Navios Financials

NMM

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Navios (NMM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NMM FY2025 2026-04-22

A depreciation-heavy, asset-growing model kept cash generation sturdier than net income while revenue largely moved sideways.

From FY2023 to FY2025, revenue was almost flat at about $1.3B and operating cash flow remained around $0.5B, which means the core cash engine did not unravel with earnings. Yet net income fell from $434M to $285M as depreciation climbed, so cash earning power looked firmer than accounting profit; a growing asset base is carrying more non-cash expense than the top line is currently absorbing.

The balance sheet expanded without a comparable rise in leverage: FY2025 cash reached $403M and the current ratio improved to 1.1x while debt-to-equity stayed near 0.3x. That combination signals liquidity improving alongside fleet growth, with rising equity acting as a stabilizer instead of growth being funded mainly by new borrowing.

Reported gross margin stayed above 87.0% in each of the last three years, but that accounting view overstates how much cash is truly left over after asset spending. In FY2024, investing outflows of $782M exceeded operating cash flow of $483M, a reminder that this remains a capital-intensive cash cycle even when reported gross margins look exceptional.

Financial Health Signals

Financial Profile 47/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Navios's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Navios's revenue grew a modest 0.8% year-over-year to $1.3B. This slow but positive growth earns a score of 36/100.

Leverage

Navios carries a low D/E ratio of 0.29, meaning only $0.29 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Navios's current ratio of 1.13 is below the typical benchmark, resulting in a score of 18/100. However, the company holds substantial cash reserves (88% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

Navios's ROE of 8.5% shows moderate profitability relative to equity, earning a score of 35/100. This is down from 11.8% the prior year.

Piotroski F-Score Neutral

6/9

Navios passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.77x

For every $1 of reported earnings, Navios generates $1.77 in operating cash flow ($505.0M OCF vs $285.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.3B

YoY+0.8%

5Y CAGR+42.7%

10Y CAGR+19.6%

Navios generated $1.3B in revenue in fiscal year 2025. This represents an increase of 0.8% from the prior year.

EBITDA

N/A

Net Income

$285.3M

YoY-22.3%

10Y CAGR+21.2%

Navios reported $285.3M in net income in fiscal year 2025. This represents a decrease of 22.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$402.8M

YoY+49.1%

5Y CAGR+83.6%

10Y CAGR+31.2%

Navios held $402.8M in cash against $974.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

29M

YoY-3.5%

5Y CAGR+20.4%

Navios had 29M shares outstanding in fiscal year 2025. This represents a decrease of 3.5% from the prior year.

Margins & Returns

Gross Margin

90.5%

YoY+1.5pp

5Y CAGR-4.6pp

10Y CAGR-6.3pp

Navios's gross margin was 90.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.5 percentage points from the prior year.

Operating Margin

N/A

Net Margin

21.2%

YoY-6.3pp

5Y CAGR+51.4pp

10Y CAGR+2.5pp

Navios's net profit margin was 21.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.3 percentage points from the prior year.

