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Norwegian Cruise Line Holdings Ltd. NCLH

Consumer Cyclical — Travel Services
S&P 500 Member Cash Flow Champion (5y) Insider Buys (last 12m)
Indexes indicate stock being part of an index ,
Growth Flags show if company had growth for consecutive years ,
Insider Buys alert about insiders buying in the last 12 month

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Insider Decisions

Total buys
30.93
Total sells
0.11
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — 7 — — — — — 6 1 — — —
Sell — — 1 — — — — — — — — —
Insider Ownership
1.10%

Capital & Financial Ratios

Market Cap
6,640.00
Revenue
10,154.31
Net Income
760.77
Free Cash Flow
(1,185.39)
Net Debt
14,816.69
Current Ratio
0.20
Debt/Equity
5.84
P/E ratio
8.46
P/S ratio
0.64
P/B ratio
2.52
Past 5Y EPS Growth
(16.28%)
This Y EPS Growth
(26.67%)
Next Y EPS Growth
9.55%
Next 5Y EPS Growth
(0.96%)
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2025 ‡‡‡
2024 ‡‡‡
2023 ‡‡‡
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 402.42 190.77 209.89 218.10
Receivables 280.27 221.41 291.66 276.96
Inventory 157.65 149.72 138.18 161.30
Other — — — —
1,313.15 1,010.10 1,138.54 1,266.06
2023 2024 2025 Q'26
Payables 174.34 171.11 169.66 233.06
ST’ Debt 1,744.78 1,323.77 875.90 1,141.37
Other 3,060.67 3,105.96 3,200.59 3,651.20
6,038.70 5,780.87 5,452.58 6,320.93
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡ ‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 2,331.22 2,640.54 — —
—
’25 2,127.55 2,517.50 2,938.14 2,244.40
9,827.59
’24 2,191.22 2,372.49 2,806.58 2,109.37
9,479.65
’23 1,821.94 2,205.49 2,536.04 1,986.46
8,549.92
’22 521.94 1,187.18 1,615.51 1,519.13
4,843.76
’21 3.10 4.37 153.08 487.44
647.99
’20 1,246.88 16.93 6.52 9.58
1,279.91
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 811.45 602.59 — —
—
’25 679.22 714.85 236.56 459.11
2,089.75
’24 807.17 670.89 172.50 399.26
2,049.82
’23 503.33 1,033.28 210.10 259.00
2,005.71
’22 (371.01) 262.19 82.25 236.60
210.02
’21 (852.01) (630.04) (670.30) (315.66)
(2,468.01)
’20 (52.70) (1,275.68) (590.25) (637.62)
(2,556.24)
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (625.22) 144.89 — —
—
’25 (846.00) 381.21 (726.53) 21.46
(1,169.86)
’24 548.32 330.24 (195.51) 155.82
838.87
’23 265.66 296.77 (918.41) (388.66)
(744.65)
’22 (536.29) 101.17 (1,219.89) 81.19
(1,573.84)
’21 (988.36) (803.17) (900.34) (528.97)
(3,220.85)
’20 (662.86) (1,391.00) (737.91) (711.02)
(3,502.79)
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.23 0.48 — —
—
’25 (0.09) 0.07 0.86 0.03
0.92
’24 0.04 0.35 0.95 0.52
1.89
’23 (0.38) 0.20 0.71 (0.25)
0.39
’22 (2.35) (1.22) (0.70) (1.14)
(5.41)
’21 (4.16) (1.94) (2.29) (4.01)
(12.33)
’20 (8.80) (2.99) (2.50) (2.51)
(15.75)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

2.5
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 10.31 11.76 14.69 14.21 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 23.90 22.75 28.64 29.29 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 38,900 41,000 41,700 44,500 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.12 0.21 0.23 0.22 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4,843.76 8,549.92 9,479.65 9,827.59 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.91% 36.04% 39.99% 42.62% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2,276.70) 163.18 772.91 428.72 ‡‡‡‡‡ — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (47.00%) 1.91% 8.15% 4.36% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2,269.91) 166.18 910.26 423.25 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 810.05 883.24 973.51 1,162.11 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.54 20.14 21.78 21.91 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (5.41) 0.39 2.09 0.94 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.50 4.73 4.71 4.66 ‡‡‡‡ — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (4.25) (6.48) (2.78) (7.27) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (3.75) (1.75) 1.93 (2.61) — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.16 0.71 3.27 4.93 ‡‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 419.77 424.43 435.28 448.54 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡ 0.00 48.21 12.37 23.74 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.03 0.91 1.18 1.02 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 72.58 25.85 7.86 4.53 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.64 2.51 2.54 2.48 ‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (11.22) (28.78) 28.74 (20.86) — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 210.02 2,005.71 2,049.82 2,089.75 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1,783.86) (2,750.36) (1,210.95) (3,259.61) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1,573.84) (744.65) 838.87 (1,169.86) ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (3,181.98) (4,725.55) (4,770.76) (4,314.04) — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13,621.53 14,058.93 13,100.49 14,606.18 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12,674.54 13,656.51 12,909.72 14,396.29 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 68.59 300.81 1,425.44 2,209.89 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (12.18%) 0.87% 4.61% 1.99% ‡‡‡‡‡ — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (7.61%) 4.17% 6.39% 5.87% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (181.50%) 89.97% 105.46% 23.29% ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Norwegian Cruise Line Holdings Ltd. (NCLH) is charging toward a dazzling post-pandemic renaissance, with revenue exploding to $9.48 billion in 2024—a 11% leap from 2023 and surpassing pre-COVID peaks—fueled by pent-up travel demand and razor-sharp operational efficiencies. From the abyss of $4 billion net losses in 2020, when revenues cratered 80%, NCLH has flipped the script: profitability roared back with 2024 EBT at $773 million (8.2% margin), EPS at $2.09, and revenue per employee hitting $227,330, outpacing 2019 levels amid a leaner, more productive workforce.

Yet the stock lags this surge, trading at undervalued levels with a 12.4x PE and 1.18x PS ratio, as equity rebuilds from pandemic lows ($1.43 billion in 2024) and insiders pile in with $1.76 million in buys signaling deep conviction. Analyst forecasts paint a blockbuster path—revenues to $11.67 billion by 2027, EPS to $2.70, and mean price targets implying 21% upside (high of 86%)—as ROIC climbs and free cash flow turns positive.

NCLH’s story is one of resilient innovation in a booming cruise sector, primed for 10-15% annual growth via luxury expansions, tech efficiencies, and millennial travel waves. With fundamentals firing and risks skewed to the upside, this undervalued gem beckons growth hunters ready to set sail.

Read full commentary →

Norwegian Cruise Line Holdings Ltd. (NCLH) Latest News

News by impact score

Fine-tune

16 Sep

3 , 11:12 AM
Norwegian Cruise Line Holdings explores leveraging celebrity-led entertainment on Aura ship to create lasting brand differentiation in competitive cruise market. Targeted entertainment strategy on new vessel may boost positioning modestly but lacks scale to alter core financial trajectory.

14 Sep

3 , 9:56 AM
CCL projects over $7B EBITDA but faces geopolitical headwinds that could pressure cruise line results including those of NCLH. Geopolitical risks to CCL EBITDA targets signal moderate sector-wide pressure on NCLH performance.

27 Aug

3 , 7:00 AM
Oceania Cruises floated out Oceania Sonata, marking a major construction milestone for the first ship in its new Sonata Class. New ship class milestone advances Oceania Cruises fleet expansion and future capacity.

21 Aug

4 247wallst.com, 9:40 AM
Hedge funds are rushing into Norwegian Cruise Line Holdings Ltd. (NCLH) as a deep-value stock, signaling the potential start of a steep rebound. Hedge fund inflows into NCLH as deep value point to major positive shift in stock trajectory and sentiment.

3 , 11:32 AM
NCLH capacity is forecast to expand at a 2.5% CAGR, with analysis questioning whether this pace can produce a free-cash-flow inflection given current cost and demand conditions. Capacity growth rate and free-cash-flow trajectory are core financial drivers that shape NCLH valuation and near-term investor positioning.

3 , 6:16 AM
Norwegian Cruise Line Holdings (NCLH) stock could be 23% undervalued following Norwegian Aura launch. New ship launch may drive moderate valuation gains and operational improvements for NCLH.

20 Aug

3 , 5:09 PM
Norwegian Cruise Line Holdings (NCLH) explores implications of Aura for long-term growth prospects amid competitive cruise market dynamics. Aura launch may affect product positioning and growth but remains balanced by broader industry and economic factors.

3 , 1:01 PM
Viking beat Q2 earnings expectations on capacity growth and higher revenue per PCD. Viking earnings strength signals competitive pressure and sector momentum that can influence NCLH positioning.

19 Aug

3 , 12:30 PM
Norwegian Cruise Line unveils new unwind, dine and vacation options aboard the Norwegian Aura. New ship amenities represent product innovation with moderate potential to influence bookings and sentiment.

3 , 12:16 PM
Norwegian Cruise Line Holdings Ltd. posted an 8.9% Q3 net yield drop that increases pressure on its 2027 reset targets. Q3 net yield decline directly pressures near-term revenue and 2027 reset execution for NCLH.

3 , 12:14 PM
Norwegian Cruise Line Holdings Ltd. (NCLH) exhibits earnings and leverage risks that question the attractiveness of its current valuation for potential buyers. Earnings and leverage risks may moderately influence NCLH financial performance and investor sentiment.

3 , 8:22 AM
Norwegian Cruise Line Holdings Ltd. faces Q2 demand challenges while executing cost cuts and brand overhaul that shape its future outlook. Demand challenges offset by cost cuts and brand overhaul point to moderately noticeable influence on NCLH financial performance and positioning.

3 , 8:14 AM
Norwegian Cruise Line Holdings Ltd. addressed five key analyst questions during its Q2 earnings call on topics including booking momentum, pricing power, capacity growth, cost inflation, and post-pandemic demand recovery. Q2 earnings call details provide moderate insight into demand trends and cost pressures that can affect near-term stock sentiment and financial forecasts.

18 Aug

3 , 9:37 AM
Wall Street analysts downgraded Norwegian Cruise Line Holdings Ltd. (NCLH) while upgrading Duolingo. Analyst downgrade of NCLH is likely to pressure short-term stock price and market sentiment.

5 Aug

3 , 11:44 AM
Norwegian Cruise Line Holdings faces softer demand and relies on heavier promotions according to Morgan Stanley. Softer demand and heavier promotions point to potential pressure on near-term revenues and margins.

31 Jul

4 stocktwits.com, 3:35 AM
Norwegian Cruise Line Holdings Ltd. (NCLH) stock heads for fifth consecutive weekly loss after company states demand recovery may not arrive until late 2027. Prolonged demand shortfall to late 2027 directly pressures revenue outlook and share price trajectory.

3 transcript www.marketbeat.com, 6:03 PM
Norwegian Cruise Line Holdings Ltd. (NCLH) held Q2 earnings call covering financial results, operational updates and forward guidance. Q2 earnings and guidance typically produce moderate short-term effects on stock price and sentiment.

30 Jul

4 qz.com, 9:47 AM
Norwegian Cruise Line Holdings Ltd. beat Q2 2026 earnings estimates while cutting its full-year outlook. Outlook reduction despite earnings beat signals challenges that may pressure valuation and investor sentiment.

4 investorshub.advfn.com, 8:45 AM
Norwegian Cruise Line Holdings Ltd. shares fell after a weaker full-year outlook overshadowed an earnings beat. Weaker full-year outlook signals reduced expectations for revenue and profitability that can alter company trajectory and investor sentiment.

3 www.fool.com, 11:15 PM
Norwegian Cruise Line Holdings Ltd. stock sinks amid operational challenges and weak investor sentiment affecting bookings and financial outlook. Stock decline reflects moderate short-term pressure on operations and sentiment without indicating fundamental trajectory shift.

3 , 5:07 PM
Norwegian Cruise Line Holdings Ltd. posted strong Q2 earnings that lifted shares 7.3%, but reduced its full-year outlook. Strong Q2 earnings lifted shares while lowered full-year outlook introduces moderate caution on future performance.

3 transcript , 5:04 PM
Norwegian Cruise Line Holdings Ltd (NCLH) held its Q2 2026 earnings call, covering financial results, operational updates, and strategic navigation in the cruise industry amid market conditions. Earnings highlights deliver financial data and guidance that moderately influence stock performance and valuation.

3 , 9:30 AM
Norwegian Cruise Line Holdings Ltd. (NCLH) Q2 earnings results include key metrics compared directly to analyst estimates. Q2 earnings metrics versus estimates provide financial performance details that moderately influence near-term stock movement.

3 , 7:08 AM
Norwegian Cruise Line Holdings Ltd. (NCLH) shares decline after Q2 earnings beat expectations but weak guidance signals softer future demand. Weak guidance raises concerns over upcoming quarters for Norwegian Cruise Line Holdings Ltd. despite the earnings beat.

3 , 6:30 AM
Norwegian Cruise Line Holdings Ltd. released its second quarter 2026 financial results. Quarterly earnings releases typically move stock prices and affect near-term sentiment without altering long-term strategy.

29 Jul

3 , 12:20 PM
Royal Caribbean's growth drivers through 2028 center on fleet expansion, itinerary innovations, and market strategies that could intensify competition in the cruise sector and pressure Norwegian Cruise Line Holdings Ltd. (NCLH) positioning. Competitor growth plans through 2028 may moderately affect NCLH market share and investor sentiment via shifts in industry dynamics.

28 Jul

3 , 7:10 AM
Royal Caribbean stock fell despite beating earnings estimates and raising guidance. Competitor Royal Caribbean earnings beat and guidance raise signals cruise sector pressure that can affect NCLH positioning and sentiment.

27 Jul

3 www.fool.com, 2:35 PM
Norwegian Cruise Line Holdings Ltd. stock declined 19% year to date with earnings report set for July 30 raising questions on whether current levels present a buying opportunity. Upcoming earnings release may shift near-term sentiment without altering the company's overall trajectory.

3 , 10:50 AM
Norwegian Cruise Line Holdings Ltd. (NCLH) Q2 earnings report is imminent, triggering buy, sell or hold analysis for the stock. Upcoming earnings directly affect NCLH financial performance visibility and near-term stock movement.

23 Jul

3 , 8:20 PM
Norwegian Cruise Line Holdings Ltd. reported Q1 earnings, triggering analysis on whether to buy, sell or hold NCLH shares based on results and outlook. Q1 earnings provide moderate insight into financial performance that can influence near-term stock movement and sentiment.
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