NMM (Navios Maritime Partners LP) Beneish M-Score: -2.26 (As of Jun. 24, 2026)

What is Navios Maritime Partners LP Beneish M-Score?

Navios Maritime Partners LP NMM -1.43% 80 Beneish M-Score is -2.26 as of Jun. 24, 2026. GuruFocus rates NMM with a GF Score™ of 80/100 and a GF Value™ of $48.53 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 966 Transportation companies, Navios Maritime Partners LP ranks worse than 71.12% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Navios Maritime Partners LP's Beneish M-Score or its related term are showing as below:

NMM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23 Med: -2.54 Max: 6.07
Current: -2.26

During the past 13 years, the highest Beneish M-Score of Navios Maritime Partners LP was 6.07. The lowest was -3.23. And the median was -2.54.

Navios Maritime Partners LP Beneish M-Score Related Terms

Navios Maritime Partners LP Beneish M-Score Historical Data

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The historical data trend for Navios Maritime Partners LP's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Navios Maritime Partners LP Beneish M-Score Chart

Navios Maritime Partners LP Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.17

-1.36

-2.98

-2.19

-3.09

Navios Maritime Partners LP Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-3.04	-3.23	-3.10	-3.09	-2.26

NMM vs CMRE, DAC, SFL: Beneish M-Score Comparison

For the Marine Shipping subindustry, Navios Maritime Partners LP's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Navios Maritime Partners LP Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Navios Maritime Partners LP's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Navios Maritime Partners LP's Beneish M-Score falls into.

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Navios Maritime Partners LP NMM

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Navios Maritime Partners LP Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Navios Maritime Partners LP for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.3546

0.528 * 1.0247

0.404 * 1.0205

0.892 * 1.0587

0.115 * 0.8845

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0266

4.679 * -0.026014

0.327 * 1.1134

-2.26

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $48 Mil.
Revenue was 357.007 + 365.55 + 346.923 + 327.558 = $1,397 Mil.
Gross Profit was 149.43 + 154.219 + 110.095 + 118.154 = $532 Mil.
Total Current Assets was $533 Mil.
Total Assets was $6,007 Mil.
Property, Plant and Equipment(Net PPE) was $5,142 Mil.
Depreciation, Depletion and Amortization(DDA) was $351 Mil.
Selling, General, & Admin. Expense(SGA) was $94 Mil.
Total Current Liabilities was $367 Mil.
Long-Term Debt & Capital Lease Obligation was $1,460 Mil.
Net Income was 106.344 + 117.328 + 56.332 + 69.947 = $350 Mil.
Non Operating Income was 8.086 + 16.615 + 0.814 + 5.631 = $31 Mil.
Cash Flow from Operations was 126.643 + 123.732 + 103.077 + 121.628 = $475 Mil.

Total Receivables was $34 Mil.
Revenue was 304.112 + 332.521 + 340.835 + 342.155 = $1,320 Mil.
Gross Profit was 100.608 + 131.485 + 141.142 + 141.61 = $515 Mil.
Total Current Assets was $443 Mil.
Total Assets was $5,733 Mil.
Property, Plant and Equipment(Net PPE) was $4,979 Mil.
Depreciation, Depletion and Amortization(DDA) was $298 Mil.
Selling, General, & Admin. Expense(SGA) was $86 Mil.
Total Current Liabilities was $439 Mil.
Long-Term Debt & Capital Lease Obligation was $1,127 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(48.271 / 1397.038)	/	(33.659 / 1319.623)
	=	0.034552	/	0.025507
	=	1.3546

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(514.845 / 1319.623)	/	(531.898 / 1397.038)
	=	0.390146	/	0.380733
	=	1.0247

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (533.06 + 5142.362) / 6007.386)	/	(1 - (443.344 + 4979.28) / 5733.055)
	=	0.055259	/	0.054148
	=	1.0205

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	1397.038	/	1319.623
	=	1.0587

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(298.437 / (298.437 + 4979.28))	/	(351.194 / (351.194 + 5142.362))
	=	0.056547	/	0.063928
	=	0.8845

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(93.893 / 1397.038)	/	(86.393 / 1319.623)
	=	0.067209	/	0.065468
	=	1.0266

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((1460.031 + 367.459) / 6007.386)	/	((1127.123 + 439.313) / 5733.055)
	=	0.304207	/	0.273229
	=	1.1134

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(349.951 - 31.146	-	475.08)	/	6007.386
	=	-0.026014

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Navios Maritime Partners LP has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.26 mean?

Navios Maritime Partners LP (NMM) has a Beneish M-Score of -2.26 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Navios Maritime Partners LP and its competitors. According to the industry distribution chart, Navios Maritime Partners LP ranks #687 out of 966 companies in the Transportation industry, placing it in the top 71.1%.

Is Navios Maritime Partners LP's Beneish M-Score too high?

Navios Maritime Partners LP's current Beneish M-Score is -2.26. Based on the distribution chart, Navios Maritime Partners LP ranks #687 out of 966 companies in the Transportation industry, which is below the industry midpoint. Overall, Navios Maritime Partners LP has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Navios Maritime Partners LP's Beneish M-Score compare to CMRE and DAC?

According to the Transportation industry distribution chart, Navios Maritime Partners LP ranks #687 out of 966 companies for Beneish M-Score. This places Navios Maritime Partners LP in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Transportation company?

A good Beneish M-Score depends on the Transportation industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Navios Maritime Partners LP and its competitors. Navios Maritime Partners LP's current Beneish M-Score is -2.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Navios Maritime Partners LP stock overvalued right now?

Based on GuruFocus' analysis, Navios Maritime Partners LP (NMM) is currently considered Significantly Overvalued. The stock's GF Value™ is $48.53, compared to a current price of $71.50 — trading 47.3% above its estimated fair value. The current Beneish M-Score is -2.26. Navios Maritime Partners LP's overall GF Score™ is 80/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Navios Maritime Partners LP (NMM), the current Beneish M-Score is -2.26 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Navios Maritime Partners LP (NMM) Overvalued in 2026?

Based on GuruFocus' analysis, Navios Maritime Partners LP stock appears to be overvalued. The current stock price of $71.50 is trading 47.3% above its estimated GF Value™ of $48.53. GuruFocus considers Navios Maritime Partners LP to be Significantly Overvalued.

Key valuation signals for NMM:

Beneish M-Score: -2.26
GF Value™: $48.53 vs. price of $71.50 (47.3% above fair value)
GF Score™: 80/100 with 8 warning signs

No single metric tells the full story. See the NMM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Navios Maritime Partners LP Business Description

Industry Industrials Transportation

Comparable Companies CMRE DAC SFL CCEC GSL ZIM GNK SBLK ASC SB BOM:532921 OCSE:MAERSK B HKSE:01919 PHS:ICT XTER:HLAG SHSE:600018 TPE:2603 TSE:9101 XKRX:011200 ADX:ADNOCLS

Other Exchanges 3PXA:Germany

Address c/o Navios Shipmanagement Inc, 85 Akti Miaouli, Piraeus, GRC, 18538

Website https://www.navios-mlp.com

Navios Maritime Partners LP is an international owner and operator of dry cargo and tanker vessels. Its vessels are generally chartered-out under short-term, medium-term and long-term time charters with an average remaining charter duration of approximately 2.1 years to a group of counterparties. Its fleet consisted of dry bulk vessels, containerships and tanker vessels, including two newbuilding capesize vessels, newbuilding containerships and newbuilding tankers. It operates in single segment.

80GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$71.50

Price

$48.53

GF Value

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