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Marine shipping · Industrials · Fiscal year ends Dec 31
Navios Maritime Partners reported revenue of $1.3B in the fiscal year ended Dec 2025, up 0.8% from the year before. Net income was $285M. Operating cash flow of $505M less capital expenditure of $224M left free cash flow of $281M. Net debt was $706M.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 713 | 1,211 | 1,307 | 1,334 | 1,344 |
| Cost of revenue | 36.1 | 123 | 160 | 146 | 128 |
| Gross profit | 677 | 1,088 | 1,147 | 1,188 | 1,216 |
| Interest expense | 42.8 | 83.1 | 0.0 | 0.0 | 3.3 |
| Net income | 516 | 579 | 434 | 367 | 285 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 159 | 158 | 240 | 270 | 403 |
| Receivables | 23.8 | 75.0 | 42.2 | 33.4 | 34.1 |
| Inventory | 21.1 | 32.7 | 37.6 | 32.8 | 31.9 |
| Current assets | 226 | 310 | 400 | 443 | 512 |
| Net PP&E | 2,853 | 3,777 | 3,735 | 4,241 | 4,390 |
| Total assets | 3,623 | 4,896 | 5,148 | 5,673 | 5,929 |
| Payables | 21.1 | 27.1 | 25.5 | 17.8 | 17.9 |
| Deferred revenue | 23.9 | 38.9 | 63.3 | 66.2 | 61.4 |
| Current liabilities | 396 | 618 | 460 | 410 | 455 |
| Short-term debt | 173 | 174 | 146 | 163 | 134 |
| Long-term debt | 641 | 690 | 752 | 917 | 975 |
| Total liabilities | 1,854 | 2,553 | 2,377 | 2,567 | 2,588 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 277 | 506 | 560 | 483 | 505 |
| Capital expenditure | 217 | 434 | 183 | 747 | 224 |
| Free cash flow | 60.1 | 72.6 | 377 | −264 | 281 |
| Depreciation & amortisation | 113 | 202 | 261 | 292 | 349 |
| Stock-based compensation | 0.5 | 0.2 | 0.0 | 0.0 | 0.0 |
| Dividends paid | 4.6 | 6.2 | 6.2 | 6.1 | 6.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 69.7% | 8.0% | 2.1% | 0.8% |
| Gross margin | 94.9% | 89.9% | 87.7% | 89.0% | 90.5% |
| Net margin | 72.4% | 47.9% | 33.2% | 27.5% | 21.2% |
| Free cash flow margin | 8.4% | 6.0% | 28.9% | −19.8% | 20.9% |
| Cash conversion (CFO ÷ net income) | 0.54x | 0.87x | 1.29x | 1.32x | 1.77x |
| Receivable days | 12 | 23 | 12 | 9 | 9 |
| Inventory days | 213 | 97 | 86 | 82 | 91 |
| Payable days | 213 | 81 | 58 | 44 | 51 |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 654 | 706 | 658 | 810 | 706 |
| Current ratio | 0.57x | 0.50x | 0.87x | 1.08x | 1.13x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.