Norwegian Cruise Line Holdings Ltd.

NCLH · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004
Valuation
Market cap	$10,161	$11,314	$8,526	$5,158	$8,646	$8,027	$12,427	$9,325	$12,165	$9,662	$13,457	$9,766	$7,363	–	–	–	–	–	–	–	–	–
Enterprise value	$24,558	$25,039	$22,182	$17,832	$19,346	$16,532	$18,976	$15,653	$18,297	$15,932	$19,739	$15,761	$10,457	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	24.01×	12.43×	51.30×	–	–	–	13.36×	9.77×	16.01×	15.26×	31.51×	28.86×	72.39×	–	–	–	–	–	–	–	–	–
P/S (TTM) at period end	1.03×	1.19×	1.00×	1.06×	13.34×	6.27×	1.92×	1.54×	2.25×	1.98×	3.10×	3.12×	2.86×	–	–	–	–	–	–	–	–	–
P/B at period end	4.60×	7.94×	28.34×	75.20×	3.55×	1.84×	1.91×	1.56×	2.12×	2.13×	3.56×	2.78×	2.80×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	9.02×	10.26×	12.23×	–	–	–	10.40×	8.76×	11.65×	11.62×	17.12×	19.51×	16.31×	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	2.50×	2.64×	2.59×	3.68×	29.86×	12.92×	2.94×	2.59×	3.39×	3.27×	4.54×	5.04×	4.07×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	19.2%	63.9%	55.2%	(3309.3%)	(185.3%)	(92.2%)	14.3%	16.0%	13.2%	14.0%	11.3%	9.6%	3.9%	8.4%	6.9%	1.3%	3.9%	(13.7%)	(18.4%)	(9.0%)	1.2%	(0.6%)
Return on invested capital	9.3%	9.7%	6.7%	(12.1%)	(19.1%)	(27.1%)	9.0%	9.8%	8.7%	8.5%	6.9%	5.3%	6.2%	7.2%	6.5%	–	1.7%	(1.6%)	1.0%	0.8%	1.0%	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.21×	0.17×	0.22×	0.37×	0.89×	1.86×	0.20×	0.17×	0.21×	0.18×	0.14×	0.14×	0.17×	0.17×	0.19×	0.20×	0.31×	0.25×	0.15×	0.18×	0.32×	0.55×
Debt / equity	6.61×	9.19×	46.74×	198.59×	5.12×	2.71×	1.04×	1.09×	1.10×	1.41×	1.69×	1.73×	1.19×	1.49×	1.65×	1.85×	1.50×	1.71×	2.56×	1.76×	1.50×	1.23×
Effective tax rate	1.3%	(17.8%)	(1.8%)	0.3%	(0.1%)	(0.3%)	(2.1%)	1.5%	1.4%	1.1%	1.6%	(0.7%)	10.3%	0.4%	1.3%	105.8%	57.3%	(145.2%)	(489.6%)	(2949.9%)	53.4%	303.2%
Share count
Diluted shares outstanding	478	515	427	420	365	255	216	224	229	228	230	212	209	179	179	203	203	203	203	203	203	203

