Hafnia Limited (HAFN) vs Navios Maritime Partners LP (NMM)

Hafnia Limited and Navios Maritime Partners LP are both Marine Shipping companies. Hafnia Limited is the larger, with a market value of $4.4B against $2.6B — 1.7× the size. Navios Maritime Partners LP trades at the lower P/E: 6.0× against 6.8×. Navios Maritime Partners LP grew revenue faster over the last twelve months: 13.4% against 13.3%. Navios Maritime Partners LP has the higher net margin (29.6% vs 24.7%) and the lower return on invested capital (6.14% vs 13.3%). Across the 20 metrics below, Navios Maritime Partners LP leads on 12 and Hafnia Limited on 8.

Valuation

Metric HAFN NMM Marine Shipping median
P/E 6.76 5.98 6.89
P/S 1.67 1.76 1.92
P/B 1.68 0.72 0.90
Price to free cash flow 4.73 4.52 4.62
EV/EBITDA 5.72 4.91 6.57
EV/Sales 1.87 2.97 2.73
Earnings yield 14.80% 16.73% 9.59%
Free cash flow yield 21.14% 22.14% 16.76%

Profitability

Metric HAFN NMM Marine Shipping median
Gross margin 33.19% 64.47% 60.61%
Operating margin 25.26% 35.74% 27.74%
Net margin 24.70% 29.64% 25.21%
Free cash flow margin 35.30% 38.92% 17.29%
Return on equity 26.61% 12.93% 8.62%
Return on assets 17.26% 7.22% 5.35%
Return on invested capital 13.25% 6.14% 5.32%

Growth

Metric HAFN NMM Marine Shipping median
Revenue growth (TTM) 13.26% 13.38% 13.26%
EPS growth (last fiscal year) (55.33%) (19.95%) —
Revenue growth, 5-year CAGR — 42.75% 11.77%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric HAFN NMM Marine Shipping median
Debt to equity 0.33 0.63 0.52
Current ratio 1.66 1.53 1.63
Net debt to EBITDA 1.62 2.29 2.34

Dividend

Metric HAFN NMM Marine Shipping median
Dividend yield — 0.70% 5.54%
Payout ratio — — 0.13

Size

Metric HAFN NMM Marine Shipping median
Market cap 4.36b 2.55b 420.73m

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