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NCLHNorwegian Cruise Line Holdings

Consumer discretionary · Cruise Lines & Shipping · NYSE
NCLH quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 3.7%, free cash flow down to -$1.2B

XBRL, from each 10-K
RevenueStatements ↓
$9.8B
from $9.5B in FY2024
FY2016FY2025
Net incomeStatements ↓
$423.2M
from $910.3M in FY2024
FY2016FY2025
Free cash flowStatements ↓
-$1.2B
from $838.9M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$0.92
from $1.89 in FY2024
FY2016FY2025
Operating marginStatements ↓
15.9%
from 15.5% in FY2024
FY2016FY2025
Total debtStatements ↓
$14.6B
from $13.1B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)1.82Sales (ttm)10.2BNet income (ttm)832.9MSales growth+3.7%EPS growth-51.3%Sales Q/Q+0.3%
Free cash flow-564.2MGross margin41.4%Oper. margin13.8%Net margin8.2%FCF margin-5.6%ROE26.5%
ROA3.5%R&D / sales-Dividend-Debt/Eq4.79Curr. ratio0.22Cash256.5M
Op. cash flow (ttm)2.2BEBITDA2.7BEBITDA margin27.7%Net debt14.8BQuick ratio0.20Interest cover1.64
ROIC8.5%Tax rate1.3%Stock pay / sales0.9%Shares out.459.3MShares Y/Y-7.2%Book / share6.86
Cash / share0.56Sales / share22.13Asset turnover0.42Inventory turns40.81Days sales out.11Sales 3Y CAGR+26.6%
Sales 5Y CAGR+50.3%Employees5,300Sales / employee1.9M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow turned negative$838.9M → −$1.2B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth slowed to +3.7%+10.9% → +3.7% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

NCLH against Consumer discretionary peers

Ten years, side by side → · All 47 →
GrowthProfitBalanceCleanInsiders
NCLHPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth
+3.7%30th of 47 · median +5.4%
Net margin
8.2%32nd of 47 · median 10.8%
Return on equity
26.5%21st of 34 · median 32.5%
Free cash flow margin
-5.6%44th of 45 · median 9.4%
Debt / equity (less is better)
4.7927th of 28 · median 0.73
NCLH and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
NCLH Norwegian Cruise Line Holdings$10.2B +3.7%41.4%8.2%26.5%-5.6%4.79
LULU Lululemon Athletica$11.1B +4.9%56.1%12.8%29.6%12.2%0.00
NVR NVR, Inc.$9.3B -1.9%-11.2%30.5%8.8%-
YUM Yum! Brands$8.8B +8.8%67.4%39.1%-18.4%-
RL Ralph Lauren Corporation$8.5B +14.6%71.8%12.6%39.3%-0.45
TPR Tapestry, Inc.$8.2B +14.2%78.3%19.7%-23.0%5.70
Where each dollar goes

From $8.5B of sales to $166.2M of profit

FY2023, from the 10-K income statement and revenue by product
Passenger ticket to Revenue: $5.8BOnboard and other to Revenue: $2.8BRevenue to Gross profit: $3.1BRevenue to Cost of revenue: $5.5BGross profit to Operating profit: $930.9MGross profit to Operating expenses: $2.2BOperating profit to Net profit: $166.2MOperating profit to Interest, tax, other: $764.7M Passenger ticket: $5.8B · 67% Passenger ticket$5.8B67% Onboard and other: $2.8B · 33% Onboard and other$2.8B33% Revenue: $8.5B Revenue$8.5B +77% Y/Y Gross profit: $3.1B · 36% margin Gross profit$3.1B36% margin Cost of revenue: $5.5B · 64% of revenue Cost of revenue$5.5B64% of revenue Operating profit: $930.9M · 11% margin Operating profit$930.9M11% margin Operating expenses: $2.2B · 25% of revenue Operating expenses$2.2B25% of revenue Net profit: $166.2M · 2% margin Net profit$166.2M2% margin Interest, tax, other: $764.7M · 9% of revenue Interest, tax, other$764.7M9% of revenue

