Norwegian Cruise Line Holdings Ltd. NCLH SPX

Consumer Cyclical · Travel Services · United States

https://www.nclhltd.com

Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. It offers itineraries to destinations, such as Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, and Alaska; and inter-island itinerary in Hawaii. The company also provides features, amenities, and activities, including various accommodations, dining venues, bars and lounges, spas, casino and retail shopping areas, and entertainment choices; shore excursions at each port of call, and air transportation and hotel packages for stays before or after a voyage. It offers its products and services under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. The company was founded in 1966 and is based in Miami, Florida.

Market & Price

Market Cap

$8.42B

Current Price

$18.34

High / Low (52W)

$26.94 / $14.79

Beta

1.92

Valuation

Stock P/E

14.79

Industry PE

22.37

Forward P/E

9.09

PEG Ratio

0.84

Book Value

$5.30

Price to Book

3.46

P/S

0.84

EV/EBITDA

9.28

Dividend Yield

Profitability & Returns

ROCE

8.09%

ROE

29.53%

ROA

4.44%

Profit Margin

5.66%

Op Margin

10.52%

EPS (Latest Qtr)

$0.23

EPS (TTM)

$1.24

Balance Sheet & Liquidity

Debt/Equity

6.61

Quick Ratio

0.07

Current Ratio

0.21

Debt

$16.08B

Total Assets

$22.54B

Current Assets

$1.14B

Working Capital

$-4.31B

Ownership

Promoter Holding

0.55%

Chg in Prom Hold

FII / Inst Holding

98.50%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$24.32B

Total Revenue (TTM)

$10.03B

EBITDA

$2.62B

Free Cash Flow

$-1.50B

Operating Cash Flow

$2.22B

Shares Outstanding

459.11M

Gross Margin

43.05%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

26.60%

Profit 5Y

39.55%

Revenue (YoY)

9.60%

Earnings (YoY)

PROS

Strong return on equity of 29.5%.
Compounding revenue at 26.6% over 5 years.
Profit CAGR of 39.5% over 5 years.

CONS

Trading 31.9% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Consumer Cyclical).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	NCLH Norwegian Cruise Line Holdings Ltd. SPX	18.34	14.79	$8.42B	-	8.09%	29.53%	26.60%	39.55%
2	AMZN Amazon.com, Inc. NDXSPXAI	270.64	31.65	$2.91T	-	16.60%	24.29%	11.73%	984.47%
3	TSLA Tesla, Inc. NDXSPXAI	435.79	399.81	$1.64T	-	5.29%	4.90%	5.19%	-32.94%
4	HD The Home Depot, Inc. SPX	317.14	22.52	$316.23B	2.94%	28.92%	128.38%	1.52%	-6.11%
5	MCD McDonald's Corporation SPX	279.20	23.04	$198.37B	2.66%	22.63%	-	5.06%	11.50%
6	TJX The TJX Companies, Inc. SPX	154.75	30.11	$171.12B	1.24%	32.91%	61.25%	6.53%	16.24%
7	BKNG Booking Holdings Inc. NDXSPX	167.43	22.09	$129.74B	0.96%	67.24%	-	16.35%	20.90%
8	LOW Lowe's Companies, Inc. SPX	214.36	18.12	$120.26B	2.24%	29.62%	-	-3.85%	1.11%
9	PDD PDD Holdings Inc. NDX	84.44	8.87	$120.19B	-	28.69%	25.40%	49.00%	45.85%

Quarterly Results

Figures in USD.

Metric	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	1.28B	1.04B	1.08B	1.19B	1.48B	1.13B	1.15B	1.34B	1.65B	1.25B	1.29B	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.13B	2.52B	2.94B	2.24B	2.33B
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.30B	1.46B	1.55B	1.32B	1.38B
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	823.62M	1.06B	1.38B	920.88M	953.34M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	622.67M	636.81M	633.83M	734.24M	720.40M
Operating Income	306.83M	117.92M	131.28M	227.02M	413.61M	153.55M	119.73M	275.07M	476.82M	177.19M	167.05M	292.15M	550.28M	209.58M	158.30M	308.68M	511.72M	199.38M	-1.82B	-595.41M	-517.78M	-546.88M	-571.27M	-605.10M	-689.11M	-686.87M	-688.76M	-396.80M	-185.23M	10.72M	272.55M	523.32M	218.39M	341.56M	-	200.94M	423.84M	749.45M	186.64M	232.94M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	426.97M	531.85M	1.04B	550.27M	555.03M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	217.87M	236.78M	328.82M	170.04M	165.99M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-41.44M	30.63M	433.64M	5.89M	107.66M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.14M	637.00K	14.34M	-8.36M	2.99M
Net Income	251.79M	-	-	-	-	-	-	-	-	-	103.16M	226.68M	470.38M	154.63M	118.16M	240.19M	450.58M	121.30M	-1.88B	-715.24M	-677.37M	-738.93M	-1.37B	-717.79M	-845.88M	-1.57B	-982.71M	-509.32M	-295.39M	-159.32M	86.12M	345.87M	17.35M	163.44M	-	-40.30M	29.99M	419.30M	14.25M	104.67M
Diluted EPS	1.09	0.17	0.32	0.64	1.50	0.32	0.27	0.87	1.74	0.43	0.45	1.01	2.11	0.70	0.54	1.11	2.09	0.56	-8.80	-2.99	-2.50	-2.51	-4.16	-1.94	-2.29	-4.01	-2.35	-1.22	-0.70	-0.38	0.20	0.71	0.04	0.35	-	-0.09	0.07	0.86	0.03	0.23

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	2.22B	2.28B	2.57B	3.13B	4.35B	4.87B	5.40B	-	-	-	-	4.84B	8.55B	9.48B	9.83B
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	4.27B	5.47B	5.69B	5.64B
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	576.67M	3.08B	3.79B	4.19B
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	2.13B	2.15B	2.33B	2.63B
Operating Income	316.11M	357.09M	395.89M	502.94M	702.49M	925.46M	1.05B	1.22B	1.18B	-3.48B	-	-1.55B	930.91M	1.47B	1.56B
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-665.14M	1.77B	2.49B	2.54B
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	801.51M	727.53M	747.22M	953.51M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-2.28B	163.18M	772.91M	428.72M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-6.79M	-3.00M	-137.35M	5.47M
Net Income	126.86M	168.56M	101.71M	338.35M	427.14M	633.09M	759.87M	954.84M	930.23M	-4.01B	-	-2.27B	166.18M	910.26M	423.25M
Diluted EPS	0.71	0.94	0.49	1.62	1.86	2.78	3.31	4.25	4.30	-15.75	-	-5.41	0.39	1.89	0.92

Compounded Sales Growth

5 Years:	26.60%
1 Year:	9.60%

Compounded Profit Growth

5 Years:	39.55%
1 Year:	-

Stock Price Performance

1 Year:	+3.91%
6 Months:	-0.05%
3 Months:	-26.02%
1 Month:	+3.21%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	5.94B	6.65B	11.47B	12.26B	12.97B	14.09B	15.21B	16.68B	18.40B	-	-	-	-	18.56B	19.49B	19.97B	22.54B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.87B	1.31B	1.01B	1.14B
Cash & Equivalents	55.05M	58.93M	45.50M	56.47M	84.82M	115.94M	128.35M	176.19M	163.85M	252.88M	3.30B	3.30B	2.37B	1.37B	-	946.99M	402.42M	190.76M	209.89M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	148.72M	157.65M	149.72M	138.18M
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	326.27M	280.27M	221.41M	291.66M
Total Liabilities	-	-	3.92B	4.02B	7.95B	8.48B	8.44B	8.35B	9.24B	10.17B	14.05B	-	-	-	-	18.49B	19.19B	18.54B	20.33B
Current Liabilities	-	-	945.09M	1.08B	2.09B	2.37B	2.31B	2.49B	3.15B	3.58B	1.91B	-	-	-	-	5.05B	6.04B	5.78B	5.45B
Long Term Debt	-	-	-	-	6.08B	6.40B	-	-	-	-	1.55B	-	-	-	-	12.63B	12.31B	11.78B	13.73B
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13.62B	14.06B	13.10B	14.61B
Total Equity	-	-	2.01B	2.61B	3.52B	3.78B	4.54B	5.75B	5.96B	6.52B	4.35B	-	-	-	-	68.59M	300.81M	1.43B	2.21B
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	421.41M	425.55M	439.86M	455.26M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	356.99M	398.59M	475.28M	635.60M	-	1.26B	1.60B	2.08B	1.82B	-2.56B	-	210.02M	2.01B	2.05B	2.09B
Investing Cash Flow	-184.80M	-303.84M	-894.85M	-1.80B	-1.21B	-1.13B	-1.40B	-1.50B	-1.68B	-975.36M	-	-1.76B	-2.90B	-1.23B	-3.26B
Financing Cash Flow	-168.31M	-108.18M	430.54M	1.19B	196.19M	-122.76M	-148.51M	-584.80M	-53.39M	6.58B	-	986.22M	346.86M	-1.03B	1.19B
Capital Expenditure	-184.80M	-303.84M	-877.28M	-964.64M	-1.12B	-1.09B	-1.37B	-1.57B	-1.64B	-946.54M	-	-1.78B	-2.75B	-1.21B	-3.26B
Free Cash Flow	172.19M	94.75M	-402.00M	-329.04M	-	172.00M	229.03M	508.38M	185.44M	-3.50B	-	-1.57B	-744.65M	838.87M	-1.17B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-559.66M	-544.57M	-211.65M	19.13M
Share Buybacks	-	-	-	82.00M	107.26M	50.00M	-	664.81M	349.86M	-	-	-	-	-	-

Ratios (Annual)

Figures in %.

Metric	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	11.9%	36.0%	40.0%	42.6%
Operating Margin %	14.2%	15.7%	15.4%	16.1%	16.2%	19.0%	19.4%	-	-	-	-	-32.0%	10.9%	15.5%	15.9%
Net Margin %	5.7%	7.4%	4.0%	10.8%	9.8%	13.0%	14.1%	-	-	-	-	-46.9%	1.9%	9.6%	4.3%
ROE %	-	8.4%	3.9%	9.6%	11.3%	14.0%	13.2%	16.0%	14.3%	-92.2%	-	-3,309.3%	55.2%	63.9%	19.2%
ROCE %	-	7.2%	7.1%	5.4%	7.1%	8.7%	9.0%	10.1%	9.0%	-21.1%	-	-11.5%	6.9%	10.3%	9.1%

Shareholding Pattern

Insiders

0.55%

Institutions

98.50%

Public Float

99.04%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	7.52%	34.53M	$633.28M
2	Capital International Investors	6.53%	29.98M	$549.87M
3	Vanguard Capital Management LLC	6.45%	29.62M	$543.18M
4	UBS Group AG	4.78%	21.95M	$402.64M
5	Vanguard Portfolio Management LLC	4.29%	19.70M	$361.36M
6	Goldman Sachs Group Inc	3.90%	17.91M	$328.56M
7	State Street Corporation	3.54%	16.26M	$298.19M
8	Barclays Plc	3.29%	15.10M	$276.98M
9	Ariel Investments, LLC	3.19%	14.66M	$268.89M
10	Elliott Investment Management L.P.	2.87%	13.19M	$241.83M

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NCLH · Consumer Cyclical