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Norwegian Cruise Line Holdings Ltd.

NCLH Consumer Cyclical Travel Services

Norwegian Cruise Line Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $9.8 billion, up 3.67% from fiscal 2024.

Revenue
+4.89%
EPS
+585.7%
Free cash flow
−62.0%
Total debt
+9.24%

Quarter to June 2026, against a year earlier

17.57 0.65 −3.57%
Market cap
$8.4B
P/E
10.5×
Fwd P/E
11.1×
Dividend yield
—
F-score
5/9
Altman Z
0.38
Beneish M
−2.59
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Single reportable segment

Every year since 2015 →

Insider Decisions last twelve months

Bought, $m 30.93
Sold, $m 0.11
Trades a month
Dec 25 Mar 26 Jun 26 Sep 26
Buy 7 — — — — — 6 1 — — — —
Sell — 1 — — — — — — — — — —
Insider Ownership 1.10%

Capital & Financial Ratios $m

Size
Market Cap 8,370.00
Revenue ttm 10,154.31
Net income ttm 760.77
Free cash flow ttm (1,185.39)
Net debt Q 14,816.69
Valuation
P/E 10.53
Forward P/E 11.10
Price / sales 0.80
Forward P/S Powerpack
Price / FCF 0.00
Price / book 3.14
Financial health
Current ratio Q 0.20 (below 1: weak)
Debt / equity Q 5.84 (above 2: weak)
Interest coverage Q 2.13
Growth
Revenue growth Q +4.89% (above 0%: growing)
Operating income growth Q −14.28% (below 0%: shrinking)
EPS, this year −23.26% (below 0%: weak)
EPS, next year A −9.19% (below 0%: weak)
Revenue, next year A +2.66%
EPS, past 5 yrs —
EPS, next 5 yrs A −5.15% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.3×, against a ten-year median of 3.0×; over the ten years it ranged from 1.5× in 2020 to 866× in 2021.
P/E against its own 10 years 9.73%
10-year low 10-year high
P/S against its own 10 years 9.33%
10-year low 10-year high
P/B against its own 10 years 58.55%
10-year low 10-year high
EV/Sales against its own 10 years 7.64%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 402 191 210 218
Receivables 280 221 292 277
Inventory 158 150 138 161
Other — — — —
1,313 1,010 1,139 1,266
2023 2024 2025 Q'26
Payables 174 171 170 233
ST’ Debt 1,745 1,324 876 1,141
Other 3,061 3,106 3,201 3,651
6,039 5,781 5,453 6,321

Compound Annual Growth %

10y 5y 3y
Sales 8.50% 50.33% 26.60%
Cash Flow 7.21% 0.00% 115.09%
Earnings (0.09%) 0.00% 0.00%
Book Value (5.23%) (12.68%) 218.20%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.93 Actual 1.12

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.28 0.28 Met by 0.00
Q1 FY26 0.15 0.23 Beat by 0.08
Q2 FY26 0.39 0.48 Beat by 0.09
Q3 FY26 0.93 1.12 Beat by 0.19
Q4 FY26 −0.06 — Reports 1 March 2027

