FirmAtlas
Company handbook · NCLH · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
NCLH · CIK 1513761 · LATEST FILING: 10-Q JUN '26 · FILED AUG 3, 2026
NORWEGIAN CRUISE LINE HOLDINGS LTD.
$15.05
−0.34 (−2.21%)
Close, Oct 16, 2026 · 52-week $14–25
Last fiscal year
NORWEGIAN CRUISE LINE HOLDINGS LTD. reported revenue of $9.8B for the year ended Dec 31, 2025 (FY25), up 3.7% from FY24. Net income was $423M, operating cash flow $2.1B and free cash flow −$1.2B. Source: 10-K filed Mar 2, 2026.
Market cap
$6.9B
P/E
9.0
EV/EBITDA
7.8x
P/B
2.7
ROIC
10.0%
Revenue 1Y
3.7%/yr
EPS 1Y
−51.3%/yr
Shares 1Y
+4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJohn W. Chidsey
HQMiami, FL
AuditorPricewaterhouseCoopers LLP
Employees5,300
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−8.7%
−10.7%
0.2%
−34.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$4.5B deployed
Capex
$4.5B
99.4%
Acquisitions
$27M
0.6%
Operating cash flow over the period: $4.1B. Total debt changed by +$1.5B.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY19).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
9,480
9,828+3.7%
10,154
YoY
+3.7%
Gross profit
3,791
4,188+10.5%
4,311
Gross margin
40.0%
42.6%+2.6 pp
—
Operating income
1,466
1,561+6.5%
1,532
Operating margin
15.5%
15.9%+0.4 pp
—
EBITDA
2,439
2,723+11.6%
—
EBITDA margin
25.7%
27.7%+2.0 pp
—
Interest expense
773
952+23.2%
—
Interest coverage
3.16x
2.86x−0.30x
—
Net income
910
423−53.5%
761
YoY
−53.5%
Net margin
9.6%
4.3%−5.3 pp
—
EPS (diluted, $)
1.89
0.92−51.3%
—
YoY
−51.3%
Balance sheet
Total assets
19,970
22,541+12.9%
24,012
Cash & short-term investments
191
210+10.0%
—
Accounts receivable
221
292+31.7%
—
Inventory
150
138−7.7%
—
Net PP&E
16,811
19,069+13.4%
—
Other assets
2,597
2,833+9.1%
—
Total liabilities
18,544
20,332+9.6%
21,439
Accounts payable
171
170−0.8%
—
Total debt
13,100
14,606+11.5%
13,893
Other liabilities
5,273
5,556+5.4%
—
Shareholders’ equity
1,425
2,210+55.0%
2,573
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,050
2,090+1.9%
2,110
Net income
910
423−53.5%
—
Depreciation & amortization
974
1,162+19.4%
—
Stock-based compensation
92
88−3.7%
—
Working capital & other
74
416+460.1%
—
Cash from investing
(1,229)
(3,265)n/m
—
Capex
(1,211)
(3,260)n/m
—
Acquisitions
(27)
—
—
Other investing
9
(5)−157.2%
—
Cash from financing
(1,032)
1,194n/m
—
Debt raised
1,299
9,738+649.9%
—
Debt repaid
(2,169)
(8,173)n/m
—
Shares issued
—
145
—
Other financing
(162)
(516)n/m
—
Net change in cash
(212)
19n/m
—
Free cash flow (OCF − capex)
839
(1,170)−239.5%
(1,185)
Where the cash went
Operating cash flow
2,050
2,090+1.9%
2,110
Reinvested in the business
1,238
3,260+163.2%
—
% of operating cash flow
60.4%
156.0%
Capex
1,211
3,260+169.2%
3,295
Acquisitions
27
—
—
Free cash flow
839
(1,170)−239.5%
(1,185)
YoY
−239.5%
Change in total debt
—
1,506
—
Cash left over
—
336
—
FCF conversion (FCF ÷ net income)
92.2%
−276.4%−368.6 pp
—
Owner earnings
—
(1,734)
—
Owner earnings margin
—
−17.6%
—
Returns & ratios
ROIC (all capital)
10.2%
10.0%−0.3 pp
—
ROIC (operating)
8.6%
8.5%−0.1 pp
—
Net debt / EBITDA
5.29x
5.29x−0.01x
—
Debt / equity
9.19x
6.61x−2.58x
—
ROE
63.9%
19.2%−44.7 pp
—
ROA
4.6%
1.9%−2.7 pp
—
ROCE
10.3%
9.1%−1.2 pp
—
NOPAT
1,466
1,541+5.1%
—
Invested capital (operating)
17,011
19,329+13.6%
—
Invested capital (all)
14,335
16,606+15.8%
—
Reinvestment rate
—
150.4%
—
Net debt is 5.3x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,938
2,244
2,331
2,641
vs year-ago quarter
Gross profit
1,383
921
953
1,054
Gross margin
47.1%
41.0%
40.9%
39.9%
Operating income
749
187
233
363
Net income
419
14
105
223
vs year-ago quarter
Net margin
14.3%
0.6%
4.5%
8.4%
EPS (diluted, $)
0.86
0.03
0.23
0.48
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
22,213
22,541
23,795
24,012
Cash & equivalents
167
210
185
218
Total debt
13,645
14,606
13,979
13,893
Shareholders’ equity
2,193
2,210
2,431
2,573
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
237
459
811
603
Capex
963
438
1,437
458
Free cash flow
(727)
21
(625)
145
vs year-ago quarter