NYSE: NCLH
Norwegian Cruise Line Holdings
Consumer Discretionary · Water Transportation
52-week range
$13.63$25.13
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$6.73B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.67B |
| FY2017, ended Dec 31, 2017 | $12.2B |
| FY2018, ended Dec 31, 2018 | $9.23B |
| FY2019, ended Dec 31, 2019 | $12.5B |
| FY2020, ended Dec 31, 2020 | $8.03B |
| FY2021, ended Dec 31, 2021 | $8.65B |
| FY2022, ended Dec 31, 2022 | $5.16B |
| FY2023, ended Dec 31, 2023 | $8.53B |
| FY2024, ended Dec 31, 2024 | $11.3B |
| FY2025, ended Dec 31, 2025 | $10.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.73B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$10.2B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.87B |
| FY2017, ended Dec 31, 2017 | $5.40B |
| FY2018, ended Dec 31, 2018 | $6.06B |
| FY2019, ended Dec 31, 2019 | $6.46B |
| FY2020, ended Dec 31, 2020 | $1.28B |
| FY2021, ended Dec 31, 2021 | $648M |
| FY2022, ended Dec 31, 2022 | $4.84B |
| FY2023, ended Dec 31, 2023 | $8.55B |
| FY2024, ended Dec 31, 2024 | $9.48B |
| FY2025, ended Dec 31, 2025 | $9.83B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $10.2B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $633M | $172M |
| FY2017, ended Dec 31, 2017 | $760M | $229M |
| FY2018, ended Dec 31, 2018 | $955M | $508M |
| FY2019, ended Dec 31, 2019 | $930M | $185M |
| FY2020, ended Dec 31, 2020 | −$4.01B | −$3.50B |
| FY2021, ended Dec 31, 2021 | −$4.51B | −$3.22B |
| FY2022, ended Dec 31, 2022 | −$2.27B | −$1.57B |
| FY2023, ended Dec 31, 2023 | $166M | −$745M |
| FY2024, ended Dec 31, 2024 | $910M | $839M |
| FY2025, ended Dec 31, 2025 | $423M | −$1.17B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $833M | −$564M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$257M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $128M |
| FY2017, ended Dec 31, 2017 | $176M |
| FY2018, ended Dec 31, 2018 | $164M |
| FY2019, ended Dec 31, 2019 | $253M |
| FY2020, ended Dec 31, 2020 | $3.30B |
| FY2021, ended Dec 31, 2021 | $1.51B |
| FY2022, ended Dec 31, 2022 | $947M |
| FY2023, ended Dec 31, 2023 | $402M |
| FY2024, ended Dec 31, 2024 | $191M |
| FY2025, ended Dec 31, 2025 | $210M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $257M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$15.5B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.40B |
| FY2017, ended Dec 31, 2017 | $6.42B |
| FY2018, ended Dec 31, 2018 | $6.61B |
| FY2019, ended Dec 31, 2019 | $6.80B |
| FY2020, ended Dec 31, 2020 | $1.55B |
| FY2021, ended Dec 31, 2021 | $12.6B |
| FY2022, ended Dec 31, 2022 | $13.9B |
| FY2023, ended Dec 31, 2023 | $14.4B |
| FY2024, ended Dec 31, 2024 | $13.4B |
| FY2025, ended Dec 31, 2025 | $15.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $15.5B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 102% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.459M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 227M |
| FY2017, ended Dec 31, 2017 | 229M |
| FY2018, ended Dec 31, 2018 | 218M |
| FY2019, ended Dec 31, 2019 | 213M |
| FY2020, ended Dec 31, 2020 | 316M |
| FY2021, ended Dec 31, 2021 | 417M |
| FY2022, ended Dec 31, 2022 | 422M |
| FY2023, ended Dec 31, 2023 | 426M |
| FY2024, ended Dec 31, 2024 | 440M |
| FY2025, ended Dec 31, 2025 | 456M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 459M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $91.2M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $50.0M | $66.4M | — |
| FY2017, ended Dec 31, 2017 | — | $87.0M | — |
| FY2018, ended Dec 31, 2018 | $665M | $116M | — |
| FY2019, ended Dec 31, 2019 | $350M | $95.1M | — |
| FY2020, ended Dec 31, 2020 | — | $111M | $1.54B |
| FY2021, ended Dec 31, 2021 | — | $124M | $2.67B |
| FY2022, ended Dec 31, 2022 | — | $114M | — |
| FY2023, ended Dec 31, 2023 | — | $119M | — |
| FY2024, ended Dec 31, 2024 | — | $91.8M | — |
| FY2025, ended Dec 31, 2025 | — | $88.4M | $145M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $91.2M | — |
Revenue (TTM)
$10.2B
+4.9% YoY
Net income (TTM)
$833M
+25.5% YoY
Cash
$257M
+53.8% YoY
Total debt
$15.5B
+3.8% YoY
Valuation
At current price- Market Cap
- $8.07B
- P/E
- 9.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.8×
- Price / Book
- 2.6×
- EV / EBITDA
- 8.7×
Growth
Trailing 12 months- Revenue (TTM)
- $10.2B
- Revenue Growth YoY
- 4.9%
- Revenue CAGR 3Y
- 26.6%
- Revenue CAGR 5Y
- 50.3%
- EPS Growth YoY
- 30.9%
- Net Income Growth YoY
- 25.5%
Profitability
Trailing 12 months- Gross Margin
- 41.4%
- Operating Margin
- 13.8%
- Net Margin
- 8.2%
- FCF Margin
- −5.6%
- Return on Equity
- 31.2%
Earnings
Trailing 12 months- Net Income
- $833M
- EPS (diluted)
- $1.82
- EBITDA
- $2.67B
- Operating Income
- $1.41B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $257M
- Total Debt
- $15.5B
- Net Debt
- $15.2B
- Total Assets
- $24.0B
- Total Liabilities
- $20.9B
- Shareholders' Equity
- $3.15B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.17B
- Capital Expenditure
- $2.73B
- Free Cash Flow
- −$564M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.94
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $10.2B.
Watch
Operating margin narrowed 2.5 pts in a year, to 13.8%.
Watch
Net debt is 5.7× EBITDA ($15.2B), a heavy load.
Watch
Free cash flow was negative (−$564M) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K28Serious concerns
28Serious concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Mar 2, 2026 · Read the filing on EDGAR
- Revenue rose 3.7% to $9.8 billion and operating income rose to $1.56 billion, but net income fell 53% to $423.2 million.
- The net income drop came from $272.5 million of debt refinancing losses, euro-related currency losses, and a large one-off tax benefit in 2024.
- Management admits execution missteps left 2026 bookings slightly below its optimal range, with first-quarter results absorbing a large increase in Caribbean capacity.
- The company refinanced heavily in 2025 and raised its credit line to about $2.5 billion, while ship commitments grew to $21.5 billion.
Business momentum
Sharp deterioration
“For the year ended December 31, 2025, we had net income and diluted EPS of $423.2 million and $0.92, respectively.”
Outlook
Cautious
“The Company enters 2026 against a pressured backdrop as it is slightly below the optimal booking range following certain execution missteps in aligning our commercial strategy with our deployment.”
Financial stress
Moderate
“We anticipate that we will need additional equity and/or debt financing in the future to refinance our existing debt and to fund our newbuild program.”
Tone against the previous report
More negative
Red flags
- Medium
Other
“The Company enters 2026 against a pressured backdrop as it is slightly below the optimal booking range following certain execution missteps in aligning our commercial strategy with our deployment.”
- Minor
Large write-down
“For example, for the year ended December 31, 2025, we had a loss of $95.1 million related to the write-off of certain information technology assets.”
Positives
Operating income grew despite a one-off software write-off
“Operating income increased to $1.6 billion for the year ended December 31, 2025 from $1.5 billion for the year ended December 31, 2024.”
Strong demand for luxury brands
“Demand has been particularly strong across the Company’s luxury brands which benefit from longer booking curves.”
Larger credit line adds financial flexibility
“In June 2025, NCLC amended the Seventh ARCA to increase the aggregate amount of the lenders’ commitments under the Revolving Loan Facility from $1.7 billion to approximately $2.5 billion.”
Concerns
Refinancing losses pushed interest costs sharply higher
“The change in interest expense reflects higher losses in 2025 from extinguishment of debt and debt modification costs, which were $272.5 million in 2025 compared to $29.2 million in 2024.”
Large ship commitments, mostly exposed to the euro
“As of December 31, 2025, the combined contract prices, including amendments and change orders, of the 13 ships on order for delivery that are effective was approximately €18.3 billion, or $21.5 billion based on the euro/U.S. dollar exchange rate as of December 31, 2025.”
Little cash on hand and a large working capital deficit
“As of December 31, 2025, we had a working capital deficit of $4.3 billion.”
New risks since the previous report
Commercial strategy and ship deployment out of step
“While macroeconomic headwinds or misalignment between our commercial strategy and deployment have and may put pressures on revenue, we believe these impacts may be at least partially offset through the continued execution of our cost optimization efforts.”
Currency swings on newly borrowed, mostly unhedged euro debt
“As of December 31, 2025, the total aggregate euro-denominated debt balance not hedged was approximately €1.7 billion, or $2.0 billion based on the euro/U.S. dollar exchange rate as of December 31, 2025.”
Costs and distraction from shareholder activism
“We have incurred, and may in the future incur, significant expenses related to such matters, including legal, financial, advisory and proxy solicitation costs.”
Too many cruise ships could force lower prices
“These increases in capacity in the cruise industry globally and potential overcapacity in certain key markets may cause us to lower pricing, which would reduce profitability and adversely affect our results of operations.”
AI making cyberattacks more frequent and severe
“The proliferation of AI tools may lower barriers for threat actors and increase the frequency and severity of attacks we face, and our security measures may not keep pace with these evolving capabilities.”
Biggest risks named
- Dependence on refinancing and new financing, which may dilute shareholders
- Heavy secured debt with covenant and cross-default risk
- Large ship commitments and unhedged euro exposure
- Weak bookings, Caribbean overcapacity and softer consumer demand
- Climate regulation and rising fuel costs
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | −8 | |
| Red flags | −3.3 | |
| New risks | −2 | |
| Score | 28 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Mar 2, 2026 | 28 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 27, 2025 | 65 | Strong improvement | None | |
| 10-K | Feb 28, 2024 | 68 | Strong improvement | None | |
| 10-K | Feb 28, 2023 | 67 | Strong improvement | None | |
| 10-K | Mar 1, 2022 | 33 | Sharp deterioration | 1 medium | |
| 10-K | Feb 26, 2021 | 19 | Sharp deterioration | 5 medium | |
| 10-K | Feb 27, 2020 | 54 | Improving | 3 medium | |
| 10-K | Feb 27, 2019 | 68 | Strong improvement | 2 minor | |
| 10-K | Feb 27, 2018 | 70 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR