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Norwegian Cruise Line Holdings (NCLH) stock

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NYSE: NCLH NYSE Hotels, Resorts & Cruise Lines Next results ~January 26, 2027

C Fundamentals grade

Norwegian Cruise Line Holdings is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$29

Valuation models combined (2)

Base case. Range ~$22–$43. Weighted average of 2 models (forward price-to-earnings vs peers, forward price-to-sales vs peers).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Norwegian Cruise Line Holdings valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders13 buying, 1 selling17 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds275 adding, 296 cuttingOf 65 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Norwegian Cruise Line Holdings files

10-Q filed October 29: Norwegian Cruise Line

Model value −32.6%

Norwegian Cruise Line Holdings generated $10.2bn in revenue over the twelve months to September 2026, up 4.9% on a year earlier. That pace has eased from the 6.2% growth recorded a quarter earlier. Profitability trends are mixed. The free-cash-flow margin improved markedly, rising to -5.6% from -10.7% a year earlier, though still negative. Operating margin, meanwhile, narrowed to 13.8% from 16.4%. A 3.5% reduction in the diluted share count over the year has lifted the value attributable to each remaining share. Taken together, these shifts move the fundamentals grade from D to C. Our model value, however, falls sharply, from $39.04 to $26.32 a share. Against that, the shares currently trade at $18.27, leaving a gap between market price and modelled worth.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Norwegian Cruise Line stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $10.2bn, up 6.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to -11.7% from -5.3% a year earlier. The diluted share count is down 2.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $38.79 a share, against a share price of $15.85.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Norwegian Cruise Line Holdings's trailing-twelve-month revenue grew 4.9% year on year, with a free-cash-flow margin of -5.6%. Where it stands out: days sales outstanding of 9 days ranks 3 of 17 hotels, resorts & cruise lines companies we cover. Where it lags: free-cash-flow margin of -5.6% ranks 23 of 24 hotels, resorts & cruise lines companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 45.5% while net income grew 25.5%: a 20pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.5% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Burning cash. Free cash flow was -5.6% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 56% and a beta of 2.0 against the S&P 500.
  • Weak cash conversion. Free cash flow was -68% of net income over the last 12 months.
  • Below peers: revenue growth. Revenue growth of 4.9% ranks 19 of 25 hotels, resorts & cruise lines companies we cover (median 9.7%).
  • Below peers: change in growth rate. Change in growth rate of -1.4pp ranks 19 of 25 hotels, resorts & cruise lines companies we cover (median -0.5pp).
  • Heavily shorted. 22.0% of the shares available to trade are sold short (4.2 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.12 against an average estimate of $0.93: beat by 19.9%
Revenue
$2.95bn, up 0.3% on a year earlier
Share reaction
+9.4% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
net Yield (Constant Currency) growth 5% (full year 2026); net Yield (Constant Currency) growth 8.9% (Q3 2026)
Next report
October 29, 2026; average EPS estimate -$0.11

Norwegian Cruise Line Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.1%
  • 1 week+17.6%
  • 1 month+18.5%
  • This year-19.6%
  • 1 year-20.0%
  • 5 years-34.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$10.2B
Operating margin
13.8%
Net margin
8.2%
EPS (TTM, diluted)
$1.74

Growth

Revenue growth
+4.9%
Change in growth rate
−1.4 pts
Share count change
−3.5%

Cash

Free cash flow (TTM)
-$564M
FCF margin
-5.6%
Stock pay % of revenue
0.9%

Earnings

Last results
October 29, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Leadership
  3. Results
  4. Our research
  5. Announcement
  6. Agreement
  7. Announcement
  8. Announcement
  9. Financing
  10. Financing
  11. Announcement
  12. Announcement
  13. Announcement
  14. Announcement
  15. Announcement
  16. Results
  17. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Norwegian Cruise Line Holdings valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Norwegian Cruise Line Holdings as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.29 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$22 ~$18–$32 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$43 ~$40–$88 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$29 ~$22–$43 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Norwegian Cruise Line Holdings with Hotels, Resorts & Cruise Lines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$58.60$42.53$53.25$42.39$58.41$25.43$20.74$12.24$20.04$25.73$22.32$17.94
Market value$13.5bn$9.7bn$12.2bn$9.5bn$12.6bn$6.5bn$7.6bn$5.1bn$8.6bn$13.3bn$10.7bn$8.6bn
+ Net debt (− = net cash)$6.3bn$6.3bn−$176m$6.4bn$6.5bn$8.9bn$11.1bn$12.9bn$14.0bn$13.2bn$14.8bn$15.2bn
Enterprise value$19.8bn$16.0bn$12.0bn$16.0bn$19.2bn$15.3bn$18.7bn$18.0bn$22.6bn$26.4bn$25.4bn$23.8bn
Multiples
Price / sales 3.1x2.0x2.3x1.6x2.0x5.1x11.7x1.1x1.0x1.4x1.1x0.8x
Price / earnings 31.6x15.3x16.1x10.0x13.6x———51.5x14.6x25.2x10.3x
Price / free cash flow —56.3x53.3x18.7x68.2x————15.8x——
EV / EBITDA 17.1x11.6x7.7x8.9x10.5x———12.5x10.8x9.3x9.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

35 /100

Weak moat

How hard Norwegian Cruise Line Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.3% of total assets over 6 years.

  • Pricing power 5 / 20

    Gross margin has been a median 36.3%, moving by 215.3 percentage points (standard deviation) across 6 years.

  • Durability 4 / 20

    Operating margin has been a median 14.3%; its worst year was -1418.0%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -4.5% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 40.5% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.60 −24% $10.1bn +3%
Next $1.48 −8% $10.6bn +5%

Next year's EPS estimate has moved −16.9% in 90 days, across 26 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.5% on 90 days ago. In the last 30 days, 2 analysts raised Norwegian Cruise Line Holdings's forecast and 2 cut it.

Consensus EPS forecast Norwegian Cruise Line Holdings, last 90 days
$1.40 $1.50 $1.60 $1.70 $1.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.55 Current fiscal year, 60 days ago: $1.54 Current fiscal year, 30 days ago: $1.54 Current fiscal year, 7 days ago: $1.55 Current fiscal year, Now: $1.60 $1.60 Next fiscal year, 90 days ago: $1.78 Next fiscal year, 60 days ago: $1.70 Next fiscal year, 30 days ago: $1.67 Next fiscal year, 7 days ago: $1.49 Next fiscal year, Now: $1.48 $1.48

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.55$1.78
60 days ago $1.54$1.70
30 days ago $1.54$1.67
7 days ago $1.55$1.49
Now $1.60$1.48

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.93 $1.12 +19.9%
Jun 2026 $0.39 $0.48 +22.8%
Mar 2026 $0.14 $0.23 +61.3%
Dec 2025 $0.27 $0.28 +5.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Adjusted EPS full year 2026 about $1.50 Non-GAAP
    “Adjusted EPS is expected to be approximately $1.50.” source
  • Adjusted EPS Q3 2026 about $0.90 Non-GAAP
    “Adjusted EPS 1 $0.90 ~$1.50” source
  • Adjusted Operational EBITDA Margin full year 2026 about 33.2% Non-GAAP
    “Adjusted Operational EBITDA Margin for the full year 2026 is expected to be 33.2%.” source
  • Adjusted Operational EBITDA Margin Q3 2026 about 41.2% Non-GAAP
    “Q3 2026 Adjusted EBITDA is expected to be $874 million and Adjusted Operational EBITDA Margin for the quarter is expected to be 41.2%.” source
  • Net Yield (Constant Currency) full year 2026 about 5% growth Non-GAAP
    “2026 full year Net Yield on a Constant Currency basis is expected to be down approximately 5% versus 2025.” source
  • Adjusted Net Cruise Cost Excluding Fuel per Capacity Day (Constant Currency) full year 2026 about 0.25% growth Non-GAAP
    “2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to be down approximately 0.25% on a Constant Currency basis versus 2025, reflecting better-than-previously-guided performance driven by ongoing savings.” source
Show 6 more items
  • Adjusted EBITDA full year 2026 about $2.5bn Non-GAAP
    “2026 full year Adjusted EBITDA is expected to be approximately $2.5 billion.” source
  • Adjusted Net Income full year 2026 about $700m Non-GAAP
    “Full year Adjusted Net Income is expected to be approximately $700 million.” source
  • Net Yield (Constant Currency) Q3 2026 about 8.9% growth Non-GAAP
    “Q3 2026 Net Yield on a Constant Currency basis is expected to decline 8.9% versus 2025.” source
  • Adjusted Net Cruise Cost Excluding Fuel per Capacity Day (Constant Currency) Q3 2026 about 0.9% growth Non-GAAP
    “Q3 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to decline 0.9% on a Constant Currency basis versus 2025.” source
  • Adjusted EBITDA Q3 2026 about $874m Non-GAAP
    “Q3 2026 Adjusted EBITDA is expected to be $874 million and Adjusted Operational EBITDA Margin for the quarter is expected to be 41.2%.” source
  • Adjusted Net Income Q3 2026 about $414m Non-GAAP
    “Adjusted Net Income $414 million ~$700 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

26 analysts, Oct 2026
Buy935%
Hold1662%
Sell14%

Monthly trend

  1. Oct 202681626
  2. Sep 202691727
  3. Aug 202691727
  4. Jul 2026101627

Counts of recommendations published by analysts covering Norwegian Cruise Line Holdings, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
22.0%
of tradable shares
Days to cover
4.21
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.8%
of shares
Employees
44,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −20.0%

$22.42 on October 31, 2025 to $17.94

ThenNowEffect
Revenue (last 12 months) $9.6bn $10.2bn +6.2%
Net margin 7.5% 7.5% −0.4%
P/E multiple 15.6x 11.5x −26.4%
Share count 501m 488m +2.7%

Biggest factor: p/e multiple.

Last 3 years +29.9%

$13.81 on November 3, 2023 to $17.94

ThenNowEffect
Revenue (last 12 months) $7.2bn $10.2bn +41.8%
P/S multiple 0.8x 0.9x +3.6%
Share count 431m 488m −11.6%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NCLH−18%−41%+64%+28%−13%−20%
Industry peers (median)+28%−23%+45%+24%+10%+22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NCLH50%42%50%50%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NCLH−47%−56%−43%−31%−47%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 88% from November 2, 2015 to March 18, 2020. Getting back needed a 721% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$14.12 – $25.02
From 52-week high
−28.3%
vs 50-day average
+16.5%
vs 200-day average
−3.9%
Volatility (1 year)
56%
Beta vs S&P 500
2.00

