Latest Ratios: P/E Ratio 7.8x · EV/EBITDA 5.6x · ROE 8.9%. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $1.6B | $1.3B | $844M | $783M | $569M | $123M | $202M | $138M | $324M | $119M |
| Enterprise Value | $4.1B | $3.5B | $2.5B | $1.9B | $2.0B | $1.5B | $579M | $599M | $563M | $793M | $626M |
| P/E Ratio → | 7.84 | 5.47 | 3.61 | 1.99 | 1.38 | 1.12 | — | — | — | — | — |
| P/S Ratio | 1.60 | 1.16 | 0.97 | 0.65 | 0.65 | 0.80 | 0.54 | 0.92 | 0.60 | 1.53 | 0.63 |
| P/B Ratio | 0.67 | 0.47 | 0.42 | 0.30 | 0.33 | 0.32 | 0.19 | 0.28 | — | — | 0.17 |
| P/FCF | — | — | — | 8.86 | — | — | 11.18 | 4.32 | — | — | 2.90 |
| P/OCF | 4.25 | 3.09 | 2.69 | 1.51 | 1.55 | 2.05 | 1.31 | 2.86 | 2.02 | 6.00 | 2.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.63 | 1.84 | 1.46 | 1.67 | 2.17 | 2.55 | 2.73 | 2.43 | 3.75 | 3.28 |
| EV / EBITDA | 5.56 | 4.77 | 3.33 | 2.66 | 2.95 | 3.60 | 5.85 | 5.07 | 4.20 | 6.53 | 5.52 |
| EV / EBIT | 10.53 | 9.03 | 5.48 | 4.27 | 4.48 | 5.13 | 18.31 | 10.39 | 8.10 | 19.06 | 43.04 |
| EV / FCF | — | — | — | 20.05 | — | — | 52.71 | 12.82 | — | — | 15.20 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.5% | 64.5% | 66.1% | 65.8% | 68.5% | 75.0% | 65.9% | 66.9% | 38.0% | 28.5% | 14.1% |
| Operating Margin | 29.1% | 29.1% | 33.6% | 34.2% | 37.2% | 42.4% | 13.9% | 26.3% | 30.0% | 19.7% | 7.6% |
| Net Profit Margin | 21.2% | 21.2% | 27.0% | 32.5% | 46.9% | 70.9% | -30.2% | -28.3% | -5.7% | -7.0% | -27.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 12.2% | 16.6% | 27.6% | 41.7% | -9.9% | -29.8% | — | -4.4% | -7.3% |
| ROA | 4.9% | 4.9% | 6.7% | 8.5% | 13.3% | 20.9% | -5.6% | -4.8% | -1.0% | -1.1% | -3.9% |
| ROIC | 6.1% | 6.1% | 8.3% | 9.0% | 10.7% | 11.7% | 2.1% | 7.0% | 18.3% | 3.8% | 0.9% |
| ROCE | 7.3% | 7.3% | 9.0% | 10.0% | 12.0% | 14.4% | 3.0% | 4.7% | 5.5% | 3.4% | 1.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.71 | 0.71 | 0.46 | 0.47 | 0.59 | 0.64 | 0.76 | 0.58 | — | — | 0.77 |
| Debt / EBITDA | 3.21 | 3.21 | 1.93 | 1.82 | 2.03 | 2.65 | 5.05 | 3.56 | 3.61 | 4.06 | 4.62 |
| Net Debt / Equity | — | 0.59 | 0.37 | 0.39 | 0.53 | 0.55 | 0.69 | 0.55 | — | — | 0.74 |
| Net Debt / EBITDA | 2.66 | 2.66 | 1.57 | 1.49 | 1.80 | 2.28 | 4.61 | 3.36 | 3.17 | 3.86 | 4.47 |
| Debt / FCF | — | — | — | 11.20 | — | — | 41.53 | 8.50 | — | — | 12.30 |
| Interest Coverage | 2.90 | 2.90 | 3.59 | 3.35 | 5.42 | 7.06 | 1.31 | 1.27 | 1.62 | 1.09 | 0.47 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.13 | 1.13 | 1.08 | 0.87 | 0.50 | 0.57 | 0.24 | 0.95 | 2.12 | 1.11 | 0.57 |
| Quick Ratio | 1.13 | 1.13 | 1.00 | 0.79 | 0.45 | 0.52 | 0.22 | 0.87 | 2.10 | 1.11 | 0.57 |
| Cash Ratio | 0.91 | 0.91 | 0.69 | 0.63 | 0.26 | 0.40 | 0.12 | 0.29 | 1.12 | 0.44 | 0.18 |
| Asset Turnover | — | 0.23 | 0.24 | 0.25 | 0.25 | 0.20 | 0.19 | 0.18 | 0.18 | 0.16 | 0.15 |
| Inventory Turnover | — | — | 13.79 | 11.91 | 11.67 | 8.46 | 12.35 | 11.55 | 142.84 | 688.18 | 743.79 |
| Days Sales Outstanding | — | 11.01 | 20.72 | 14.17 | 26.45 | 15.02 | 36.38 | 18.79 | 75.35 | 50.82 | 56.82 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.4% | 0.5% | 0.7% | 0.8% | 0.8% | 6.3% | 6.6% | 7.4% | — | — |
| Payout Ratio | 2.1% | 2.1% | 1.7% | 1.4% | 1.1% | 0.9% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.8% | 18.3% | 27.7% | 50.4% | 72.5% | 89.0% | — | — | — | — | — |
| FCF Yield | — | — | — | 11.3% | — | — | 8.9% | 23.2% | — | — | 34.5% |
| Buyback Yield | 2.0% | 2.8% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 2.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.3% | 3.1% | 2.4% | 0.7% | 0.8% | 0.8% | 6.3% | 8.8% | 7.4% | 0.0% | 0.0% |
| Shares Outstanding | — | $30M | $30M | $30M | $30M | $23M | $11M | $11M | $11M | $9M | $6M |
Cyclical Charter Rate Volatility
According to recent market data, NMM trades at a P/E of 7.19 and a P/B of 0.61, suggesting that investors are applying a significant conglomerate discount compared to pure-play shipping peers, likely due to the partnership's complex internal structure and historical reliance on related-party transactions.
