Norwegian Cruise Line Holdings Ltd. (NCLH)

NYSE: NCLH · USD

$16.1

+0.35 (+2.3%)· Recorded snapshot

Awaryjny angielskiPL

Pokazujemy źródło angielskie podczas tłumaczenia

Ten raport nie został jeszcze przetłumaczony. Odśwież za kilka minut, gdy kolejka tłumaczeń go przetworzy.

StockMarketAgent Research · Analyzed 2026-10-17

Our latest published analysis: NCLH rated Hold

Norwegian Cruise Line Holdings Ltd.'s published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$14.9 / share

Potential value

$18.1 / share

Upside to FV

-1.3%

from $16.1

Moat

5.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$6.9B
Revenue (ttm)	10.2B
Net income (ttm)	760.8M
EPS (ttm)	$1.59
Shares out	459.2M
P/E (trailing)	10.2x
P/E (forward)	8.5x
Volume	16,399,018
Beta	1.96

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 10.2B
Net income (ttm): 760.8M
EPS (ttm): $1.59
P/E (trailing): 10.2x
P/E (forward): 8.5x
Market cap: $6.9B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$648.0M	$4.84B	$8.55B	$9.48B	$9.83B	+97.3%
Gross profit	$-960.1M	$576.7M	$3.08B	$3.79B	$3.14B	—
Operating income	$-2.55B	$-1.55B	$930.9M	$1.47B	$1.56B	—
Net income	$-4.51B	$-2.27B	$166.2M	$910.3M	$423.2M	—
EPS (diluted)	$-12.33	$-5.41	$0.39	$1.89	$0.92	—
EBITDA	$-1.67B	$-665.1M	$1.77B	$2.49B	$3.82B	—
R&D	—	—	—	—	—	—
SG&A	$891.5M	$1.38B	$1.34B	$1.43B	$1.55B	+14.8%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ARM	Arm Holdings plc	252B	240.8x	48.2x	14.2%	—	+31.0%	Sprzedaj
ASML	ASML Holding N.V.	647.9B	42.6x	14.2x	92.1%	+17.2%	+57.7%	Sprzedaj
DDOG	Datadog, Inc.	100B	567.7x	25.6x	2.9%	+39.0%	+75.6%	Sprzedaj
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	Sprzedaj
AMZN	Amazon.com Inc.	2.7T	20.5x	3.5x	11.9%	+11.8%	+12.2%	Sprzedaj
APTV	Aptiv PLC	9.1B	42.8x	0.4x	7.8%	+5.5%	-49.2%	Kupuj

Base and Bull scenarios

Base55%

Price target

$14.86

-1.3% from spot

The base case represents the modal expectation where near-term yield headwinds in Europe are managed through cost discipline ($225M savings), and free cash flow inflects positively as newbuild capex declines. Deleveraging progresses methodically, supporting our Fair Value midpoint of $14.86.

FY2026 constant currency Net Yield contracts by ~5.0% before recovering gradually in FY2027-FY2028.
Operating margins expand steadily from FY2026 through FY2027 and reach peak efficiency by FY2030.
Gross growth capex moderates by nearly $1B annually from 2026 to 2029.
Consolidated revenue grows from $9.83B in FY2025 to $10.06B in FY2026 and $10.59B in FY2027.

Bull20%

Price target

$18.11

+20.3% from spot

Under favorable macroeconomic conditions, commercial initiatives at Norwegian brand rebuild top-of-funnel bookings, eliminating promotional discounting. Oceania and Regent brands maintain premium pricing power. Accelerated cash flow generation enables rapid debt extinguishment, lowering the equity risk premium and driving the valuation toward the upper band.

Net yields accelerate robustly on an annual basis from FY2027 onward as marketing restructuring restores demand.
Operating margins expand toward 18.5% by 2028-2029.
Gross capital expenditures decline substantially each year, driving rapid net leverage reduction and balance sheet deleveraging.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($14.86). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.5%	1.8%	2.0%	2.3%	2.5%
10.6%	$15.7	$15.9	$16.1	$16.3	$16.5
11.1%	$15.1	$15.3	$15.5	$15.6	$15.8
11.6%	$14.6	$14.7	$14.9	$15.0	$15.2
12.1%	$14.1	$14.2	$14.3	$14.5	$14.6
12.6%	$13.6	$13.7	$13.8	$14.0	$14.1

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E8.5

P25 n/aP50 n/aP75 n/a

Trailing P/E9.4

P25 n/aP50 n/aP75 n/a

ROE36.7

P25 n/aP50 n/aP75 n/a

ROIC8.3

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All NCLH indicators

Market & fundamental data

Available fields

252

Groups with data

Currency

USD

Showing 252 of 252 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001513761
Company name	Norwegian Cruise Line Holdings Ltd.
Country	United States
Country code	US
CUSIP number	G66721104
Earnings date	2026-10-29
Earnings time	bmo
Employees	44,500
Employees change	2,800
Employees growth	6.71%
Enterprise value	$23.2B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1966
In index	SP500
Industry	Travel Services
IPO date	2013-01-18
Is primary listing	Yes
Is SPAC	No
ISIN number	BMG667211046
Last 10-K release date	2026-03-02
Last earnings date	2026-07-30
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$7.4B
Market cap category	Mid-Cap
Next earnings date	2026-10-29
Options	Yes
Price	$16.11
Price currency	USD
Sector	Consumer Discretionary
SIC code	4400
Stock price date	2026-10-28
Symbol	NCLH
U.S. state	Florida
Website	https://www.nclhltd.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	7.35x
Average P/E ratio (10Y)	16.65x
Average P/E ratio (3Y)	19.67x
Earnings yield	9.85%
EV/Earnings	30.29x
EV/EBIT	14.85x
EV/EBITDA	8.88x
EV/Sales	2.27x
FCF / EV yield	-5.14%
FCF yield	-16.27%
Forward EV/Sales	2.28x
Forward P/E	13.72x
Forward P/S	0.72x
Graham number	14.14147
Graham upside	-10.86%
Industry forward P/E	15.83x
Industry P/E	17.98x
P/(OCF - SBC) ratio	3.6x
P/B ratio	2.81x
P/E ratio	10.15x
P/OCF ratio	3.45x
P/S ratio	0.72x
PEG ratio	6.09x
Price / tangible book value	3.76x
Price/EBITDA ratio	2.81x
Sector forward P/E	24.24x
Sector P/E	30.29x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	15.28%
EBITDA margin	25.55%
Effective tax rate	1.6%
Gross margin	42.46%
Operating margin	15.28%
Pretax margin	7.61%
Profit margin	7.49%
Profit per employee	$17,096
Profitable quarters	5
Profitable years	3
Revenue per employee	$228,187
ROA	4.25%
ROA (5Y)	-0.3%
ROCE	8.77%
ROE	36.73%
ROE (5Y)	-19.12%
ROIC	8.33%
ROIC (5Y)	-0.89%
SBC / revenue	0.87%
Tax / revenue	0.12%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	2.98%
EPS growth (Q)	616.3%
EPS growth (QoQ)	112.68%
EPS growth 10Y	-3.31%
EPS growth quarters	2
EPS growth years	0
FCF growth (Q)	-61.99%
Gross profit growth	9.04%
Gross profit growth (Q)	-0.65%
Gross profit growth 3Y	28.34%
Net income growth	5.79%
Net income growth (Q)	642.04%
Net income growth (QoQ)	112.63%
Net income growth quarters	2
Net income growth years	0
OCF growth	7.32%
OCF growth (Q)	-15.71%
OCF growth (QoQ)	-25.74%
OCF growth 10Y	6.94%
OCF growth 3Y	4.37%
Operating income growth	1.4%
Operating income growth (Q)	-12.52%
Revenue growth	6.21%
Revenue growth (Q)	4.89%
Revenue growth (QoQ)	13.27%
Revenue growth 10Y	8.27%
Revenue growth 3Y	12.34%
Revenue growth 5Y	236.42%
Revenue growth quarters	5
Revenue growth years	4

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-3.3B
Depreciation and amortization	$1B
EBIT	$1.6B
EBITDA	$2.6B
EPS	$1.59
FCF per share	$-2.58
Financing cash flow	$1.2B
Free cash flow	$-1.2B
Free cash flow minus SBC	$-1.3B
Gross profit	$4.3B
Income taxes	$12.4M
Investing cash flow	$-3.3B
Net borrowing	$1.5B
Net cash flow	$34.1M
Net income	$760.8M
Operating cash flow minus SBC	$2B
Operating income	$1.6B
Revenue	$10.2B
Stock-based compensation	$88.3M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	0.35
Book value per share	$5.60
Debt / EBITDA	5.86
Debt / equity	6.21
Goodwill	$135.8M
Interest coverage	2.28
Long-term assets	$22.7B
Long-term liabilities	$15.1B
Net cash (debt)	$-15.8B
Net cash / market cap	-216.34%
Net debt / EBITDA	6.08
Net debt / equity	6.13
Piotroski F-Score	6
Property, plant and equipment	$21.5B
Shareholders' equity	$2.6B
Tangible book value	$1.9B
Tangible book value per share	$4.22
Total assets	$24B
Total cash	$218.1M
Total debt	$16B
Total liabilities	$21.4B
WACC	7.58%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.45
Current assets	$1.3B
Current liabilities	$6.3B
Current ratio	0.2
Inventory turnover	36.31
Net working capital	$-4.1B
Quick ratio	0.08
Working capital	$-5.1B
Working capital turnover	-1.98

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	2.87%
Dividend yield	0%
Shareholder yield	2.87%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	-55.54%
10Y return CAGR	-7.79%
10Y total return	-55.54%
150-day SMA	$17.72
1D price change	2.25%
1M price change	8.66%
1M total return	8.66%
1W price change	1.44%
1W total return	1.44%
1Y price change	-32.48%
1Y return CAGR	-32.49%
1Y total return	-32.48%
20-day SMA	$15.31
200-day SMA	$18.75
3M price change	-20.74%
3M total return	-20.74%
3Y price change	18.83%
3Y return CAGR	5.92%
3Y total return	18.83%
50-day SMA	$15.35
50-day SMA vs 200-day SMA	50under200
52-week high	$25.13
52-week high date	2026-01-08
52-week low	$13.63
52-week low date	2026-09-23
5Y price change	-37.75%
5Y return CAGR	-9.04%
5Y total return	-37.75%
6M price change	-12.73%
6M total return	-12.73%
All-time high	$64.27
All-time high date	2015-11-02
All-time low	$7.03
All-time low date	2020-03-18
Average true range (ATR)	$0.63
Average volume	19.2M
Beta (1Y)	1.35
Beta (2Y)	1.49
Beta (5Y)	1.96
Change from 52-week high	-35.9%
Change from 52-week low	18.15%
Change from all-time high	-75.3%
Change from all-time low	125.82%
Change from open	1.99%
Day's gap	0.25%
Dollar volume	$264.1M
High price	$16.15
Low price	$15.75
Monthly RSI	43.64
Open price	$15.79
Position in 52-week range	88.75%
Premarket change	-0.38%
Premarket close	$15.75
Premarket price	$15.69
Premarket volume	74.4K
Previous close	$15.75
Price vs 150-day SMA	-10.42%
Price vs 20-day SMA	3.68%
Price vs 200-day SMA	-15.32%
Price vs 50-day SMA	3.4%
Relative volume	0.85
RSI	56.99
Sharpe ratio	-0.52
Sharpe ratio (3Y)	0.27
Sharpe ratio (5Y)	0.05
Sortino ratio	-0.64
Sortino ratio (3Y)	0.51
Sortino ratio (5Y)	0.17
Volume	16.4M
Weekly RSI	43.45
YTD price change	-28.88%
YTD total return	-28.88%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	455.3M
Float percentage	99.16%
Shares change (QoQ)	-0.47%
Shares change (YoY)	-2.87%
Shares held by insiders	0.75%
Shares held by institutions	103.35%
Shares outstanding	459.2M
Short % of float	21.26%
Short % of shares	21.09%
Short ratio	5.1 days

Deeper analysis on NCLH

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this NCLH report

What is the latest published NCLH stock rating?

Norwegian Cruise Line Holdings Ltd. is shown with Hold in the latest published report, analyzed 2026-10-17. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full NCLH analysis?

The full latest published report, analyzed 2026-10-17, lives at /stocks/NCLH/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for NCLH?

The latest published report analyzed 2026-10-17 gives NCLH a fair value of USD 15 and a potential value of USD 18. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the NCLH page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-17). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldNCLH · Fair value $14.9-1.3%

Read full analysis →

Norwegian Cruise Line Holdings Ltd. (NCLH)

Our latest published analysis: NCLH rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · NCLH

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All NCLH indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on NCLH

Frequently asked questions

Historia rekomendacji

Category	Score	Reading
Valuation	4.5
Management	7.5
Balance Sheet	1.5
Profitability	7.0
Revenue Growth	4.5
Risk Assessment	1.5
Competitive Moat	5.5
Earnings Quality	9.0
Capital Efficiency	3.5