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Sunday 1 November 2026
Export NCLH’s income statement to Excel — free account
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%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
5 | 7 | 7 | 5 | 2 | 2 | 6 | 8 | 8 | 8 |
P/E ratio |
23.74 | 12.37 | 48.21 | 0.00 | 0.00 | 0.00 | 13.52 | 9.88 | 16.50 | 15.34 |
P/S ratio |
1.02 | 1.18 | 0.91 | 1.03 | 11.70 | 5.06 | 1.94 | 1.56 | 2.32 | 1.99 |
Altman Z-Score |
0.38 | 0.37 | 0.08 | (0.59) | (0.52) | (0.19) | 1.48 | 1.34 | 1.53 | 1.25 |
P/FCF ratio |
0.00 | 13.35 | 0.00 | 0.00 | 0.00 | 0.00 | 67.70 | 18.59 | 54.72 | 56.50 |
Altman Z″-Score (non-manufacturers) |
(1.48) | (1.97) | (2.41) | (2.92) | (1.74) | (0.41) | 0.77 | 0.72 | 0.76 | 0.38 |
P/Operating CF |
21.81 | 28.05 | 30.02 | 21.04 | (24.01) | (10.16) | 33.43 | 26.62 | 51.87 | 55.43 |
Beneish M-Score |
(2.59) | (2.87) | (3.07) | (5.17) | — | — | (2.40) | (2.66) | (3.04) | (2.41) |
P/B ratio |
4.53 | 7.86 | 25.85 | 72.58 | 3.12 | 1.49 | 1.93 | 1.59 | 2.18 | 2.14 |
Price to Tangible BV |
6.36 | 14.19 | 0.00 | 0.00 | 4.13 | 1.72 | 2.91 | 2.52 | 3.54 | 4.17 |
EV/Sales |
2.48 | 2.54 | 2.51 | 3.64 | 28.21 | 11.71 | 2.96 | 2.61 | 3.46 | 3.28 |
EV/EBITDA |
8.96 | 9.88 | 11.81 | 0.00 | 0.00 | 0.00 | 10.47 | 8.84 | 11.89 | 11.66 |
EV/Operating CF |
11.68 | 11.76 | 10.69 | 84.05 | (7.41) | (5.86) | 10.48 | 7.60 | 11.66 | 12.65 |
EV/FCF |
(20.86) | 28.74 | (28.78) | (11.22) | (5.68) | (4.28) | 103.02 | 31.04 | 81.49 | 92.96 |
Quick Ratio |
0.09 | 0.07 | 0.11 | 0.25 | 0.78 | 1.74 | 0.09 | 0.07 | 0.09 | 0.08 |
Current Ratio |
0.21 | 0.17 | 0.22 | 0.37 | 0.89 | 1.86 | 0.20 | 0.17 | 0.21 | 0.18 |
Net Debt/EBITDA |
5.29 | 5.29 | 7.53 | (17.09) | (5.97) | (3.10) | 3.59 | 3.54 | 3.90 | 4.57 |
Debt/Assets |
64.80% | 65.60% | 72.12% | 73.40% | 66.45% | 64.17% | 40.77% | 42.69% | 44.75% | 49.32% |
Debt/Equity |
6.61 | 9.19 | 46.74 | 198.59 | 5.12 | 2.71 | 1.04 | 1.09 | 1.10 | 1.41 |
Asset Turnover |
0.46 | 0.48 | 0.45 | 0.26 | 0.03 | 0.07 | 0.41 | 0.41 | 0.40 | 0.39 |
Operating CF/Net income |
4.94 | 2.25 | 12.07 | (0.09) | 0.55 | 0.64 | 1.96 | 2.17 | 2.11 | 2.00 |
Capex/Depreciation |
(2.80) | (1.24) | (3.11) | (2.20) | (0.99) | (1.28) | (2.53) | (2.76) | (2.63) | (2.45) |
Interest Coverage |
1.64 | 1.96 | 1.28 | (1.94) | (1.23) | (7.22) | 4.32 | 4.51 | 3.92 | 3.34 |
| 23.29% | 105.46% | 89.97% | (181.50%) | (132.81%) | (73.83%) | 14.91% | 16.30% | 14.77% | 15.22% | |
| 1.99% | 4.61% | 0.87% | (12.18%) | (24.28%) | (22.87%) | 5.83% | 6.52% | 5.61% | 5.02% | |
ROIC |
5.87% | 6.39% | 4.17% | (7.61%) | (12.15%) | (16.93%) | 5.64% | 6.20% | 5.52% | 5.35% |
Return on Tangible Assets |
2.87% | 7.56% | 1.42% | (20.03%) | (34.40%) | (26.65%) | 9.05% | 10.03% | 8.38% | 7.71% |
Average Days of Receivables |
10.83 | 8.53 | 11.96 | 24.59 | 657.62 | 5.87 | 4.24 | 3.33 | 2.97 | 4.73 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
15.76% | 15.14% | 15.69% | 28.47% | 137.57% | 58.23% | 15.09% | 14.83% | 14.34% | 13.67% |
Intangible Assets out of Total Assets |
0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.13 | 0.15 | 0.16 | 0.17 |
Share Based Compensation of Revenue |
0.90% | 0.97% | 1.39% | 2.34% | 19.15% | 8.70% | 1.47% | 1.92% | 1.61% | 1.36% |
Graham Net Nets |
(1.92) | (1.57) | (2.30) | (3.34) | (1.71) | (1.62) | (0.75) | (0.92) | (0.62) | (0.83) |
