NCLH

Norwegian Cruise Line Holdings Ltd

Exchange: NYSESector: IndustrialsIndustry: Travel Services

Norwegian Cruise Line Holdings Ltd. is a leading global cruise company which operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. With a combined fleet of 32 ships and approximately 66,500 berths, NCLH offers itineraries to approximately 700 destinations worldwide. NCLH expects to add 13 additional ships across its three brands through 2036, which will add approximately 41,000 berths to its fleet.

Did you know?

Carries 69.6x more debt than cash on its balance sheet.

Current Price

$18.42

-3.21%

GoodMoat Value

$19.18

4.1% undervalued

Profile

Valuation (TTM)

Market Cap$8.39B

P/E19.81

EV$23.56B

P/B3.79

Shares Out455.26M

P/Sales0.85

Revenue$9.83B

EV/EBITDA8.95

Norwegian Cruise Line Holdings Ltd (NCLH) Financial Statements

GoodMoat Analysis

Based on data as of March 26, 2026

Norwegian Cruise Line's financial quality is unfavourable for a value investor, primarily due to a weak balance sheet with high debt and negative free cash flow. While operating profitability is recovering, the company's financial health is strained, failing key quality checks.

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The financial analysis reveals a mixed but ultimately concerning picture. The company shows a recovering operating margin of 15.9% and a respectable ROE of 19.2%, which exceeds the framework's 15-20% high-quality threshold. However, this ROE is likely amplified by a highly leveraged balance sheet, as indicated by an extremely high Debt/Equity ratio of 6.6, far above the favourable target of less than 1.0x. The free cash flow situation is a critical weakness, with a FCF Yield of -12.7%, indicating the company is burning cash rather than generating it, which fails the framework's test for positive and growing FCF. Revenue growth is modest at 6.4% YoY, which does not meet the double-digit, accelerating growth trajectory sought for quality growth companies. The balance sheet health is the most significant concern, with high leverage suggesting limited financial flexibility and elevated risk. For a value investor focused on financial strength and stability, the company's profile is unfavourable, as it demonstrates multiple weak quality indicators against the GoodMoat framework's criteria. Analysis based on data as of 2024-05-15.

NCLH Financial Data

EBITDA$2.54B

Revenue (TTM)$9.83B

Gross Profit (TTM)$4.19B

Gross Margin—

Operating Margin15.88%

ROE19.15%

ROA1.88%

Debt/Equity6.61

Current Ratio0.21

FCF$-1.17B

FCF Yield-13.95%

Piotroski F-Score—

Rev/Share (TTM)$21.59

50-Day MA$20.82

200-Day MA$22.24

Shares Outstanding0.46B

NCLH Computed Insights

FCF$-1.17B

FCF Growth Rate—

EPS Growth (CAGR)-12.30%

WACC10.00%

Income Statement

Balance Sheet

Cash Flow Statement

NCLH Financial Statements & Data

Norwegian Cruise Line Holdings Ltd (NCLH) financial data including income statement, balance sheet, and cash flow statement. This page provides a comprehensive view of Norwegian Cruise Line Holdings Ltd's financial performance and position as a Industrials company.

Trailing twelve-month (TTM) revenue is $9.83B. Gross profit (TTM) is $4.19B. EBITDA is $2.54B. Earnings per share (EPS) is $0.92. The P/E ratio is 19.81. Market capitalization is $8.39B.

Free cash flow (FCF) is $-1.17B. EPS growth CAGR is -12.30%. Weighted average cost of capital (WACC) is 10.00%.

Historical revenue data covers 7 years from FY19 to FY25. Net income history spans 7 years. Free cash flow and capital expenditure data spans 7 years. GoodMoat displays interactive charts for revenue, net income, FCF vs CAPEX, and cash-to-debt ratios to help investors identify financial trends.

Use Norwegian Cruise Line Holdings Ltd's financial data to assess the company's earnings quality, balance sheet health, and cash generation. Compare key metrics across periods to identify trends before making investment decisions with GoodMoat's valuation tools.