NMM vs ZIM: Navios Maritime Partners LP Unit and ZIM Integrated Shipping Services compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- ZIM Integrated Shipping Services is the larger company, worth $3.5B, about 1.3 times Navios Maritime Partners LP Unit.
- Navios Maritime Partners LP Unit grew revenue faster over the last year (+0.8% vs -18.1%).
- On earnings, ZIM Integrated Shipping Services is the cheaper stock (7.5x vs 10.2x).
- Navios Maritime Partners LP Unit's price assumes faster free cash flow growth: about -4% a year, against -33% for ZIM Integrated Shipping Services (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 | ZIM |
|---|---|---|
| Market cap | $2.8B | $3.5B |
| Share price | $93.06 | $29.99 |
| Revenue (last fiscal year) | $1.3B | $6.9B |
| Free cash flow (last fiscal year) | $281M | $2.1B |
| Revenue growth, last year | +0.8% | -18.1% |
| Revenue growth per year, last 5 fiscal years | +17.2% | -10.4% |
| Operating margin | — | 14.7% |
| Net margin | 21.2% | 6.9% |
| Return on equity | — | 11.9% |
| P/E (trailing) | 10.2x | 7.54x |
| Price / free cash flow | — | 2.20x |
| EV / EBITDA | 4.45x | 3.05x |
| FCF growth the price implies | -4.2% | -33.2% |
| Dividend yield | 0.24% | 4.2% |
| Debt / equity | — | 1.74x |
| Fundamental grade | B | C |
| Superinvestors holding it | 0 | 0 |
| Insider purchases, last 12 months | 10 | 0 |
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 | — |
ZIM Integrated Shipping Services
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $10.7B | $5.0B | 54.2% |
| 2022 | $12.6B | $5.8B | 48.8% |
| 2023 | $5.2B | $904M | -48.6% |
| 2024 | $8.4B | $3.5B | 30.0% |
| 2025 | $6.9B | $2.1B | 14.7% |
Where the revenue comes from
Navios Maritime Partners LP Unit · by regions, 2022
ZIM Integrated Shipping Services · by products, 2022
Questions
Which is bigger, Navios Maritime Partners LP Unit or ZIM Integrated Shipping Services?
ZIM Integrated Shipping Services (ZIM), at $3.5B against $2.8B.
Is NMM or ZIM cheaper?
By trailing P/E, ZIM Integrated Shipping Services (7.54x) is cheaper than Navios Maritime Partners LP Unit (10.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, NMM or ZIM?
Navios Maritime Partners LP Unit: revenue grew +0.8% over the last year, against -18.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.