Norwegian Cruise Line Holdings Ltd.NCLH
NYSE•Consumer Cyclical•Travel Services
Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. It offers itineraries to destinations, such as Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, and Alaska; and inter-island itinerary in Hawaii. The company also provides features, amenities, and activities, including various accommodations, dining venues, bars and lounges, spas, casino and retail shopping areas, and entertainment choices; shore excursions at each port of call, and air transportation and hotel packages for stays before or after a voyage. It offers its products and services under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. The company was founded in 1966 and is based in Miami, Florida.
Norwegian Cruise Line Holdings (NCLH) reported trailing twelve months revenue of $10.03B as of March 2026, a 6.5% increase year-over-year. Quarterly revenue reached $2.33B, reflecting continued top-line momentum.
Norwegian Cruise Line Holdings generated $568.21M in TTM net income, with quarterly EBITDA of $493.66M. The operating margin expanded from 9.4% to 10.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (10.0%) and net margin (4.5%) indicates moderate non-operating costs. Net margin has improved from -1.9% a year ago, signaling stronger bottom-line efficiency.
NCLH trades at a P/E of 14.2x (below the broader market average) and a P/S of 0.8x. The price-to-book ratio of 3.3x reflects a moderate premium to book value.
The company reported negative free cash flow of $-625.22M, indicating cash consumption over the period. The balance sheet shows $23.79B in total assets with $13.98B in long-term debt against $2.43B in stockholders equity for a debt-to-equity ratio of 5.7, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~14.9%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 44.0% suggests a durable competitive advantage and efficient capital allocation.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~10.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~15.2% — no sign of cost or pricing stress.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 5.7 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding increased 5.0% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation