Norwegian Cruise Line Holdings Ltd. (NCLH) Financial Ratios
22 years of historical data (2004–2025) · Consumer Cyclical · Travel Services
EV/EBITDA
↓
8.62
↓-20% vs avg
5yr avg: 10.77
30Y Low8.9·High19.7
P/FCF
N/A
—
5yr avg: 15.80
30Y Low15.8·High68.2
P/B Ratio
↑
4.17
↓-83% vs avg
5yr avg: 24.09
30Y Low1.5·High74.9
ROE
↑
23.3%
↓+222% vs avg
5yr avg: -19.1%
30Y Low-182%·High105%
Debt/EBITDA
↓
5.33
↓-15% vs avg
5yr avg: 6.26
30Y Low3.6·High26.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NCLH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Norwegian Cruise Line Holdings Ltd. trades at 22.3x earnings, 26% below its 5-year average of 29.9x, sitting at the 50th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 20.8x, the stock trades at a premium of 7%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.2B | $10.3B | $13.3B | $8.6B | $5.1B | $7.6B | $6.5B | $12.6B | $9.5B | $12.2B | $9.7B |
| Enterprise Value | $23.6B | $24.7B | $27.0B | $22.2B | $17.8B | $18.5B | $15.0B | $19.2B | $15.8B | $18.4B | $16.0B |
| P/E Ratio → | 22.27 | 24.80 | 13.61 | 51.38 | — | — | — | 13.58 | 9.97 | 16.09 | 15.30 |
| P/S Ratio | 0.94 | 1.04 | 1.40 | 1.00 | 1.06 | 11.70 | 5.06 | 1.96 | 1.57 | 2.27 | 1.99 |
| P/B Ratio | 4.17 | 4.64 | 9.30 | 28.47 | 74.91 | 3.12 | 1.49 | 1.94 | 1.60 | 2.13 | 2.14 |
| P/FCF | — | — | 15.80 | — | — | — | — | 68.19 | 18.71 | 57.25 | 65.66 |
| P/OCF | 4.40 | 4.91 | 6.46 | 4.27 | 24.46 | — | — | 6.94 | 4.58 | 7.71 | 7.82 |
P/E links to full P/E history page with 30-year chart
NCLH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Norwegian Cruise Line Holdings Ltd.'s enterprise value stands at 8.6x EBITDA, 20% below its 5-year average of 10.8x. The Consumer Cyclical sector median is 12.1x, placing the stock at a 29% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.51 | 2.85 | 2.60 | 3.68 | 28.58 | 11.71 | 2.97 | 2.62 | 3.40 | 3.27 |
| EV / EBITDA | 8.62 | 9.00 | 11.06 | 12.25 | — | — | — | 10.53 | 8.89 | 11.66 | 11.61 |
| EV / EBIT | 14.81 | 15.48 | 17.75 | 24.95 | — | — | — | 16.42 | 12.79 | 17.63 | 17.33 |
| EV / FCF | — | — | 32.16 | — | — | — | — | 103.50 | 31.16 | 85.97 | 108.15 |
NCLH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Norwegian Cruise Line Holdings Ltd. earns an operating margin of 16.2%, above the Consumer Cyclical sector average of 2.0%. Operating margins have expanded from 10.9% to 16.2% over the past 3 years, signaling improving operational efficiency. ROE of 23.3% indicates solid capital efficiency, compared to the sector median of 5.3%. ROIC of 7.5% represents adequate returns on invested capital versus a sector median of 5.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.0% | 32.0% | 40.0% | 36.0% | 11.9% | -148.2% | -32.3% | 43.3% | 44.2% | 43.2% | 41.5% |
| Operating Margin | 16.2% | 16.2% | 15.5% | 10.9% | -32.0% | -393.9% | -272.2% | 18.2% | 20.1% | 19.4% | 19.0% |
| Net Profit Margin | 4.3% | 4.3% | 9.6% | 1.9% | -46.9% | -695.5% | -313.5% | 14.4% | 15.8% | 14.1% | 13.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 23.3% | 23.3% | 105.5% | 90.0% | -181.5% | -132.8% | -73.8% | 14.9% | 16.3% | 14.8% | 15.2% |
| ROA | 2.0% | 2.0% | 4.6% | 0.9% | -12.2% | -24.3% | -22.9% | 5.8% | 6.5% | 5.6% | 5.0% |
| ROIC | 7.5% | 7.5% | 7.6% | 5.2% | -8.9% | -14.6% | -20.2% | 7.0% | 7.6% | 6.9% | 6.7% |
| ROCE | 10.2% | 10.2% | 10.6% | 6.9% | -10.9% | -16.2% | -23.6% | 9.4% | 10.3% | 9.4% | 9.0% |
NCLH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Norwegian Cruise Line Holdings Ltd. carries a Debt/EBITDA ratio of 5.3x, which is highly leveraged (12% above the sector average of 4.8x). Net debt stands at $14.4B ($14.6B total debt minus $210M cash). Interest coverage of just 0.7x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.61 | 6.61 | 9.76 | 46.74 | 198.59 | 5.12 | 2.71 | 1.04 | 1.09 | 1.10 | 1.41 |
| Debt / EBITDA | 5.33 | 5.33 | 5.70 | 7.75 | — | — | — | 3.73 | 3.64 | 4.01 | 4.65 |
| Net Debt / Equity | — | 6.51 | 9.63 | 45.40 | 184.78 | 4.50 | 1.95 | 1.01 | 1.06 | 1.07 | 1.38 |
| Net Debt / EBITDA | 5.26 | 5.26 | 5.63 | 7.53 | — | — | — | 3.59 | 3.55 | 3.89 | 4.56 |
| Debt / FCF | — | — | 16.36 | — | — | — | — | 35.32 | 12.45 | 28.72 | 42.49 |
| Interest Coverage | 0.71 | 0.71 | 2.03 | 1.22 | -1.84 | -1.17 | -7.29 | 4.54 | 4.58 | 3.89 | 3.33 |
NCLH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.21x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.21 | 0.21 | 0.17 | 0.22 | 0.37 | 0.89 | 1.86 | 0.20 | 0.17 | 0.21 | 0.18 |
| Quick Ratio | 0.18 | 0.18 | 0.15 | 0.19 | 0.34 | 0.85 | 1.82 | 0.18 | 0.15 | 0.18 | 0.15 |
| Cash Ratio | 0.04 | 0.04 | 0.03 | 0.07 | 0.19 | 0.47 | 1.72 | 0.07 | 0.05 | 0.07 | 0.06 |
| Asset Turnover | — | 0.44 | 0.47 | 0.44 | 0.26 | 0.03 | 0.07 | 0.39 | 0.40 | 0.38 | 0.38 |
| Inventory Turnover | 48.39 | 48.39 | 38.00 | 34.69 | 28.69 | 13.60 | 20.55 | 38.39 | 37.44 | 37.31 | 43.02 |
| Days Sales Outstanding | — | 10.83 | 8.53 | 11.96 | 24.59 | 657.62 | 5.87 | 4.24 | 3.33 | 2.97 | 4.73 |
NCLH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Norwegian Cruise Line Holdings Ltd. returns 0.3% to shareholders annually primarily through share buybacks. The earnings yield of 4.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 4.0% | 7.3% | 1.9% | — | — | — | 7.4% | 10.0% | 6.2% | 6.5% |
| FCF Yield | — | — | 6.3% | — | — | — | — | 1.5% | 5.3% | 1.7% | 1.5% |
| Buyback Yield | 0.3% | 0.2% | 0.2% | 0.3% | 0.4% | 0.2% | 0.2% | 2.9% | 7.1% | 0.0% | 0.5% |
| Total Shareholder Yield | 0.3% | 0.2% | 0.2% | 0.3% | 0.4% | 0.2% | 0.2% | 2.9% | 7.1% | 0.0% | 0.5% |
| Shares Outstanding | — | $460M | $515M | $427M | $420M | $365M | $255M | $216M | $224M | $230M | $228M |
Peer Comparison
Compare NCLH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NCLHYou | $9B | 22.3 | 8.6 | — | 32.0% | 16.2% | 23.3% | 7.5% | 5.3 |
 CCL | $42B | 14.9 | 9.3 | 16.0 | 29.6% | 16.8% | 25.6% | 8.9% | 3.8 |
 RCL | $84B | 19.8 | 16.2 | 67.7 | 46.8% | 27.4% | 47.5% | 12.2% | 3.5 |
 VIK | $44B | 38.9 | 26.0 | 34.1 | 39.0% | 23.1% | 254.3% | 37.1% | 3.2 |
 ONEW | $190M | -1.6 | 13.2 | 2.4 | 21.7% | 3.3% | -33.9% | 3.6% | 11.5 |
 HGV | $4B | 58.5 | 13.2 | 18.4 | 56.7% | 11.1% | 4.9% | 5.0% | 8.8 |
 VAC | $3B | -10.8 | 11.8 | — | 15.1% | 11.0% | -13.9% | 5.7% | 8.2 |
 TNL | $5B | 21.7 | 11.1 | 8.9 | 27.2% | 17.8% | — | 13.0% | 5.8 |
 MAR | $101B | 40.5 | 26.6 | 38.8 | 21.3% | 15.8% | — | 25.0% | 3.8 |
 HLT | $78B | 56.0 | 32.3 | 38.5 | 41.1% | 22.4% | — | 24.7% | 5.5 |
 DAL | $56B | 11.2 | 8.8 | 14.6 | 22.8% | 9.2% | 27.8% | 12.0% | 2.6 |
| Consumer Cyclical Median | — | 20.8 | 12.1 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 22 years · Updated daily
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NCLH — Frequently Asked Questions
Quick answers to the most common questions about buying NCLH stock.
What is Norwegian Cruise Line Holdings Ltd.'s P/E ratio?
Norwegian Cruise Line Holdings Ltd.'s current P/E ratio is 22.3x. The historical average is 27.7x. This places it at the 50th percentile of its historical range.
What is Norwegian Cruise Line Holdings Ltd.'s EV/EBITDA?
Norwegian Cruise Line Holdings Ltd.'s current EV/EBITDA is 8.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.8x.
What is Norwegian Cruise Line Holdings Ltd.'s ROE?
Norwegian Cruise Line Holdings Ltd.'s return on equity (ROE) is 23.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -4.6%.
Is NCLH stock overvalued?
Based on historical data, Norwegian Cruise Line Holdings Ltd. is trading at a P/E of 22.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Norwegian Cruise Line Holdings Ltd.'s profit margins?
Norwegian Cruise Line Holdings Ltd. has 32.0% gross margin and 16.2% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Norwegian Cruise Line Holdings Ltd. have?
Norwegian Cruise Line Holdings Ltd.'s Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.