NVGS

MKT CAP:$1B

Navigator Holdings Ltd.

Market Cap

$1B

Energy·Oil & Gas Midstream·🇬🇧 United Kingdom·NYSE

Energy·Oil & Gas Midstream·🇬🇧·NYSE

Stock Price

$20.87+$3.52 (+20.29%)

Apr 23, 2026

Company Details

Navigator Holdings Ltd. owns and operates a fleet of liquefied gas carriers worldwide. The company provides international and regional seaborne transportation services of liquefied petroleum gas, petrochemical gases, and ammonia for energy ...

CEO

Mads Peter Zacho

IPO Date

Jan 9, 2007

Website

www.navigatorgas.com

Key Metrics TTM

Revenue

$565M

+86.2% YoY

Net Income

$80M

EPS (Diluted)

$0.99

Free Cash Flow

-$46M

Revenue / Share

$8.55

Gross Margin

35.3%

Operating Margin

25.8%

Net Margin

14.2%

FCF Margin

-8.2%

P/S

2.4x

P/E

16.6x

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 12, 2026

$587M+3.6%EPS $1.47

Q4 2025

Mar 12, 2026

$153MEPS $0.28

Q3 2025

Nov 4, 2025

$153MEPS $0.50

FY 2024

Mar 25, 2025

$567M+2.9%EPS $1.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 16	$75M	$22M	$17M
Q1 17	$77M	$21M	$16M
Q2 17	$74M	$18M	$12M
Q3 17	$70M	$14M	$8M
Q4 17	$77M	$16M	$11M
Q1 18	$78M	$17M	$11M
Q2 18	$73M	$14M	$8M
Q3 18	$81M	$18M	$12M
Q4 18	$78M	$17M	$11M
Q1 19	$76M	$14M	$8M
Q2 19	$74M	$11M	$4M
Q3 19	$76M	$16M	$11M
Q4 22	$123M	$26M	$21M
Q1 23	$136M	$40M	$32M
Q3 25	$153M	$84M	$53M
Q4 25	$153M	$49M	$40M

Valuation

Quarter	P/S	P/E
Q4 16	1.9x	12.8x
Q1 17	2.6x	27.4x
Q2 17	1.5x	24.0x
Q3 17	2.1x	54.4x
Q4 17	1.9x	107.2x
Q1 18	2.1x	192.4x
Q2 18	2.3x	—
Q3 18	2.2x	—
Q4 18	1.7x	—
Q1 19	2.0x	—
Q2 19	1.8x	—
Q3 19	2.0x	—
Q4 22	2.5x	—
Q1 23	2.5x	56.6x
Q3 25	2.2x	18.3x
Q4 25	2.1x	14.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 16	$28M	-$53M
Q1 17	$16M	-$70M
Q2 17	$24M	$11M
Q3 17	$12M	-$15M
Q4 17	$24M	-$33M
Q1 18	$22M	$22M
Q2 18	$21M	$21M
Q3 18	$13M	$13M
Q4 18	$22M	$21M
Q1 19	$3M	$2M
Q2 19	$14M	$13M
Q3 19	$18M	$16M
Q4 22	$44M	$3M
Q1 23	$39M	-$104M
Q3 25	$49M	$11M
Q4 25	$52M	$43M

Capital Expenditures

Quarter	CapEx
Q4 16	$81M
Q1 17	$86M
Q2 17	$14M
Q3 17	$27M
Q4 17	$57M
Q1 18	$238.0K
Q2 18	$62.0K
Q3 18	$125.0K
Q4 18	$779.0K
Q1 19	$301.0K
Q2 19	$1M
Q3 19	$1M
Q4 22	$41M
Q1 23	$143M
Q3 25	$39M
Q4 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 17	+1.2%	+25.2%
Q2 17	+2.5%	+15.9%
Q3 17	+0.7%	+12.2%
Q4 17	+1.6%	+13.1%
Q1 18	+0.6%	+8.5%
Q2 18	-1.6%	+4.7%
Q3 18	+15.1%	+11.9%
Q4 18	+2.0%	+2.5%
Q1 19	-2.2%	+1.8%
Q2 19	+0.6%	+6.5%
Q3 19	-6.5%	-6.1%
Q4 22	+57.6%	+51.3%
Q1 23	+78.7%	+53.4%
Q3 25	+108.0%	+44.8%
Q4 25	+102.1%	+73.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 16	$387.0K	0.5%
Q1 17	$409.0K	0.5%
Q2 17	$364.0K	0.5%
Q3 17	$344.0K	0.5%
Q4 17	$295.0K	0.4%
Q1 18	$310.0K	0.4%
Q2 18	$56.0K	0.1%
Q3 18	$399.0K	0.5%
Q4 18	$309.0K	0.4%
Q1 19	$346.0K	0.5%
Q2 19	$401.0K	0.5%
Q3 19	$369.0K	0.5%
Q4 22	$0	0.0%
Q1 23	$180.0K	0.1%
Q3 25	$318.1K	0.2%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 16	$4M	$1M	—
Q1 17	$3M	$2M	—
Q2 17	$4M	$1M	—
Q3 17	$5M	$1M	—
Q4 17	$4M	$1M	—
Q1 18	$4M	$1M	—
Q2 18	$5M	$1M	—
Q3 18	$5M	$1M	—
Q4 18	$5M	$1M	—
Q1 19	$5M	$1M	—
Q2 19	$5M	$1M	—
Q3 19	$5M	$1M	—
Q4 22	$8M	—	—
Q1 23	$7M	—	—
Q3 25	$9M	$2M	—
Q4 25	—	—	$9M

Revenue Segments

Quarter	Time Charters	Voyage Charters
Q2 19	$38M	$36M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$168M	$0	$168M
Q2 22	$151M	$0	$151M
Q3 22	$137M	$0	$137M
Q4 22	$153M	$0	$153M
Q1 23	$184M	$0	$184M
Q2 23	$174M	$0	$174M
Q3 23	$170M	$0	$170M
Q4 23	$158M	$0	$158M
Q1 24	$163M	$0	$163M
Q2 24	$129M	$0	$129M
Q3 24	$118M	$0	$118M
Q4 24	$130M	$0	$130M
Q1 25	$91M	$0	$91M
Q2 25	$238M	$0	$238M
Q3 25	$217M	$0	$217M
Q4 25	$205M	$0	$205M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 16	56M	-0.0%	—
Q1 17	56M	+0.0%	+0.1%
Q2 17	56M	+0.2%	+0.2%
Q3 17	56M	-0.7%	-0.5%
Q4 17	56M	+0.7%	+0.2%
Q1 18	56M	+0.0%	+0.2%
Q2 18	56M	-0.5%	-0.4%
Q3 18	56M	+0.6%	+0.8%
Q4 18	56M	-0.0%	+0.2%
Q1 19	56M	-0.6%	-0.4%
Q2 19	56M	+0.3%	+0.3%
Q3 19	56M	-0.0%	-0.3%
Q4 22	78M	+38.9%	+38.5%
Q1 23	76M	-1.6%	+37.1%
Q3 25	66M	-12.9%	+19.0%
Q4 25	66M	-0.5%	+18.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 16	$2M	46
Q1 17	$2M	46
Q2 17	$2M	46
Q3 17	$2M	46
Q4 17	$1M	60
Q1 18	$1M	60
Q2 18	$1M	60
Q3 18	$1M	60
Q4 18	$1M	76
Q1 19	$1M	76
Q2 19	$968.2K	76
Q3 19	$995.1K	76
Q4 22	$68.5K	2K
Q1 23	$75.6K	2K
Q3 25	$85.0K	2K
Q4 25	$84.9K	2K

Revenue / Employee