Return on Equity

8.5%

YoY-3.3pp

5Y CAGR+19.0pp

10Y CAGR+2.8pp

Navios's ROE was 8.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

NMM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.3B+0.8%	$1.3B+2.1%	$1.3B+8.0%	$1.2B+69.7%	$713.2M+214.5%	$226.8M
Cost of Revenue	$127.8M-12.8%	$146.4M-8.6%	$160.2M+30.7%	$122.6M+239.3%	$36.1M+227.7%	$11.0M
Gross Profit	$1.2B+2.4%	$1.2B+3.6%	$1.1B+5.4%	$1.1B+60.7%	$677.0M+213.8%	$215.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$92.0M+8.1%	$85.2M+5.7%	$80.6M+19.9%	$67.2M+62.0%	$41.5M+72.7%	$24.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$3.3M	$0	$0-100.0%	$83.1M+94.3%	$42.8M+77.0%	$24.2M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$285.3M-22.3%	$367.3M-15.3%	$433.6M-25.1%	$579.2M+12.2%	$516.2M+853.1%	-$68.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Revenue	N/A	$327.6M	N/A	N/A	$342.2M	N/A	N/A	$346.9M
Cost of Revenue	N/A	$31.2M	N/A	N/A	$40.0M	N/A	N/A	$42.0M
Gross Profit	N/A	$296.3M	N/A	N/A	$302.1M	N/A	N/A	$305.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$23.4M	N/A	N/A	$20.6M	N/A	N/A	$20.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$33.5M	N/A	N/A	$30.1M	N/A	N/A	$33.3M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	$69.9M+67.6%	$41.7M	N/A	$101.5M+38.3%	$73.4M	N/A	$112.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NMM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.9B+4.5%	$5.7B+10.2%	$5.1B+5.1%	$4.9B+35.1%	$3.6B+200.1%	$1.2B
Current Assets	$512.1M+15.6%	$443.0M+10.8%	$399.7M+28.8%	$310.4M+37.1%	$226.3M+272.4%	$60.8M
Cash & Equivalents	$402.8M+49.1%	$270.2M+12.4%	$240.4M+52.3%	$157.8M-1.0%	$159.5M+726.1%	$19.3M
Inventory	$31.9M-2.6%	$32.8M-12.7%	$37.6M+15.0%	$32.7M+55.0%	$21.1M+236.2%	$6.3M
Accounts Receivable	$34.1M+2.0%	$33.4M-20.9%	$42.2M-43.7%	$75.0M+215.6%	$23.8M+40.1%	$17.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.6B+0.8%	$2.6B+8.0%	$2.4B-6.9%	$2.6B+37.7%	$1.9B+235.5%	$552.4M
Current Liabilities	$455.1M+11.1%	$409.7M-10.9%	$459.6M-25.6%	$617.7M+56.2%	$395.5M+56.2%	$253.3M
Long-Term Debt	$974.6M+6.3%	$917.1M+22.0%	$751.8M+9.0%	$689.7M+7.6%	$640.9M+180.4%	$228.5M
Total Equity	$3.3B+7.5%	$3.1B+12.1%	$2.8B+18.2%	$2.3B+32.4%	$1.8B+170.3%	$654.8M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Total Assets	$5.9B+0.8%	$5.9B	N/A	$5.7B+6.1%	$5.3B	N/A	$5.1B+3.7%	$5.0B
Current Assets	$512.1M+2.2%	$500.8M	N/A	$443.0M-1.3%	$448.8M	N/A	$399.7M+9.9%	$363.9M
Cash & Equivalents	$402.8M+6.8%	$377.0M	N/A	$270.2M-0.7%	$272.0M	N/A	$240.4M-8.0%	$261.4M
Inventory	$31.9M	N/A	N/A	$32.8M	N/A	N/A	$37.6M	N/A
Accounts Receivable	$34.1M+60.0%	$21.3M	N/A	$33.4M-18.3%	$40.9M	N/A	$42.2M+34.2%	$31.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.6B-3.9%	$2.7B	N/A	$2.6B+6.4%	$2.4B	N/A	$2.4B-1.5%	$2.4B
Current Liabilities	$455.1M-0.8%	$459.0M	N/A	$409.7M-37.0%	$650.3M	N/A	$459.6M+4.3%	$440.8M
Long-Term Debt	$974.6M-1.1%	$985.0M	N/A	$917.1M+34.1%	$684.0M	N/A	$751.8M-1.5%	$763.4M
Total Equity	$3.3B+4.7%	$3.2B	N/A	$3.1B+5.8%	$2.9B	N/A	$2.8B+8.6%	$2.6B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NMM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$505.0M+4.4%	$483.5M-13.7%	$560.3M+10.7%	$506.3M+82.7%	$277.2M+194.6%	$94.1M
Capital Expenditures	N/A	N/A	$182.9M-57.8%	$433.8M+99.9%	$217.0M+199.7%	$72.4M
Free Cash Flow	N/A	N/A	$377.4M+420.1%	$72.6M+20.7%	$60.1M+177.5%	$21.7M
Investing Cash Flow	-$348.0M+55.5%	-$782.1M-209.1%	-$253.0M+20.0%	-$316.2M-197.6%	-$106.3M-26.7%	-$83.9M
Financing Cash Flow	-$53.8M-115.4%	$349.3M+249.8%	-$233.2M-26.4%	-$184.4M-472.8%	-$32.2M-225.1%	-$9.9M
Dividends Paid	$6.0M-2.9%	$6.1M-0.5%	$6.2M0.0%	$6.2M+33.5%	$4.6M-41.4%	$7.9M
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$154.8M	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NMM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	90.5%+1.5pp	89.0%+1.3pp	87.7%-2.1pp	89.9%-5.1pp	94.9%-0.2pp	95.1%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	21.2%-6.3pp	27.5%-5.6pp	33.2%-14.7pp	47.9%-24.5pp	72.4%+102.6pp	-30.2%
Return on Equity	8.5%-3.3pp	11.8%-3.8pp	15.7%-9.1pp	24.7%-4.5pp	29.2%+39.6pp	-10.5%
Return on Assets	4.8%-1.7pp	6.5%-2.0pp	8.4%-3.4pp	11.8%-2.4pp	14.2%+19.9pp	-5.7%
Current Ratio	1.13+0.0	1.08+0.2	0.87+0.4	0.50-0.1	0.57+0.3	0.24
Debt-to-Equity	0.290.0	0.30+0.0	0.27-0.0	0.29-0.1	0.36+0.0	0.35
FCF Margin	N/A	N/A	28.9%+22.9pp	6.0%-2.4pp	8.4%-1.1pp	9.6%

