Navigator Holdings Ltd.
NVGS Energy Oil & Gas Midstream
Navigator Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $587.0 million, up 3.58% from fiscal 2024. In the quarter to June 2026, revenue grew 29.6%, EPS grew 177.4%, free cash flow grew 9.98% and total debt fell 10.3%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five.
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Navigator Holdings Ltd. (NVGS) Altman Z-score
Navigator Holdings Ltd.'s Altman Z-score for fiscal 2025 is 1.43, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.43 | 0.05 |
| FY2024 | 1.38 | (0.02) |
| FY2023 | 1.40 | 0.21 |
| FY2022 | 1.20 | 0.47 |
| FY2021 | 0.73 | (0.22) |
| FY2020 | 0.95 | (0.02) |
| FY2019 | 0.97 | 0.08 |
| FY2018 | 0.89 | (0.01) |
| FY2017 | 0.90 | (0.10) |
| FY2016 | 1.00 | (0.49) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.02 | |
| Retained earnings / total assets | 0.19 | — | 0.26 | |
| EBIT / total assets | 0.06 | — | 0.21 | |
| Market value of equity / total liabilities | 1.14 | — | 0.68 | |
| Sales / total assets | 0.26 | — | 0.26 | |
| Altman Z-score | Distress zone | 1.43 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.45 | ||
Z and Z″ put Navigator Holdings Ltd. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TK Teekay Corporation Ltd. compare | 3.6× |
| NAT Nordic American Tankers Limited compare | 1.6× |
| NVGS Navigator Holdings Ltd. | 1.4× |
| TEN Tsakos Energy Navigation Ltd compare | 0.9× |
| FLNG Flex LNG Ltd. compare | 0.8× |
| SBR Sabine Royalty Trust compare | — |
| GLP Global Partners LP compare | — |
| GEL Genesis Energy, L.P. compare | — |
| PBT Permian Basin Royalty Trust compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets