Navigator Holdings Ltd.
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Range $22 – $24
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About the company
Navigator Holdings Ltd. owns and operates a fleet of liquefied gas carriers worldwide. It engages in the international and regional seaborne transportation of petrochemical gases, liquefied petroleum gases, and ammonia for energy companies, industrial users, and commodity traders.
- CEO
- Mads Peter Zacho
- IPO
- 2007
- Employees
- 1,975
- HQ
- London, GL, GB
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Similar companies
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- Market Cap
- $1.36B
- P/E
- 10.04
- Fwd P/E
- 10.01
- PEG
- 0.14
- P/S
- 2.21
- P/B
- 1.09
- EV/EBITDA
- 6.04
- Div Yield
- 1.27%
- Gross Margin
- 38.38%
- Op Margin
- 28.01%
- Net Margin
- 22.80%
- ROE
- 11.48%
- ROIC
- 7.02%
Latest fiscal year · YoY change
- Revenue
- $586.96M+3.6%
- Gross Profit
- $176.57M-44.7%
- Op Income
- $140.22M
- Net Income
- $100.12M+17.0%
- EPS
- $1.49+24.2%
- OCF Growth
- +4.3%
- FCF Growth
- -61.0%
- 52W High
- $24.36
- 52W Low
- $14.08
- 50D MA
- $21.15
- 200D MA
- $19.85
- Beta
- 0.48
- RSI (14)
- 59
- Avg Volume
- 455.61K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Navigator posted record Q2 2026 results across earnings, EBITDA, TCE rates and terminal throughput, while guiding for a softer but still healthy Q3.· August 5, 2026
- Q2 was an all-time record quarter for net income, EBITDA, EPS and average TCE, with average TCE of $33,946 per day and utilization of 90.8%.
- Net income attributable to stockholders was $53.0 million, or $0.86 per share, versus $21.5 million, or $0.31 per share, in Q2 2025.
- EBITDA reached $101.6 million and adjusted EBITDA was $86.4 million, both record highs; terminal throughput also hit a record 374,278 tons.
- The company advanced portfolio optimization with the sale of Navigator Pegasus and the signed agreement to sell 8 Unigas Pool vessels for $183 million, with a projected $65 million to $70 million book gain.
- Management raised the fixed quarterly dividend to $0.08 per share starting in Q3 and said the business enters the second half with a clean balance sheet and financing in place for all 6 newbuilds.
Navigator reported Q2 2026 net income attributable to stockholders of $53.0 million, or $0.86 per share, versus $21.5 million, or $0.31 per share, in Q2 2025. EBITDA was $101.6 million, adjusted EBITDA was $86.4 million, average TCE was $33,946 per day, and utilization was 90.8%; all were described as record highs. Morgan’s Point throughput was 374,278 tons, and equity method investment income from the terminal was $7.1 million. Looking ahead, management expects Q3 TCE and utilization to moderate from record Q2 levels, with terminal volumes easing seasonally as ethylene arbitrage tightens and European crackers restart. Even so, they said the business should remain cash generative, and they raised the fixed quarterly dividend to $0.08 per share starting in Q3 while maintaining a 35% net income capital return framework.
Mads Zacho framed the quarter as a validation of Navigator’s platform, saying the company achieved record results while also strengthening its fleet and balance sheet. He highlighted commercial tailwinds from Hormuz-related disruption, growing U.S. ethylene demand, and a thin Handysize order book, while emphasizing that the underlying structural story remains intact. His tone was confident and upbeat, but he also said Q3 should be somewhat softer commercially as rates and terminal volumes normalize.
Gary Chapman focused on the financial strength and liquidity picture, citing $101.6 million of EBITDA, $86.4 million of adjusted EBITDA, and $53.0 million of net income in the quarter. He said cash, cash equivalents and restricted cash were $274 million at June 30 and $362 million at August 3 after drawing $57 million from newbuild financing, while net debt to last 12 months adjusted EBITDA fell to 2.2x from 2.5x at March 31. He also noted the company drew just over $91 million on revolvers in April as a precaution and expects to repay those facilities in the coming months, aided by Unigas sale proceeds.
Analysts asked how quickly the $91 million revolver draw would be repaid, and management said it is still fully drawn but likely to be repaid over the next couple of months, especially as Unigas sale proceeds come in. On earnings power, management said Q3 should still be robust, though slightly softer than Q2, with rates tied to utilization and still above pre-Hormuz levels. Questions also focused on strategic deployment of capital: Mads Zacho said Navigator will keep looking for consolidation opportunities in Handysize and MGC, while also pursuing infrastructure projects and maintaining a measured capital return policy.
The bull case from this call is that Navigator is generating record profitability while operating with a relatively low cash breakeven and improving leverage. Management pointed to continued demand tailwinds from trade disruption, record ethylene terminal volumes, and financing already secured for all 6 newbuilds, giving it flexibility to keep returning capital and pursue acquisitions or infrastructure projects.
The main near-term risk is that Q3 is expected to normalize from extraordinary Q2 levels, with lower TCEs, utilization and terminal throughput as seasonality and tighter ethylene arbitrage kick in. Management also flagged continued geopolitical uncertainty around Hormuz and said customers are hesitant to commit to longer-term contracts, which could keep spot activity and timing of new offtake agreements volatile.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 43.4%
- Shares Outstanding
- 61.72M
- Float Shares
- 26.77M
of shares held by institutions
158 13F filers
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Paragon Associates & Paragon Associates Ii Joint Venture | 300.00K | 0 |
| Vanguard Group Inc | 200.23K | ▲ 7.71K |
| Two Sigma Advisers, LP | 97.70K | ▼ 120.00K |
| Teton Advisors, Inc. | 86.80K | ▼ 8.70K |
| Southport Management, L.L.C. | 67.50K | 0 |
| Nebula Research & Development LLC | 19.68K | ▼ 2.57K |
| Quent Long Short Global Small Cap Fund, LP | 18.07K | ▲ 18.07K |
| Cwm, LLC | 7.33K | ▲ 2.71K |
| Sunbelt Securities, Inc. | 4.22K | 0 |
| California State Teachers Retirement System | 1.57K | ▼ 373 |
| Point72 Europe (London) Llp | 36 | ▲ 36 |
| Legacy Investment Solutions, LLC | 20 | ▲ 20 |
Held by 92 ETFs
Biggest fund positions in NVGS by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 12, 26 | Stokes Peter George Charles Andrew | sell | 5,000 |
| Jun 18, 26 | Lindeman Oeyvind | other | 46,308 |
| Jun 18, 26 | Lindeman Oeyvind | other | 31,562 |
| Jun 18, 26 | Lindeman Oeyvind | other | 46,308 |
| May 29, 26 | Lindeman Oeyvind | sell | 6,259 |
| May 20, 26 | Schroder Michael | sell | 25,000 |
| Mar 18, 26 | von Appen Dag Karl Albert | other | 0 |
| Mar 18, 26 | von Appen Dag Karl Albert | other | 0 |
| Mar 18, 26 | Stokes Peter George Charles Andrew | other | 0 |
| Mar 18, 26 | Fischer Heiko | other | 0 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our NVGS coverage
Recent articles, reports, and earnings notes.
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Generate NVGS report →Navigator Q2 Earnings Call Highlights
marketbeat.com · Aug 8
Navigator Holdings Ltd. (NVGS) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 5
Navigator Holdings (NVGS) Q2 Earnings and Revenues Top Estimates
zacks.com · Aug 4
Navigator Gas Announces Preliminary Second Quarter 2026 Results (Unaudited)
globenewswire.com · Aug 4
Navigator Gas Announces Signing of $121.8 Million Financing for Two Newbuild Ammonia Carriers in Navigator Amon Joint Venture
globenewswire.com · Aug 3
GE Aerospace, AI Play Lead Five Stocks Near Buy Points
investors.com · Aug 1
The Navigator Company, S.A. (POELF) Q2 2026 Earnings Call Transcript
seekingalpha.com · Jul 28
Navigator Holdings (NVGS) Reports Next Week: Wall Street Expects Earnings Growth
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