NVGS Navigator Holdings Ltd.
Price Chart
Executive Summary
Navigator Holdings reported Q1 2026 GAAP basic EPS of $0.55, well above the $0.30 consensus, but total operating revenues fell 7.1% YoY to $140.6M, missing the $141.2M estimate. The beat was driven by vessel sale profits ($12.1M) and a swing to profitability at the ethylene terminal JV ($2.6M gain vs -$0.9M loss). The company also announced a proposed $183M sale of eight Unigas vessels and raised its capital return policy to 35% of net income, but the revenue decline and lower fleet utilization (90.6% vs 92.4%) temper the headline EPS beat.
Actionable Insight
The headline EPS beat is misleading — it was driven by one-time vessel sales and a JV turnaround, not core operations. Revenue declined, TCE rates fell, and utilization slipped. The Unigas sale is a positive catalyst for fleet optimization, but the $91.4M RCF draw signals management sees geopolitical risk. Watch Q2 2026 for whether core revenue stabilizes and the Unigas deal closes.
Key Facts
- GAAP basic EPS $0.55 vs consensus $0.30 (beat by 83%)
- Total operating revenues $140.6M, down 7.1% YoY from $151.4M
- Net income attributable to stockholders $35.5M, up 31.2% YoY from $27.0M
- Adjusted EBITDA fell to $65.9M from $72.8M YoY
- Fleet utilization declined to 90.6% from 92.4% YoY
- Average daily TCE rate $29,684, down from $30,476 YoY
- Proposed sale of 8 Unigas vessels for ~$183M, expected to close by Q4 2026
- Capital return policy increased from 30% to 35% of net income starting Q2 2026
- Ethylene terminal JV swung to $2.6M gain from $0.9M loss YoY
- Cash and liquidity $291.0M; drew $91.4M on RCF as precautionary measure
Financial Impact
EPS beat of $0.25 vs consensus but revenue miss of $0.6M; vessel sale profits of $12.1M boosted net income; proposed $183M Unigas sale would generate ~$66M net proceeds above book value and debt
Risk Factors
- Revenue declining 7.1% YoY with lower TCE rates and utilization
- Adjusted EBITDA falling 9.4% YoY despite higher net income
- Geopolitical disruption in Middle East and precautionary RCF draw of $91.4M
- Unigas sale is non-binding and may not close on terms or at all
- General & administrative costs up 26.2% YoY to $10.3M
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3288724 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 11, 2026
12d ago
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6-K
| $23.38 $24.29 | ▲ +3.89% | ▲ +3.98% | $23.13 (−1.07%) |
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May 11, 2026
12d ago
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Press Release
| $23.38 $24.29 | ▲ +3.89% | ▲ +3.98% | $23.13 (−1.07%) |
|
May 6, 2026
17d ago
|
6-K
| $22.66 $23.44 | ▲ +3.44% | ▲ +2.31% | $23.13 (+2.07%) |
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May 6, 2026
17d ago
|
Press Release
| $22.66 $23.44 | ▲ +3.44% | ▲ +2.31% | $23.13 (+2.07%) |
|
Apr 29, 2026
24d ago
|
Press Release
| $21.55 $22.59 | ▲ +4.83% | ▲ +1.72% | $23.13 (+7.33%) |
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Apr 15, 2026
5w ago
|
6-K
| $20.15 $20.78 | ▲ +3.13% | ▲ +1.49% | $23.13 (+14.79%) |
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Mar 23, 2026
8w ago
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Press Release
| $18.62 $19.12 | ▲ +2.69% | ▲ +6.25% | $23.13 (+24.22%) |
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Mar 20, 2026
9w ago
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Press Release
| $18.11 $18.92 | ▲ +4.47% | ▲ +6.62% | $23.13 (+27.72%) |
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Mar 19, 2026
9w ago
|
Press Release
| $18.11 $18.92 | ▲ +4.47% | ▲ +6.62% | $23.13 (+27.72%) |
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Mar 11, 2026
10w ago
|
Press Release
| $18.01 $19.10 | ▲ +6.03% | ▲ +7.01% | $23.13 (+28.43%) |
US Market Status
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