Norwegian Cruise Line Holdings Ltd. (NCLH) 10-Year Financial Performance & Capital Metrics

NCLH • • Industrial / General

Consumer CyclicalTravel ServicesCruise OperatorsMajor Cruise Lines

AboutNorwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. The company operates the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. It offers itineraries ranging from three days to a 180-days calling on various locations, including destinations in Scandinavia, Russia, the Mediterranean, the Greek Isles, Alaska, Canada and New England, Hawaii, Asia, Tahiti and the South Pacific, Australia and New Zealand, Africa, India, South America, the Panama Canal, and the Caribbean. As of December 31, 2021, the company had 28 ships with approximately 59,150 berths. It distributes its products through retail/travel advisor and onboard cruise sales channels, as well as meetings, incentives, and charters. Norwegian Cruise Line Holdings Ltd. was founded in 1966 and is based in Miami, Florida.Show more

Revenue $9.48B +10.9%
EBITDA $2.44B +34.5%
Net Income $910M +447.8%
EPS (Diluted) 1.89 +384.6%
Gross Margin 39.99% +11.0%
EBITDA Margin 25.73% +21.3%
Operating Margin 15.46% +42.0%
Net Margin 9.6% +394.0%
ROE 105.46% +17.2%
ROIC 7.55% +44.4%
Debt/Equity 9.76 -79.1%
Interest Coverage 1.96 +53.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 9.8x
✗Weak 3Y average ROE of 4.6%
✗Shares diluted 20.5% in last year

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y11.73%

5Y7.96%

3Y144.57%

TTM3.59%

Profit (Net Income) CAGR

10Y10.4%

5Y-0.43%

3Y-

TTM20.81%

EPS CAGR

10Y1.55%

5Y-15.16%

3Y-

TTM25.02%

ROCE

10Y Avg1.22%

5Y Avg-6.63%

3Y Avg2.21%

Latest10.61%

Peer Comparison

Major Cruise Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RCLRoyal Caribbean Cruises Ltd.	75.84B	278.11	25.42	18.6%	23.35%	39.57%	2.63%	2.69
NCLHNorwegian Cruise Line Holdings Ltd.	10.41B	22.87	12.10	10.87%	6.85%	30.26%	8.06%	9.76

