Norwegian Cruise Line Holdings Ltd. (NCLH)
Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. It offers itineraries to destinations, such as Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, and Alaska; and inter-island itinerary in Hawaii. The company also provides features, amenities, and activities, including various accommodations, dining venues, bars and lounges, spas, casino and retail shopping areas, and entertainment choices; shore excursions at each port of call, and air transportation and hotel packages for stays before or after a voyage. It offers its products and services under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. The company was founded in 1966 and is based in Miami, Florida.
- Symbol
- NCLH
- Exchange
- NYSE
- Sector
- Consumer Cyclical
- Industry
- Travel Services
- Market cap
- $6.95B
- 52 week range
- 13.63 - 25.13
Valuation
- Share price
- $15.14 (close of 2026-10-02)
- P/E (TTM)
- 9.07x
- Price to book
- 2.70x
- Price to free cash flow
- -5.86x
- Enterprise value
- $21.77B
- Book value per share
- $5.60
Price performance
| Period | Change |
|---|---|
| 1 day | +3.42% |
| 5 days | +3.63% |
| 1 month | -2.76% |
| 3 months | -23.46% |
| 6 months | -20.02% |
| Year to date | -32.17% |
| 1 year | -38.38% |
| 3 years | -7.91% |
| 5 years | -46.52% |
| 10 years | -59.84% |
| All time | -38.93% |
Members of Congress who disclosed NCLH trades
Super investors holding NCLH
John Rogers (Ariel Investments LLC) · Seth Klarman (Baupost Group) · Ken Griffin (Citadel) · Samantha McLemore (Patient Capital Management, LLC)
Profitability and growth
- Return on equity
- 19.15%
- Return on invested capital
- 9.37%
- Return on assets
- 1.88%
- Return on capital employed
- 9.13%
- Gross margin
- 42.62%
- Net margin
- 4.31%
- EBITDA margin
- 27.71%
- Revenue growth
- 3.67%
- Net income growth
- -53.50%
- Free cash flow growth
- -239.46%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -17.05%
- Current ratio
- 0.20x
- Net debt to EBITDA
- 5.23x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $9.83B
- Cost of revenue
- $5.64B
- Gross profit
- $4.19B
- EBITDA
- $2.72B
- Net income
- $423.25M
- Earnings per share
- $0.94
- Shares outstanding
- 448.54M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|---|---|---|---|
| 2025-12-31 | $9.83B | $4.19B | $423.25M | $0.94 |
| 2024-12-31 | $9.48B | $3.79B | $910.26M | $2.09 |
| 2023-12-31 | $8.55B | $3.08B | $166.18M | $0.39 |
| 2022-12-31 | $4.84B | $576.67M | -$2.27B | $-5.41 |
| 2021-12-31 | $647.99M | -$960.05M | -$4.51B | $-12.33 |
| 2020-12-31 | $1.28B | -$413.15M | -$4.01B | $-15.75 |
| 2019-12-31 | $6.46B | $2.80B | $930.23M | $4.33 |
| 2018-12-31 | $6.06B | $2.68B | $954.84M | $4.28 |
| 2017-12-31 | $5.40B | $2.33B | $759.87M | $3.33 |
| 2016-12-31 | $4.87B | $2.02B | $633.09M | $2.79 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|---|---|---|---|
| 2025-12-31 | 42.62% | 4.31% | 19.15% | 9.37% |
| 2024-12-31 | 39.99% | 9.60% | 63.86% | 10.23% |
| 2023-12-31 | 36.04% | 1.94% | 55.24% | 6.67% |
| 2022-12-31 | 11.91% | -46.86% | -3309.34% | -12.12% |
| 2021-12-31 | -148.16% | -695.48% | -185.25% | -182.73% |
| 2020-12-31 | -32.28% | -313.50% | -92.15% | -123.59% |
| 2019-12-31 | 43.31% | 14.39% | 14.28% | 18.06% |
| 2018-12-31 | 44.23% | 15.77% | 16.01% | 20.77% |
| 2017-12-31 | 43.23% | 14.08% | 13.22% | 18.62% |
| 2016-12-31 | 41.53% | 12.99% | 13.95% | 20.82% |
Cash and debt by year
| Period end | Cash | Debt |
|---|---|---|
| 2025-12-31 | $209.89M | - |
| 2024-12-31 | $190.76M | - |
| 2023-12-31 | $402.42M | - |
| 2022-12-31 | $946.99M | - |
| 2021-12-31 | $1.75B | - |
| 2020-12-31 | $3.30B | $1.55B |
| 2019-12-31 | $252.88M | - |
| 2018-12-31 | $163.85M | - |
| 2017-12-31 | $176.19M | - |
| 2016-12-31 | $128.35M | - |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|---|---|
| 2025-12-31 | -$1.17B | $88.39M |
| 2024-12-31 | $838.87M | $91.78M |
| 2023-12-31 | -$744.65M | $118.94M |
| 2022-12-31 | -$1.57B | $113.56M |
| 2021-12-31 | -$3.22B | $124.08M |
| 2020-12-31 | -$3.50B | $111.30M |
| 2019-12-31 | $185.44M | $95.06M |
| 2018-12-31 | $508.38M | $115.98M |
| 2017-12-31 | $229.03M | $87.04M |
| 2016-12-31 | $172.00M | $66.41M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-03
- Consensus EPS estimate
- $0.83
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-07-30 | Jun/2026 | $0.34 |
| 2026-05-04 | Mar/2026 | $0.11 |
| 2026-03-02 | Dec/2025 | $0.22 |
| 2025-11-04 | Sep/2025 | $1.11 |
| 2025-07-31 | Jun/2025 | $0.45 |
| 2025-04-30 | Mar/2025 | $0.03 |
| 2025-02-27 | Dec/2024 | $0.05 |
| 2024-10-31 | Sep/2024 | $0.89 |
Filings and sources
- Company website
- nclhltd.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
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