NCLHNorwegian Cruise Line Holdings

Consumer discretionary · Cruise Lines & Shipping · NYSE

Norwegian commenced operations from Miami, Florida in 1966, launching the modern cruise industry by offering weekly departures from Miami, Florida to destinations in the Caribbean. 10-K, Item 1

Employees: 5,300
Headquarters: Miami, FL
CEO: John Chidsey
Next results: around Feb 11, 2027

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NCLH and 9 peers, year by year

The 9 Consumer discretionary companies closest to NCLH in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
NCLH Norwegian Cruise Line Holdings	FY2025	$9.8B	+3.7%	-	15.9%	4.3%	−11.9%	19.2%	6.61
NVR NVR, Inc.	FY2025	$10.3B	−1.9%	-	-	13.0%	10.6%	34.7%	-
LULU Lululemon Athletica	FY2025	$11.1B	+4.9%	56.6%	19.9%	14.2%	8.3%	31.8%	-
YUM Yum! Brands	FY2025	$8.2B	+8.8%	-	31.3%	19.0%	20.0%	n/m	n/m
RL Ralph Lauren Corporation	FY2026	$8.1B	+14.6%	69.9%	14.5%	11.6%	-	33.1%	0.44
TPR Tapestry, Inc.	FY2026	$8.0B	+14.2%	77.8%	23.9%	19.1%	22.6%	n/m	3.44
WSM Williams-Sonoma, Inc.	FY2025	$7.8B	+1.2%	46.2%	18.1%	13.9%	13.5%	52.3%	-
EBAY eBay Inc.	FY2025	$11.1B	+7.9%	71.5%	20.5%	18.3%	12.9%	45.3%	1.50
GRMN Garmin	FY2025	$7.2B	+15.1%	58.7%	25.9%	23.0%	18.8%	18.5%	-
HLT Hilton Worldwide	FY2025	$12.0B	+7.7%	-	22.4%	12.1%	16.8%	n/m	n/m

Revenuepeer median $8.2B

Sales growthpeer median +7.9%

Gross marginpeer median 64.3%

TPR 77.8%
EBAY 71.5%
RL 69.9%
GRMN 58.7%
LULU 56.6%
WSM 46.2%
NCLH -
NVR -
YUM -
HLT -

Operating marginpeer median 21.4%

Net marginpeer median 14.2%

FCF marginpeer median 15.2%

Return on equitypeer median 33.9%

Debt / equitypeer median 1.50

NCLH 6.61
TPR 3.44
EBAY 1.50
RL 0.44
NVR -
LULU -
YUM n/m
WSM -
GRMN -
HLT n/m

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NCLH Dec	$4.9B	$5.4B	$6.1B	$6.5B	$1.3B	$648.0M	$4.8B	$8.5B	$9.5B	$9.8B
NVR Dec	$5.8B	$6.3B	$7.2B	$7.4B	$7.5B	$9.0B	$10.5B	$9.5B	$10.5B	$10.3B
LULU Feb	$2.3B	$2.6B	$3.3B	$4.0B	$4.4B	$6.3B	$8.1B	$9.6B	$10.6B	$11.1B
YUM Dec	$6.4B	$5.9B	$5.7B	$5.6B	$5.7B	$6.6B	$6.8B	$7.1B	$7.5B	$8.2B
RL Mar	$7.4B	$6.7B	$6.2B	$6.3B	$6.2B	$4.4B	$6.2B	$6.4B	$6.6B	$7.1B
TPR Jun	$4.5B	$4.5B	$5.9B	$6.0B	$5.0B	$5.7B	$6.7B	$6.7B	$6.7B	$7.0B
WSM Feb	$5.1B	$5.3B	-	$5.9B	-	$8.2B	$8.7B	$7.8B	$7.7B	$7.8B
EBAY Dec	$9.3B	$9.9B	$8.7B	$7.4B	$8.9B	$10.4B	$9.8B	$10.1B	$10.3B	$11.1B
GRMN Dec	$3.0B	$3.1B	$3.3B	$3.8B	$4.2B	$5.0B	$4.9B	$5.2B	$6.3B	$7.2B
HLT Dec	$6.6B	$8.1B	$8.9B	$9.5B	$4.3B	$5.8B	$8.8B	$10.2B	$11.2B	$12.0B
Peer median	$5.8B	$5.9B	$6.0B	$6.0B	$5.3B	$6.3B	$8.1B	$7.8B	$7.7B	$8.2B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NCLH Dec	+12.2%	+10.7%	+12.2%	+6.7%	−80.2%	−49.4%	+648%	+76.5%	+10.9%	+3.7%
NVR Dec	+12.9%	+8.3%	+13.6%	+3.1%	+2.0%	+18.8%	+17.6%	−9.6%	+10.6%	−1.9%
LULU Feb	+13.8%	+13.0%	+24.1%	+21.0%	+10.6%	+42.1%	+29.6%	+18.6%	+10.1%	+4.9%
YUM Dec	−1.0%	−7.5%	−3.2%	−1.6%	+1.0%	+16.5%	+3.9%	+3.4%	+6.7%	+8.8%
RL Mar	-	−10.2%	−7.1%	+2.1%	−2.4%	−28.6%	+41.3%	+3.6%	+2.9%	+6.7%
TPR Jun	-	−0.1%	+31.0%	+2.5%	−17.7%	+15.8%	+16.3%	−0.4%	+0.2%	+5.1%
WSM Feb	+2.2%	+4.1%	-	+4.0%	-	+21.6%	+5.2%	−10.6%	−0.5%	+1.2%
EBAY Dec	+4.5%	+6.8%	+8.3%	−0.2%	+19.7%	+17.2%	−6.0%	+3.2%	+1.7%	+7.9%
GRMN Dec	+7.0%	+2.5%	+7.2%	+12.2%	+11.4%	+19.0%	−2.5%	+7.6%	+20.4%	+15.1%
HLT Dec	+3.5%	+23.6%	+9.5%	+6.1%	−54.4%	+34.4%	+51.6%	+16.7%	+9.2%	+7.7%
Peer median	+4.5%	+4.1%	+8.9%	+3.1%	+1.5%	+18.8%	+16.3%	+3.4%	+6.7%	+6.7%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NCLH Dec	-	-	-	-	-	-	-	-	-	-
NVR Dec	-	-	-	-	-	-	-	-	-	-
LULU Feb	51.2%	52.8%	55.2%	55.9%	56.0%	57.7%	55.4%	58.3%	59.2%	56.6%
YUM Dec	-	-	-	-	-	-	-	-	-	-
RL Mar	56.5%	54.9%	60.7%	61.6%	59.3%	65.0%	66.7%	64.7%	66.8%	68.6%
TPR Jun	67.9%	68.6%	65.5%	67.3%	65.3%	71.0%	69.6%	70.8%	73.3%	75.4%
WSM Feb	37.0%	36.5%	-	36.3%	-	44.0%	42.4%	42.6%	46.5%	46.2%
EBAY Dec	78.4%	77.6%	76.6%	78.7%	79.8%	74.6%	72.6%	72.0%	72.0%	71.5%
GRMN Dec	55.9%	57.6%	59.1%	59.5%	59.3%	58.0%	57.7%	57.5%	58.7%	58.7%
HLT Dec	-	-	-	-	-	-	-	-	-	-
Peer median	56.2%	56.2%	60.7%	60.5%	59.3%	61.5%	62.2%	61.5%	63.0%	63.6%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NCLH Dec	19.0%	19.4%	20.1%	18.2%	−272.2%	−393.9%	−32.0%	10.9%	15.5%	15.9%
NVR Dec	-	-	-	-	-	-	-	-	-	-
LULU Feb	18.0%	17.2%	21.5%	22.3%	18.6%	21.3%	16.4%	22.2%	23.7%	19.9%
YUM Dec	26.5%	47.0%	40.4%	34.5%	26.6%	32.5%	32.0%	32.8%	31.8%	31.3%
RL Mar	7.9%	−1.4%	8.1%	8.9%	5.1%	−1.0%	12.8%	10.9%	11.4%	13.2%
TPR Jun	14.5%	17.5%	11.4%	13.6%	−11.1%	16.8%	17.6%	17.6%	17.1%	5.9%
WSM Feb	9.3%	8.6%	-	7.9%	-	17.6%	17.3%	16.1%	18.5%	18.1%
EBAY Dec	25.0%	22.8%	20.3%	23.8%	29.6%	28.1%	24.0%	19.2%	22.5%	20.5%
GRMN Dec	21.0%	21.9%	23.3%	25.2%	25.2%	24.5%	21.1%	20.9%	25.3%	25.9%
HLT Dec	13.2%	13.9%	16.1%	17.5%	−9.7%	17.4%	23.9%	21.7%	21.2%	22.4%
Peer median	16.3%	17.4%	20.3%	19.9%	18.6%	19.5%	19.4%	20.0%	21.9%	20.2%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NCLH Dec	13.0%	14.1%	15.8%	14.4%	−313.5%	−695.5%	−46.9%	1.9%	9.6%	4.3%
NVR Dec	7.3%	8.5%	11.1%	11.9%	12.0%	13.8%	16.4%	16.7%	16.0%	13.0%
