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Friday 6 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
+0.29%
EPS
+15.1%
Free cash flow
+85.5%
Total debt
+3.89%

Quarter to September 2026, against a year earlier

17.76 0.84 −4.52%
Market cap
$8.2B
P/E
9.8×
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 Valuation Filings

Norwegian Cruise Line Holdings Ltd. (NCLH) valuation and DCF model

What the price implies · reverse DCF

At $17.76 the price implies revenue of $29.75 billion by year ten, growing 11.3% a year, at a 10% free-cash-flow margin then.

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
11.3% a year for ten years
$17.76
today’s price
Its base case
8.5% a year for five years, then 5.1%
$0.85
95.2% below today’s price

Both are growth in revenue, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Norwegian Cruise Line Holdings Ltd.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Revenue and margin
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in revenue. It usually slows as the company matures.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Norwegian Cruise Line Holdings Ltd.’s own cost of capital: risk-free 4.3% + beta 1.97 × equity premium 4.5% = 13.2% cost of equity; weighted, 13.2%.

Use 13.2%
Equity value $399.14m ▼ below market cap $8.29b
Base case value per share $0.85 equity value ÷ 467.06m shares
Current price $17.76 market price per share
Below today’s price 95.2% downside at the base case’s assumptions

How we got there$2.17b 10 years of cash to equity+$13.06b terminal value−$14.83b net debt=$399.14m equity value÷467.06m shares=$0.85 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Travel Services).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 9.81× 21.53× 18.67× 47% below 19.05× 48% below
P/FCF — 42.17× 42.17× — 13.14× —
P/B 2.59× 22.68× 12.37× 79% below 2.71× 5% below
EV/EBITDA 8.62× 9.95× 10.27× 16% below 13.28× 35% below
EV/Sales 2.26× 2.69× 6.24× 64% below 3.26× 31% below
P/E P/FCF P/B EV/EBITDA EV/Sales
8.50×9.64×10.77×11.91×10Y avg 10.27×20162017201820192023202420252026

NCLH trades at 8.62× EV/EBITDA, against a 10-year average of 10.27× (range 8.62×–11.89×). That is cheaper than 100% of the last 7 year-end readings; re-rating to the average implies $27.23 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.