Metric	Q4'25	Q2'25	Q1'25	Q4'24	Q2'24	Q1'24	Q4'23	Q2'23
Gross Margin	N/A	90.5%	N/A	N/A	88.3%	N/A	N/A	87.9%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	21.3%	N/A	N/A	29.7%	N/A	N/A	32.4%
Return on Equity	N/A	2.2%	N/A	N/A	3.5%	N/A	N/A	4.4%
Return on Assets	N/A	1.2%	N/A	N/A	1.9%	N/A	N/A	2.3%
Current Ratio	1.13+0.0	1.09	N/A	1.08+0.4	0.69	N/A	0.87+0.0	0.83
Debt-to-Equity	0.29-0.0	0.31	N/A	0.30+0.1	0.23	N/A	0.27-0.0	0.30
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Navios's annual revenue?

Navios (NMM) reported $1.3B in total revenue for fiscal year 2025. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Navios's revenue growing?

Navios (NMM) revenue grew by 0.8% year-over-year, from $1.3B to $1.3B in fiscal year 2025.

Is Navios profitable?

Yes, Navios (NMM) reported a net income of $285.3M in fiscal year 2025, with a net profit margin of 21.2%.

How much debt does Navios have?

As of fiscal year 2025, Navios (NMM) had $402.8M in cash and equivalents against $974.6M in long-term debt.

What is Navios's gross margin?

Navios (NMM) had a gross margin of 90.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Navios's net profit margin?

Navios (NMM) had a net profit margin of 21.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Navios's return on equity (ROE)?

Navios (NMM) has a return on equity of 8.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Navios's operating cash flow?

Navios (NMM) generated $505.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Navios's total assets?

Navios (NMM) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Navios have outstanding?

Navios (NMM) had 29M shares outstanding as of fiscal year 2025.

What is Navios's current ratio?

Navios (NMM) had a current ratio of 1.13 as of fiscal year 2025, which is considered adequate.

What is Navios's debt-to-equity ratio?

Navios (NMM) had a debt-to-equity ratio of 0.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Navios's return on assets (ROA)?

Navios (NMM) had a return on assets of 4.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Navios's Piotroski F-Score?

Navios (NMM) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Navios's earnings high quality?

Navios (NMM) has an earnings quality ratio of 1.77x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Navios?

Navios (NMM) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.