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.35B	4.87B	5.4B	6.06B	6.46B	1.28B	647.99M	4.84B	8.55B	9.48B
Revenue Growth %	0.39%	0.12%	0.11%	0.12%	0.07%	-0.8%	-0.49%	6.48%	0.77%	0.11%
Cost of Goods Sold+	2.66B	2.85B	3.06B	3.38B	3.66B	1.69B	1.61B	4.27B	5.47B	5.69B
COGS % of Revenue	0.61%	0.58%	0.57%	0.56%	0.57%	1.32%	2.48%	0.88%	0.64%	0.6%
Gross Profit+	1.69B	2.02B	2.33B	2.68B	2.8B	-413.15M	-960.05M	576.67M	3.08B	3.79B
Gross Margin %	0.39%	0.42%	0.43%	0.44%	0.43%	-0.32%	-1.48%	0.12%	0.36%	0.4%
Gross Profit Growth %	0.43%	0.2%	0.15%	0.15%	0.05%	-1.15%	-1.32%	1.6%	4.34%	0.23%
Operating Expenses+	987.11M	1.1B	1.28B	1.46B	1.62B	3.07B	1.59B	2.13B	2.15B	2.33B
OpEx % of Revenue	0.23%	0.23%	0.24%	0.24%	0.25%	2.4%	2.46%	0.44%	0.25%	0.25%
Selling, General & Admin	555M	666.16M	773.75M	897.93M	974.85M	745.35M	891.45M	1.38B	1.34B	1.43B
SG&A % of Revenue	0.13%	0.14%	0.14%	0.15%	0.15%	0.58%	1.38%	0.28%	0.16%	0.15%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	432.11M	432.5M	509.96M	561.06M	646.19M	2.33B	700.85M	749.33M	808.57M	890.24M
Operating Income+	702.49M	925.46M	1.05B	1.22B	1.18B	-3.48B	-2.55B	-1.55B	930.91M	1.47B
Operating Margin %	0.16%	0.19%	0.19%	0.2%	0.18%	-2.72%	-3.94%	-0.32%	0.11%	0.15%
Operating Income Growth %	0.4%	0.32%	0.13%	0.16%	-0.03%	-3.96%	0.27%	0.39%	1.6%	0.57%
EBITDA+	1.15B	1.37B	1.57B	1.78B	1.82B	-2.74B	-1.79B	-741.7M	1.81B	2.44B
EBITDA Margin %	0.27%	0.28%	0.29%	0.29%	0.28%	-2.14%	-2.77%	-0.15%	0.21%	0.26%
EBITDA Growth %	0.43%	0.19%	0.15%	0.13%	0.02%	-2.51%	0.35%	0.59%	3.45%	0.34%
D&A (Non-Cash Add-back)	450.33M	449.22M	525.56M	563.51M	644.04M	739.62M	758.6M	810.05M	883.24M	973.51M
EBIT	655.82M	921.11M	1.04B	1.24B	1.17B	-3.52B	-2.43B	-1.48B	890.71M	1.52B
Net Interest Income+	-221.91M	-276.86M	-267.8M	-270.4M	-257.34M	-482.31M	-2.07B	-801.51M	-727.53M	-747.22M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	221.91M	276.86M	267.8M	270.4M	257.34M	482.31M	2.07B	801.51M	727.53M	747.22M
Other Income/Expense	-268.58M	-285.16M	-278.2M	-249.75M	-266.71M	-515.91M	-1.95B	-724.95M	-767.74M	-693M
Pretax Income+	433.91M	640.3M	770.61M	969.31M	911.37M	-4B	-4.5B	-2.28B	163.18M	772.91M
Pretax Margin %	0.1%	0.13%	0.14%	0.16%	0.14%	-3.13%	-6.95%	-0.47%	0.02%	0.08%
Income Tax+	6.77M	7.22M	10.74M	14.47M	-18.86M	12.47M	5.27M	-6.79M	-3M	-137.35M
Effective Tax Rate %	0.98%	0.99%	0.99%	0.99%	1.02%	1%	1%	1%	1.02%	1.18%
Net Income+	427.14M	633.09M	759.87M	954.84M	930.23M	-4.01B	-4.51B	-2.27B	166.18M	910.26M
Net Margin %	0.1%	0.13%	0.14%	0.16%	0.14%	-3.14%	-6.95%	-0.47%	0.02%	0.1%
Net Income Growth %	0.26%	0.48%	0.2%	0.26%	-0.03%	-5.31%	-0.12%	0.5%	1.07%	4.48%
Net Income (Continuing)	427.14M	633.09M	759.87M	954.84M	930.23M	-4.01B	-4.51B	-2.27B	166.18M	910.26M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.86	2.78	3.31	4.25	4.30	-15.75	-12.33	-5.41	0.39	1.89
EPS Growth %	0.15%	0.49%	0.19%	0.28%	0.01%	-4.66%	0.22%	0.56%	1.07%	3.85%
EPS (Basic)	1.89	2.79	3.33	4.28	4.33	-15.75	-12.33	-5.41	0.39	2.09
Diluted Shares Outstanding	230.04M	227.85M	229.57M	224.42M	216.48M	254.73M	365.45M	419.77M	427.4M	515.03M
Basic Shares Outstanding	229.64M	227.73M	229.42M	223M	214.93M	254.73M	365.45M	419.77M	424.42M	435.28M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	340.41M	411.09M	518.34M	550.31M	730.14M	3.56B	3.3B	1.87B	1.31B	1.01B
Cash & Short-Term Investments	115.94M	128.35M	176.19M	163.85M	252.88M	3.3B	1.75B	946.99M	402.42M	190.76M
Cash Only	115.94M	128.35M	176.19M	163.85M	252.88M	3.3B	1.51B	946.99M	402.42M	190.76M
Short-Term Investments	0	0	0	0	0	0	240M	0	0	0
Accounts Receivable	45M	63.22M	43.96M	55.25M	75.11M	20.58M	1.17B	326.27M	280.27M	221.41M
Days Sales Outstanding	3.78	4.73	2.97	3.33	4.24	5.87	657.62	24.59	11.96	8.53
Inventory	58.17M	66.25M	82.12M	90.2M	95.43M	82.38M	118.2M	148.72M	157.65M	149.72M
Days Inventory Outstanding	8	8.48	9.78	9.75	9.51	17.76	26.83	12.72	10.52	9.61
Other Current Assets	0	0	0	0	0	0	0	450.89M	472.82M	448.21M
Total Non-Current Assets+	11.92B	12.56B	13.58B	14.66B	15.95B	14.84B	15.43B	16.68B	18.18B	18.96B
Property, Plant & Equipment	9.46B	10.12B	11.04B	12.12B	13.37B	13.41B	13.53B	14.52B	16.43B	16.81B
Fixed Asset Turnover	0.46x	0.48x	0.49x	0.50x	0.48x	0.10x	0.05x	0.33x	0.52x	0.56x
Goodwill	1.39B	1.39B	1.39B	1.39B	1.39B	98.13M	98.13M	98.13M	98.13M	135.76M
Intangible Assets	929.59M	908.09M	872.43M	846.26M	827.77M	500.52M	500.52M	500.52M	500.52M	500.52M
Long-Term Investments	0	0	0	0	0	0	0	0	0	650K
Other Non-Current Assets	147.03M	148.11M	274.69M	301.21M	365.81M	831.89M	1.3B	1.57B	1.15B	1.51B
Total Assets+	12.26B	12.97B	14.09B	15.21B	16.68B	18.4B	18.73B	18.56B	19.49B	19.97B
Asset Turnover	0.35x	0.38x	0.38x	0.40x	0.39x	0.07x	0.03x	0.26x	0.44x	0.47x
Asset Growth %	0.06%	0.06%	0.09%	0.08%	0.1%	0.1%	0.02%	-0.01%	0.05%	0.02%
Total Current Liabilities+	2.37B	2.31B	2.49B	3.15B	3.58B	1.91B	3.73B	5.05B	6.04B	5.78B
Accounts Payable	51.37M	38M	53.43M	159.56M	100.78M	83.14M	233.17M	228.74M	174.34M	171.11M
Days Payables Outstanding	7.06	4.87	6.37	17.25	10.04	17.92	52.93	19.57	11.64	10.98
Short-Term Debt	629.84M	560.19M	619.37M	681.22M	746.36M	124.89M	876.89M	991.13M	1.74B	1.32B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	0	0	0	-27.31M
Current Ratio	0.14x	0.18x	0.21x	0.17x	0.20x	1.86x	0.89x	0.37x	0.22x	0.17x
Quick Ratio	0.12x	0.15x	0.18x	0.15x	0.18x	1.82x	0.85x	0.34x	0.19x	0.15x
Cash Conversion Cycle	4.72	8.35	6.39	-4.17	3.71	5.71	631.52	17.74	10.85	7.15
Total Non-Current Liabilities+	6.12B	6.12B	5.86B	6.09B	6.58B	12.13B	12.57B	13.43B	13.15B	12.76B
Long-Term Debt	5.77B	5.84B	5.69B	5.81B	6.06B	11.68B	11.57B	12.63B	12.31B	11.78B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	788.67M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	349.66M	284.87M	166.69M	281.6M	529.29M	450.07M	997.05M	803.85M	839.34M	198.12M
Total Liabilities	8.48B	8.44B	8.35B	9.24B	10.17B	14.05B	16.3B	18.49B	19.19B	18.54B
Total Debt+	6.4B	6.4B	6.31B	6.49B	6.8B	11.81B	12.45B	13.62B	14.06B	13.92B
Net Debt	6.28B	6.27B	6.13B	6.33B	6.55B	8.51B	10.94B	12.67B	13.66B	13.73B
Debt / Equity	1.69x	1.41x	1.10x	1.09x	1.04x	2.71x	5.12x	198.59x	46.74x	9.76x
Debt / EBITDA	5.55x	4.65x	4.01x	3.64x	3.73x	-	-	-	7.75x	5.70x
Net Debt / EBITDA	5.45x	4.56x	3.89x	3.55x	3.59x	-	-	-	7.53x	5.63x
Interest Coverage	3.17x	3.34x	3.92x	4.51x	4.58x	-7.22x	-1.23x	-1.94x	1.28x	1.96x
Total Equity+	3.78B	4.54B	5.75B	5.96B	6.52B	4.35B	2.43B	68.59M	300.81M	1.43B
Equity Growth %	0.07%	0.2%	0.27%	0.04%	0.09%	-0.33%	-0.44%	-0.97%	3.39%	3.74%
Book Value per Share	16.44	19.92	25.05	26.57	30.10	17.09	6.66	0.16	0.70	2.77
Total Shareholders' Equity	3.78B	4.54B	5.75B	5.96B	6.52B	4.35B	2.43B	68.59M	300.81M	1.43B
Common Stock	232K	232K	233K	235K	237K	316K	417K	421K	425K	440K
Retained Earnings	568.02M	1.2B	1.96B	2.9B	3.83B	-295.45M	-4.8B	-7.07B	-6.9B	-5.99B
Treasury Stock	-189.26M	-239.25M	-239.25M	-904.07M	-1.25B	0	0	0	0	0
