MeritValue

Navios Maritime Partners L.P.

NMMdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

The estimate methods put fair value between $156.77 and $560.12 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$713.2M1$1.21B2$1.31B3$1.33B3$1.34B3
Net income$516.2M4$579.2M5$433.6M6$367.3M6$285.3M6
Operating cash flow$277.2M7$506.3M8$560.3M9$483.5M9$505M9
Capital expenditure$217M10$433.8M10$182.9M10$747M11$224M11
Free cash flow (derived)$60.1M7$72.6M8$377.4M9−$263.5M9$281M9
Total debt$2.18B12$2.42B13$2.29B14$1.08B15$1.11B15
Cash & equivalents$159.5M16$157.8M17$240.4M18$270.2M19$402.8M19
Diluted shares30.2M30.2M30.2M29.7M28.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
—
your share of equity
Profit it earned you last year
$99.54
Free cash flow it threw off
$98.04
Debt you’d be carrying
$386.66

10 shares of this business that earned you $99.54 and generated $98.04 of cash last year, against $386.66 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 49% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $156.77 and $560.12 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$560.12
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$281M
DCF · Growth Exit 5Y
$295.04
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$281M
Earnings Power Value
$156.77
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$433.6M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $295.04
The three cases
Bear0.0%$115.47
Base20.0%$295.04
Bull20.0%$295.04

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193125-24-086122 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0000950170-25-046904 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-26-104182 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001193125-24-086122 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0000950170-25-046904 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001193125-26-104182 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001193125-24-086122 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0000950170-25-046904 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001193125-26-104182 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001193125-24-086122 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-12-31 · accession 0001193125-26-104182 (PaymentsForCapitalImprovements)
  12. 20-F · period ending 2021-12-31 · accession 0001193125-23-079137 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2022-12-31 · accession 0001193125-24-086122 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2023-12-31 · accession 0000950170-25-046904 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2024-12-31 · accession 0001193125-26-104182 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-23-079137 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2022-12-31 · accession 0001193125-24-086122 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2023-12-31 · accession 0000950170-25-046904 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2024-12-31 · accession 0001193125-26-104182 (CashAndCashEquivalentsAtCarryingValue)