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Norwegian Cruise Line Holdings key statistics and ratios

In fiscal 2025, Norwegian Cruise Line Holdings had return on equity of 23.3% and a net margin of 4.3%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin5.7%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%
Return on equity6.9%8.7%4.4%11.0%11.7%15.2%14.8%16.3%14.9%−73.8%−132.8%−181.5%90.0%105.5%23.3%31.1%
Return on assets—2.8%1.6%3.7%3.6%5.0%5.6%6.5%5.8%−22.9%−24.3%−12.2%0.9%4.6%2.0%3.6%
Effective tax rate1.3%0.4%10.3%−0.7%1.6%1.1%1.4%1.5%−2.1%———−1.8%−17.8%1.3%−1.1%
SG&A as % of revenue11.3%11.0%11.7%12.9%12.8%13.7%14.3%14.8%15.1%58.2%137.6%28.5%15.7%15.1%15.8%16.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: NCLH vs TCOMHLT vs NCLHABNB vs NCLH

More: Hotels, Resorts & Cruise Lines stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Norwegian Cruise Line Holdings's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Norwegian Cruise Line Holdings.