Swipe sideways for the whole flow →

From $9.5B of sales to $910.3M of profit

FY2024, from the 10-K income statement and revenue by product
Passenger ticket to Revenue: $6.4BOnboard and other to Revenue: $3.1BRevenue to Gross profit: $3.8BRevenue to Cost of revenue: $5.7BGross profit to Operating profit: $1.5BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $910.3MOperating profit to Interest, tax, other: $555.6M Passenger ticket: $6.4B · 68% Passenger ticket$6.4B68% Onboard and other: $3.1B · 32% Onboard and other$3.1B32% Revenue: $9.5B Revenue$9.5B +11% Y/Y Gross profit: $3.8B · 40% margin Gross profit$3.8B40% margin Cost of revenue: $5.7B · 60% of revenue Cost of revenue$5.7B60% of revenue Operating profit: $1.5B · 15% margin Operating profit$1.5B15% margin +57% Y/Y Operating expenses: $2.3B · 25% of revenue Operating expenses$2.3B25% of revenue Net profit: $910.3M · 10% margin Net profit$910.3M10% margin +448% Y/Y Interest, tax, other: $555.6M · 6% of revenue Interest, tax, other$555.6M6% of revenue

Swipe sideways for the whole flow →

From $9.8B of sales to $423.2M of profit

FY2025, from the 10-K income statement and revenue by product
Passenger ticket to Revenue: $6.7BOnboard and other to Revenue: $3.1BRevenue to Gross profit: $4.2BRevenue to Cost of revenue: $5.6BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $2.6BOperating profit to Net profit: $423.2MOperating profit to Tax & other: $1.1B Passenger ticket: $6.7B · 68% Passenger ticket$6.7B68% Onboard and other: $3.1B · 32% Onboard and other$3.1B32% Revenue: $9.8B Revenue$9.8B +4% Y/Y Gross profit: $4.2B · 43% margin Gross profit$4.2B43% margin Cost of revenue: $5.6B · 57% of revenue Cost of revenue$5.6B57% of revenue Operating profit: $1.6B · 16% margin Operating profit$1.6B16% margin +6% Y/Y Operating expenses: $2.6B · 27% of revenue Operating expenses$2.6B27% of revenue Net profit: $423.2M · 4% margin Net profit$423.2M4% margin −54% Y/Y Tax & other: $1.1B · 12% of revenue Tax & other$1.1B12% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median8.2% vs 10.8%
  • ✓
    Return on equity above 15%26.5%
  • !
    A profit in 7 of 10 years
Net margin, FY2016 to FY2025: 13.0% → 4.3%

Balance sheet

0 of 3
  • !
    Interest covered less than 5 timesOperating income is 1.6× interest expense
  • !
    Debt larger than equityDebt / equity 4.79 on the latest balance sheet (peer median 0.73)
  • !
    Current ratio below 1Current ratio 0.22
Debt / equity at each year end, FY2016 to FY2025: 1.41 → 6.61
What the debt is made of ↓

Cash and shareholders

1 of 3
  • !
    Free cash flow positive in 5 of 10 years−$1.2B last year
  • !
    Share count up over 5 years+87.5%
  • ✓
    Cash from operations above net income$2.1B vs $423.2M
Free cash flow, FY2016 to FY2025: 172.0M → -1.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$15.3B of principal due, schedule of Sep 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 9.8B Net income 423.2M
FY2016 revenue 4.9B · Revenues, 0001144204-18-011097 FY2016 net income 633.1M · NetIncomeLoss, 0001571049-17-001650 4.9B FY2016 FY2017 revenue 5.4B · Revenues, 0001144204-18-011097 FY2017 net income 759.9M · NetIncomeLoss, 0001558370-20-001661 5.4B FY2017 FY2018 revenue 6.1B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001558370-21-001998 FY2018 net income 954.8M · NetIncomeLoss, 0001558370-21-001998 6.1B FY2018 FY2019 revenue 6.5B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001558370-22-002516 FY2019 net income 930.2M · NetIncomeLoss, 0001558370-22-002516 6.5B FY2019 FY2020 revenue 1.3B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001558370-23-002361 FY2020 net income -4.0B · NetIncomeLoss, 0001558370-23-002361 1.3B FY2020 FY2021 revenue 648.0M · RevenueFromContractWithCustomerIncludingAssessedTax, 0001558370-24-001935 FY2021 net income -4.5B · NetIncomeLoss, 0001558370-24-001935 648.0M FY2021 FY2022 revenue 4.8B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001558370-25-001743 FY2022 net income -2.3B · NetIncomeLoss, 0001558370-25-001743 4.8B FY2022 FY2023 revenue 8.5B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001104659-26-022067 FY2023 net income 166.2M · NetIncomeLoss, 0001104659-26-022067 8.5B FY2023 FY2024 revenue 9.5B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001104659-26-022067 FY2024 net income 910.3M · NetIncomeLoss, 0001104659-26-022067 9.5B FY2024 FY2025 revenue 9.8B · RevenueFromContractWithCustomerIncludingAssessedTax, 0001104659-26-022067 FY2025 net income 423.2M · NetIncomeLoss, 0001104659-26-022067 9.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

