A Business at a Glance
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Norwegian Cruise Line Holdings Ltd.
NCLH
$8.9B
Mkt Cap
$19.37
+3.53%
Norwegian Cruise Line Holdings Ltd. (NCLH) has a current P/E ratio of 20.9, compared to its historical median P/E of 15.4. The stock is currently considered Fair based on its historical valuation range.
Norwegian Cruise Line Holdings Ltd. (NCLH) has a 5-year average return on invested capital (ROIC) of -5.0%. This is below average and may indicate limited pricing power.
Norwegian Cruise Line Holdings Ltd. (NCLH) has a market capitalization of $8.9B. It is classified as a mid-cap stock.
Norwegian Cruise Line Holdings Ltd. (NCLH) does not currently pay a regular dividend.
Based on historical P/E analysis, Norwegian Cruise Line Holdings Ltd. (NCLH) appears fair. The current P/E of 20.9 is 35% above its historical median of 15.4. The estimated fair value CAGR (P/E method) is -21.9%.
Norwegian Cruise Line Holdings Ltd. (NCLH) operates in the Water Transportation industry, within the Industrials sector.
Norwegian Cruise Line Holdings (NCLH) is a leading global cruise operator managing three distinct brands—Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises—with a combined fleet of 34 ships offering approximately 71,400 berths as of December 31, 2025. The company operates itineraries to approximately 700 ports worldwide, including Europe, Asia, Australia, the Caribbean, Alaska, and Hawaii, with each brand targeting different guest demographics: Norwegian focuses on families and diverse travelers with varied accommodations and entertainment; Oceania emphasizes destination-focused, upscale experiences with award-winning dining; and Regent offers all-inclusive luxury voyages with unlimited shore excursions and premium amenities. NCLH generates revenue through two primary streams: passenger ticket revenue (cruise fares bundled with varying levels of onboard activities, meals, and amenities) and onboard and other revenue (casino operations, specialty dining, shore excursions, retail, and spa services, with certain concessions managed by third-party partners). The business model is seasonal, with peak demand during Northern Hemisphere summer months, and the company maintains a disciplined approach to capacity growth while pursuing yield optimization and cost control, supported by sophisticated revenue management systems and strong relationships with travel partners. NCLH operates two private destinations—Great Stirrup Cay in The Bahamas and Harvest Caye in Belize—which enhance guest experiences and provide stable operating environments, and competes primarily with Carnival and Royal Caribbean, as well as land-based vacation alternatives.
【Operational turnaround and cost discipline】 Management is executing a comprehensive business review to realign deployment, marketing, pricing, and revenue management systems following execution missteps in 2025, with particular focus on correcting commercial strategy at the Norwegian brand while maintaining strong performance at luxury brands. The company expects net yields to decline 3%–5% in 2026 due to macroeconomic headwinds, European market softness, and prior-year booking curve challenges, though management anticipates gradual improvement as commercial execution improves and new amenities at Great Stirrup Cay drive demand. Cost discipline remains a structural priority, with the company targeting approximately $125 million in annualized savings from organizational optimization and marketing efficiency reductions, positioning adjusted net cruise cost ex-fuel growth at approximately flat for 2026 and sub-inflationary for a third consecutive year despite near-term pressures from Middle East-related logistics costs. Deleveraging is the top financial priority, with management expecting net leverage to remain approximately flat at 5.2x in 2026 as new ship deliveries temporarily increase reported leverage, but anticipating resumed downward trajectory as new vessels ramp and contribute to EBITDA; the company expects gross new build and growth capital expenditure to decline by nearly $1 billion annually starting in 2026, materially improving free cash flow generation and accelerating deleveraging.
| Metric | Target | Period |
|---|---|---|
| Net Yield | decline of 3%–5% | FY2026 |
| Adjusted Net Cruise Cost Ex-Fuel | approximately flat | FY2026 |
| Adjusted EBITDA | $2.48 billion to $2.64 billion | FY2026 |
| Adjusted EPS | $1.45 to $1.79 | FY2026 |
| Fuel Expense | approximately $800 million | FY2026 |
| Salary and Benefits Cost Reduction | approximately 15% on an annualized basis | FY2026 |
| Capacity Days Growth | 7% | FY2026 |
| Gross New Build and Growth CapEx Decline | nearly $1 billion per year | FY2026 onwards |
| Net Leverage | approximately 5.2x | FY2026 |
Net Yield (FY2026): “Looking to the full year, we expect net yields to decline 3%-5%.”
Adjusted Net Cruise Cost Ex-Fuel (FY2026): “we now expect full-year Adjusted Net Cruise Cost ex-fuel to be approximately flat for the year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 10.0B | 9.8B | 9.5B | 8.5B | 4.8B | - |
| Net Income | 568M | 423M | 910M | 166M | -2.3B | -4.5B |
| EPS | $1.25 | $0.92 | $1.89 | $0.39 | $-5.41 | $-12.33 |
| Free Cash Flow | -949M | -1.2B | 839M | -745M | -1.6B | -3.2B |
| ROIC | 9.0% | 9.4% | 9.5% | 6.1% | -17.9% | -32.2% |
| Gross Margin | - | 42.6% | 40.0% | 36.0% | 11.9% | - |
| Debt/Equity | 6.23 | 7.01 | 10.12 | 52.54 | 213.04 | 5.48 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.6B | 1.6B | 1.5B | 931M | -1.6B | -2.6B |
| Operating Margin | 15.9% | 15.9% | 15.5% | 10.9% | -32.0% | - |
| ROE | 23.4% | 23.3% | 63.9% | 55.2% | -3309.3% | -185.3% |
| Shares Outstanding | 459M | 460M | 482M | 426M | 420M | 365M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.1B | 4.3B | 4.9B | 5.4B | 6.1B | N/A | N/A | N/A | 4.8B | 8.5B | 9.5B | 9.8B | 10.0B |
| Gross Margin | 38.4% | 38.2% | 41.6% | 43.2% | 44.7% | N/A | N/A | N/A | 11.9% | 36.0% | 40.0% | 42.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 403M | 555M | 666M | 774M | 898M | 975M | 745M | 891M | 1.4B | 1.3B | 1.4B | 1.5B | 1.6B |
| EBIT | 503M | 702M | 925M | 1.0B | 1.2B | 1.2B | -3.5B | -2.6B | -1.6B | 931M | 1.5B | 1.6B | 1.6B |
| Op. Margin | 16.1% | 16.2% | 19.0% | 19.4% | 20.1% | N/A | N/A | N/A | -32.0% | 10.9% | 15.5% | 15.9% | 15.9% |
| Net Income | 338M | 427M | 633M | 760M | 955M | 930M | -4.0B | -4.5B | -2.3B | 166M | 910M | 423M | 568M |
| Net Margin | 10.8% | 9.8% | 13.0% | 14.1% | 15.8% | N/A | N/A | N/A | -46.9% | 1.9% | 9.6% | 4.3% | 5.7% |
| Non-Recurring | 0 | 15M | 0 | 0 | 0 | 0 | 1.3B | 1.3B | 1.3B | 1.3B | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.6% | 7.1% | 8.8% | 9.1% | 9.4% | 9.3% | -28.1% | -32.2% | -17.9% | 6.1% | 9.5% | 9.4% | 9.0% |
| ROE | 11.0% | 11.7% | 15.2% | 14.8% | 16.0% | 14.9% | -73.8% | -185.3% | -3309.3% | 55.2% | 63.9% | 23.3% | 23.4% |
| ROA | 3.7% | 3.6% | 5.0% | 5.6% | 6.3% | 5.8% | -22.9% | -24.1% | -12.2% | 0.9% | 4.6% | 2.0% | 2.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 636M | 1.0B | 1.3B | 1.6B | 2.1B | 1.8B | -2.6B | -2.5B | 210M | 2.0B | 2.0B | 2.1B | 2.2B |
| Free Cash Flow | -329M | -80M | 172M | 229M | 508M | 185M | -3.5B | -3.2B | -1.6B | -745M | 839M | -1.2B | -949M |
| Owner Earnings | 316M | 550M | 752M | 993M | 1.4B | 1.1B | -3.4B | -3.4B | -714M | 1.0B | 985M | 839M | 938M |
| CapEx | 965M | 1.1B | 1.1B | 1.4B | 1.6B | 1.6B | 947M | 753M | 1.8B | 2.8B | 1.2B | 3.3B | 3.2B |
| Maint. CapEx | 305M | 450M | 446M | 521M | 567M | 647M | 740M | 759M | 810M | 883M | 974M | 1.2B | 1.2B |
| Growth CapEx | 660M | 672M | 646M | 851M | 1000M | 990M | 207M | 0 | 974M | 1.9B | 237M | 2.1B | 2.0B |
| D&A | 305M | 450M | 446M | 521M | 567M | 647M | 740M | 759M | 810M | 883M | 974M | 1.2B | 1.2B |
| CapEx/OCF | 151.8% | 107.7% | 86.4% | 85.7% | 75.5% | 89.8% | N/A | N/A | 849.4% | 137.1% | 59.1% | 156.0% | 142.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 82M | 107M | 50M | 0 | 665M | 350M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.8% | 0.8% | 0.5% | N/A | 7.0% | 2.7% | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 15M | 42M | 66M | 87M | 116M | 95M | 111M | 124M | 114M | 119M | 92M | 88M | 91M |
| Debt Repayment | 1.7B | 1.6B | 3.7B | 1.9B | 1.7B | 3.8B | 892M | 2.1B | 1.8B | 3.8B | 2.2B | 8.2B | 8.2B |
| Balance Sheet | |||||||||||||
| Net Debt | 6.0B | 6.3B | 6.3B | 6.1B | 6.8B | 6.5B | 8.5B | 11.6B | 12.7B | 15.0B | 14.0B | 15.1B | 15.0B |
| Cash & Equiv. | 85M | 116M | 128M | 176M | 164M | 253M | 3.3B | 1.5B | 947M | 402M | 191M | 210M | 185M |
| Long-Term Debt | 5.5B | 5.8B | 5.8B | 5.7B | 5.8B | 6.1B | 11.7B | 11.6B | 12.6B | 12.3B | 11.8B | 13.7B | 14.0B |
| Debt/Equity | 1.73 | 1.69 | 1.41 | 1.10 | 1.20 | 1.04 | 2.71 | 5.48 | 213.04 | 52.54 | 10.12 | 7.01 | 6.23 |
| Interest Coverage | 3.3 | 3.2 | 3.3 | 3.9 | 4.5 | 4.3 | -7.2 | -1.2 | -1.9 | 1.3 | 2.0 | 1.6 | 1.6 |
| Equity | 3.5B | 3.8B | 4.5B | 5.7B | 6.0B | 6.5B | 4.4B | 2.4B | 69M | 301M | 1.4B | 2.2B | 2.4B |
| Total Assets | 11.5B | 12.3B | 13.0B | 14.1B | 15.2B | 16.7B | 18.4B | 18.7B | 18.6B | 19.5B | 20.0B | 22.5B | 23.8B |
| Total Liabilities | 8.0B | 8.5B | 8.4B | 8.3B | 9.2B | 10.2B | 14.0B | 16.3B | 18.5B | 19.2B | 18.5B | 20.3B | 21.4B |
| Intangibles | 818M | 818M | 818M | 818M | 818M | 818M | 501M | 501M | 501M | 501M | 501M | 501M | 501M |
| Retained Earnings | 141M | 568M | 1.2B | 2.0B | 2.9B | 3.8B | -295M | -4.8B | -7.1B | -6.9B | -6.0B | -5.6B | -5.5B |
| Working Capital | -1.8B | -2.0B | -1.9B | -2.0B | -2.6B | -2.9B | 1.6B | -429M | -3.2B | -4.7B | -4.8B | -4.3B | -4.9B |
| Current Assets | 284M | 340M | 411M | 518M | 550M | 730M | 3.6B | 3.3B | 1.9B | 1.3B | 1.0B | 1.1B | 1.3B |
| Current Liabilities | 2.1B | 2.4B | 2.3B | 2.5B | 3.2B | 3.6B | 1.9B | 3.7B | 5.1B | 6.0B | 5.8B | 5.5B | 6.2B |
| Per Share Data | |||||||||||||
| EPS | 1.62 | 1.86 | 2.78 | 3.31 | 4.25 | 4.30 | -15.75 | -12.33 | -5.41 | 0.39 | 1.89 | 0.92 | 1.25 |
| Owner EPS | 1.51 | 2.39 | 3.30 | 4.32 | 6.20 | 4.99 | -13.37 | -9.17 | -1.70 | 2.36 | 2.04 | 1.82 | 2.04 |
| Book Value | 16.85 | 16.46 | 19.93 | 25.05 | 26.54 | 30.12 | 17.09 | 6.66 | 0.16 | 0.71 | 2.96 | 4.80 | 5.30 |
| Cash Flow/Share | 3.04 | 4.54 | 5.55 | 6.98 | 9.24 | 8.43 | -10.03 | -6.75 | 0.50 | 4.71 | 4.26 | 4.54 | 3.84 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 208.9M | 229.6M | 227.7M | 229.6M | 224.7M | 216.3M | 254.8M | 365.5M | 419.6M | 426.1M | 481.6M | 460.1M | 459.1M |
| Valuation | |||||||||||||
| P/E Ratio | 29.3 | 31.2 | 15.4 | 16.2 | 9.9 | 13.7 | N/A | N/A | N/A | 52.5 | 13.6 | 24.8 | 15.5 |
| P/FCF | N/A | N/A | 56.8 | 53.7 | 18.6 | 69.0 | N/A | N/A | N/A | N/A | 14.8 | N/A | N/A |
| EV/EBIT | 32.8 | 28.8 | 17.3 | 17.7 | 13.4 | 16.8 | N/A | N/A | N/A | 25.5 | 18.0 | 16.4 | 15.0 |
| Price/Book | 2.8 | 3.5 | 2.2 | 2.1 | 1.6 | 2.0 | 1.5 | 3.3 | 74.3 | 29.0 | 8.7 | 4.7 | 3.7 |
| Price/Sales | 2.3 | 2.9 | 2.0 | 2.2 | 1.9 | N/A | N/A | N/A | 1.4 | 0.8 | 1.0 | 1.0 | 0.9 |
| FCF Yield | -3.3% | -0.6% | 1.8% | 1.9% | 5.4% | 1.5% | -53.9% | -40.2% | -30.9% | -8.5% | 6.8% | -11.1% | -10.7% |
| Market Cap | 9.9B | 13.3B | 9.8B | 12.3B | 9.4B | 12.8B | 6.5B | 8.0B | 5.1B | 8.7B | 12.4B | 10.5B | 8.9B |
| Avg. Price | 35.03 | 54.77 | 43.81 | 52.76 | 52.45 | 52.53 | 23.04 | 26.56 | 16.44 | 16.14 | 19.78 | 21.87 | 19.37 |
| Year-End Price | 47.48 | 58.02 | 42.93 | 53.61 | 41.98 | 59.11 | 25.53 | 21.91 | 12.14 | 20.47 | 25.75 | 22.81 | 19.37 |
Norwegian Cruise Line Holdings Ltd. passes 1 of 9 quality checks, indicating weak fundamentals.
Norwegian Cruise Line Holdings Ltd. trades at 20.9x trailing earnings, compared to its 15-year median P/E of 15.4x, suggesting it is currently Fair relative to its historical range. The company's 5-year average gross margin is 32.6%. At current prices, the estimated annualized return to fair value is +22.0%.
Norwegian Cruise Line Holdings Ltd. (NCLH) reported annual revenue of $9.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Norwegian Cruise Line Holdings Ltd. (NCLH) has a net profit margin of 4.3%. This is a modest margin.
Norwegian Cruise Line Holdings Ltd. (NCLH) generated $-1.2 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Norwegian Cruise Line Holdings Ltd. (NCLH) has a debt-to-equity ratio of 7.01. This indicates higher leverage, which may increase financial risk.
Norwegian Cruise Line Holdings Ltd. (NCLH) reported earnings per share (EPS) of $0.92 in its most recent fiscal year.
Norwegian Cruise Line Holdings Ltd. (NCLH) has a return on equity (ROE) of 23.3%. This indicates the company generates strong returns for shareholders.
Norwegian Cruise Line Holdings Ltd. (NCLH) has a 5-year average gross margin of 32.6%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for Norwegian Cruise Line Holdings Ltd. (NCLH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Norwegian Cruise Line Holdings Ltd. (NCLH) has a book value per share of $4.80, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a comprehensive business review to realign deployment, marketing, pricing, and revenue management systems following execution missteps in 2025, with particular focus on correcting commercial strategy at the Norwegian brand while maintaining strong performance at luxury brands. The company expects net yields to decline 3%–5% in 2026 due to macroeconomic headwinds, European market softness, and prior-year booking curve challenges, though management anticipates gradual improvement as commercial execution improves and new amenities at Great Stirrup Cay drive demand. Cost discipline remains a structural priority, with the company targeting approximately $125 million in annualized savings from organizational optimization and marketing efficiency reductions, positioning adjusted net cruise cost ex-fuel growth at approximately flat for 2026 and sub-inflationary for a third consecutive year despite near-term pressures from Middle East-related logistics costs. Deleveraging is the top financial priority, with management expecting net leverage to remain approximately flat at 5.2x in 2026 as new ship deliveries temporarily increase reported leverage, but anticipating resumed downward trajectory as new vessels ramp and contribute to EBITDA; the company expects gross new build and growth capital expenditure to decline by nearly $1 billion annually starting in 2026, materially improving free cash flow generation and accelerating deleveraging.
Based on recent SEC filings and earnings calls, Norwegian Cruise Line Holdings Ltd. (NCLH) has provided the following forward guidance: Net Yield: decline of 3%–5% (FY2026); Adjusted Net Cruise Cost Ex-Fuel: approximately flat (FY2026); Adjusted EBITDA: $2.48 billion to $2.64 billion (FY2026); Adjusted EPS: $1.45 to $1.79 (FY2026); Fuel Expense: approximately $800 million (FY2026), plus 4 additional metrics.
Adjusted EBITDA (FY2026): “we are reducing our full-year adjusted EBITDA guidance to between $2.48 billion and $2.64 billion”
Adjusted EPS (FY2026): “our adjusted EPS guidance to between $1.45 and $1.79.”
Fuel Expense (FY2026): “we now expect fuel expense to be approximately $800 million based on the current spot prices.”
Salary and Benefits Cost Reduction (FY2026): “we expect our salary and benefits costs to decrease by approximately 15% on an annualized basis.”
Capacity Days Growth (FY2026): “with capacity days expected to increase 7% in 2026.”
Gross New Build and Growth CapEx Decline (FY2026 onwards): “we expect gross new build and growth CapEx to decline by nearly $1 billion per year”