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±9.5%
After a week
3 up, 8 down
typical move ±11.8%
After a month
3 up, 8 down
typical move ±13.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +9.4% −2.1% — —
July 30, 2026 −10.7% +2.4% −6.7% −19.8%
May 4, 2026 −9.9% +0.4% −11.9% −3.5%
March 2, 2026 −14.2% −0.8% −16.5% −24.6%
February 12, 2026 −6.4% −1.5% +5.9% −13.6%
November 4, 2025 −16.1% −0.8% −15.1% −15.2%
July 31, 2025 +4.7% −2.0% +4.6% +6.2%
April 30, 2025 −6.4% +0.7% −0.4% +1.6%
February 27, 2025 −9.3% −0.1% −20.2% −23.6%
October 31, 2024 +4.4% −1.5% +13.5% +18.9%
July 31, 2024 −6.5% +0.2% −20.0% −3.8%
May 1, 2024 −15.7% +0.6% −15.0% −12.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Norwegian Cruise Line Holdings in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Norwegian Cruise Line Holdings
$8.5B $9B $9.5B $10B $10.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $8.5B Revenue (TTM), FY24 Q1: $8.9B Revenue (TTM), FY24 Q2: $9.1B Revenue (TTM), FY24 Q3: $9.4B Revenue (TTM), FY24 Q4: $9.5B Revenue (TTM), FY25 Q1: $9.4B Revenue (TTM), FY25 Q2: $9.6B Revenue (TTM), FY25 Q3: $9.7B Revenue (TTM), FY25 Q4: $9.8B Revenue (TTM), FY26 Q1: $10B Revenue (TTM), FY26 Q2: $10.2B Revenue (TTM), FY26 Q3: $10.2B $10.2B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $8.5B
FY24 Q1 $8.9B
FY24 Q2 $9.1B
FY24 Q3 $9.4B
FY24 Q4 $9.5B
FY25 Q1 $9.4B
FY25 Q2 $9.6B
FY25 Q3 $9.7B
FY25 Q4 $9.8B
FY26 Q1 $10B
FY26 Q2 $10.2B
FY26 Q3 $10.2B
Revenue growth, TTM YoY Norwegian Cruise Line Holdings
0% 20% 40% 60% 80% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 76.5% Revenue growth, TTM YoY, FY24 Q1: 45.2% Revenue growth, TTM YoY, FY24 Q2: 26.9% Revenue growth, TTM YoY, FY24 Q3: 15.8% Revenue growth, TTM YoY, FY24 Q4: 10.9% Revenue growth, TTM YoY, FY25 Q1: 5.6% Revenue growth, TTM YoY, FY25 Q2: 5.2% Revenue growth, TTM YoY, FY25 Q3: 3.6% Revenue growth, TTM YoY, FY25 Q4: 3.7% Revenue growth, TTM YoY, FY26 Q1: 6.5% Revenue growth, TTM YoY, FY26 Q2: 6.2% Revenue growth, TTM YoY, FY26 Q3: 4.9% 4.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 76.5%
FY24 Q1 45.2%
FY24 Q2 26.9%
FY24 Q3 15.8%
FY24 Q4 10.9%
FY25 Q1 5.6%
FY25 Q2 5.2%
FY25 Q3 3.6%
FY25 Q4 3.7%
FY26 Q1 6.5%
FY26 Q2 6.2%
FY26 Q3 4.9%
Operating margin (TTM) Norwegian Cruise Line Holdings
10% 12% 14% 16% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 10.9% Operating margin (TTM), FY24 Q1: 12.8% Operating margin (TTM), FY24 Q2: 13.3% Operating margin (TTM), FY24 Q3: 14.7% Operating margin (TTM), FY24 Q4: 15.5% Operating margin (TTM), FY25 Q1: 15.4% Operating margin (TTM), FY25 Q2: 16.0% Operating margin (TTM), FY25 Q3: 16.4% Operating margin (TTM), FY25 Q4: 15.9% Operating margin (TTM), FY26 Q1: 15.9% Operating margin (TTM), FY26 Q2: 15.1% Operating margin (TTM), FY26 Q3: 13.8% 13.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 10.9%
FY24 Q1 12.8%
FY24 Q2 13.3%
FY24 Q3 14.7%
FY24 Q4 15.5%
FY25 Q1 15.4%
FY25 Q2 16.0%
FY25 Q3 16.4%
FY25 Q4 15.9%
FY26 Q1 15.9%
FY26 Q2 15.1%
FY26 Q3 13.8%
FCF margin (TTM) Norwegian Cruise Line Holdings
-20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -8.7% FCF margin (TTM), FY24 Q1: -5.2% FCF margin (TTM), FY24 Q2: -4.7% FCF margin (TTM), FY24 Q3: 3.1% FCF margin (TTM), FY24 Q4: 8.8% FCF margin (TTM), FY25 Q1: -5.9% FCF margin (TTM), FY25 Q2: -5.3% FCF margin (TTM), FY25 Q3: -10.7% FCF margin (TTM), FY25 Q4: -11.9% FCF margin (TTM), FY26 Q1: -9.5% FCF margin (TTM), FY26 Q2: -11.7% FCF margin (TTM), FY26 Q3: -5.6% -5.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -8.7%
FY24 Q1 -5.2%
FY24 Q2 -4.7%
FY24 Q3 3.1%
FY24 Q4 8.8%
FY25 Q1 -5.9%
FY25 Q2 -5.3%
FY25 Q3 -10.7%
FY25 Q4 -11.9%
FY26 Q1 -9.5%
FY26 Q2 -11.7%
FY26 Q3 -5.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Norwegian Cruise Line Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $9.8B
  2. Cost of revenue $5.6B · 57.4%
  3. Gross profit $4.2B · 42.6%
  4. Selling, general and admin $1.5B · 15.8%
  5. Other operating costs $1.1B · 11.0%
  6. Operating income $1.6B · 15.9%
  7. Interest and other $1.1B · 11.5%
  8. Net income $423M · 4.3%

