Navigator’s profit more than doubles on vessel sales, but adjusted EBITDA slips (NYSE: NVGS)
by Kim Johansen · The Markets DailyWhat happened
Navigator Holdings Ltd. (NYSE: NVGS) earned $78.3 million in third-quarter net income attributable to stockholders, mainly from profit on vessel sales. A year earlier it earned $33.2 million.
Adjusted EBITDA, which leaves out vessel-sale profit, fell to $67.8 million from $76.5 million. The company blamed lower time-charter revenue, partly offset by lower vessel operating expenses. Total revenue edged up to $155.0 million from $153.1 million.
The sale of eight gas carriers and the company's stake in Unigas International B.V. is complete, for $183.1 million in total. Six vessels were delivered in the third quarter, two in October, and the stake was sold on Nov. 2.
The board declared a $0.08 per-share dividend, payable Dec. 3 to holders of record Nov. 17, for an expected total of $4.9 million. The company also expects to buy back $22.6 million of stock between Nov. 6 and Dec. 31. Together the payouts equal 35% of the quarter's net income attributable to stockholders.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Net income attributable to stockholders (Q3) | $78.3 million | from $33.2 million, +$45.2 million | SEC 6-K |
| Adjusted EBITDA (Q3) | $67.8 million | from $76.5 million, -$8.7 million | SEC 6-K |
| EBITDA (Q3) | $120.8 million | from $85.7 million, +$35.0 million | SEC 6-K |
| Total operating revenues (Q3) | $155.0 million | from $153.1 million, +$1.9 million | SEC 6-K |
| Dividend declared per share | $0.08 | SEC 6-K | |
| Debt at Sept. 30, 2026 | $762.6 million | SEC 6-K |
Read more: Navigator (NVGS) company research
Why it matters
OptimistFi has argued that Navigator works if scarce specialized gas carriers turn export demand into durable cash flow, not a peak-cycle rate spike. This quarter is mixed for that view. The profit jump came from selling ships, while operating earnings slipped.
Fleet metrics were softer too. The average daily time charter equivalent rate was $30,314, down from $30,966 a year earlier and $33,946 in the second quarter. Utilization was 87.9%, against 89.3% a year earlier, though it recovered to 94% in September.
Charterers also favored shorter, spot-oriented deals. Time charters cover 34% of available days for the 12 months from Oct. 1.
The balance sheet and payout look steadier. Debt fell $157.8 million to $762.6 million during the quarter, and cash plus undrawn credit totaled $425.8 million. OptimistFi's sum of the dividend and buyback is about $27.5 million, in line with the policy payout.
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What's next
Results for the quarter ending Dec. 31, 2026 are expected to include a one-time profit of about $22.0 million on the last two Unigas vessels and the Unigas B.V. stake. The better test of durable cash flow is whether the average daily charter rate and fleet utilization recover from third-quarter levels.
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Sources
- Navigator Holdings Ltd. Form 6-K for the quarter ended September 30, 2026 — Management's discussion, third-quarter financial highlights, capital return policy, financing and Unigas Transaction details.
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Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.