Navios Maritime Partners L.P. (NMM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+97.4%

$172.85

vs $87.55 price

Levered DCF

-$125.39

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.13

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	5.47×	3.61×	1.99×	1.38×	1.12×	-1.79×	-3.18×	-10.52×
P/B	0.47×	0.42×	0.3×	0.33×	0.32×	0.19×	0.28×	0.18×
P/S	1.16×	0.97×	0.65×	0.65×	0.8×	0.54×	0.92×	0.6×
EV / EBITDA	4.6×	4.35×	3.27×	3.32×	3.02×	6.81×	6.13×	4.59×
Gross margin	64.5%	66.1%	65.8%	68.5%	75.0%	65.9%	66.9%	38.0%
Operating margin	29.1%	33.6%	34.2%	37.2%	42.4%	13.9%	26.3%	30.0%
Net margin	21.2%	27.0%	32.5%	46.9%	70.9%	-30.2%	-28.3%	-5.7%
Current ratio	1.13×	1.08×	0.87×	0.5×	0.57×	0.24×	0.95×	2.12×
Debt / equity	0.71×	0.76×	0.77×	0.96×	0.91×	0.76×	0.69×	0.65×
Interest coverage	2.9×	3.59×	3.35×	5.42×	7.06×	1.31×	1.27×	1.62×
Dividend yield	0.4%	0.5%	0.7%	0.8%	0.8%	6.3%	6.6%	7.4%
Payout ratio	2.1%	1.7%	1.4%	1.1%	0.9%	-11.3%	-21.4%	-78.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.5%	11.6%	15.3%	24.2%	28.6%	-10.5%	-8.5%	-1.7%
Return on invested capital	6.8%	8.1%	8.9%	9.6%	8.6%	2.7%	4.7%	5.4%
Return on assets	4.8%	6.3%	8.3%	11.6%	14.0%	-5.7%	-5.0%	-1.0%
Free cash flow yield	-2.3%	-40.3%	11.3%	-13.3%	-0.3%	8.9%	23.2%	-36.6%
Earnings yield	18.3%	27.7%	50.4%	72.5%	89.1%	-55.8%	-30.8%	-9.5%
Enterprise value	$3.5B	$3.4B	$2.7B	$2.9B	$2B	$603.5M	$681.5M	$586.7M
Net debt / EBITDA	2.57×	2.69×	2.26×	2.42×	2.17×	5.42×	4.31×	3.51×
Cash conversion cycle (days)	28	28	28	38	34	44	27	21