Norwegian Cruise Line Holdings (NCLH) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Norwegian Cruise Line Holdings

NYSE•Consumer Cyclical•Travel Services

$14.13-0.27(-0.02%)Market open

Market Cap

$6.49B

P/E

8.5x

P/S

0.6x

P/B

2.5x

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.

How this company scores

AverageMetricSide Score: 57/100

Strongest: Profitability (22/25); weakest: Cash & Earnings Quality (8/25).

Profitability22/25

Growth17/25

Balance Sheet & Red Flags10/25

Cash & Earnings Quality8/25

Strengths

Strong marginsHigh ROEImproving leverageConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 8.5x5y range 8.5x – 51.3x

Currently below its 11-quarter median.

P/S · 0.6x5y range 0.6x – 59.5x

Currently below its 20-quarter median.

P/B · 2.5x5y range 2.5x – 582.4x

Currently below its 19-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 5.8% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Leverage Risk

Red Flag

D/E ratio is 5.4 — heavily leveraged and vulnerable to rising rates or cash flow dips.

Cash Burn

Watch

4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.

Share Dilution

Watch

Shares outstanding rose 4.4% — mild dilution. Compare to earnings growth to assess the net per-share impact.

Price & Volume

Market Cap $6.49B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $10.15B
Q. Revenue: $2.64B
TTM EBITDA: $2.67B
TTM Op. Income: $1.53B
Q. Op. Income: $363.33M
TTM Net Income: $760.77M
Q. Net Income: $222.55M
EPS: $0.48
Shares Out.: $459.13M

$10.15B in TTM revenue grew 6.2% YoY, reaching $2.64B last quarter. TTM EBITDA of $2.67B and TTM operating income of $1.53B show growth is flowing through to the bottom line. TTM net income of $760.77M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 39.9%
EBITDA Margin: 24.0%
Op. Margin: 13.8%
Net Margin: 8.4%

Op. margin of 13.8% is down 3.1% YoY — costs are rising relative to revenue. Net margin at 8.4% and gross margin of 39.9% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 8.5x
P/S Ratio: 0.6x
P/B Ratio: 2.5x

At 8.5x P/E, the stock trades below typical market levels. P/S of 0.6x and P/B of 2.5x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $24.01B
Cash: $218.10M
Long-Term Debt: $13.89B
Book Value: $2.57B
D/E Ratio: 5.4
Debt/EBITDA: 21.9

With $24.01B in assets and $13.89B in long-term debt, D/E is 5.4and book value is $2.57B — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has fallen for 5 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $602.59M
TTM Free Cash Flow: $-1.19B
FCF Margin: -11.7%
FCF / Net Income: -1.6

TTM FCF of $-1.19B on $602.59M in operating cash flow. The FCF / Net Income ratio of -1.6x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 135% — a weakening trend.