NCLH's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue9.8B
FY2016: 4.9BFY2017: 5.4BFY2018: 6.1BFY2019: 6.5BFY2020: 1.3BFY2021: 648.0MFY2022: 4.8BFY2023: 8.5BFY2024: 9.5BFY2025: 9.8B FY2017FY2019FY2021FY2023FY2025
Net income423.2M
FY2016: 633.1MFY2017: 759.9MFY2018: 954.8MFY2019: 930.2MFY2020: -4.0BFY2021: -4.5BFY2022: -2.3BFY2023: 166.2MFY2024: 910.3MFY2025: 423.2M FY2017FY2019FY2021FY2023FY2025
Free cash flow-1.2B
FY2016: 172.0MFY2017: 229.0MFY2018: 508.4MFY2019: 185.4MFY2020: -3.5BFY2021: -3.2BFY2022: -1.6BFY2023: -744.6MFY2024: 838.9MFY2025: -1.2B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)0.92
FY2016: 2.78FY2017: 3.31FY2018: 4.25FY2019: 4.30FY2020: -15.75FY2021: -12.33FY2022: -5.41FY2023: 0.39FY2024: 1.89FY2025: 0.92 FY2017FY2019FY2021FY2023FY2025
Diluted shares477.7M
FY2016: 227.9MFY2017: 229.4MFY2018: 224.4MFY2019: 216.5MFY2020: 254.7MFY2021: 365.4MFY2022: 419.8MFY2023: 427.4MFY2024: 515.0MFY2025: 477.7M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Passenger ticket 6.7B68.0% +4.2%
Onboard and other 3.1B32.0% +2.5%

10-K 0001104659-26-022067, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
North America 5.6B57.5% +6.2%
Europe 2.9B29.5% -4.5%
Asia Pacific 996.7M10.1% +27.9%
Other Country 282.9M2.9% -18.3%

10-K 0001104659-26-022067, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue4.9B5.4B6.1B6.5B1.3B648.0M4.8B8.5B9.5B9.8B
Cost of revenue---3.7B1.7B1.6B4.3B5.5B5.7B5.6B
SG&A666.2M773.8M897.9M974.9M745.3M891.5M1.4B1.3B1.4B1.5B
Operating income925.5M1.0B1.2B1.2B-3.5B-2.6B-1.6B930.9M1.5B1.6B
Interest expense276.9M267.8M270.4M272.9M482.3M2.1B801.5M727.5M772.6M952.0M
Pretax income640.3M770.6M969.3M911.4M-4.0B-4.5B-2.3B163.2M772.9M428.7M
Income tax7.2M10.7M14.5M-18.9M12.5M5.3M-6.8M-3.0M-137.3M5.5M
Net income633.1M759.9M954.8M930.2M-4.0B-4.5B-2.3B166.2M910.3M423.2M
EPS (diluted)2.783.314.254.30-15.75-12.33-5.410.391.890.92
Diluted shares227.9M229.4M224.4M216.5M254.7M365.4M419.8M427.4M515.0M477.7M
Depreciation & amortization445.6M521.5M567.0M647.1M739.6M758.6M810.1M883.2M973.5M1.2B
EBITDA1.4B1.6B1.8B1.8B-2.7B-1.8B-741.7M1.8B2.4B2.7B
Operating margin19.0%19.4%20.1%18.2%-272.2%-393.9%-32.0%10.9%15.5%15.9%
Net margin13.0%14.1%15.8%14.4%-313.5%-695.5%-46.9%1.9%9.6%4.3%
Revenue growth-+10.7%+12.2%+6.7%-80.2%-49.4%+648%+76.5%+10.9%+3.7%
EPS growth-+19.1%+28.4%+1.2%-466%---+385%-51.3%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash128.3M176.2M163.9M252.9M3.3B1.5B947.0M402.4M190.8M209.9M
Short-term investments-----240.0M----
Receivables63.2M44.0M55.2M75.1M20.6M1.2B326.3M280.3M221.4M291.7M
Inventory66.3M82.1M90.2M95.4M82.4M118.2M148.7M157.6M149.7M138.2M
Current assets411.1M518.3M550.3M730.1M3.6B3.3B1.9B1.3B1.0B1.1B
Property & equipment10.1B11.0B12.1B13.1B13.4B13.5B14.5B16.4B16.8B19.1B
Goodwill1.4B1.4B1.4B1.4B98.1M98.1M98.1M98.1M135.8M135.8M
Total assets13.0B14.1B15.2B16.7B18.4B18.7B18.6B19.5B20.0B22.5B
Accounts payable38.0M53.4M159.6M100.8M83.1M233.2M228.7M174.3M171.1M169.7M
Current liabilities2.3B2.5B3.2B3.6B1.9B3.7B5.1B6.0B5.8B5.5B
Total debt6.4B6.3B6.5B6.0B1.6B12.4B13.6B14.1B13.1B14.6B
Total liabilities8.4B8.3B9.2B10.2B14.0B16.3B18.5B19.2B18.5B20.3B
Shareholders' equity4.5B5.7B6.0B6.5B4.4B2.4B68.6M300.8M1.4B2.2B
Retained earnings1.2B2.0B2.9B3.8B-295.4M-4.8B-7.1B-6.9B-6.0B-5.6B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.3B1.6B2.1B1.8B-2.6B-2.5B210.0M2.0B2.0B2.1B
Capital spending1.1B1.4B1.6B1.6B946.5M752.8M1.8B2.8B1.2B3.3B
Free cash flow172.0M229.0M508.4M185.4M-3.5B-3.2B-1.6B-744.6M838.9M-1.2B
Stock-based pay (added back)66.4M87.0M116.0M95.1M111.3M124.1M113.6M118.9M91.8M88.4M
Buybacks50.0M-664.8M349.9M------
Acquisitions--------27.3M-
Debt raised3.8B1.8B1.9B4.1B6.1B2.6B3.0B4.3B1.3B9.7B
Debt repaid3.7B1.9B1.7B3.8B892.5M2.1B1.8B3.8B2.2B8.2B
Investing cash flow-1.1B-1.4B-1.5B-1.7B-975.4M-1.0B-1.8B-2.9B-1.2B-3.3B
Financing cash flow-122.8M-148.5M-584.8M-53.4M6.6B1.7B986.2M346.9M-1.0B1.2B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)66.4M87.0M116.0M95.1M111.3M124.1M113.6M118.9M91.8M88.4M
Stock-based pay / revenue1.4%1.6%1.9%1.5%8.7%19.1%2.3%1.4%1.0%0.9%
Operating lease cost---31.6M19.4M17.5M47.6M54.3M69.8M58.5M
Operating lease cash paid---75.5M70.6M31.4M47.8M122.5M86.6M86.1M
Finance lease principal paid---2.8M4.1M4.3M----
Right-of-use assets--235.0M-209.0M794.2M707.1M753.7M899.1M1.1B
Operating lease liabilities--243.8M246.4M203.1M705.1M627.8M667.9M816.0M930.0M
Finance lease liabilities---15.2M9.8M5.7M----

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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