-4.3%	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	4.0%	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	1.18x	Current assets / current liabilities.
Quick ratio	0.76x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.62x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.4%	Total debt / total assets.
Liabilities / assets	44.9%	Total liabilities / total assets.
Net debt	$13.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.97x	Operating income / interest expense.
Working capital	$44.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Fixed asset turnover	0.36x	Revenue / average property, plant and equipment.
Receivables turnover	18.4x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
FCF conversion	116.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	42.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.47	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	$1.49	Net income per basic share, as reported (split-adjusted).
Revenue per share	$8.63	Revenue / diluted weighted shares.
FCF per share	$1.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.96	Cash from operations / diluted weighted shares.
Book value per share	$18.80	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.80	Tangible book value / shares outstanding.
Cash per share	$2.37	(Cash + short-term investments) / shares outstanding.
Payout ratio	14.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	12.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.50B	Share price x shares outstanding.
Enterprise value	$1.52B	Market cap + total debt - cash - short-term investments.
P/E	15.0x	Market cap / net income. Only when net income is positive.
P/S	2.56x	Market cap / revenue.
P/B	1.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.22x	Market cap / tangible book value, when positive.
P/FCF	12.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.45x	Market cap / cash from operations, when positive.
EV/Sales	2.58x	Enterprise value / revenue.
EV/EBIT	9.16x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.05x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.8%	Free cash flow / market cap.
Earnings yield	6.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	1.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.52x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Navigator Holdings Ltd.'s revenue in fiscal 2025?

Navigator Holdings Ltd. reported revenue of $587.0M for fiscal 2025, 3.6% higher than the year before.

Was Navigator Holdings Ltd. profitable in fiscal 2025?

Yes. Net income was $100.1M, a net margin of 17.1%.

How much free cash flow did Navigator Holdings Ltd. generate in fiscal 2025?

Cash from operations of $201.7M minus capital expenditures of $85.0M left free cash flow of $116.6M.

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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