Accumulated OCI	-412.65M	-314.47M	26.97M	-161.65M	-295.49M	-240.12M	-285.09M	-477.08M	-508.44M	-507.04M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.04B	1.24B	1.59B	2.08B	1.82B	-2.56B	-2.47B	210.02M	2.01B	2.05B
Operating CF Margin %	0.24%	0.25%	0.29%	0.34%	0.28%	-2%	-3.81%	0.04%	0.23%	0.22%
Operating CF Growth %	0.64%	0.19%	0.28%	0.31%	-0.12%	-2.4%	0.03%	1.09%	8.55%	0.02%
Net Income	427.14M	633.09M	759.87M	954.84M	930.23M	-4.01B	-4.51B	-2.27B	166.18M	910.26M
Depreciation & Amortization	450.33M	445.63M	521.48M	566.97M	647.1M	739.62M	758.6M	810.05M	883.24M	973.51M
Stock-Based Compensation	42.21M	66.41M	87.04M	115.98M	95.06M	111.3M	124.08M	113.56M	118.94M	91.78M
Deferred Taxes	1.27M	-2.45M	9.15M	1.51M	-26.13M	12.77M	78K	-1.24M	0	0
Other Non-Cash Items	-9.42M	22.88M	9.03M	6.38M	11.2M	1.67B	1.36B	197.93M	27.99M	-151.17M
Working Capital Changes	132.19M	74.11M	199.16M	429.49M	165.16M	-1.08B	-204.09M	1.36B	809.37M	225.44M
Change in Receivables	-14.8M	-20.98M	15.05M	-15.89M	-14.1M	30.8M	-1.16B	828.66M	39.65M	49.3M
Change in Inventory	-4.41M	-9.18M	-17.13M	-9.05M	-6.16M	10.55M	-37.48M	-33.61M	-11.04M	6.95M
Change in Payables	-50.73M	-5.75M	14.05M	106.39M	-58.63M	-21.42M	152.03M	-16.2M	-50.98M	-20.21M
Cash from Investing+	-1.21B	-1.13B	-1.4B	-1.5B	-1.68B	-975.36M	-1B	-1.76B	-2.9B	-1.23B
Capital Expenditures	-1.13B	-1.09B	-1.37B	-1.57B	-1.64B	-946.54M	-752.84M	-1.78B	-2.75B	-1.21B
CapEx % of Revenue	0.26%	0.22%	0.25%	0.26%	0.25%	0.74%	1.16%	0.37%	0.32%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-83.52M	-36.82M	165K	1.01M	3.77M	2.7M	12.29M	12.09M	-146.78M	8.89M
Cash from Financing+	195.19M	-98.34M	-133M	-584.8M	-53.39M	6.58B	1.68B	986.22M	346.86M	-1.03B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-17M	-67.41M	-62.54M	-123.58M	-30.09M	-135.26M	-1.46B	-230.89M	-196.3M	-136.31M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-81.56M	147.57M	213.53M	508.38M	185.44M	-3.5B	-3.22B	-1.57B	-744.65M	838.87M
FCF Margin %	-0.02%	0.03%	0.04%	0.08%	0.03%	-2.74%	-4.97%	-0.32%	-0.09%	0.09%
FCF Growth %	0.8%	2.81%	0.45%	1.38%	-0.64%	-19.89%	0.08%	0.51%	0.53%	2.13%
FCF per Share	-0.35	0.65	0.93	2.27	0.86	-13.75	-8.81	-3.75	-1.74	1.63
FCF Conversion (FCF/Net Income)	2.44x	1.96x	2.09x	2.17x	1.96x	0.64x	0.55x	-0.09x	12.07x	2.25x
Interest Paid	218.3K	0	313.8K	0	0	447.9M	2.1B	0	0	772.6M
Taxes Paid	10.3K	0	11.7K	0	0	3.5M	2.7B	0	0	4.6B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.7%	15.22%	14.77%	16.3%	14.91%	-73.83%	-132.81%	-181.5%	89.97%	105.46%
Return on Invested Capital (ROIC)	5.38%	6.65%	6.93%	7.56%	6.97%	-20.16%	-14.59%	-8.91%	5.23%	7.55%
Gross Margin	38.89%	41.53%	43.23%	44.23%	43.31%	-32.28%	-148.16%	11.91%	36.04%	39.99%
Net Margin	9.83%	12.99%	14.08%	15.77%	14.39%	-313.5%	-695.48%	-46.86%	1.94%	9.6%
Debt / Equity	1.69x	1.41x	1.10x	1.09x	1.04x	2.71x	5.12x	198.59x	46.74x	9.76x
Interest Coverage	3.17x	3.34x	3.92x	4.51x	4.58x	-7.22x	-1.23x	-1.94x	1.28x	1.96x
FCF Conversion	2.44x	1.96x	2.09x	2.17x	1.96x	0.64x	0.55x	-0.09x	12.07x	2.25x
Revenue Growth	39%	12.18%	10.71%	12.21%	6.73%	-80.19%	-49.37%	647.51%	76.51%	10.87%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Passenger ticket	-	4.26B	4.52B	867.11M	392.75M	3.25B	5.75B	6.42B
Passenger ticket Growth	-	-	6.05%	-80.81%	-54.71%	728.46%	76.84%	11.50%
Onboard and other	-	1.8B	1.94B	412.8M	255.23M	1.59B	2.8B	3.06B
Onboard and other Growth	-	-	8.34%	-78.78%	-38.17%	522.94%	75.85%	9.59%

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
North America	3.29B	3.54B	3.81B	960.26M	424.38M	3.08B	5B	5.32B
North America Growth	-	7.83%	7.46%	-74.78%	-55.81%	625.01%	62.60%	6.31%
Europe	1.35B	1.46B	1.67B	27.6M	211.77M	1.56B	2.75B	3.04B
Europe Growth	-	8.56%	13.95%	-98.34%	667.22%	635.39%	76.85%	10.21%
Asia Pacific	394.63M	721.4M	500.84M	152.98M	6.19M	115.44M	533.48M	779.48M
Asia Pacific Growth	-	82.80%	-30.57%	-69.46%	-95.96%	1766.12%	362.14%	46.11%
Other Country	368.26M	327.74M	487.21M	139.07M	5.66M	94.23M	259.48M	346.08M
Other Country Growth	-	-11.00%	48.66%	-71.46%	-95.93%	1565.95%	175.38%	33.37%

Frequently Asked Questions

Valuation & Price

Norwegian Cruise Line Holdings Ltd. (NCLH) has a price-to-earnings (P/E) ratio of 12.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Norwegian Cruise Line Holdings Ltd. (NCLH) reported $9.69B in revenue for fiscal year 2024. This represents a 337% increase from $2.22B in 2011.

Norwegian Cruise Line Holdings Ltd. (NCLH) grew revenue by 10.9% over the past year. This is steady growth.

Yes, Norwegian Cruise Line Holdings Ltd. (NCLH) is profitable, generating $663.5M in net income for fiscal year 2024 (9.6% net margin).

Dividend & Returns

Norwegian Cruise Line Holdings Ltd. (NCLH) has a return on equity (ROE) of 105.5%. This is excellent, indicating efficient use of shareholder capital.

Norwegian Cruise Line Holdings Ltd. (NCLH) had negative free cash flow of $1.04B in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

...