A Business at a Glance
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Item 1. Business History and Development of the Company Norwegian commenced operations from Miami, Florida in 1966, launching the modern cruise industry by offering weekly departures from Miami, Florida to destinations in the Caribbean. In February 2011, NCLH, a Bermuda limited company, was formed. In January 2013, NCLH completed its initial public offering and the ordinary shares of NCLC were exchanged for the ordinary shares of NCLH, and NCLH became the owner of 100% of the ordinary shares and parent company of NCLC. In November 2014, we completed the acquisition of PCI. In late 2023, in response to the Organisation for Economic Co-operation and Development (“OECD”)’s BEPS 2.0 Pillar 2 global tax reform, the Company restructured its organizational structure by realigning many of its operations across its three different brands into a single jurisdiction, Bermuda.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 9.8B | 9.8B | 9.5B | 8.5B | 4.8B | - |
| Net Income | 423M | 423M | 910M | 166M | -2.3B | -4.5B |
| EPS | $0.92 | $0.92 | $1.89 | $0.39 | $-5.41 | $-12.33 |
| Free Cash Flow | -1.2B | -1.2B | 839M | -745M | -1.6B | -3.2B |
| ROIC | 8.8% | 9.4% | 9.5% | 6.1% | -17.9% | -32.2% |
| Gross Margin | 42.6% | 42.6% | 40.0% | 36.0% | 11.9% | - |
| Debt/Equity | 7.01 | 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 | 19.2% | 23.3% | 63.9% | 55.2% | -3309.3% | -185.3% |
| Shares Outstanding | 460M | 460M | 482M | 426M | 420M | 365M |
Norwegian Cruise Line Holdings Ltd. passes 1 of 9 quality checks, indicating weak fundamentals.
Norwegian Cruise Line Holdings Ltd. trades at 22.0x 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) has a current P/E ratio of 22.0, 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 $9.3B. 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 22.0 is 43% above its historical median of 15.4. The estimated fair value CAGR (P/E method) is -22.6%.
Norwegian Cruise Line Holdings Ltd. (NCLH) operates in the Water Transportation industry, within the Industrials sector.
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.