Saturday 10 October 2026 Export all NCLH data to Excel Powerpack

Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $9.8 billion, up 3.67% from fiscal 2024. In the quarter to June 2026, revenue grew 4.89%, EPS grew 585.7%, free cash flow fell 62.0% and total debt rose 9.24%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for three consecutive years, operating cash flow growth for five; insiders bought in the last twelve months.

15.57 0.08 +0.52%

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Market cap: $7.1B
P/E: 9.3×
Fwd P/E: 12.6×
Dividend yield: —
F-score: 5/9
Altman Z: 0.38
Beneish M: −2.59
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 30.93

Total sells 0.11

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	7	—	—	—	—	—	6	1	—	—	—	—
Sell	—	1	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.10%

Capital & Financial Ratios $m

Market Cap 7,110.00

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 9.32

Fwd P/E 12.60

P/S ratio 0.70

P/B ratio 2.78

Past 5Y EPS Growth —

This Y EPS Growth (26.57%)

Next Y EPS Growth 5.53%

Next Y revenue growth 2.23%

Next 5Y EPS Growth (2.79%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 5.39%

10-year low 10-year high

P/S against its own 10 years 4.25%

10-year low 10-year high

P/B against its own 10 years 53.82%

10-year low 10-year high

EV/Sales against its own 10 years 4.32%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	34.16	42.64	39.36	40.50	7.03	17.78	10.31	11.76	14.69	14.21	Analyst estimates 2026–2028 Powerpack
	High	58.19	61.48	61.18	59.71	59.78	34.49	23.90	22.75	28.64	29.29
People
People	Employees	30,000	31,000	33,200	36,000	34,300	34,700	38,900	41,000	41,700	44,500
	Revenue/emp, $m	0.16	0.17	0.18	0.18	0.04	0.02	0.12	0.21	0.23	0.22
Income, $m
Income, $m	Revenue	4,874	5,396	6,055	6,462	1,280	648	4,844	8,550	9,480	9,828
	Gross margin, %	41.53	43.23	44.23	43.31	(32.28)	(148.16)	11.91	36.04	39.99	42.62
	EBT	640	771	969	911	(4,000)	(4,501)	(2,277)	163	773	429
	EBT margin, %	13.14	14.28	16.01	14.10	(312.53)	(694.66)	(47.00)	1.91	8.15	4.36
	Net income	633	760	955	930	(4,013)	(4,507)	(2,270)	166	910	423
	Depreciation	446	521	567	647	740	759	810	883	974	1,162
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
	Earnings	2.79	3.33	4.28	4.33	(15.75)	(12.33)	(5.41)	0.39	2.09	0.94
	Cash flow	5.57	7.02	9.31	8.48	(10.04)	(6.75)	0.50	4.73	4.71	4.66
	Capex	(4.81)	(6.02)	(7.03)	(7.62)	(3.72)	(2.06)	(4.25)	(6.48)	(2.78)	(7.27)
	Free cash flow	0.76	1.00	2.28	0.86	(13.75)	(8.81)	(3.75)	(1.75)	1.93	(2.61)
	Book value	19.98	25.21	26.74	30.31	17.09	6.66	0.16	0.71	3.27	4.93
	Shares, m	227	228	223	215	255	365	420	424	435	449
Valuation, ×
Valuation, ×	P/E	15.34	16.50	9.88	13.52	0.00	0.00	0.00	48.21	12.37	23.74
	P/S	1.99	2.32	1.56	1.94	5.06	11.70	1.03	0.91	1.18	1.02
	P/B	2.14	2.18	1.59	1.93	1.49	3.12	72.58	25.85	7.86	4.53
	EV/Sales	3.28	3.46	2.61	2.96	11.71	28.21	3.64	2.51	2.54	2.48
	EV/FCF	92.96	81.49	31.04	103.02	(4.28)	(5.68)	(11.22)	(28.78)	28.74	(20.86)
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
	Capex	(1,092)	(1,372)	(1,567)	(1,637)	(947)	(753)	(1,784)	(2,750)	(1,211)	(3,260)
	Free cash flow	172	229	508	185	(3,503)	(3,221)	(1,574)	(745)	839	(1,170)
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)
	Total debt	6,399	6,308	6,492	6,802	11,806	12,447	13,622	14,059	13,100	14,606
	Net debt	6,270	6,132	6,328	6,549	8,506	10,700	12,675	13,657	12,910	14,396
	Shareholders’ equity	4,538	5,750	5,963	6,516	4,354	2,433	69	301	1,425	2,210
Returns, %
Returns, %	ROA	5.02	5.61	6.52	5.83	(22.87)	(24.28)	(12.18)	0.87	4.61	1.99
	ROIC	5.35	5.52	6.20	5.64	(16.93)	(12.15)	(7.61)	4.17	6.39	5.87
	ROE	15.22	14.77	16.30	14.91	(73.83)	(132.81)	(181.50)	89.97	105.46	23.29

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$36.4B	26.9×	27.3×	+16.49% (above 0%: growing)	+33.33% (above 0%: growing)	−75.64% (below 0%: shrinking)	45.50%	29.40%	Compare
CCL Carnival Corporation	$35.1B	11.4×	12.3×	+3.46% (above 0%: growing)	+0.06% (above 0%: growing)	−3.26% (below 0%: shrinking)	45.13%	26.31%	Compare
EXPE Expedia Group, Inc.	$32.4B	16.4×	14.4×	+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	$24.7B	7.5×	12.8×	+11.39% (above 0%: growing)	n/m	+531.82% (above 0%: growing)	79.81%	(9.36%)	Compare
NCLH Norwegian Cruise Line Holdings Ltd.	$7.1B	9.3×	12.6×	+4.89% (above 0%: growing)	+585.71% (above 0%: growing)	−61.99% (below 0%: shrinking)	39.91%	13.76%
MMYT MakeMyTrip Limited	$4.1B	128×	82.6×	+6.22% (above 0%: growing)	−60.87% (below 0%: shrinking)	−36.17% (below 0%: shrinking)	74.55%	15.30%	Compare
TNL Travel + Leisure Co.	$3.8B	16.7×	10.0×	+4.42% (above 0%: growing)	+7.36% (above 0%: growing)	0.00%	51.18%	19.76%	Compare
LIND Lindblad Expeditions	$2.3B	— (loss-making)	127×	+18.64% (above 0%: growing)	n/m	+279.01% (above 0%: growing)	48.50%	6.00%	Compare
PRSU Pursuit Attractions and Hospitality, Inc.	$1.4B	39.3×	26.9×	+14.35% (above 0%: growing)	+175.00% (above 0%: growing)	−139.39% (below 0%: shrinking)	92.82%	18.59%	Compare
Median of peers	$14.4B	16.7×	20.7×	+12.68%	+20.35%	−1.63%	62.87%	18.57%

All 18 Travel Services stocks →

Norwegian Cruise Line Holdings Ltd. (NCLH) key facts

Concern: Net income was $423.2 million, or $0.94 per share (basic), a net margin of 4.31%.
Strength: Norwegian Cruise Line Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $9.8 billion, up 3.67% from fiscal 2024.
Norwegian Cruise Line Holdings Ltd. (NCLH) is a Travel Services company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
As of October 9, 2026, NCLH traded at $15.57, a market capitalization of $7.1 billion.
At that price the stock trades at 9.3× trailing-twelve-month earnings and 0.7× sales; its P/E is higher than 5% of its own readings over the past ten years.
Return on equity was 23.3% and debt-to-equity 5.84.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 0.38 (distress zone) for fiscal 2025.