LULU Feb	12.9%	9.8%	14.7%	16.2%	13.4%	15.6%	10.5%	16.1%	17.1%	14.2%
YUM Dec	25.8%	22.8%	27.1%	23.1%	16.0%	23.9%	19.4%	22.6%	19.7%	19.0%
RL Mar	5.4%	−1.5%	2.6%	6.8%	6.2%	−2.8%	9.7%	8.1%	9.7%	10.5%
TPR Jun	10.3%	13.2%	6.8%	10.7%	−13.1%	14.5%	12.8%	14.1%	12.2%	2.6%
WSM Feb	6.0%	4.9%	-	6.0%	-	13.7%	13.0%	12.3%	14.6%	13.9%
EBAY Dec	78.1%	−10.2%	29.2%	24.0%	63.7%	130.6%	−13.0%	27.4%	19.2%	18.3%
GRMN Dec	17.2%	22.7%	20.7%	25.3%	23.7%	21.7%	20.0%	24.7%	22.4%	23.0%
HLT Dec	5.1%	13.3%	8.6%	9.3%	−16.6%	7.1%	14.3%	11.1%	13.7%	12.1%
Peer median	10.3%	9.8%	12.9%	11.9%	12.7%	14.5%	13.0%	16.1%	16.0%	13.9%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NCLH Dec	$172.0M	$229.0M	$508.4M	$185.4M	−$3.5B	−$3.2B	−$1.6B	−$744.6M	$838.9M	−$1.2B
NVR Dec	$370.6M	$550.1M	$703.5M	$843.8M	$909.1M	$1.2B	$1.9B	$1.5B	$1.3B	$1.1B
LULU Feb	$236.9M	$331.5M	$517.0M	$386.3M	$574.1M	$994.6M	$327.8M	$1.6B	$1.6B	$921.7M
YUM Dec	-	$712.0M	$942.0M	$1.1B	$1.1B	$1.5B	$1.1B	$1.3B	$1.4B	$1.6B
RL Mar	$599.0M	$668.6M	$813.5M	$586.1M	$484.3M	$273.1M	$549.0M	$193.5M	$904.9M	$1.0B
TPR Jun	$362.2M	$570.7M	$730.1M	$518.2M	$201.6M	$1.2B	$759.3M	$791.0M	$1.1B	$1.1B
WSM Feb	$327.3M	$310.0M	-	$421.0M	-	$1.1B	$698.7M	$1.5B	$1.1B	$1.1B
EBAY Dec	$2.2B	$2.5B	$2.0B	$2.6B	$2.0B	$2.2B	$1.8B	$2.0B	$2.0B	$1.4B
GRMN Dec	$614.7M	$521.1M	$763.8M	$580.5M	$949.9M	$704.8M	$544.0M	$1.2B	$1.2B	$1.4B
HLT Dec	$993.0M	$791.0M	$1.2B	$1.3B	$662.0M	$74.0M	$1.6B	$1.8B	$1.9B	$2.0B
Peer median	$484.8M	$570.7M	$788.6M	$586.1M	$785.6M	$1.1B	$759.3M	$1.5B	$1.3B	$1.1B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NCLH Dec	3.5%	4.2%	8.4%	2.9%	−273.7%	−497.1%	−32.5%	−8.7%	8.8%	−11.9%
NVR Dec	6.4%	8.7%	9.8%	11.4%	12.1%	13.7%	17.6%	15.5%	12.8%	10.6%
LULU Feb	10.1%	12.5%	15.7%	9.7%	13.0%	15.9%	4.0%	17.1%	15.0%	8.3%
YUM Dec	-	12.1%	16.6%	20.0%	20.3%	22.4%	16.8%	18.6%	19.0%	20.0%
RL Mar	8.1%	10.0%	13.2%	9.3%	7.9%	6.2%	8.8%	3.0%	13.6%	14.4%
TPR Jun	8.1%	12.7%	12.4%	8.6%	4.1%	21.0%	11.4%	11.9%	17.2%	15.6%
WSM Feb	6.4%	5.9%	-	7.1%	-	13.9%	8.1%	19.2%	14.8%	13.5%
EBAY Dec	23.7%	25.0%	23.5%	35.1%	22.0%	21.2%	18.4%	19.5%	19.0%	12.9%
GRMN Dec	20.4%	16.7%	22.8%	15.4%	22.7%	14.1%	11.2%	22.6%	19.7%	18.8%
HLT Dec	15.1%	9.7%	13.3%	13.8%	15.4%	1.3%	18.7%	17.5%	17.2%	16.8%
Peer median	9.1%	12.1%	14.5%	11.4%	14.2%	14.1%	11.4%	17.5%	17.2%	14.4%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NCLH Dec	14.0%	13.2%	16.0%	14.3%	−92.2%	−185.3%	n/m	55.2%	63.9%	19.2%
NVR Dec	32.6%	33.5%	44.1%	37.5%	29.0%	41.2%	49.2%	36.5%	40.0%	34.7%
LULU Feb	22.3%	16.2%	33.5%	33.1%	23.0%	35.6%	27.1%	36.6%	42.0%	31.8%
YUM Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
RL Mar	10.6%	−3.0%	4.7%	13.1%	14.3%	−4.6%	23.7%	21.5%	26.4%	28.7%
TPR Jun	17.2%	19.7%	12.3%	18.3%	−28.6%	25.6%	37.5%	41.1%	28.2%	21.4%
WSM Feb	24.5%	21.6%	-	28.8%	-	67.7%	66.3%	44.6%	52.5%	52.3%
EBAY Dec	69.0%	−12.6%	40.3%	62.2%	159.1%	139.2%	−24.6%	43.3%	38.3%	45.3%
GRMN Dec	15.0%	18.4%	16.7%	19.9%	18.0%	17.7%	15.7%	18.4%	18.0%	18.5%
HLT Dec	5.7%	64.2%	138.7%	n/m	n/m	n/m	n/m	n/m	n/m	n/m
Peer median	19.7%	19.0%	33.5%	28.8%	20.5%	35.6%	27.1%	36.6%	38.3%	31.8%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NCLH Dec	1.41	1.10	1.09	0.92	0.36	5.12	n/m	n/m	9.19	6.61
NVR Dec	-	-	-	-	-	-	-	-	-	-
LULU Feb	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	-
YUM Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
RL Mar	0.18	0.18	0.17	0.21	0.26	0.63	0.65	0.47	0.47	0.44
TPR Jun	0.32	0.53	0.49	0.46	0.70	0.49	0.73	0.72	2.39	2.77
WSM Feb	-	0.25	-	-	-	-	-	-	-	-
EBAY Dec	0.85	1.24	1.47	2.70	2.18	0.93	1.72	1.32	1.44	1.50
GRMN Dec	-	-	-	-	-	-	-	-	-	-
HLT Dec	1.12	3.91	13.22	n/m	n/m	n/m	n/m	n/m	n/m	n/m
Peer median	0.59	0.53	0.98	0.33	0.48	0.56	0.69	0.59	0.95	1.50

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NCLH Dec	$2.78	$3.31	$4.25	$4.30	−$15.75	−$12.33	−$5.41	$0.39	$1.89	$0.92
NVR Dec	$103.61	$126.77	$194.80	$221.13	$230.11	$320.48	$491.82	$463.31	$506.69	$436.55
LULU Feb	$2.21	$1.90	$3.61	$4.93	$4.50	$7.49	$6.68	$12.20	$14.64	$13.26
YUM Dec	$4.10	$3.77	$4.69	$4.14	$2.94	$5.21	$4.57	$5.59	$5.22	$5.55
RL Mar	$4.62	−$1.20	$1.97	$5.27	$4.98	−$1.65	$8.07	$7.58	$9.71	$11.61
TPR Jun	$1.65	$2.09	$1.38	$2.21	−$2.34	$2.95	$3.17	$3.88	$3.50	$0.82
WSM Feb	$1.71	$1.51	-	$2.25	-	$7.38	$8.16	$7.28	$8.79	$8.84
EBAY Dec	$6.35	−$0.95	$2.55	$2.09	$7.89	$20.54	−$2.27	$5.19	$3.94	$4.34
GRMN Dec	$2.73	$3.76	$3.66	$4.99	$5.17	$5.61	$5.04	$6.71	$7.30	$8.59
HLT Dec	$1.03	$3.32	$2.50	$3.04	−$2.58	$1.46	$4.53	$4.33	$6.14	$6.12
Peer median	$2.73	$2.09	$3.08	$4.14	$4.74	$5.61	$5.04	$6.71	$7.30	$8.59

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out NCLH and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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