The forward P/E of 4.03 implies that the market expects a sharp contraction in earnings, potentially pricing in a cyclical downturn in charter rates. This valuation gap relative to peers like Star Bulk Carriers suggests that the market remains skeptical of the partnership's ability to unlock value from its diversified fleet.
Based on reported figures, NMM's ROIC has remained in a narrow range between 1.3% and 2.2% over the last ten quarters, indicating that the partnership struggles to generate returns on invested capital that significantly exceed the cost of maintaining its massive, aging vessel fleet.
The persistent low ROIC suggests that while the partnership is successful at scaling its asset base, the capital-intensive nature of marine shipping limits the compounding of returns. Investors should monitor whether future fleet renewals can improve these returns or if they will continue to be diluted by high depreciation and maintenance costs.
As reported in financial statements, NMM's asset turnover has remained stable at 0.06, while the current ratio improved to 1.45 in 2026Q1, suggesting that the partnership has successfully optimized its short-term liquidity and working capital cycle compared to the more constrained levels observed in 2024.
The ability to maintain consistent asset turnover despite significant fleet expansion implies that the partnership is effectively deploying its vessels into revenue-generating charters. However, the lack of consistent data on the cash conversion cycle warrants caution, as shipping operations are prone to lumpy payment schedules.
Based on quarterly filings, NMM has demonstrated a disciplined approach to leverage, with the debt-to-equity ratio declining to 0.69 in 2026Q1 from a peak of 0.82 in 2025Q3, which appears to provide a more comfortable buffer against potential interest rate volatility and sector-specific downturns.
The interest coverage ratio of 4.10 in the most recent quarter suggests that the partnership is currently well-positioned to service its debt obligations. This improved leverage profile may reduce the risk of dilutive equity issuances, provided that charter rates remain supportive of cash flow generation.
As indicated by industry standards, the P/E ratio is frequently misapplied to NMM because it fails to account for the massive non-cash depreciation charges that distort net income, making the partnership appear cheaper or more expensive than its actual cash-generating capacity would suggest.
Analysts should prioritize EV/EBITDA or Net Asset Value (NAV) metrics to better capture the underlying industrial value of the fleet. Relying solely on P/E ignores the lumpy nature of capital expenditures and the significant impact of vessel impairment charges on reported earnings.
Includes 30+ ratios · 21 years · Updated daily
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10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NMM stock.
Navios Maritime Partners L.P.'s current P/E ratio is 7.8x. The historical average is 16.7x. This places it at the 57th percentile of its historical range.
Navios Maritime Partners L.P.'s current EV/EBITDA is 5.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.5x.
Navios Maritime Partners L.P.'s return on equity (ROE) is 8.9%. The historical average is 16.1%.
Based on historical data, Navios Maritime Partners L.P. is trading at a P/E of 7.8x. This is at the 57th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Navios Maritime Partners L.P.'s current dividend yield is 0.27% with a payout ratio of 2.1%.
Navios Maritime Partners L.P. has 64.5% gross margin and 29.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Navios Maritime Partners L.P.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.