Norwegian Cruise Line Holdings Ltd.

Water Transportation

NCLHStrained5 of 10 basics passed

$15.59

+0.63%

Market cap $7.16B

$15.59

+0.63%

Market cap $7.16B

Norwegian Cruise Line is the world's third-largest publicly traded cruise company by berths (around 75,000). It operates 35 ships across three brands—Norwegian, Oceania, and Regent Seven Seas—offering both freestyle and luxury cruising.

It is a $7.16B consumer company. Revenue grew 6.2% over the last year, it keeps 7¢ of every dollar of sales as profit, and it carries $14.4B of net debt. It trades at 9.4× earnings — near the lowest of its own history.

Website: nclhltdinvestor.com
Location: Miami, FL
Employees: 44 500
Sector: Consumer Cyclical

Share price · 3 years

$16.61 → $15.59-6.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $10.2B
Profit: keeps 7¢ of every $1 sold; $761M
Free cash flow: cash left after running the business; -$1.19B
Net debt: debt minus cash on hand; $14.4B
P/E: years of profit in the price; 9.4
EPS: earnings per share, TTM; $1.59
Shares: up 110% since 2016 — dilution; 477.7M
Volatility: beta vs the market — under 1 swings less; 1.99

Revenue, last 10 years

52-week range

Low $14.12$15.59High $25.02

Today's price is 13% of the way from the year's low to its high.

P/E vs its history3y

9.4×median 16.5×

Higher than 10% of past days — near the lowest of its own history.

Valuation vs own history

P/E

9.4×

90%

P/S

0.7×

98%

EV/EBITDA

14.8×

90%

P/B

2.8×

95%

FCF yield

3.0%

95%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Consumer Cyclical

Size$7.16Btop 89%
Revenue growth+27%top 7%
Net margin7%top 46%
Return on equity32%top 43%
P/E9.4×top 4%

Ranked against 99 Consumer Cyclical companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Growth, Health, Quality and Moat lag behind.

Valuation75

P/E vs own history10th pct · 25/25
FCF yield-16.6% · 0/25
P/S0.7x · 25/25
EV/EBITDA8.7x · 25/25

Growth25

Revenue CAGR97.3% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth-6.9% · 0/25

Profitability55

ROIC2.5% · 5/25
ROE32.4% · 25/25
Net margin7.5% · 13/25
Operating margin13.6% · 12/25

Health3

Altman Zn/a · 0/25
Current ratio0.20 · 0/25
Interest coverage1.5x · 3/25
Net cash / debtD/A 64% · 0/25

Quality40

Piotroski F6/9 · 15/25
Beneish M-2.77 · 25/25
FCF conversion-156% · 0/25
Margin stabilityσ 3644.9% · 0/25

Moat18

ROIC >12% years0/10 yrs · 0/25
Median gross margin36.0% · 13/25
FCF-positive years5/10 yrs · 5/25
Worst-year net marginworst -695.5% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

Q2 2026Insiders
10 open-market insider purchases
~1.6M shares bought by insiders
FY2018Financial
Best year on record
$955M net income
FY2016Financial
First recorded profitable year
$633M net income
FY2016Financial
Revenue already above $1B
$4.87B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$6 293 today — price return only

$9.8B revenue in FY2025

Revenue up 6.2% year over year

Profitable 3 years in a row

44 500 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (42.5%)

Watch-outs

Negative free cash flow (-$1.2B)
Thin interest coverage (1.5×)
Loss-making in 3 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

5 of 10 checks passed

Revenue growing — the company sells more than a year ago+6.2% YoY
Profitable — makes more than it spends$761M TTM
Profit growing — earnings are higher than last year-53.5% YoY
Generates cash — cash left after running and investing-$1.19B TTM
Debt under control — could handle its obligationscurrent ratio 0.20
Established company — not a micro-cap — lower blow-up risk$7.16B market cap
Not printing shares — share count not ballooning — you keep your slice+87.5% shares over ~5y
Proven track record — years of profitability behind it7/10 profitable years
Financially stable — balance sheet not near distresshealth score 3/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 9.4

Peer comparisonNorwegian Cruise Line Holdings Ltd. vs 6 largest consumer cyclical peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
NCLH this company	$7.2B	9.4	+6.2%	7.5%	Strained
AMZN Amazon.Com Inc	$2.8T	20.9	+15.8%	17.4%	Mixed
TSLA Tesla, Inc.	$1.5T	397.1	+11.8%	3.7%	Strong
NFLX NetFlix Inc	$292.8B	21.4	+16.0%	28.2%	Solid
HD Home Depot, Inc.	$290.4B	20.4	-16.0%	8.7%	Solid
DIS The Walt Disney Company	$186.5B	21.7	+4.6%	8.7%	Solid
MCD McDonald's Corporation	$166.9B	18.9	+6.3%	31.7%	Strained

Head-to-head: NCLH vs AMZN · NCLH vs TSLA · NCLH vs NFLX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 8Hold 19Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $10.2B · net income $761M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$10.2B

YoY 6.2%

Net income (TTM)

$761M

Margin 7.5%

Gross margin

42.5%

Operating margin

13.6%

P/E ratio

9.4

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.3	0.6	4.8	8.5	9.5	9.8
Gross profit	—	-1.0	0.6	3.1	3.8	4.2
Operating income (EBIT)	-3.5	-2.6	-1.6	0.9	1.5	1.6
Net income	-4.0	-4.5	-2.3	0.2	0.9	0.4
EPS (diluted)	-15.75	-12.33	-5.41	0.39	1.77	0.89

Cash flowFree cash flow -$1.19B · operating cash flow $2.11B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$1.19B

Margin -11.7%

Operating cash flow (TTM)

$2.11B

FCF margin

-11.7%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	-2.6	-2.5	0.2	2.0	2.0	2.1
Capital expenditure	-0.9	-0.8	-1.8	-2.8	-1.2	-3.3
Free cash flow	-3.5	-3.2	-1.6	-0.7	0.8	-1.2
FCF margin	-273.7%	-497.1%	-32.5%	-8.7%	8.8%	-11.9%

Balance sheetAssets $22.5B · net debt $14.4B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $22.5B of assets is financed

90%

Liabilities $20.3B — borrowed moneyEquity $2.21B — owners' stake

Cash vs debt

Total debt $14.6B − cash $210M = net debt $14.4B

Cash on hand covers 1% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

1.5x

EBIT ÷ interest expense

ROE

32.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	3.3	1.7	0.9	0.4	0.2	0.2
Total assets	18.4	18.7	18.6	19.5	20.0	22.5
Total liabilities	14.0	16.3	18.5	19.2	18.5	20.3
Total debt	11.8	12.4	13.6	14.1	13.1	14.6
Equity	4.4	2.4	0.1	0.3	1.4	2.2
Net debt	8.5	10.7	12.7	13.7	12.9	14.4

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of NCLH on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $15.59 · market cap $7.16B.