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Norwegian Cruise Line Holdings Ltd.(NCLH)Earnings, Financials & Key Ratios
NCLH•NYSE
$17.75
$8.15B mkt cap·19.7× P/E·Price updated May 6, 2026
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$9.83B+3.7%
- EBITDA$2.74B+12.3%
- Net Income$423M-53.5%
- EPS (Diluted)0.90-52.4%
- Gross Margin31.97%-20.1%
- EBITDA Margin27.87%+8.3%
- Operating Margin16.21%+4.8%
- Net Margin4.31%-55.1%
- ROE23.29%-77.9%
- ROIC7.52%-0.4%
- Debt/Equity6.61-32.3%
- Interest Coverage0.71-64.9%
NCLH Key Insights
Norwegian Cruise Line Holdings Ltd. (NCLH) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Excellent 3Y average ROE of 72.9%
- ✓High quality earnings: Operating CF exceeds net income
- ✓Strong 5Y sales CAGR of 50.3%
- ✓Share count reduced 10.8% through buybacks
✗Weaknesses
- ✗High debt to equity ratio of 6.6x
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 18 (bottom 18%)
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
NCLH Price & Volume
Norwegian Cruise Line Holdings Ltd. (NCLH) stock price & volume — 10-year historical chart
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NCLH Growth Metrics
Norwegian Cruise Line Holdings Ltd. (NCLH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years8.5%
5 Years50.33%
3 Years26.6%
TTM6.53%
Profit CAGR
10 Years-0.09%
5 Years-
3 Years-
TTM-33.36%
EPS CAGR
10 Years-7%
5 Years-
3 Years-
TTM-28.87%
Return on Capital
10 Years1.51%
5 Years0.12%
3 Years9.23%
Last Year10.19%
NCLH Recent Earnings
Norwegian Cruise Line Holdings Ltd. (NCLH) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
May 4, 2026EPS
$0.23
Est $0.15
+53.3%
Revenue
$2.3B
Est $2.4B
-1.1%
Q2 2026
Mar 2, 2026EPS
$0.28
Est $0.26
+5.8%
Revenue
$2.2B
Est $2.3B
-4.2%
Q4 2025
Nov 4, 2025EPS
$1.20
Est $1.16
+3.4%
Revenue
$2.9B
Est $2.3B
+25.4%
Q3 2025
Jul 31, 2025EPS
$0.51
Est $0.52
-1.9%
Revenue
$2.5B
Est $3.0B
-16.5%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 4, 2026 | $0.23vs $0.15+53.3% | $2.3Bvs $2.4B-1.1% |
| Q2 2026 | Mar 2, 2026 | $0.28vs $0.26+5.8% | $2.2Bvs $2.3B-4.2% |
| Q4 2025 | Nov 4, 2025 | $1.20vs $1.16+3.4% | $2.9Bvs $2.3B+25.4% |
| Q3 2025 | Jul 31, 2025 | $0.51vs $0.52-1.9% | $2.5Bvs $3.0B-16.5% |
Based on last 12 quarters of dataView full earnings history →
NCLH Peer Comparison
Norwegian Cruise Line Holdings Ltd. (NCLH) competitors in Cruise Lines — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 CCL | 34.03B | 27.52 | 13.62 | 6.4% | 10.37% | 22.48% | 2.28 | |
 RCL | 77.66B | 287.08 | 18.39 | 8.8% | 24.39% | 44.93% | 2.21 | |
 VIK | 27.18B | 86.05 | 33.48 | 21.89% | 17.65% | 237.14% | 5.12 | |
 ONEW | 187.57M | 11.29 | -1.56 | 5.62% | -5.88% | -33% | 3.38 | |
 HGV | 3.95B | 48.61 | 54.62 | 1.32% | 3.84% | 13.33% | 5.10 | |
 VAC | 2.68B | 78.26 | -8.86 | 1.31% | -7.37% | -15.31% | 2.89 | |
 TNL | 4.06B | 64.98 | 18.89 | 4.06% | 5.85% | |||
 MAR | 95.15B | 359.06 | 37.84 | 4.33% | 11.89% |
Compare NCLH vs Peers
Norwegian Cruise Line Holdings Ltd. (NCLH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NCLH Income Statement
Norwegian Cruise Line Holdings Ltd. (NCLH) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 5.4B | 6.06B | 6.46B | 1.28B | 647.99M | 4.84B | 8.55B | 9.48B | 9.83B | 10.03B |
| Revenue Growth % | 10.71% | 12.21% | 6.73% | -80.19% | -49.37% | 647.51% | 76.51% | 10.87% | 3.67% | 6.53% |
| Cost of Goods Sold | 3.06B | 3.38B | 3.66B | 1.69B | 1.61B | 4.27B | 5.47B | 5.69B | 6.69B | 5.71B |
| COGS % of Revenue | 56.77% | 55.77% | 56.69% | 132.28% | 248.16% | 88.09% | 63.96% | 60.01% | 68.03% | - |
| Gross Profit | 2.33B▲ 0% | 2.68B▲ 14.8% | 2.8B▲ 4.5% | -413.15M▼ 114.8% | -960.05M▼ 132.4% | 576.67M▲ 160.1% | 3.08B▲ 434.3% | 3.79B▲ 23.0% | 3.14B▼ 17.1% | 4.32B▲ 0% |
| Gross Margin % | 43.23% | 44.23% | 43.31% | -32.28% | -148.16% | 11.91% | 36.04% | 39.99% | 31.97% | 43.05% |
| Gross Profit Growth % | 15.24% | 14.81% | 4.52% | -114.76% | -132.37% | 160.07% | 434.33% | 23.03% | -17.13% | - |
| Operating Expenses | 1.28B | 1.46B | 1.62B | 3.07B | 1.59B | 2.13B | 2.15B | 2.33B | 1.55B | 2.73B |
| OpEx % of Revenue | 23.79% | 24.1% | 25.08% | 239.94% | 245.73% | 43.94% | 25.15% | 24.53% | 15.76% | - |
| Selling, General & Admin | 773.75M | 897.93M | 974.85M | 745.35M | 891.45M | 1.38B | 1.34B | 1.43B | 1.55B | 1.62B |
| SG&A % of Revenue | 14.34% | 14.83% | 15.09% | 58.23% | 137.57% | 28.47% | 15.69% | 15.14% | 15.76% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 509.96M | 561.06M | 646.19M | 2.33B | 700.85M | 749.33M | 808.57M | 890.24M | 0 | 4M |
| Operating Income | 1.05B▲ 0% | 1.22B▲ 16.2% | 1.18B▼ 3.4% | -3.48B▼ 395.7% | -2.55B▲ 26.7% | -1.55B▲ 39.2% | 930.91M▲ 160.0% | 1.47B▲ 57.5% | 1.59B▲ 8.7% | 1.59B▲ 0% |
| Operating Margin % | 19.44% | 20.13% | 18.23% | -272.22% | -393.89% | -32.04% | 10.89% | 15.46% | 16.21% | 15.88% |
| Operating Income Growth % | 13.33% | 16.23% | -3.36% | -395.75% | 26.74% | 39.2% | 159.99% | 57.47% | 8.66% | - |
| EBITDA | 1.57B | 1.78B | 1.82B | -2.74B | -1.79B | -741.7M | 1.81B | 2.44B | 2.74B | 2.64B |
| EBITDA Margin % | 29.18% | 29.44% | 28.2% | -214.43% | -276.82% | -15.31% | 21.22% | 25.73% | 27.87% | 26.35% |
| EBITDA Growth % | 14.53% | 13.22% | 2.22% | -250.62% | 34.64% | 58.65% | 344.59% | 34.47% | 12.26% | 8.9% |
| D&A (Non-Cash Add-back) | 525.56M | 563.51M | 644.04M | 739.62M | 758.6M | 810.05M | 883.24M | 973.51M | 1.15B | 1.05B |
| EBIT | 1.04B | 1.24B | 1.17B | -3.52B | -2.43B | -1.48B | 890.71M | 1.52B | 1.59B | 1.33B |
| Net Interest Income | -267.8M | -270.4M | -257.34M | -482.31M | -2.07B | -801.51M | -727.53M | -747.22M | -2.23B | -833.19M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 267.8M | 270.4M | 257.34M | 482.31M | 2.07B | 801.51M | 727.53M | 747.22M | 2.23B | 833.19M |
| Other Income/Expense | -278.2M | -249.75M | -266.71M | -515.91M | -1.95B | -724.95M | -767.74M | -693M | -1.16B | -1.02B |
| Pretax Income | 770.61M▲ 0% | 969.31M▲ 25.8% | 911.37M▼ 6.0% | -4B▼ 538.9% | -4.5B▼ 12.5% | -2.28B▲ 49.4% | 163.18M▲ 107.2% | 772.91M▲ 373.7% | 428.72M▼ 44.5% | 577.82M▲ 0% |
| Pretax Margin % | 14.28% | 16.01% | 14.1% | -312.53% | -694.66% | -47% | 1.91% | 8.15% | 4.36% | 5.76% |
| Income Tax | 10.74M | 14.47M | -18.86M | 12.47M | 5.27M | -6.79M | -3M | -137.35M | 5.47M | 9.61M |
| Effective Tax Rate % | 1.39% | 1.49% | -2.07% | -0.31% | -0.12% | 0.3% | -1.84% | -17.77% | 1.28% | 1.66% |
| Net Income | 759.87M▲ 0% | 954.84M▲ 25.7% | 930.23M▼ 2.6% | -4.01B▼ 531.3% | -4.51B▼ 12.3% | -2.27B▲ 49.6% | 166.18M▲ 107.3% | 910.26M▲ 447.8% | 423.25M▼ 53.5% | 568.21M▲ 0% |
| Net Margin % | 14.08% | 15.77% | 14.39% | -313.5% | -695.48% | -46.86% | 1.94% | 9.6% | 4.31% | 5.66% |
| Net Income Growth % | 20.03% | 25.66% | -2.58% | -531.35% | -12.31% | 49.63% | 107.32% | 447.76% | -53.5% | -33.36% |
| Net Income (Continuing) | 759.87M | 954.84M | 930.23M | -4.01B | -4.51B | -2.27B | 166.18M | 910.26M | 423.25M | 568.21M |
| 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) | 3.31▲ 0% | 4.25▲ 28.4% | 4.30▲ 1.2% | -15.75▼ 466.3% | -12.33▲ 21.7% | -5.41▲ 56.1% | 0.39▲ 107.2% | 1.89▲ 384.6% | 0.90▼ 52.4% | 1.22▲ 0% |
| EPS Growth % | 19.06% | 28.4% | 1.18% | -466.28% | 21.71% | 56.12% | 107.21% | 384.62% | -52.38% | -28.87% |
| EPS (Basic) | 3.33 | 4.28 | 4.33 | -15.75 | -12.33 | -5.41 | 0.39 | 2.09 | 0.94 | - |
| Diluted Shares Outstanding | 229.57M | 224.42M | 216.48M | 254.73M | 365.45M | 419.77M | 427.4M | 515.03M | 459.52M | 466.15M |
| Basic Shares Outstanding | 229.42M | 223M | 214.93M | 254.73M | 365.45M | 419.77M | 424.42M | 435.28M | 455.26M | 456.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
NCLH Balance Sheet
Norwegian Cruise Line Holdings Ltd. (NCLH) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 518.34M | 550.31M | 730.14M | 3.56B | 3.3B | 1.87B | 1.31B | 1.01B | 1.14B | 1.31B |
| Cash & Short-Term Investments | 176.19M | 163.85M | 252.88M | 3.3B | 1.75B | 946.99M | 402.42M | 190.76M | 209.89M | 185.05M |
| Cash Only | 176.19M | 163.85M | 252.88M | 3.3B | 1.51B | 946.99M | 402.42M | 190.76M | 209.89M | 185.05M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 240M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 43.96M | 55.25M | 75.11M | 20.58M | 1.17B | 326.27M | 280.27M | 221.41M | 291.66M | 277.1M |
| Days Sales Outstanding | 2.97 | 3.33 | 4.24 | 5.87 | 657.62 | 24.59 | 11.96 | 8.53 | 10.83 | 9.89 |
| Inventory | 82.12M | 90.2M | 95.43M | 82.38M | 118.2M | 148.72M | 157.65M | 149.72M | 138.18M | 162.72M |
| Days Inventory Outstanding | 9.78 | 9.75 | 9.51 | 17.76 | 26.83 | 12.72 | 10.52 | 9.61 | 7.54 | 9.85 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 450.89M | 472.82M | 448.21M | 498.81M | 682.96M |
| Total Non-Current Assets | 13.58B | 14.66B | 15.95B | 14.84B | 15.43B | 16.68B | 18.18B | 18.96B | 21.4B | 22.49B |
| Property, Plant & Equipment | 11.04B | 12.12B | 13.37B | 13.41B | 13.53B | 14.52B | 16.43B | 16.81B | 19.07B | 20.19B |
| Fixed Asset Turnover | 0.49x | 0.50x | 0.48x | 0.10x | 0.05x | 0.33x | 0.52x | 0.56x | 0.52x | 0.52x |
| Goodwill | 1.39B | 1.39B | 1.39B | 98.13M | 98.13M | 98.13M | 98.13M | 135.76M | 135.76M | 135.76M |
| Intangible Assets | 872.43M | 846.26M | 827.77M | 500.52M | 500.52M | 500.52M | 500.52M | 500.52M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 650K | 0 | 1.21M |
| Other Non-Current Assets | 274.69M | 301.21M | 365.81M | 831.89M | 1.3B | 1.57B | 1.15B | 1.51B | 2.2B | 6.5B |
| Total Assets | 14.09B▲ 0% | 15.21B▲ 7.9% | 16.68B▲ 9.7% | 18.4B▲ 10.3% | 18.73B▲ 1.8% | 18.56B▼ 0.9% | 19.49B▲ 5.0% | 19.97B▲ 2.4% | 22.54B▲ 12.9% | 23.79B▲ 0% |
| Asset Turnover | 0.38x | 0.40x | 0.39x | 0.07x | 0.03x | 0.26x | 0.44x | 0.47x | 0.44x | 0.45x |
| Asset Growth % | 8.64% | 7.88% | 9.72% | 10.28% | 1.8% | -0.92% | 5.04% | 2.45% | 12.88% | 43.94% |
| Total Current Liabilities | 2.49B | 3.15B | 3.58B | 1.91B | 3.73B | 5.05B | 6.04B | 5.78B | 5.45B | 6.22B |
| Accounts Payable | 53.43M | 159.56M | 100.78M | 83.14M | 233.17M | 228.74M | 174.34M | 171.11M | 169.66M | 184.67M |
| Days Payables Outstanding | 6.37 | 17.25 | 10.04 | 17.92 | 52.93 | 19.57 | 11.64 | 10.98 | 9.26 | 11.45 |
| Short-Term Debt | 619.37M | 681.22M | 746.36M | 124.89M | 876.89M | 991.13M | 1.74B | 1.32B | 875.9M | 1.18B |
| Deferred Revenue (Current) | 1.3B | 1.59B | 1.95B | 1.11B | 1.56B | 2.52B | 3.06B | 3.11B | 0 | 6.98B |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.31M | 4.41B | 4.86B |
| Current Ratio | 0.21x | 0.17x | 0.20x | 1.86x | 0.89x | 0.37x | 0.22x | 0.17x | 0.21x | 0.21x |
| Quick Ratio | 0.18x | 0.15x | 0.18x | 1.82x | 0.85x | 0.34x | 0.19x | 0.15x | 0.18x | 0.18x |
| Cash Conversion Cycle | 6.39 | -4.17 | 3.71 | 5.71 | 631.52 | 17.74 | 10.85 | 7.15 | 9.11 | 8.29 |
| Total Non-Current Liabilities | 5.86B | 6.09B | 6.58B | 12.13B | 12.57B | 13.43B | 13.15B | 12.76B | 14.88B | 15.15B |
| Long-Term Debt | 5.69B | 5.81B | 6.06B | 11.68B | 11.57B | 12.63B | 12.31B | 11.78B | 13.73B | 13.98B |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 788.67M | 0 | 1.59B |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 166.69M | 281.6M | 529.29M | 450.07M | 997.05M | 803.85M | 839.34M | 198.12M | 1.15B | 2.75B |
| Total Liabilities | 8.35B | 9.24B | 10.17B | 14.05B | 16.3B | 18.49B | 19.19B | 18.54B | 20.33B | 21.36B |
| Total Debt | 6.31B | 6.49B | 6.8B | 11.81B | 12.45B | 13.62B | 14.06B | 13.92B | 14.61B | 15.15B |
| Net Debt | 6.13B | 6.33B | 6.55B | 8.51B | 10.94B | 12.67B | 13.66B | 13.73B | 14.4B | 14.97B |
| Debt / Equity | 1.10x | 1.09x | 1.04x | 2.71x | 5.12x | 198.59x | 46.74x | 9.76x | 6.61x | 6.61x |
| Debt / EBITDA | 4.01x | 3.64x | 3.73x | - | - | - | 7.75x | 5.70x | 5.33x | 5.73x |
| Net Debt / EBITDA | 3.89x | 3.55x | 3.59x | - | - | - | 7.53x | 5.63x | 5.26x | 5.26x |
| Interest Coverage | 3.89x | 4.58x | 4.54x | -7.29x | -1.17x | -1.84x | 1.22x | 2.03x | 0.71x | 1.60x |
| Total Equity | 5.75B▲ 0% | 5.96B▲ 3.7% | 6.52B▲ 9.3% | 4.35B▼ 33.2% | 2.43B▼ 44.1% | 68.59M▼ 97.2% | 300.81M▲ 338.6% | 1.43B▲ 373.9% | 2.21B▲ 55.0% | 2.43B▲ 0% |
| Equity Growth % | 26.71% | 3.71% | 9.27% | -33.17% | -44.13% | -97.18% | 338.55% | 373.87% | 55.03% | 346.29% |
| Book Value per Share | 25.05 | 26.57 | 30.10 | 17.09 | 6.66 | 0.16 | 0.70 | 2.77 | 4.81 | 5.22 |
| Total Shareholders' Equity | 5.75B | 5.96B | 6.52B | 4.35B | 2.43B | 68.59M | 300.81M | 1.43B | 2.21B | 2.43B |
| Common Stock | 233K | 235K | 237K | 316K | 417K | 421K | 425K | 440K | 455K | 459K |
| Retained Earnings | 1.96B | 2.9B | 3.83B | -295.45M | -4.8B | -7.07B | -6.9B | -5.99B | -5.57B | -5.46B |
| Treasury Stock | -239.25M | -904.07M | -1.25B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 26.97M | -161.65M | -295.49M | -240.12M | -285.09M | -477.08M | -508.44M | -507.04M | -451.37M | -327.77M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
NCLH Cash Flow Statement
Norwegian Cruise Line Holdings Ltd. (NCLH) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 1.59B | 2.08B | 1.82B | -2.56B | -2.47B | 210.02M | 2.01B | 2.05B | 2.09B | 2.09B |
| Operating CF Margin % | 29.39% | 34.27% | 28.2% | -199.72% | -380.87% | 4.34% | 23.46% | 21.62% | 21.26% | - |
| Operating CF Growth % | 27.92% | 30.86% | -12.17% | -240.25% | 3.45% | 108.51% | 855.01% | 2.2% | 1.95% | 78.15% |
| Net Income | 759.87M | 954.84M | 930.23M | -4.01B | -4.51B | -2.27B | 166.18M | 910.26M | 423.25M | 568.21M |
| Depreciation & Amortization | 521.48M | 566.97M | 647.1M | 739.62M | 758.6M | 810.05M | 883.24M | 973.51M | 1.16B | 1.19B |
| Stock-Based Compensation | 87.04M | 115.98M | 95.06M | 111.3M | 124.08M | 113.56M | 118.94M | 91.78M | 88.39M | 91.48M |
| Deferred Taxes | 9.15M | 1.51M | -26.13M | 12.77M | 78K | -1.24M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 9.03M | 6.38M | 11.2M | 1.67B | 1.36B | 197.93M | 27.99M | -151.17M | 411.5M | 846.15M |
| Working Capital Changes | 199.16M | 429.49M | 165.16M | -1.08B | -204.09M | 1.36B | 809.37M | 225.44M | 4.5M | -476.82M |
| Change in Receivables | 15.05M | -15.89M | -14.1M | 30.8M | -1.16B | 828.66M | 39.65M | 49.3M | -73.77M | -9.86M |
| Change in Inventory | -17.13M | -9.05M | -6.16M | 10.55M | -37.48M | -33.61M | -11.04M | 6.95M | 11.02M | -10.49M |
| Change in Payables | 14.05M | 106.39M | -58.63M | -21.42M | 152.03M | -16.2M | -50.98M | -20.21M | -1.52M | 21.37M |
| Cash from Investing | -1.4B | -1.5B | -1.68B | -975.36M | -1B | -1.76B | -2.9B | -1.23B | -3.26B | -3.17B |
| Capital Expenditures | -1.37B | -1.57B | -1.64B | -946.54M | -752.84M | -1.78B | -2.75B | -1.21B | -3.26B | -3.17B |
| CapEx % of Revenue | 25.43% | 25.88% | 25.33% | 73.95% | 116.18% | 36.83% | 32.17% | 12.77% | 33.17% | - |
| Acquisitions | 499K | 0 | 0 | 0 | 0 | 0 | 0 | -27.32M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 165K | 1.01M | 3.77M | 2.7M | 12.29M | 12.09M | -146.78M | 8.89M | -5.08M | -1.22M |
| Cash from Financing | -133M | -584.8M | -53.39M | 6.58B | 1.68B | 986.22M | 346.86M | -1.03B | 1.19B | 950.98M |
| Debt Issued (Net) | -100.5M | 188.62M | 315.56M | 5.18B | 488.25M | 1.23B | 564.71M | -870.45M | 1.31B | 402.27M |
| Equity Issued (Net) | 30.03M | -649.85M | -338.86M | 1.53B | 2.65B | -15.72M | -21.55M | -25.33M | 121.13M | 144.94M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -678.67M | -370.8M | -15.41M | -16.69M | -20.99M | -26.86M | -25.33M | -23.83M | -21K |
| Other Financing | -62.54M | -123.58M | -30.09M | -135.26M | -1.46B | -230.89M | -196.3M | -136.31M | -238.13M | 403.78M |
| Net Change in Cash | 47.84M▲ 0% | -12.34M▼ 125.8% | 89.03M▲ 821.5% | 3.05B▲ 3323.3% | -1.79B▼ 158.9% | -559.66M▲ 68.8% | -544.57M▲ 2.7% | -211.65M▲ 61.1% | 19.13M▲ 109.0% | 688K▲ 0% |
| Free Cash Flow | 213.53M▲ 0% | 508.38M▲ 138.1% | 185.44M▼ 63.5% | -3.5B▼ 1989.0% | -3.22B▲ 8.0% | -1.57B▲ 51.1% | -744.65M▲ 52.7% | 838.87M▲ 212.7% | -1.17B▼ 239.5% | -949.08M▲ 0% |
| FCF Margin % | 3.96% | 8.4% | 2.87% | -273.67% | -497.06% | -32.49% | -8.71% | 8.85% | -11.9% | -9.46% |
| FCF Growth % | 44.69% | 138.08% | -63.52% | -1988.96% | 8.05% | 51.14% | 52.69% | 212.65% | -239.46% | -70.87% |
| FCF per Share | 0.93 | 2.27 | 0.86 | -13.75 | -8.81 | -3.75 | -1.74 | 1.63 | -2.55 | -2.55 |
| FCF Conversion (FCF/Net Income) | 2.09x | 2.17x | 1.96x | 0.64x | 0.55x | -0.09x | 12.07x | 2.25x | 4.94x | -1.67x |
| Interest Paid | 313.8K | 0 | 0 | 447.9M | 2.1B | 0 | 0 | 772.6M | 0 | 0 |
| Taxes Paid | 11.7K | 0 | 0 | 3.5M | 2.7B | 0 | 0 | 4.6B | 0 | 0 |
NCLH Key Ratios
Norwegian Cruise Line Holdings Ltd. (NCLH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 14.77% | 16.3% | 14.91% | -73.83% | -132.81% | -181.5% | 89.97% | 105.46% | 23.29% | 27.04% |
| Return on Invested Capital (ROIC) | 6.93% | 7.56% | 6.97% | -20.16% | -14.59% | -8.91% | 5.23% | 7.55% | 7.52% | 7.52% |
| Gross Margin | 43.23% | 44.23% | 43.31% | -32.28% | -148.16% | 11.91% | 36.04% | 39.99% | 31.97% | 43.05% |
| Net Margin | 14.08% | 15.77% | 14.39% | -313.5% | -695.48% | -46.86% | 1.94% | 9.6% | 4.31% | 5.66% |
| Debt / Equity | 1.10x | 1.09x | 1.04x | 2.71x | 5.12x | 198.59x | 46.74x | 9.76x | 6.61x | 6.61x |
| Interest Coverage | 3.89x | 4.58x | 4.54x | -7.29x | -1.17x | -1.84x | 1.22x | 2.03x | 0.71x | 1.60x |
| FCF Conversion | 2.09x | 2.17x | 1.96x | 0.64x | 0.55x | -0.09x | 12.07x | 2.25x | 4.94x | -1.67x |
| Revenue Growth | 10.71% | 12.21% | 6.73% | -80.19% | -49.37% | 647.51% | 76.51% | 10.87% | 3.67% | 6.53% |
NCLH SEC Filings & Documents
Norwegian Cruise Line Holdings Ltd. (NCLH) SEC filings — annual & quarterly reports (10-K, 10-Q)
NCLH Frequently Asked Questions
Norwegian Cruise Line Holdings Ltd. (NCLH) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Norwegian Cruise Line Holdings Ltd. (NCLH) reported $10.03B in revenue for fiscal year 2025. This represents a 650% increase from $1.34B in 2004.
Norwegian Cruise Line Holdings Ltd. (NCLH) grew revenue by 3.7% over the past year. Growth has been modest.
Yes, Norwegian Cruise Line Holdings Ltd. (NCLH) is profitable, generating $568.2M in net income for fiscal year 2025 (4.3% net margin).
Dividend & Returns
Norwegian Cruise Line Holdings Ltd. (NCLH) has a return on equity (ROE) of 23.3%. This is excellent, indicating efficient use of shareholder capital.
Norwegian Cruise Line Holdings Ltd. (NCLH) had negative free cash flow of $949.1M in fiscal year 2025, likely due to heavy capital investments.
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Norwegian Cruise Line Holdings Ltd. (NCLH) financial analysis — history, returns, DCA and operating performance tools
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