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)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,331 2,641 — — —
’25 2,128 2,517 2,938 2,244 9,828
’24 2,191 2,372 2,807 2,109 9,480
’23 1,822 2,205 2,536 1,986 8,550
’22 522 1,187 1,616 1,519 4,844
’21 3 4 153 487 648
’20 1,247 17 7 10 1,280
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 811 603 — — —
’25 679 715 237 459 2,090
’24 807 671 173 399 2,050
’23 503 1,033 210 259 2,006
’22 (371) 262 82 237 210
’21 (852) (630) (670) (316) (2,468)
’20 (53) (1,276) (590) (638) (2,556)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (625) 145 — — —
’25 (846) 381 (727) 21 (1,170)
’24 548 330 (196) 156 839
’23 266 297 (918) (389) (745)
’22 (536) 101 (1,220) 81 (1,574)
’21 (988) (803) (900) (529) (3,221)
’20 (663) (1,391) (738) (711) (3,503)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,874 5,396 6,055 6,462 1,280 648 4,844 8,550 9,480 9,828 10,154 +8.1% 10,089 10,577 11,232 +4.6%
Gross margin, % 41.53 43.23 44.23 43.31 (32.28) (148.16) 11.91 36.04 39.99 42.62 42.46 +1.1 pt
EBT 640 771 969 911 (4,000) (4,501) (2,277) 163 773 429 773 (4.4%)
EBT margin, % 13.14 14.28 16.01 14.10 (312.53) (694.66) (47.00) 1.91 8.15 4.36 7.61 (8.8) pt
Net income 633 760 955 930 (4,013) (4,507) (2,270) 166 910 423 761 (4.4%)
Per share, $
Per share, $ Revenue 21.46 23.66 27.15 30.07 5.02 1.77 11.54 20.14 21.78 21.91 22.12 +0.2%
Earnings 2.79 3.33 4.28 4.33 (15.75) (12.33) (5.41) 0.39 2.09 0.94 1.67 (11.4%)
Cash flow 5.57 7.02 9.31 8.48 (10.04) (6.75) 0.50 4.73 4.71 4.66 4.60 (2.0%)
Capex (4.81) (6.02) (7.03) (7.62) (3.72) (2.06) (4.25) (6.48) (2.78) (7.27) (7.18) +4.7%
Free cash flow 0.76 1.00 2.28 0.86 (13.75) (8.81) (3.75) (1.75) 1.93 (2.61) (2.58) n/m
Book value 19.98 25.21 26.74 30.31 17.09 6.66 0.16 0.71 3.27 4.93 5.60 (14.4%)
Shares, m 227 228 223 215 255 365 420 424 435 449 454 +7.9%
Valuation, ×
Valuation, × P/E 15.34 16.50 9.88 13.52 0.00 0.00 0.00 48.21 12.37 23.74 10.53 14.0
P/S 1.99 2.32 1.56 1.94 5.06 11.70 1.03 0.91 1.18 1.02 0.80 2.9
P/B 2.14 2.18 1.59 1.93 1.49 3.12 72.58 25.85 7.86 4.53 3.14 12.3
EV/Sales 3.28 3.46 2.61 2.96 11.71 28.21 3.64 2.51 2.54 2.48 2.25 6.3
EV/FCF 92.96 81.49 31.04 103.02 (4.28) (5.68) (11.22) (28.78) 28.74 (20.86) (19.31) 26.6
Cash, $m
Cash, $m Operating cash flow 1,264 1,601 2,075 1,823 (2,556) (2,468) 210 2,006 2,050 2,090 2,110 +5.7%
Capex (1,092) (1,372) (1,567) (1,637) (947) (753) (1,784) (2,750) (1,211) (3,260) (3,295) +12.9%
Free cash flow 172 229 508 185 (3,503) (3,221) (1,574) (745) 839 (1,170) (1,185) n/m
Balance, $m
Balance, $m Working capital (1,902) (1,972) (2,600) (2,854) 1,644 (429) (3,182) (4,726) (4,771) (4,314) (5,055) +9.5%
Net debt 6,270 6,132 6,328 6,549 8,506 10,700 12,675 13,657 12,910 14,396 14,817 +9.7%
Shareholders’ equity 4,538 5,750 5,963 6,516 4,354 2,433 69 301 1,425 2,210 2,573 (7.7%)
Returns, %
Returns, % ROA 5.02 5.61 6.52 5.83 (22.87) (24.28) (12.18) 0.87 4.61 1.99 3.34 (3.0) pt
ROIC 5.35 5.52 6.20 5.64 (16.93) (12.15) (7.61) 4.17 6.39 5.87 5.51 +0.5 pt
ROE 15.22 14.77 16.30 14.91 (73.83) (132.81) (181.50) 89.97 105.46 23.29 36.73 +8.1 pt
People
People Employees 30,000 31,000 33,200 36,000 34,300 34,700 38,900 41,000 41,700 44,500 — +4.5%
Revenue/emp, $m 0.16 0.17 0.18 0.18 0.04 0.02 0.12 0.21 0.23 0.22 — +3.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Norwegian Cruise Line Holdings is a global cruise operator headquartered in Miami-Dade County. It operates three brands: Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. The company sells cruise vacations to travelers seeking premium and luxury experiences, with voyages to destinations across Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, Alaska and Hawaii. [item1]

A cruise combines accommodation, meals and entertainment aboard a ship with visits to ports during the voyage. Norwegian also operates Pride of America, a U.S.-flagged ship offering an entirely inter-island Hawaii itinerary. The company operates two private destinations: Great Stirrup Cay in The Bahamas and Harvest Caye in Belize. [item1]

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Single reportable segment 9,828 100.00%
Gross margin 42.62%
Operating margin 15.88%
Pre-tax margin 4.36%

Revenue by segment since 2015

Norwegian Cruise Line Holdings Ltd. vs peers in Travel Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VIK Viking Holdings Ltd. $40.0B 29.0× 27.2× +16.49% (above 0%: growing) +33.33% (above 0%: growing) −75.64% (below 0%: shrinking) 45.50% 29.40% Compare
CCL Carnival Corporation $38.8B 12.5× 13.1× +3.46% (above 0%: growing) +0.06% (above 0%: growing) −3.26% (below 0%: shrinking) 45.13% 26.31% Compare
EXPE Expedia Group, Inc. $33.9B 17.1× 15.2× +13.97% (above 0%: growing) +179.69% (above 0%: growing) +38.87% (above 0%: growing) 90.66% 18.54% Compare
TCOM Trip.com Group Limited Sponsored ADR $25.1B 7.4× 24.4× +11.39% (above 0%: growing) n/m +531.82% (above 0%: growing) 79.81% (9.36%) Compare
NCLH Norwegian Cruise Line Holdings Ltd. $8.4B 10.5× 11.1× +4.89% (above 0%: growing) +585.71% (above 0%: growing) −61.99% (below 0%: shrinking) 39.91% 13.76%
TNL Travel + Leisure Co. $4.3B 19.1× 10.4× +4.42% (above 0%: growing) +7.36% (above 0%: growing) 0.00% 51.18% 19.76% Compare
MMYT MakeMyTrip Limited $4.0B 122× 123× +6.22% (above 0%: growing) −60.87% (below 0%: shrinking) −36.17% (below 0%: shrinking) 74.55% 15.30% Compare
LIND Lindblad Expeditions $2.5B — (loss-making) 172× +18.64% (above 0%: growing) n/m +279.01% (above 0%: growing) 48.50% 6.00% Compare
PRSU Pursuit Attractions and Hospitality, Inc. $1.5B 40.8× 29.9× +14.35% (above 0%: growing) +175.00% (above 0%: growing) −139.39% (below 0%: shrinking) 92.82% 18.59% Compare
Median of peers $14.7B 19.1× 25.8× +12.68% +20.35% −1.63% 62.87% 18.57%

All 17 Travel Services stocks →

From the latest earnings call

Updated

  • John Chidsey said Norwegian is changing marketing, pricing and revenue management to build bookings earlier and reduce exposure to close-in discounting.
  • Mark Kempa said the company expects demand pressure in early 2027, with improvement anticipated in the second half as commercial changes take effect.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
JPMorgan Oct 23, 2026 Downgrade Hold → Underperform 13.00 → 11.00

Pay and ownership Proxy statement filed 30 April 2026

Ownership

Directors and executive officers, together less than 1%
Capital International Investors 11.50%
Vanguard Capital Management 7.30%
BlackRock, Inc. 5.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Norwegian Cruise Line Holdings Ltd. (NCLH) Latest News

30 Oct

Impact 3 · · MarketBeat

29 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · The Motley Fool
Impact 4 · · TIKR
Impact 4 · · StockStory
Impact 4 · · Zacks
Impact 4 · · InvestorsHub
Impact 4 · · 24/7 Wall St.
Impact 4 · · Zacks
Impact 4 · · StockStory
Impact 4 · · Investing.com earnings
Impact 4 · · GlobeNewswire
Impact 4 · · Simply Wall St.
Impact 3 · · The Motley Fool
Impact 3 · · TIKR
Impact 3 · · Associated Press
Impact 3 · · Zacks
Impact 3 · · GlobeNewswire

28 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Insider Monkey
Impact 3 · · Trefis
Impact 3 · · StockStory

27 Oct

Impact 4 · · Zacks
Impact 3 · · Investopedia

26 Oct

Impact 3 · · Zacks

24 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 3 · · Trefis
Impact 3 · · Simply Wall St.

NCLH metrics, ten years each

stockrow.com/NCLH · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com