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004
Revenue and gross profit
Revenue	$10,154	$9,828	$9,480	$8,550	$4,844	$648	$1,280	$6,462	$6,055	$5,396	$4,874	$4,345	$3,126	$2,570	$2,276	$2,219	$2,012	$1,855	$2,106	$2,173	$1,976	$1,616	$1,338
Cost of revenue	($5,843)	($5,639)	($5,689)	($5,469)	($4,267)	($1,608)	($1,693)	($3,663)	($2,103)	($1,005)	($955)	($413)	($272)	($1,658)	($1,478)	($1,468)	($1,347)	($1,289)	($1,578)	($1,693)	($1,567)	($1,211)	($982)
Gross profit	$4,311	$4,188	$3,791	$3,081	$577	($960)	($413)	$2,799	$3,952	$4,392	$3,919	$3,932	$2,854	$913	$798	$751	$665	$566	$528	$480	$409	$406	$357
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,643)	($1,549)	($1,435)	($1,342)	($1,379)	($891)	($745)	($975)	($898)	($774)	($666)	($555)	($403)	($301)	($251)	($251)	($264)	($242)	($300)	($287)	($249)	($228)	($205)
Total operating expenses	($2,779)	($2,628)	($2,325)	($2,150)	($2,128)	($1,592)	($3,071)	($1,621)	($2,733)	($3,343)	($2,994)	($3,230)	($2,351)	($517)	($441)	($435)	($434)	($394)	($591)	($438)	($376)	($332)	($306)
Total costs and expenses	($8,622)	($8,267)	($8,014)	($7,619)	($6,396)	($3,200)	($4,764)	($5,284)	($4,836)	($4,347)	($3,949)	($3,643)	($2,623)	($2,174)	($1,919)	($1,903)	($1,782)	($1,684)	($2,170)	($2,131)	($1,944)	($1,543)	($1,288)
Operating income	$1,532	$1,561	$1,466	$931	($1,552)	($2,552)	($3,484)	$1,178	$1,219	$1,049	$925	$702	$503	$396	$357	$316	$231	$171	($63)	$42	$33	$73	$50
Earnings
EBITDA	$2,755	$2,723	$2,439	$1,814	($742)	($1,794)	($2,745)	$1,825	$1,786	$1,570	$1,371	$1,153	$808	$641	$573	$527	$423	$341	$99	$190	$152	$177	$138
Interest income	–	($954)	($747)	($728)	–	–	–	–	–	–	–	–	–	–	–	$0	$0	$1	$3	$1	$3	$5	$1
Interest expense	($191)	($2,230)	($747)	($728)	($802)	($2,100)	($482)	($273)	($270)	($268)	($277)	($222)	($152)	($283)	($190)	($190)	($174)	($115)	($152)	($175)	($136)	($87)	($49)
Pre-tax income	$773	$429	$773	$163	($2,277)	($4,501)	($4,000)	$911	$969	$771	$640	$434	$340	$115	$169	$129	$196	$182	($191)	($56)	($6)	$101	$24
Income tax expense	($12)	($5)	$137	$3	$7	($5)	($12)	$19	($14)	($11)	($7)	($7)	$2	($12)	($1)	($2)	($208)	($104)	($277)	($272)	($171)	($54)	($74)
Net income	$761	$423	$910	$166	($2,270)	($4,507)	($4,013)	$930	$955	$760	$633	$427	$338	$102	$169	$127	$23	$67	($212)	($227)	($131)	$16	($9)
Per share
Diluted EPS (GAAP)	$1.60	$0.92	$1.89	$0.39	($5.41)	($12.33)	($15.75)	$4.30	$4.25	$3.31	$2.78	$1.86	$1.62	$0.49	$0.94	$0.71	$0.11	$0.33	($1.04)	($1.12)	($0.64)	$0.0798	($0.0428)
Basic EPS (GAAP)	$1.67	$0.94	$2.09	$0.39	($5.41)	($12.33)	($15.75)	$4.33	$4.28	$3.33	$2.79	$1.89	$1.64	$0.50	$0.95	$0.71	$0.11	$0.33	($1.06)	($1.13)	($0.65)	$0.081	($0.0434)
Basic shares outstanding	456	449	435	424	420	365	255	215	223	228	227	227	207	203	178	178	200	200	200	200	200	200	200
Margins
Gross margin	42.5%	42.6%	40.0%	36.0%	11.9%	(148.2%)	(32.3%)	43.3%	65.3%	81.4%	80.4%	90.5%	91.3%	35.5%	35.0%	33.9%	33.0%	30.5%	25.1%	22.1%	20.7%	25.1%	26.7%
Operating margin	15.1%	15.9%	15.5%	10.9%	(32.0%)	(393.9%)	(272.2%)	18.2%	20.1%	19.4%	19.0%	16.2%	16.1%	15.4%	15.7%	14.2%	11.5%	9.2%	(3.0%)	1.9%	1.6%	4.5%	3.8%
Net margin	7.5%	4.3%	9.6%	1.9%	(46.9%)	(695.5%)	(313.5%)	14.4%	15.8%	14.1%	13.0%	9.8%	10.8%	4.0%	7.4%	5.7%	1.1%	3.6%	(10.1%)	(10.4%)	(6.6%)	1.0%	(0.7%)

Analyst consensus

Buy37 analysts

Bearish · 1 · Hold · 17 · Bullish · 19

Earnings history

	EPS	Estimate
Q3 2024	$0.99	$0.94	Beat
Q4 2024	$0.26	$0.10	Beat
Q1 2025	$0.07	$0.09	Miss
Q2 2025	$0.51	$0.52	Miss
Q3 2025	$1.20	$1.16	Beat
Q4 2025	$0.28	$0.26	Beat
Q1 2026	$0.23	$0.15	Beat
Q2 2026	$0.48	$0.41	Beat

Peers

Company overview

IPO dateJan 18, 2013

CEOJohn W. Chidsey

Employees44,500

SectorConsumer Cyclical

IndustryTravel Services

CountryUS

ExchangeNew York Stock Exchange

Websitewww.nclhltd.com

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.

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