— Know what they know.
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Not Investment Advice

NCLH

NYSE · USD
Norwegian Cruise Line Holdings Ltd.
Consumer Cyclical · Travel Services
CEO John W. Chidsey Employees 5,300 R&D / revenue 0.0%
Last price
$15.05−2.21%last session
Market cap
$6.9B
P/E (TTM)
9.0x
From 52w high
−40.1%
From 52w low
+10.4%
1-year return
−34.2%
RSI 14 · vs SMA200
47.4 · −21.1%
IS score
37.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

NCLH   SPY   XLY (sector ETF) · weekly closes
6080100120Jan 26Apr 26Jul 26Oct 26SPY 116XLY 97NCLH 66

Score DNA

Each bar is a 0-100 score within the scored universe
50
Profitability
51
Growth
61
Value
77
Momentum
15
Risk (safety)
56
Quality
15
Balance sheet
85
Earnings quality

Flags

Strengths
✓ Insider buying
Warnings
▲ Altman distress zone▲ Negative free cash flow▲ Share count rising
Observations
Moat model: None, Efficient ScalePiotroski 7 / 9Altman Z 0.3Beta 1.883 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
8
$4.17M bought
Form 144 notices (12m): 1, $110,224 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
0
95 new holders, 86 closed
639 filers hold 103.4% · 197 added, 209 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+110
291 funds adding shares
181 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
48.6%
20-day avg 55.4%, 50-day avg 54.9%
Latest 6.8 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$9.8B
Revenue growth YoY+3.7%
Gross margin32.0%
Operating income$1.6B
Operating margin16.2%
Net income$423.2M
Net margin4.3%
EPS (diluted)$0.90
Cash flow
Operating cash flow$2.1B
Capital expenditure$3.3B
Free cash flow−$1.2B
FCF conversion (FCF / OCF)-56.0%
Stock-based compensation$88.4M
FCF less SBC−$1.3B
Buybacks$23.8M
Dividends$0
Balance sheet & returns
Cash & short-term investments$209.9M
Total debt$14.6B
Net debt$14.4B
Shareholders' equity$2.2B
Goodwill & intangibles$135.8M
Debt / equity5.84
ROE (TTM)32.3%
ROIC (TTM)8.0%
Operating margin by fiscal year
-393.9%FY2021-32.0%FY202210.9%FY202315.5%FY202415.9%FY2025
Revenue $648.0M (FY2021) to $9.8B (FY2025), a 97.3% CAGR.

Valuation

P/E (TTM)9.0x
EV / EBITDA7.9x
Price / sales0.68x
Price / FCFn/m
FCF yield-16.67%
Buyback yield0.34%
SBC / revenue0.9%
Price / book2.69x
Forward P/E FY20269.7x
Forward P/E FY20279.8x
Forward P/E FY20288.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $21.50 across 8 analysts last quarter is theirs, not ours.

NCLH vs industry median

44 companies in Travel Services
Gross margin 42.5% 40.8% Operating margin 15.1% 8.3% Net margin 7.5% 3.2% ROIC 8.0% 10.1%
NCLH (TTM)Industry median Asset turnover 0.42 vs industry 0.61 · financial leverage 9.33

Earnings delivery

Next report 2026-10-29 · consensus EPS $0.93
75%
beat rate, 9 of 12 quarters
+8.0%
median EPS surprise
4
longest beat streak
+10-38+33+14+5+160-22-2+3+6+53+17
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-01 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
NCLH Norwegian Cruise Line Holdin $6.9B9.0x32.3%7.5%+3.7% −34.2%
GBTG Global Business Travel Group $5.0B59.4x6.2%1.7%+30.2% +16.1%
MMYT MakeMyTrip Limited $4.4B132.0x-24.0%2.9%+6.9% −47.2%
TNL Travel + Leisure Co. $4.0B17.3x-25.4%10.3%+4.5% +8.6%
LIND Lindblad Expeditions Holding $2.3Bn/m7.5%-0.7%+18.3% +191.3%
SABRP Sabre Corporation $23.6B19.4x-38.0%1.1%−4.1% —
PRSU Pursuit Attractions and Hosp $1.5B37.9x7.2%11.4%+182.3% —
EXPE Expedia Group, Inc. $33.1B17.3x199.1%20.3%+12.0% —
12-month window: SPY +15.9%, sector ETF XLY −3.2%. Past returns describe history only.

Recent 8-K filings

2026-10-15Material Agreement; Termination of Agreement; Financial Obligation; Other Events; Exhibits
2026-09-30Regulation FD
2026-08-12Shareholder Vote
2026-07-30Earnings Release; Exhibits
2026-06-16Officer/Director Change; Shareholder Vote; Exhibits
2026-05-29Other Events

Context

Shares outstanding459,187,832
Free float99.2%
Institutional ownership103.4%
Beta1.88
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$15.95 / $19.11
Mid-cap Consumer Cyclical median P/E17.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where NCLH sits among 12 scored companies in Travel Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureNCLHIndustry medianIndustry percentileSector median
P/E (TTM) 9.1x 17.0x
0th		 17.7x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 0.7x 2.9x
9th		 1.0x
Price / book 2.7x 5.0x
29th		 2.4x
Price / tangible book 5.1x 7.1x
40th		 4.2x
Price / free cash flow —
Price / operating cash flow 3.2x 11.7x
0th		 10.2x
Enterprise value $21.7B $26.7B
45th		 $5.6B
EV / sales 2.1x 3.3x
27th		 1.4x
EV / EBITDA 8.3x 13.4x
27th		 11.4x
EV / EBIT 14.2x 17.0x
36th		 16.0x
EV / free cash flow —
Earnings yield 11.0% 4.7%
100th		 4.8%
FCF yield -16.7% 5.0%
0th		 5.9%
Operating cash flow yield 31.0% 8.6%
100th		 9.3%
Graham number (per share) $14.30 $23.73
14th		 $33.39

Profitability (TTM)

MeasureNCLHIndustry medianIndustry percentileSector median
Gross margin 42.5% 45.9%
36th		 34.2%
EBITDA margin 25.9% 25.1%
64th		 11.7%
Operating margin 15.1% 16.1%
27th		 8.7%
EBIT margin 15.0% 16.9%
27th		 8.2%
Net margin 7.5% 9.7%
36th		 4.9%
NOPAT margin 14.8% 14.4%
55th		 6.8%
FCF margin -11.3% 13.0%
0th		 6.5%
Operating cash flow margin 21.1% 22.9%
45th		 10.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 16.2% 26.2%
27th		 17.2%
Stock comp / revenue 0.9% 1.3%
27th		 0.6%
Effective tax rate 1.6% 21.7%
18th		 22.4%

Returns on capital

MeasureNCLHIndustry medianIndustry percentileSector median
ROE (on average equity) 36.7% 35.6%
57th		 12.8%
ROA 3.3% 5.1%
27th		 4.4%
ROIC 8.7% 9.2%
45th		 9.3%
ROCE 8.6% 12.2%
18th		 9.9%
Return on tangible assets 6.7% 8.5%
27th		 7.4%
Cash ROIC (OCF / invested capital) 12.3% 20.6%
12th		 14.4%
Gross profitability (GP / assets) 18.0% 27.4%
9th		 31.6%
ROIC, 3-yr average 5.5% 7.5%
29th		 7.4%
ROIC, 5-yr average -4.1% 1.0%
0th		 9.1%
ROE, 5-yr average -1,177.8% -0.3%
0th		 15.8%
Incremental ROIC 55.2% -35.4%
100th		 11.2%

Growth

MeasureNCLHIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 6.2% 8.7%
30th		 6.0%
Revenue growth (QoQ) 13.3% 20.8%
27th		 6.6%
Revenue CAGR, 3 yr 12.3% 12.7%
44th		 3.0%
Revenue CAGR, 5 yr 236.4% 37.4%
100th		 5.9%
Gross profit CAGR, 3 yr 28.3% 12.9%
100th		 3.3%
Operating income CAGR, 3 yr —
Net income growth (TTM YoY) 5.8% 5.8%
50th		 4.7%
Net income CAGR, 3 yr —
EPS growth (TTM YoY) 1.2% 1.2%
50th		 7.6%
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr 4.9% 18.6%
12th		 6.7%
Book value CAGR, 3 yr 451.8% 23.7%
100th		 8.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 36.7% 35.6%
57th		 12.2%

Margin history & stability

MeasureNCLHIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 40.6% 47.7%
20th		 34.9%
Operating margin, 3-yr average 14.8% 15.4%
40th		 8.0%
Net margin, 3-yr average 6.5% 9.3%
20th		 4.8%
FCF margin, 3-yr average -7.1% 13.1%
0th		 5.7%
Revenue stability (0-1) 0.87 0.92
20th		 0.80
Earnings stability (0-1) 0.83 0.83
50th		 0.43
Margin stability (0-1) 0.00 0.92
0th		 0.92

Liquidity (latest quarter)

MeasureNCLHIndustry medianIndustry percentileSector median
Cash & short-term investments $218.1M $859.1M
9th		 $278.1M
Net cash (− = net debt) −$14.8B −$1.6B
18th		 −$1.2B
Working capital −$5.1B −$141,500
18th		 $298.0M
Current ratio 0.20 0.97
0th		 1.49
Quick ratio 0.17 0.97
0th		 0.92
Cash ratio (cash + ST investments / current liabilities) 0.03 0.48
0th		 0.31
Defensive interval (days) 65 days 421 days
0th		 290 days

Leverage & solvency (latest quarter)

MeasureNCLHIndustry medianIndustry percentileSector median
Total debt $15.0B $5.7B
73rd		 $1.8B
Debt / equity 5.84 2.04
100th		 1.04
Net debt / equity 5.76 0.86
100th		 0.78
Debt / assets 62.6% 51.0%
64th		 39.7%
Debt / capital 85.4% 66.8%
100th		 51.0%
Debt / EBITDA 5.72 3.36
73rd		 3.26
Net debt / EBITDA 5.64 2.43
91st		 2.42
Interest coverage (EBIT / interest) 1.8x 4.3x
36th		 5.1x
Cash interest coverage 2.6x 6.2x
18th		 6.0x
Debt payback (years of OCF) 7.0 yrs 3.6 yrs
91st		 3.8 yrs
Liabilities / assets 89.3% 88.6%
55th		 68.1%
IS credit model rating CCC — —
Implied credit spread (bps) 1,200 438
100th		 275

Efficiency

MeasureNCLHIndustry medianIndustry percentileSector median
Asset turnover 0.45 0.55
9th		 1.00
Fixed asset turnover 0.50 1.65
10th		 3.73
Inventory turnover 36.3 36.3
50th		 5.3
Receivables turnover 37.4 25.0
60th		 19.9
Days sales outstanding 10 days 12 days
45th		 18 days
Days inventory outstanding 10 days 10 days
50th		 68 days
Days payables outstanding 13 days 26 days
20th		 42 days
Cash conversion cycle (days) 7 days −11 days
80th		 44 days
Capex / revenue 32.5% 6.6%
90th		 3.1%
Capex / depreciation 2.99 1.27
80th		 0.89
Operating expense ratio 26.1% 35.2%
36th		 24.8%

Cash flow & earnings quality

MeasureNCLHIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.82 2.17
70th		 1.76
FCF / net income −1.51 1.32
0th		 1.18
FCF / operating cash flow -53.7% 57.6%
0th		 70.1%
Capex / operating cash flow 153.7% 42.4%
100th		 29.9%
Accruals ratio -6.1% -7.5%
73rd		 -5.7%
Sloan accruals ratio -4.1% -1.4%
27th		 -3.6%
Earnings quality score (0-1) 0.75 0.75
0th		 0.75

Dividends & buybacks

MeasureNCLHIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.8%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.40
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 17.8%
Dividends / FCF —
Dividend growth (YoY) —
Buyback yield 0.0% 2.9%
20th		 1.6%
Shareholder yield (dividends + buybacks) 0.0% 3.4%
20th		 3.7%
Share count change (YoY) 4.5% -2.4%
90th		 -0.9%
Buybacks, last 5 years $0 $584.8M
0th		 $198.3M

Scores & forensic checks

MeasureNCLHIndustry medianIndustry percentileSector median
IS score 38 52
27th		 50
IS profitability 50 62
45th		 38
IS growth 51 54
40th		 53
IS value 61 42
91st		 50
IS momentum 77 80
40th		 72
IS risk (safety) 15 40
0th		 65
IS quality 56 68
9th		 63
IS balance sheet 15 45
0th		 48
IS earnings quality 85 77
82nd		 77
IS cash flow 35 56
9th		 56
Piotroski F-score (0-9) 7 6
55th		 6
Altman Z-score 0.3 2.0
0th		 2.8
Beneish M-score −2.67 −2.88
73rd		 −2.69
Ohlson O-score −5.26 −6.02
82nd		 −6.83
IS credit score 15 46
0th		 58

Per share

MeasureNCLHIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.64 $2.65
36th		 $2.05
Book value per share $5.55 $5.58
45th		 $14.46
Tangible book per share $4.22 $1.45
64th		 $3.70
Revenue per share $21.89 $21.03
55th		 $46.29
FCF per share −$2.48 $2.08
0th		 $2.72
Operating cash flow per share $4.62 $5.31
36th		 $4.86
Cash per share $0.47 $6.01
0th		 $3.59

Size (TTM)

MeasureNCLHIndustry medianIndustry percentileSector median
Market cap $6.9B $20.0B
45th		 $3.6B
Revenue $10.2B $8.6B
55th		 $3.9B
EBITDA $2.6B $2.3B
55th		 $442.3M
Net income $760.8M $1.1B
45th		 $178.6M
Free cash flow −$1.2B $412.0M
0th		 $206.3M
Total assets $24.0B $18.9B
55th		 $4.4B
Shareholders' equity $2.6B $935.8M
73rd		 $957.6M
Employees 44,500 14,500
82nd		 12,300

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-05-22Chidsey John
Director, President and CEO
 Open-market buy 153,000$16.37$2.5M1,139,940
2026-05-20Cohen Jonathan Z
Director
 Open-market buy 30,000$15.83$474,90038,912
2026-05-19Cil Jose E.
Director
 Open-market buy 10,000$14.91$149,10074,295
2026-05-18Cil Jose E.
Director
 Open-market buy 5,000$15.25$76,25064,295
2026-05-11Macdonald Brian P
Director
 Open-market buy 15,000$16.54$248,10023,912
2026-05-07Lansberry Kevin Allen
Director
 Open-market buy 11,400$17.28$196,99220,312
2026-05-07Byng-Thorne Zillah
Director
 Open-market buy 25,015$17.67$442,01599,811
2026-05-07Byng-Thorne Zillah
Director
 Open-market buy 4,452$17.83$79,37925,742

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMay

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Open-market buyAcquired8253,867$4.2M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 1 notices · 5,250 shares · $110,224
FiledFilerShares proposedEst. proceeds
2025-12-12Faye Ashby5,250$110,224
2024-11-08Faye Ashby38,344$1.0M
2024-11-06Andrea Sieger29,000$805,010
2024-11-06Mark Kempa15,000$417,881
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 5 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2025-10-31Lisa C. McClainHouseSale (Full)$1,001 - $15,0002025-11-24
2025-10-30Lisa C. McClainHousePurchase$1,001 - $15,0002025-11-24
2025-10-30Lisa C. McClainHouseSale (Full)$1,001 - $15,0002025-11-24
2025-02-24Ashley MoodySenateSale$1,001 - $15,0002025-03-23
2025-02-24Ashley MoodySenateSale$1,001 - $15,0002025-03-23
2025-02-24Ashley Brooke MoodySenateSale$1,001 - $15,0002025-03-23
2025-02-24Ashley Brooke MoodySenateSale$1,001 - $15,0002025-03-23
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
VANGUARD CAPITAL MANAGEMENT LLC29,972,580$632.7M6.53%
BlackRock, Inc.29,336,839$619.3M6.39%
UBS Group AG23,331,373$492.5M5.08%
GOLDMAN SACHS GROUP INC18,908,671$399.2M4.12%
VANGUARD PORTFOLIO MANAGEMENT LLC18,666,538$394.1M4.07%
STATE STREET CORP17,008,796$359.1M3.70%
BARCLAYS PLC16,705,019$352.6M3.64%
ARIEL INVESTMENTS, LLC15,430,947$325.7M3.36%
AMERIPRISE FINANCIAL INC15,011,544$316.7M3.27%
Elliott Investment Management L.P.14,686,000$310.0M3.20%
Capital International Investors14,038,301$296.3M3.06%
Invesco Ltd.13,174,036$278.1M2.87%
GEODE CAPITAL MANAGEMENT, LLC12,129,137$255.6M2.64%
MIZUHO MARKETS AMERICAS LLC11,385,000$240.3M2.48%
DIMENSIONAL FUND ADVISORS LP10,002,632$211.2M2.18%

Institutional ownership by quarter

2023-092026-06103.4%
% of shares held by 13F filers
2023-092026-06639
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30639103.4%9519720986
2026-03-3163995.9%10520717998
2025-12-3164584.4%10723017793
2025-09-3064581.4%10719919274
2025-06-3062077.3%8422618295
2025-03-3164077.1%94233191114
2024-12-3167576.2%17320617358
2024-09-3057070.6%8019615756
2024-06-3055363.6%9919414464
2024-03-3152767.3%8015617764
2023-12-3151864.3%9013318276
2023-09-3051261.6%6215418370

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-12SCHEDULE 13G/ACapital International Investors3.1%14,139,297
2026-04-29SCHEDULE 13GVanguard Capital Management7.4%33,612,105
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-11-13SCHEDULE 13G/ACapital International Investors11.6%52,689,188
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.01%$214.3M
VSMPX0.01%$214.3M
VTSAX0.01%$214.3M
VTI0.01%$214.3M
RSP0.20%$197.9M
VFINX0.01%$176.7M

Share structure

Shares outstanding459,187,832
Float455,349,036
Free float99.2%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$648.0M$4.8B$8.5B$9.5B$9.8B
Cost of revenue$1.6B$4.3B$5.5B$5.7B$6.7B
Gross profit−$960.1M$576.7M$3.1B$3.8B$3.1B
R&D$0$0$0$0$0
SG&A$891.5M$1.4B$1.3B$1.4B$1.5B
Operating income−$2.6B−$1.6B$930.9M$1.5B$1.6B
EBITDA−$1.7B−$665.1M$1.8B$2.5B$2.7B
Pretax income−$4.5B−$2.3B$163.2M$772.9M$428.7M
Income tax$5.3M−$6.8M−$3.0M−$137.3M$5.5M
Net income−$4.5B−$2.3B$166.2M$910.3M$423.2M
EPS, diluted$-12.33$-5.41$0.39$1.89$0.90
Diluted shares365.4M419.8M427.4M515.0M459.5M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.7B$947.0M$402.4M$190.8M$209.9M
Receivables$1.2B$326.3M$280.3M$221.4M$291.7M
Inventory$118.2M$148.7M$157.6M$149.7M$138.2M
Total current assets$3.3B$1.9B$1.3B$1.0B$1.1B
PP&E, net$13.5B$14.5B$16.4B$16.8B$19.1B
Goodwill & intangibles$598.7M$598.7M$598.7M$636.3M$135.8M
Total assets$18.7B$18.6B$19.5B$20.0B$22.5B
Accounts payable$233.2M$228.7M$174.3M$171.1M$169.7M
Total current liabilities$3.7B$5.1B$6.0B$5.8B$5.5B
Long-term debt$11.6B$12.6B$12.3B$11.8B$13.7B
Total liabilities$16.3B$18.5B$19.2B$18.5B$20.3B
Shareholders' equity$2.4B$68.6M$300.8M$1.4B$2.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income−$4.5B−$2.3B$166.2M$910.3M$423.2M
Depreciation & amortization$758.6M$810.1M$883.2M$973.5M$1.2B
Stock-based compensation$124.1M$113.6M$118.9M$91.8M$88.4M
Change in working capital−$204.1M$1.4B$809.4M$225.4M$4.5M
Operating cash flow−$2.5B$210.0M$2.0B$2.0B$2.1B
Capital expenditure−$752.8M−$1.8B−$2.8B−$1.2B−$3.3B
Free cash flow−$3.2B−$1.6B−$744.6M$838.9M−$1.2B
Investing cash flow−$1.0B−$1.8B−$2.9B−$1.2B−$3.3B
Net debt issued / repaid$488.3M$1.2B$564.7M−$870.4M$1.3B
Buybacks−$16.7M−$21.0M−$26.9M−$25.3M−$23.8M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin-148.2%11.9%36.0%40.0%42.6%
Operating margin-393.9%-32.0%10.9%15.5%15.9%
Net margin-695.5%-46.9%1.9%9.6%4.3%
FCF margin-497.1%-32.5%-8.7%8.8%-11.9%
ROE-132.8%-181.5%90.0%105.5%23.3%
ROIC-15.4%-9.6%6.8%11.4%9.3%
ROA-24.3%-12.2%0.9%4.6%2.0%
Debt / equity5.12198.5946.749.766.61
Interest coveragen/mn/m1.2x2.0x1.5x
Current ratio0.890.370.220.170.21
Revenue growth−49.4%+647.5%+76.5%+10.9%+3.7%
EPS growth+15.7%+53.2%+107.3%+349.8%−47.6%
P/E at year endn/mn/m51.3x14.6x24.2x
EV / EBITDA at year endn/mn/m12.5x10.9x10.5x
FCF yield at year end-39.64%-30.51%-8.73%6.29%-11.41%
Dividend payout——0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Passenger ticket$392.8M$3.3B$5.8B$6.4B$6.7B
Onboard and other$255.2M$1.6B$2.8B$3.1B$3.1B

Revenue by region · FY2025

North America$5.6B · 57%
Europe$2.9B · 29%
Asia Pacific$996.7M · 10%
Other Country$282.9M · 3%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $0.93 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$10.1B$10.0B – $10.3B$1.55$1.42 – $1.71139.7x
2027$10.5B$10.2B – $11.0B$1.53$1.01 – $2.01149.8x
2028$11.2B$10.8B – $11.6B$1.76$1.62 – $1.9038.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$0.41$0.48+16.6%$2.6B$2.6B−0.2%
2026-05-04$0.15$0.23+53.3%$2.4B$2.3B−1.1%
2026-03-02$0.26$0.28+5.8%$2.3B$2.2B−4.2%
2025-11-04$1.16$1.20+3.4%$2.3B$2.9B+25.4%
2025-07-31$0.52$0.51−1.9%$3.0B$2.5B−16.5%
2025-04-30$0.09$0.07−22.2%$2.6B$2.1B−16.8%
2025-02-27$0.10$0.26+160.0%$2.2B$2.1B−3.8%
2024-10-31$0.94$0.99+5.3%$2.1B$2.8B+33.3%
2024-07-31$0.35$0.40+14.3%$2.4B$2.4B−0.4%
2024-05-01$0.12$0.16+33.3%$2.2B$2.2B−2.4%
2024-02-27$-0.13$-0.18−38.5%$2.0B$2.0B+0.9%
2023-11-01$0.69$0.76+10.1%$2.0B$2.5B+28.8%
2023-08-01$0.27$0.30+11.1%$2.2B$2.2B+1.6%
2023-05-01$-0.43$-0.30+30.2%$2.2B$1.8B−16.5%
2023-02-28$-0.89$-1.04−16.9%$1.5B$1.5B+1.2%
2022-11-08$-0.71$-0.64+9.9%$1.6B$1.6B+2.0%
2022-08-09$-0.82$-1.14−39.0%$1.3B$1.2B−6.0%
2022-05-10$-1.73$-1.82−5.2%$737.5M$521.9M−29.2%
2022-02-24$-1.69$-1.95−15.4%$571.9M$487.4M−14.8%
2021-11-03$-2.11$-2.17−2.8%$148.7M$153.1M+2.9%
2021-08-06$-2.00$-1.93+3.5%$4.4M$4.4M0.0%
2021-05-06$-2.06$-2.03+1.5%$12.9M$3.1M−75.9%
2021-02-25$-2.31$-2.33−0.9%$2.6M$9.6M+268.4%
2020-11-09$-2.24$-2.35−4.9%$6.2M$6.5M+5.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.406-220.306-290.307-060.207-130.207-200.407-270.308-030.208-100.308-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$223.9M14,281,232128,818
2026-08-24$192.7M11,306,222111,845
2026-08-17$293.2M16,789,837145,807
2026-08-10$204.8M10,839,839113,918
2026-08-03$279.2M14,186,718133,838
2026-07-27$430.7M21,967,310185,105

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1548.6%
DateShort shareShort volumeTotal volume
2026-10-1548.6%4,570,2859,398,156
2026-10-1451.9%3,538,7176,815,422
2026-10-1351.2%3,037,5855,927,160
2026-10-1257.1%4,420,2217,746,411
2026-10-0961.1%5,009,6898,197,447
2026-10-0852.9%5,154,6849,750,296
2026-10-0755.6%6,918,21712,452,358
2026-10-0647.6%5,918,86012,426,876
2026-10-0557.4%4,609,0198,030,729
2026-10-0255.4%8,870,12216,007,915
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.4Jan+1.1Feb-6.4Mar+3.2Apr-0.1May-0.4Jun+1.1Jul+3.0Aug+1.1Sep+3.6Oct+3.7Nov+3.6Dec
MonthAvg returnUp yearsYears
Jan+2.4%50%14
Feb+1.1%57%14
Mar−6.4%29%14
Apr+3.2%46%13
May−0.1%54%13
Jun−0.4%38%13
Jul+1.1%69%13
Aug+3.0%77%13
Sep+1.1%62%13
Oct+3.6%54%13
Nov+3.7%62%13
Dec+3.6%62%13
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1447.4
MFI64.3
ADX16.2
Stochastic %K / %D58.0 / 64.3
Williams %R-50.0
CCI66
TSI / signal-5.2 / -15.0
Chaikin money flow-0.07
ATR$0.61
Bollinger width12.6%
Volume vs 20-day avg0.74x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$14.87 (+1.2%)
SMA 50$15.87 (−5.2%)
SMA 200$19.07 (−21.1%)
EMA 21$15.14 (−0.6%)
EMA 50$15.89 (−5.3%)
EMA 200$18.39 (−18.2%)
Bollinger upper$15.81 (−4.8%)
Bollinger lower$13.94 (+8.0%)
Parabolic SAR$14.33 (+5.0%)
Open the live chart, 110+ indicators

About Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd. (NCLH), along with its subsidiary companies, operates as a major global cruise enterprise. Its operations span North America, Europe, the Asia-Pacific region, and other international markets. The company manages a portfolio of three distinct cruise brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. NCLH offers an extensive range of voyages, from brief three-day excursions to lengthy 180-day expeditions. These itineraries explore a comprehensive list of destinations worldwide, including Scandinavia, Russia, the Mediterranean, and the Greek Isles; the Alaskan wilderness, Canada and New England; Hawaii, Asia, Tahiti, and the South Pacific; Australia and New Zealand; Africa, India, and South America; as well as the Panama Canal and the Caribbean. As of December 31, 2021, the company commanded a fleet of 28 ships, providing approximately 59,150 berths for guests. Its travel products are distributed through multiple channels, including independent retail/travel advisors, direct sales onboard its ships, and specialized services for meetings, incentives, and private charters. Founded in 1966, Norwegian Cruise Line Holdings Ltd. maintains its corporate headquarters in Miami, Florida.

https://www.nclhltd.com

Key executives

NameTitlePayBorn
Captain Patrik DahlgrenExecutive Vice President & Chief Vessel Operations and Newbuild Officer$2.1M1977
Mark A. KempaExecutive Vice President & Chief Financial Officer$2.1M1972
Jason MontagueChief Luxury Officer$2.1M1974
Daniel S. FarkasExecutive Vice President, General Counsel, Chief Development Officer & Secretary$1.6M1969
John W. ChidseyPresident, CEO & Chairman$144,4441963
Daniel HenryExecutive Vice President and Chief Digital & Technology Officer—1971
Faye L. AshbySenior Vice President & Chief Accounting Officer—1972
Lee D. ApplbaumChief Marketing Officer—1971

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Harry Sommer Former President and Chief Executive Officer2025$1.3M$9.5M$2.9M$13.8M
David Herrera Former President, Norwegian Cruise Line (through August 20, 2025)2025$622,500$2.3M$686,656$5.7M
Patrik Dahlgren Executive Vice President,Chief Vessel Operations and Newbuild Officer2025$975,000$2.3M$1.1M$4.4M
Mark A. Kempa Executive Vice President and Chief Financial Officer2025$975,000$2.3M$1.1M$4.4M
Jason Montague Chief Luxury Officer2025$914,712$2.3M$1.1M$4.4M
Daniel S. Farkas Executive Vice President, General Counsel, Chief Development Officer and Secretary2025$750,000$2.2M$831,000$3.8M

Employees

3k20184k20193k20204k20215k20225k20235k20245k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

None · Efficient Scale · 2026-06-30
Cost advantage33
Intangibles36
Switching costs28
Network effect38
Efficient scale60
Our component scores (0-100) and overall 37.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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