Navigator Holdings Ltd. — Earnings Quality Grade F
NVGS · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 22 days, change +3 days YoY
AR growth 19.9% exceeds revenue growth 3.6%
Revenue 3.6%, CFFO -4.2%. Cash follows revenue
Expense Quality
Inventory 12.1% vs COGS 6.1%. Normal
CapEx growth 271.0% is >2x revenue growth 3.6%
SG&A/Gross Profit = 19.8%, excellent (<30%)
Gross margin 31.3%, change -1.6pp. Stable
Cash Flow Quality
CFFO/NI = 2.01. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -4.5%. Low accruals
Cash $0.2B covers only 17% of debt $0.9B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 3.0x. Healthy
Other assets grew 1183.7% vs revenue 3.6%
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.50 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25