Shares of revenue. Source: Norwegian Cruise Line Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2.2 2.3 2.6 3.1 4.3 4.9 5.4 6.1 6.5 1.3 0.6 4.8 8.5 9.5 9.8 10.2
Gross profit — — — — — — — — 2.8 −0.4 −1.0 0.6 3.1 3.8 4.2 4.2
EBITDA 0.5 0.6 0.6 0.8 1.2 1.4 1.6 1.8 1.8 −2.7 −1.8 −0.7 1.8 2.4 2.7 2.6
Operating income 0.3 0.4 0.4 0.5 0.7 0.9 1.0 1.2 1.2 −3.5 −2.6 −1.6 0.9 1.5 1.6 1.4
Net income 0.1 0.2 0.1 0.3 0.4 0.6 0.8 1.0 0.9 −4.0 −4.5 −2.3 0.2 0.9 0.4 0.8
Diluted EPS $0.71 $0.94 $0.49 $1.62 $1.86 $2.78 $3.31 $4.25 $4.30 −$15.75 −$12.33 −$5.41 $0.39 $1.89 $0.92 $1.74
Growth (year on year)
Revenue — +2.6% +12.9% +21.6% +39.0% +12.2% +10.7% +12.2% +6.7% −80.2% −49.4% +647.5% +76.5% +10.9% +3.7% +4.9%
EBITDA — +8.7% +11.8% +26.0% +42.7% +18.9% +14.5% +13.7% +2.2% −250.4% — — — +34.5% +11.6% +1.6%
Operating income — +13.0% +10.9% +27.0% +39.7% +31.7% +13.3% +16.2% −3.4% −395.7% — — — +57.5% +6.5% −11.4%
Net income — +32.9% −39.7% +232.7% +26.2% +48.2% +20.0% +25.7% −2.6% −531.3% — — — — −53.5% +25.5%
Diluted EPS — +32.4% −47.9% +230.6% +14.8% +49.5% +19.1% +28.4% +1.2% −466.3% — — — — −51.3% +30.0%
Margins
Gross margin — — — — — — — — 43.3% −32.3% −148.2% 11.9% 36.0% 40.0% 42.6% 41.4%
EBITDA margin 23.8% 25.2% 24.9% 25.8% 26.5% 28.1% 29.1% 29.5% 28.2% −214.4% −276.8% −15.3% 21.2% 25.7% 27.7% 25.8%
Operating margin 14.2% 15.7% 15.4% 16.1% 16.2% 19.0% 19.4% 20.1% 18.2% −272.2% −393.9% −32.0% 10.9% 15.5% 15.9% 13.8%
Net margin 5.7% 7.4% 4.0% 10.8% 9.8% 13.0% 14.1% 15.8% 14.4% −313.5% −695.5% −46.9% 1.9% 9.6% 4.3% 8.2%
Free-cash-flow margin 7.8% 4.2% −15.6% −10.5% −1.8% 3.5% 4.2% 8.4% 2.9% −273.7% −497.1% −32.5% −8.7% 8.8% −11.9% −5.6%
Cash flow
Cash from operations 0.4 0.4 0.5 0.6 1.0 1.3 1.6 2.1 1.8 −2.6 −2.5 0.2 2.0 2.0 2.1 2.2
Capital spending 0.2 0.3 0.9 1.0 1.1 1.1 1.4 1.6 1.6 0.9 0.8 1.8 2.8 1.2 3.3 2.7
Free cash flow 0.2 0.1 −0.4 −0.3 −0.1 0.2 0.2 0.5 0.2 −3.5 −3.2 −1.6 −0.7 0.8 −1.2 −0.6
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.2 0.1 −0.4 −0.3 −0.1 0.1 0.1 0.4 0.1 −3.6 −3.3 −1.7 −0.9 0.7 −1.3 −0.7
Balance sheet
Cash 0.1 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.3 3.3 1.5 0.9 0.4 0.2 0.2 0.3
Total debt 0.0 3.0 3.1 6.1 6.4 6.4 — 6.6 6.8 12.2 12.6 13.9 14.4 13.4 15.0 15.5
Net debt (negative = net cash) −0.1 2.9 3.1 6.0 6.3 6.3 −0.2 6.4 6.5 8.9 11.1 12.9 14.0 13.2 14.8 15.2
Diluted shares 179m 179m 209m 212m 230m 228m 229m 224m 216m 255m 365m 420m 427m 515m 478m 479m
Returned to shareholders
Buybacks — — — 0.1 0.1 0.0 — 0.7 0.3 — — — — — — —
Total returned — — — 0.1 0.1 0.0 — 0.7 0.3 — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $24.0bn
Short-term assets $1.3bnLonger-term assets $22.7bn
What it owes, and who funded it · $24.0bn
Short-term liabilities $5.8bnLonger-term liabilities $15.1bnShareholders' equity $3.1bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $5.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $15.1bn of longer-dated liabilities.
  • More cash than debt $257m of cash against $14.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 443% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 833% to 443% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.2bn of operating cash flow against $14.0bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Norwegian Cruise Line Holdings's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−3.5%
year over year
Sales & admin spending
16.0%
of revenue
Days sales outstanding
9 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in hotels, resorts & cruise lines
Last 12 months unless stated NCLH TCOM HLT ABNB H EXPE Median
Revenue, last 12 months $10.2bn $8.7bn $12.7bn $13.2bn $7.1bn $15.7bn $5.2bn
Revenue growth, last 12 months 4.9% 17.2% 8.1% 13.6% 2.8% 12.0% 9.7%
Revenue growth, 3-year average 7.9% 110.6% 8.0% 13.1% 2.5% 8.6% 8.0%
Revenue growth, latest quarter 0.3% — 6.6% 16.5% −2.4% 14.0% 8.1%
Gross margin 41.4% 80.6% — 82.9% — 82.1% 47.7%
Operating margin 13.8% 25.3% 24.0% 20.8% — 16.0% 16.0%
Operating margin, 3-year average 15.0% 9.7% 22.2% 19.5% — 11.3% 15.3%
Net margin 8.2% 53.3% 13.4% 20.4% 2.6% 13.0% 11.4%
Cash from operations / revenue 21.3% 23.0% 15.9% 36.9% 4.6% 33.2% 20.4%
Free-cash-flow margin −5.6% 21.8% 15.2% 36.9% 2.6% 28.4% 12.1%
Free-cash-flow margin, 3-year average −4.4% 18.6% 17.3% 38.6% 4.3% 19.3% 10.3%
Stock pay / revenue 0.9% 3.6% 1.6% 13.0% 1.0% 2.6% 1.3%
Change in share count −3.5% 1.4% −4.5% −3.8% −1.2% −5.4% −3.4%