Graham Number |
10.21 | 12.38 | 2.46 | 0.00 | 0.00 | 0.00 | 54.28 | 50.80 | 43.46 | 35.41 |
Earnings Yield |
4.21% | 8.08% | 2.07% | (45.62%) | (59.79%) | (66.06%) | 7.40% | 10.12% | 6.06% | 6.52% |
Free Cash Flow Yield |
(11.69%) | 7.49% | (9.58%) | (31.61%) | (42.49%) | (54.07%) | 1.48% | 5.38% | 1.83% | 1.77% |
Revenue per Share |
21.91 | 21.78 | 20.14 | 11.54 | 1.77 | 5.02 | 30.07 | 27.15 | 23.66 | 21.46 |
Operating CF per Share |
4.66 | 4.71 | 4.73 | 0.50 | (6.75) | (10.04) | 8.48 | 9.31 | 7.02 | 5.57 |
Capex per Share |
(7.27) | (2.78) | (6.48) | (4.25) | (2.06) | (3.72) | (7.62) | (7.03) | (6.02) | (4.81) |
Free Cash Flow per Share |
(2.61) | 1.93 | (1.75) | (3.75) | (8.81) | (13.75) | 0.86 | 2.28 | 1.00 | 0.76 |
Cash per Share |
0.47 | 0.44 | 0.95 | 2.26 | 4.78 | 12.96 | 1.18 | 0.73 | 0.77 | 0.57 |
Shareholders Equity per Share |
4.93 | 3.27 | 0.71 | 0.16 | 6.66 | 17.09 | 30.31 | 26.74 | 25.21 | 19.98 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
4.93 | 3.27 | 0.71 | 0.16 | 6.66 | 17.09 | 30.31 | 26.74 | 25.21 | 19.98 |
Free Cash Flow |
(1,169.86) | 838.87 | (744.65) | (1,573.84) | (3,220.85) | (3,502.79) | 185.44 | 508.38 | 229.03 | 172.00 |
Working Capital |
(4,314.04) | (4,770.76) | (4,725.55) | (3,181.98) | (428.86) | 1,643.64 | (2,854.24) | (2,600.19) | (1,971.68) | (1,901.72) |
Capital Expenditures |
(3,259.61) | (1,210.95) | (2,750.36) | (1,783.86) | (752.84) | (946.54) | (1,637.17) | (1,566.80) | (1,372.21) | (1,092.09) |
Net Current Asset Value |
(19,192.97) | (17,534.27) | (17,879.03) | (16,616.23) | (12,995.62) | (10,487.67) | (9,438.87) | (8,692.66) | (7,826.77) | (8,025.09) |
EV/EBIT |
15.64 | 16.45 | 23.02 | 0.00 | 0.00 | 0.00 | 16.22 | 12.95 | 17.80 | 17.28 |
Capex to Sales |
0.33 | 0.13 | 0.32 | 0.37 | 1.16 | 0.74 | 0.25 | 0.26 | 0.25 | 0.22 |
Price to Operating Income |
6.41 | 7.64 | 8.35 | 0.00 | 0.00 | 0.00 | 10.66 | 7.75 | 11.95 | 10.50 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.06 | 0.06 | 0.05 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 | 0.05 | 0.04 |
Cash ROIC |
(6.87%) | 5.70% | (5.04%) | (10.75%) | (19.37%) | (18.00%) | 1.37% | 4.03% | 1.87% | 1.55% |
Accounts Receivable Turnover |
38.31 | 37.79 | 28.19 | 6.49 | 1.09 | 26.75 | 99.15 | 122.07 | 100.70 | 90.09 |
Accounts Payable Turnover |
33.10 | 32.94 | 27.13 | 18.48 | 10.17 | 18.41 | 28.14 | 31.71 | 67.01 | 68.28 |
Inventory Turnover |
39.17 | 37.02 | 35.70 | 31.97 | 16.03 | 19.04 | 39.47 | 39.19 | 41.30 | 45.81 |
Average Days of Payables |
10.98 | 10.98 | 11.64 | 19.57 | 52.93 | 17.92 | 10.04 | 17.25 | 6.37 | 4.87 |
Days of Inventory on Hand |
8.94 | 9.61 | 10.52 | 12.72 | 26.83 | 17.76 | 9.51 | 9.75 | 9.78 | 8.48 |
Average Receivables |
256.54 | 250.84 | 303.27 | 746.87 | 594.03 | 47.84 | 65.18 | 49.61 | 53.59 | 54.11 |
Average Payables |
170.38 | 172.72 | 201.54 | 230.96 | 158.15 | 91.96 | 130.17 | 106.50 | 45.72 | 41.75 |
Average Inventory |
143.95 | 153.68 | 153.18 | 133.46 | 100.29 | 88.90 | 92.81 | 86.16 | 74.19 | 62.21 |
Average Assets |
21,255.61 | 19,731.40 | 19,025.34 | 18,643.77 | 18,564.58 | 17,541.96 | 15,945.29 | 14,650.42 | 13,534.39 | 12,619.34 |
Average Common Equity |
1,817.66 | 863.12 | 184.70 | 1,250.62 | 3,393.38 | 5,434.84 | 6,239.29 | 5,856.38 | 5,143.75 | 4,159.30 |
Columns are period end dates