Navios Maritime Partners LP Dossier
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SectorIndustrials IndustryMarine Shipping Beta (adjusted)0.99 Intrinsic Value $683.83median of 5 methods · middle span $53-$1,655based on filings through 30 Jun 2026 Market Price $91.65Price as of 1 Oct 2026 Significantly undervaluedIntrinsic value is 646% above the market price −50% · IV below pricenear fair value ±15%IV above price · +50% marker beyond scale (+646%) Data confidence Sign in to view data confidence Market Cap $2.7B Enterprise Value $3.4B Shares Outstanding 28.4M diluted Next Earnings Date17 Nov 2026 Last ex-dividend10 Aug 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Navios Maritime Partners L.P. (NMM) presents a compelling investment opportunity trading at a significant discount of approximately 63% of its tangible book value. The partnership's highly diversified fleet of 173 vessels across dry bulk, containerships, and tankers provides strong resilience against segment-specific shipping cycles. Backed by a record $4.1 billion contracted revenue backlog extending through 2037, NMM offers exceptional near-term cash flow visibility, with 80% of its 2026 fleet days already fixed. While governance concerns and high leverage remain structural risks, the massive valuation gap relative to physical asset liquidation value and peer multiples creates a highly favorable risk-reward profile. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$85.00 Mean target$92.75 High · most bullish analyst$100.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $85.00 A severe global economic slowdown reduces trade volumes, causing containership and dry bulk charter rates to collapse. High leverage and debt service costs pressure free cash flow, while governance concerns and low distributions continue to deter retail investors, keeping the stock at a persistent deep discount to its asset value. Base CaseCentral scenario $92.75 Matches the consensus meanNMM maintains stable operations, utilizing its $4.1 billion backlog to generate predictable cash flows. The partnership continues its disciplined fleet renewal, gradually reducing leverage while maintaining its modest distribution. The market partially recognizes the deep discount to tangible book value, leading to moderate multiple expansion. Bull CaseUpside scenario $100.00 Geopolitical tensions in the Middle East and route disruptions continue to drive tanker and dry bulk rates to premium levels. NMM successfully charters out its open and index-linked days at elevated spot rates, while its aggressive fleet modernization program enables premium vessel sales and higher asset values, driving the stock to close the valuation gap with its tangible book value. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |