# Norwegian Cruise Line Holdings Ltd. Ordinary Shares (NCLH) — Stock CV

Norwegian Cruise Line Holdings Ltd. 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.

> 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.

## Identity

- **Ticker**: NCLH
- **Sector**: Consumer Cyclical
- **Industry**: Water Transportation
- **Headquarters**: MIAMI, FL
- **Employees**: 44 500
- **Website**: https://www.nclhltdinvestor.com
- **Market cap**: $7.16B
- **Last price**: $15.59
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $10.2B
- **Net income**: $761M
- **Free cash flow**: -$1.19B
- **Net debt**: $14.4B
- **P/E**: 9.4
- **Revenue growth (YoY)**: 6.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 75 |
| Growth | 25 |
| Profitability | 55 |
| Health | 3 |
| Quality | 40 |
| Moat | 18 |

## Qualifications (beginner checklist) — 5 of 10 passed

- [x] Revenue growing — +6.2% YoY
- [x] Profitable — $761M TTM
- [ ] Profit growing — -53.5% YoY
- [ ] Generates cash — -$1.19B TTM
- [ ] Debt under control — current ratio 0.20
- [x] Established company — $7.16B market cap
- [ ] Not printing shares — +87.5% shares over ~5y
- [x] Proven track record — 7/10 profitable years
- [ ] Financially stable — health score 3/100
- [x] Valuation not extreme — P/E 9.4

## Experience (career milestones)

- **Q2 2026** — 10 open-market insider purchases: ~1.6M shares bought by insiders
- **FY2018** — Best year on record: $955M net income
- **FY2016** — First recorded profitable year: $633M net income
- **FY2016** — Revenue already above $1B: $4.87B in first reported year

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $648M | -$4.51B | -$3.22B |
| FY2022 | $4.84B | -$2.27B | -$1.57B |
| FY2023 | $8.55B | $166M | -$745M |
| FY2024 | $9.48B | $910M | $839M |
| FY2025 | $9.83B | $423M | -$1.17B |

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Source: https://stockcv.com/NCLH — derived from company filings; may be delayed or incomplete. Information, not investment advice.