NVGSNavigator Holdings Ltd.
Deep Sea Foreign Transportation Of Freight
- Revenue
- $538M
- 5.2% YoY
- Operating margin
- 30.7%
- 9.8% YoY
- EBITDA
- $300M
- 8.7% YoY
- Market cap
- $1.3B
- Employees
- —
- Net debt / EBITDA
- 1.8×
- $536M net debt
- AI in 10-K
- —
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo201% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo7% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo—Bottom quartile of AI mentions in 10-Ks
- Net cashNo1.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$991K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $353M | $405M | $493M | $512M | $538M | 5.2% |
| Operating income | −$3M | $61M | $137M | $143M | $165M | 16% |
| Net income | −$31M | $53M | $82M | $86M | $100M | 17% |
| Operating cash flow | $98M | $130M | $174M | $211M | $202M | 4.2% |
| Capex | — | $46M | $192M | $0 | $85M | |
| Stock-based comp | $1M | $869K | $1M | $1M | $2M | 38% |
| Dividends | $0 | $0 | $7M | $14M | $15M | 3.6% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 19, 2026 | BW Group Ltd | SCHEDULE 13D/A | 5.0% | Passive |
| Oct 14, 2026 | BW Group Ltd | SCHEDULE 13D/A | 5.5% | Passive |
| Oct 5, 2026 | BW Group Ltd | SCHEDULE 13D/A | 6.6% | Passive |
| Jul 31, 2026 | BW Group Ltd | SCHEDULE 13D/A | 7.7% | Passive |
| Jul 22, 2026 | BW Group Ltd | SCHEDULE 13D/A | 8.8% | Passive |
| Jun 25, 2026 | BW Group Ltd | SCHEDULE 13D/A | 9.9% | Passive |
| Mar 23, 2026 | BW Group Ltd | SCHEDULE 13D/A | 11.2% | Passive |
| Jun 13, 2024 | BW Group Ltd | SC 13D/A | 21.4% | Passive |
| Feb 16, 2023 | Naviera Ultranav Dos Limitada | SC 13D/A | 27.9% | Passive |
| Jun 15, 2022 | Naviera Ultranav Limitada | SC 13D/A | 27.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $991K · 4
- Net
- −$991K
Pay vs performance
No pay-versus-performance disclosure yet.