# Navigator Holdings (NVGS.US)

Canonical: https://gigainvestors.com/s/NVGS

Analysis as of: 2026-10-16T07:30:45.189Z. Financial observations: FY2007–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $21.92 per share; close as of 2026-10-15.

Estimated value: low $20.68 per share, central $23.00 per share, high $26.10 per share. Buy at or below the central value $23.00 per share. Valuation as of 2026-10-16T07:30:45.189Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.27×

- FY2017: 0.16×

- FY2018: 0.13×

- FY2019: 0.11×

- FY2020: 0.13×

- FY2021: -0.01×

- FY2022: 0.13×

- FY2023: 0.25×

- FY2024: 0.25×

- FY2025: 0.24×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.7%

- ROIC, second-lowest year: 1.5%

- Typical minus recent gross margin: -7.1 pp

- Typical gross margin (annual median): 23.0%

- Recent gross margin (lower of latest and 3-year median): 30.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.5%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.6%

- FY2017: 2.5%

- FY2018: 1.9%

- FY2019: 1.5%

- FY2020: 1.7%

- FY2021: -0.1%

- FY2022: 3.0%

- FY2023: 7.4%

- FY2024: 8.1%

- FY2025: 6.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $547M

- Net income, five-year total: $290M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.6 pp

- Working capital / revenue, final three-year average: 10.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -1.74×

- FY2022: 2.50×

- FY2023: 1.00×

- FY2024: 2.07×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.5% vs 7.4%

- Per-share earnings: 0.80 to 1.19 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.0%

- Ordinary dilution, 5-year annual growth: 3.9%

- Market cap gain: $659M

- Cumulative retained earnings: $59M

- Diluted shares, 10-year annual growth: 2.0%

- Diluted shares, 5-year annual growth: 3.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.1%

- Per-share value change: $0.39

- Per-share value, starting three-year median: $0.80

- Per-share value, ending three-year median: $1.19

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 3.9%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: $130M

- Cumulative net income, 10 years: $318M

- ROIC, first three-year median: 2.5%

- ROIC, last three-year median: 7.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.80

- FY2017: $0.09

- FY2018: -$0.10

- FY2019: -$0.30

- FY2020: -$0.01

- FY2021: -$0.40

- FY2022: $0.69

- FY2023: $1.10

- FY2024: $1.19

- FY2025: $1.47

### accounting: pass

- Sloan accruals: -5.2%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.19×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: -3.8%

- FY2018: -4.5%

- FY2019: -3.5%

- FY2020: -2.5%

- FY2021: -6.0%

- FY2022: -3.7%

- FY2023: -4.2%

- FY2024: -5.7%

- FY2025: -5.2%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 0.2% a year for ten years · sales +3.6%

Story as of 2026-10-16T09:59:17.558Z; price observation 2026-10-15.

Price needs cash profits to grow 0.2% a year for ten years

- 2025-08-13: Navigator targets normalization in Q3 as trade disruptions subside and share buybacks continue ([seekingalpha.com](https://seekingalpha.com/news/4484869-navigator-targets-normalization-in-q3-as-trade-disruptions-subside-and-share-buybacks?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +3.6%; source https://www.sec.gov/Archives/edgar/data/1581804/000162828026017320/nvgs-20251231.htm; observed 2026-03-12.

- FY2016: $294M 

- FY2017: $299M 

- FY2018: $310M 

- FY2019: $301M 

- FY2020: $332M 

- FY2021: $406M 

- FY2022: $474M 

- FY2023: $551M 

- FY2024: $567M 

- FY2025: $587M 

### Gross margin · FY2025

gross margin 30.1%; source https://www.sec.gov/Archives/edgar/data/1581804/000162828026017320/nvgs-20251231.htm; observed 2026-03-12.

- FY2016: 33.6% 

- FY2017: 22.9% 

- FY2018: 21.1% 

- FY2019: 19.4% 

- FY2020: 21.2% 

- FY2021: 23.1% 

- FY2022: 18.8% 

- FY2023: 31.0% 

- FY2024: 56.4% 

- FY2025: 30.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas midstream; annual sales are USD 587 million.

- Source: https://www.sec.gov/Archives/edgar/data/1581804/000162828026017320/nvgs-20251231.htm (filed 2026-03-12); FY2025: revenue 586961000; grossProfit 176572000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NVGS.US: 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. The company also provides ship shore infrastructure and consultancy services. It operates through a fleet of 57 semi- or fully-refrigerated liquefied gas carriers. Navigator Holdings Ltd. was formerly known as Isle of Man public limited company and changed its name to Navigator Holdings Ltd. in 2006. The company was incorporated in 1997 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 30.1% to 56.4% during 2023–25; it earns 2.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: grossProfit / revenue = 31%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: grossProfit / revenue = 56.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1581804/000162828026017320/nvgs-20251231.htm (filed 2026-03-12); FY2025: grossProfit / revenue = 30.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); 10-year return on capital observations [[2016,0.04621910774152957],[2017,0.02490199177119546],[2018,0.01905690168038638],[2019,0.015220050322535669],[2020,0.01697106924846079],[2021,-0.001220272320851394],[2022,0.02996435063380871],[2023,0.07354809292058853],[2024,0.0813432767223999],[2025,0.06515572164108342]]; median 0.027433171202502084. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 23.1% of cash earnings; paid dividends in 3 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2018: growth capex 0; upkeep 830000; owner earnings 69571000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2019: growth capex 0; upkeep 3267000; owner earnings 56200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2020: growth capex 0; upkeep 2264000; owner earnings 73974000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2021: growth capex 0; upkeep 3540000; owner earnings 53982000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2022: growth capex 0; upkeep 45769000; cash acquisitions 0; owner earnings 133924000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: growth capex 62758000; upkeep 129202000; cash acquisitions 36558000; owner earnings 82255000. Growth capex plus acquisitions / owner earnings = 1.2074159625554677.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: growth capex 0; upkeep 41402000; cash acquisitions 89000000; owner earnings 176894000. Growth capex plus acquisitions / owner earnings = 0.5031261659524914.

- Source: https://www.sec.gov/Archives/edgar/data/1581804/000162828026017320/nvgs-20251231.htm (filed 2026-03-12); FY2025: growth capex 19100000; upkeep 134497000; cash acquisitions 4000000; owner earnings 100122000. Growth capex plus acquisitions / owner earnings = 0.23071852340145024.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,7334000],[2024,14254000],[2025,14763000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1581804/000162828026017320/nvgs-20251231.htm (filed 2026-03-12); FY2025: cash repurchases 62719000 USD.

### Are managers owners

Insiders own 43.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NVGS.US SharesStats.PercentInsiders = 43.231 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 0.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Ten-year compound average after fade. Initial solved rate -0.010359520698252245. Price 21.92; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.7798611323548987 → FY2025 1.4715865492327216. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $7.60 per share

- 2016-11: $8.10 per share

- 2016-12: $9.30 per share

- 2017-01: $11.55 per share

- 2017-02: $10.70 per share

- 2017-03: $13.75 per share

- 2017-04: $12.05 per share

- 2017-05: $7.20 per share

- 2017-06: $8.30 per share

- 2017-07: $10.65 per share

- 2017-08: $11.20 per share

- 2017-09: $11.10 per share

- 2017-10: $10.15 per share

- 2017-11: $9.95 per share

- 2017-12: $9.85 per share

- 2018-01: $12.30 per share

- 2018-02: $11.10 per share

- 2018-03: $11.75 per share

- 2018-04: $11.45 per share

- 2018-05: $11.35 per share

- 2018-06: $12.65 per share

- 2018-07: $12.45 per share

- 2018-08: $12.10 per share

- 2018-09: $12.10 per share

- 2018-10: $10.94 per share

- 2018-11: $12.05 per share

- 2018-12: $9.40 per share

- 2019-01: $9.55 per share

- 2019-02: $10.87 per share

- 2019-03: $11.00 per share

- 2019-04: $11.22 per share

- 2019-05: $9.97 per share

- 2019-06: $9.36 per share

- 2019-07: $10.29 per share

- 2019-08: $9.39 per share

- 2019-09: $10.68 per share

- 2019-10: $10.79 per share

- 2019-11: $12.04 per share

- 2019-12: $13.47 per share

- 2020-01: $12.05 per share

- 2020-02: $9.21 per share

- 2020-03: $4.46 per share

- 2020-04: $6.67 per share

- 2020-05: $7.00 per share

- 2020-06: $6.43 per share

- 2020-07: $7.64 per share

- 2020-08: $9.26 per share

- 2020-09: $8.36 per share

- 2020-10: $6.85 per share

- 2020-11: $7.82 per share

- 2020-12: $10.95 per share

- 2021-01: $9.59 per share

- 2021-02: $10.02 per share

- 2021-03: $8.90 per share

- 2021-04: $10.57 per share

- 2021-05: $10.54 per share

- 2021-06: $10.95 per share

- 2021-07: $9.60 per share

- 2021-08: $8.80 per share

- 2021-09: $8.90 per share

- 2021-10: $8.30 per share

- 2021-11: $9.13 per share

- 2021-12: $8.87 per share

- 2022-01: $8.82 per share

- 2022-02: $10.40 per share

- 2022-03: $12.21 per share

- 2022-04: $13.02 per share

- 2022-05: $13.57 per share

- 2022-06: $11.29 per share

- 2022-07: $11.65 per share

- 2022-08: $12.09 per share

- 2022-09: $11.45 per share

- 2022-10: $12.55 per share

- 2022-11: $12.14 per share

- 2022-12: $11.96 per share

- 2023-01: $12.91 per share

- 2023-02: $13.89 per share

- 2023-03: $14.00 per share

- 2023-04: $13.81 per share

- 2023-05: $12.82 per share

- 2023-06: $13.01 per share

- 2023-07: $13.97 per share

- 2023-08: $13.76 per share

- 2023-09: $14.77 per share

- 2023-10: $14.05 per share

- 2023-11: $14.60 per share

- 2023-12: $14.55 per share

- 2024-01: $16.10 per share

- 2024-02: $14.97 per share

- 2024-03: $15.35 per share

- 2024-04: $15.02 per share

- 2024-05: $17.49 per share

- 2024-06: $17.46 per share

- 2024-07: $16.62 per share

- 2024-08: $16.81 per share

- 2024-09: $16.07 per share

- 2024-10: $15.41 per share

- 2024-11: $15.66 per share

- 2024-12: $15.35 per share

- 2025-01: $16.61 per share

- 2025-02: $15.18 per share

- 2025-03: $13.31 per share

- 2025-04: $12.69 per share

- 2025-05: $14.17 per share

- 2025-06: $14.15 per share

- 2025-07: $15.77 per share

- 2025-08: $16.09 per share

- 2025-09: $15.49 per share

- 2025-10: $16.44 per share

- 2025-11: $17.89 per share

- 2025-12: $17.32 per share

- 2026-01: $18.53 per share

- 2026-02: $21.02 per share

- 2026-03: $19.33 per share

- 2026-04: $21.80 per share

- 2026-05: $21.70 per share

- 2026-06: $18.63 per share

- 2026-07: $22.35 per share

- 2026-08: $22.11 per share

- 2026-09: $23.18 per share

- 2026-10: $21.92 per share

## Annual estimated value (USD per share)

- FY2016: low $10.83 per share, central $12.19 per share, high $14.01 per share

- FY2020: low $14.33 per share, central $17.96 per share, high $20.82 per share

- FY2021: low $14.25 per share, central $18.87 per share, high $21.86 per share

- FY2022: low $17.78 per share, central $21.48 per share, high $24.76 per share

- FY2023: low $18.67 per share, central $23.34 per share, high $26.96 per share

- FY2024: low $22.60 per share, central $27.78 per share, high $32.14 per share

- FY2025: low $18.92 per share, central $21.14 per share, high $24.09 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1581804/000162828026017320/nvgs-20251231.htm); period 2025-12-31, filed 2026-03-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.