Norwegian Cruise Line Holdings (NCLH)
Consumer Discretionary · $6.6B market cap · SEC CIK 0001513761
fundamentals score out of 100
Next reports on Nov 2, 2026, before the open, with analysts expecting $0.91 in earnings per share.
The case for NCLH
- Cheap on earnings at 8.6×, well under the market's usual 20×.
- Earns 32% back on shareholder equity.
- A PEG of 0.63: a P/E of 8.6× is low for EPS growing 14%.
- Has compounded revenue at 50.3% a year over five years.
- Price/sales of 0.6× is lower than 87% of Consumer Discretionary companies.
The case against
- Burned $1.2B of free cash in FY2025.
- Down 43.6% over the past year.
- Heavily leveraged. Debt is 5.8× equity.
- Growth is slowing: revenue up 6.2% this year against 50.3% a year over five.
- Current liabilities exceed current assets (ratio 0.20).
- Near the bottom of its 52-week range, 45% below the high. Falling prices usually have a reason; find it first.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 61 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 79 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 31 |
| Momentumhow the price has behaved lately | 5 |
| Stabilityhow violently it moves, what it owes and what it pays you | 16 |
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 8.6× |
|---|---|
| Price / book | 3.77× |
| Price / sales | 0.6× |
| Revenue growth (YoY) | +6.2% |
| EPS growth (YoY) | +13.8% |
| Gross margin | 42% |
| Operating margin | 14% |
| Net margin | 7% |
| Return on equity | 32% |
| Debt / equity | 5.84× |
| Current ratio | 0.20 |
| Dividend yield | none |
| Beta | 2.01 |
| 52-week range | $14.07 – $26.09 |
| Position in that range | 1% of the way up |
| 3-month return | -30.3% |
| 1-year return | -43.6% |
Five years of financials, as filed
Pulled from Norwegian Cruise Line Holdings's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $9.8B | $9.5B | $8.5B | $4.8B | $648M |
| Operating income | $1.6B | $1.5B | $931M | -$1.6B | -$2.6B |
| Net income | $423M | $910M | $166M | -$2.3B | -$4.5B |
| Operating cash flow | $2.1B | $2.0B | $2.0B | $210M | -$2.5B |
| Capital expenditure | $3.3B | $1.2B | $2.8B | $1.8B | $753M |
| Total assets | $22.5B | $20.0B | $19.5B | $18.6B | $18.7B |
| Total liabilities | $20.3B | $18.5B | $19.2B | $18.5B | $16.3B |
| Shareholder equity | $2.2B | $1.4B | $301M | $68.6M | $2.4B |
| Cash | $210M | $191M | $402M | $947M | $1.5B |
| Free cash flow | -$1.2B | $839M | -$745M | -$1.6B | -$3.2B |
| Operating margin | 15.9% | 15.5% | 10.9% | -32.0% | -393.9% |
| Net margin | 4.3% | 9.6% | 1.9% | -46.9% | -695.5% |
| Diluted shares | 478M | 515M | 427M | 420M | 365M |
Share count is up 30.7% over 4 years. Your slice has been diluted.
What Norwegian Cruise Line Holdings says it does
_43952"> 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. In connection with the reorganization, among other steps,…
Risk factors NCLH lists in its 10-K
- Debt/Liquidity Related Risk Factors
- Risks Related to the Regulatory Environment in Which We Operate
- Risks Related to NCLH’s Ordinary Shares