NMM vs SBLK: Navios Maritime Partners LP Unit and Star Bulk Carriers compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Star Bulk Carriers is the larger company, worth $3.4B, about 1.2 times Navios Maritime Partners LP Unit.
- Navios Maritime Partners LP Unit grew revenue faster over the last year (+0.8% vs -17.6%).
- On earnings, Navios Maritime Partners LP Unit is the cheaper stock (10.2x vs 40.7x).
- Star Bulk Carriers's price assumes faster free cash flow growth: about 2% a year, against -4% for Navios Maritime Partners LP Unit (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NMM | SBLK |
|---|---|---|
| Market cap | $2.8B | $3.4B |
| Share price | $93.06 | $29.70 |
| Revenue (last fiscal year) | $1.3B | $1.0B |
| Free cash flow (last fiscal year) | $281M | $212M |
| Revenue growth, last year | +0.8% | -17.6% |
| Revenue growth per year, last 5 fiscal years | +17.2% | -7.6% |
| Operating margin | — | 13.1% |
| Net margin | 21.2% | 8.1% |
| Return on equity | — | 3.4% |
| P/E (trailing) | 10.2x | 40.7x |
| Price / free cash flow | — | 16.1x |
| EV / EBITDA | 4.45x | 12.3x |
| FCF growth the price implies | -4.2% | 2.0% |
| Dividend yield | 0.24% | 2.0% |
| Debt / equity | — | 0.55x |
| Fundamental grade | B | D |
| Superinvestors holding it | 0 | 3 |
| Insider purchases, last 12 months | 10 | 9 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Navios Maritime Partners LP Unit
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $713M | $60M | 95.9% |
| 2022 | $1.2B | $73M | 95.3% |
| 2023 | $1.3B | $377M | 94.7% |
| 2024 | $1.3B | -$264M | 94.2% |
| 2025 | $1.3B | $281M | — |
Star Bulk Carriers
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.4B | $637M | 51.8% |
| 2022 | $1.4B | $744M | 42.3% |
| 2023 | $949M | $318M | 25.1% |
| 2024 | $1.3B | $416M | 30.3% |
| 2025 | $1.0B | $212M | 13.1% |
Where the revenue comes from
Navios Maritime Partners LP Unit · by regions, 2022
Star Bulk Carriers
No segment breakdown reported.
Questions
Which is bigger, Navios Maritime Partners LP Unit or Star Bulk Carriers?
Star Bulk Carriers (SBLK), at $3.4B against $2.8B.
Is NMM or SBLK cheaper?
By trailing P/E, Navios Maritime Partners LP Unit (10.2x) is cheaper than Star Bulk Carriers (40.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, NMM or SBLK?
Navios Maritime Partners LP Unit: revenue grew +0.8% over the last year, against -17.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.