Median of all 25 companies we cover in hotels, resorts & cruise lines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 hotels, resorts & cruise lines companies
Measure Company Peer median Rank
Revenue growth Growth 4.9% 9.7% 19 of 25
Change in growth rate Growth -1.4pp -0.5pp 19 of 25
Gross margin Profitability 41.4% 47.7% 10 of 14
Operating margin Profitability 13.8% 16.0% 15 of 22
Net margin Profitability 8.2% 11.4% 15 of 25
Free-cash-flow margin Cash generation -5.6% 12.7% 23 of 24
Stock pay as % of revenue Cash generation 0.9% 1.4% 5 of 24
Long-term debt as % of assets Balance sheet 58.1% 41.9% 17 of 24
Change in share count Balance sheet -3.5% -3.5% 12 of 23
Days sales outstanding Balance sheet 9 days 52 days 3 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Passenger $6.7B 68.0% ▲ 4.2%
Onboard and Other $3.1B 32.0% ▲ 2.5%
Geography
Region Revenue Share YoY
North America $5.6B 57.5% ▲ 6.2%
Europe $2.9B 29.5% ▼ 4.5%
Asia Pacific $997M 10.1% ▲ 27.9%
Other Country $283M 2.9% ▼ 18.3%

From Norwegian Cruise Line Holdings's 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.9B
Institutions reporting
631
Shares held vs prior quarter
▲ 6.9%
Positions opened / closed
80 / 87

Top buyers and sellers, Q2 2026: 275 institutions bought and 296 sold ; the biggest buyer was Ameriprise Financial Inc (+14.5M shares) and the biggest seller Capital International Investors (−15.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $633M 30.0M 6.4% ▲ 1.2%
Blackrock, Inc. $619M 29.3M 6.2% ▼ 15.0%
UBS Group AG $493M 23.3M 5.0% ▲ 6.3%
Goldman Sachs Group Inc $399M 18.9M 4.0% ▲ 5.5%
Vanguard Portfolio Management LLC $394M 18.7M 4.0% ▼ 5.3%
State Street Corp $359M 17.0M 3.6% ▲ 4.6%
Barclays PLC $353M 16.7M 3.6% ▲ 10.6%
Ariel Investments, LLC $326M 15.4M 3.3% ▲ 5.2%
Ameriprise Financial Inc $317M 15.0M 3.2% ▲ 3143.9%
Elliott Investment Management L.P. $310M 14.7M 3.1% ▲ 11.4%
Capital International Investors $296M 14.0M 3.0% ▼ 53.2%
Invesco Ltd. $278M 13.2M 2.8% ▲ 21.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Norwegian Cruise Line Holdings's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $30.9M 17 trades by 13 insiders, last 12 months Insider sales History → $110,250 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $30.8M net buying
Insider Date Trade Shares Price Value
Pagliuca Stephen G Director June 2, 2026 Buy 685,000 $18.06 $12.4M
Pagliuca Stephen G Director June 1, 2026 Buy 695,000 $18.16 $12.6M
Chidsey John President and CEO May 22, 2026 Buy 153,000 $16.37 $2.5M
Cohen Jonathan Z Director May 20, 2026 Buy 30,000 $15.83 $474,900
Cil Jose E. Director May 19, 2026 Buy 10,000 $14.91 $149,100
Cil Jose E. Director May 18, 2026 Buy 5,000 $15.25 $76,250
Macdonald Brian P Director May 11, 2026 Buy 15,000 $16.54 $248,100
Byng-Thorne Zillah Director May 7, 2026 Buy 4,452 $17.83 $79,379
Byng-Thorne Zillah Director May 7, 2026 Buy 25,015 $17.67 $442,015
Lansberry Kevin Allen Director May 7, 2026 Buy 11,400 $17.28 $196,992
Ashby Faye L. SVP & Chief Accounting Officer December 12, 2025 Sell 5,250 $21.00 $110,250
Dahlgren Patrik EVP, Chief Vessel Ops & NO November 25, 2025 Buy 5,550 $17.94 $99,578

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

No trades in Norwegian Cruise Line Holdings disclosed in the last 12 months; 11 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • May 4, 2026
  • March 2, 2026
  • February 12, 2026
  • November 4, 2025

Recent SEC filings

Data status

When each part of this page on Norwegian Cruise Line Holdings was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Norwegian Cruise Line Holdings in brief

What does Norwegian Cruise Line Holdings do?
Norwegian Cruise Line Holdings is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.
What is Norwegian Cruise Line Holdings's stock ticker?
Norwegian Cruise Line Holdings trades under the ticker NCLH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Norwegian Cruise Line Holdings's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Norwegian Cruise Line Holdings reported revenue of $10.2B, 4.9% higher than a year earlier, according to its SEC filings.
What is Norwegian Cruise Line Holdings's free cash flow?
Norwegian Cruise Line Holdings's free-cash-flow margin is -5.6% of revenue over the trailing twelve months, ranking 23 of the 24 hotels, resorts & cruise lines companies we cover.
Who are Norwegian Cruise Line Holdings's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Blackrock, Inc. and UBS Group AG. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Norwegian Cruise Line Holdings's market cap?
On November 2, 2026, Norwegian Cruise Line Holdings's market capitalisation was about $8.6B, with a price-to-earnings ratio of 10.3 and net debt of $15.2B. Market figures come from third-party market data and may be delayed.
How much debt does Norwegian Cruise Line Holdings have?
Norwegian Cruise Line Holdings's debt-to-equity ratio is 443.1%, from its latest balance sheet (833.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Norwegian Cruise Line Holdings's competitors?
In our Hotels, Resorts & Cruise Lines peer group, the companies closest to Norwegian Cruise Line Holdings are Trip.com Group Ltd, Hilton Worldwide, Airbnb, Hyatt Hotels Corp and Expedia Group. The side-by-side comparison below sets their revenue, margins and growth against Norwegian Cruise Line Holdings's.
Are insiders buying or selling Norwegian Cruise Line Holdings stock?
Over the last 12 months, Norwegian Cruise Line Holdings's directors and officers reported 17 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Norwegian Cruise Line Holdings's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Norwegian Cruise Line Holdings announces its own schedule.