Norwegian Cruise Line Holdings Ltd. (NCLH)
Consumer Discretionary · Hotels, Resorts & Cruise Lines · US stock · S&P 500 component
$15.05
▼ -0.34 (2.21%)
Fair valueData under review
$53
$27fair band $37–$69$80
Day's range
$14.97 – $15.74
52-week range
$13.63 – $25.13
About Norwegian Cruise Line Holdings Ltd.
Three cruise brands sit under Norwegian Cruise Line Holdings: Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, which together span the mainstream, upper premium and luxury segments. Its ships sail to destinations around the world, carrying holidaymakers who book through travel agents or directly with the company. The group also operates private destinations that its ships visit, giving guests beach and leisure stops as part of the voyage.
Passenger ticket sales and onboard spending on drinks, dining, excursions and extras generate the revenue. Over the last twelve months the business brought in $10.2 billion, and it has grown at 26.6% a year across the last three years. The operating margin is 15.1%, and the business earns a profit of 8% on the capital invested in it. It carries net debt of 5.5 times EBITDA. No dividend is paid. On the site's X-Ray Score it receives 46 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $13.63 – $25.13Volume 18,460,600Daily, split-adjusted
Vitals
Market cap$7.0B
52-week range$13.63 – $25.13
Volume (last day)18,460,600
P/E (TTM)9.4
EBIT / EV yield7.0%
Free-cash-flow yield-17.0%
Dividend yieldNo dividend
Revenue (TTM)$10.2B
Net income (TTM)$761M
Operating margin15.1%
Return on capital7.9%
Debt incl. leases$15.0B
Cash & securities$218M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$53model spread $43 – $66
Data under review
+0.0% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $15
Undervalued < $37Fair $37 – $69Overvalued > $69
10-year DCF (market-scaled)
$70
Peer multiples
$29
Earnings power floor (not blended)
$-197
Fundamentals-adjusted multiple
$61
Growth the price implies
12.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Read the lenses below
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Consumer Discretionary peers. Open a lens to see the numbers behind it.
Valuation
Fair
61/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield7.0%
Free-cash-flow yield-17.0%
Fair value vs price3.5×
Growth
Fair
61/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)26.6%
Growth consistency90%
Profitability
Weak
26/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital7.9%
Operating margin15.1%
Gross profitability18.0%
Financial health
Weak
41/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA5.5×
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
-2.9%
Mar '25
+6.1%
Jun '25
+4.7%
Sep '25
+6.4%
Dec '25
+9.6%
Mar '26
+4.9%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.6B, diluted EPS $0.48.
Compare with peers
BKNG Booking Holdings Inc.69 EXPE Expedia Group, Inc.64 CCL Carnival Corp Ltd.57 ABNB Airbnb, Inc.51Other Hotels, Resorts & Cruise Lines companies by X-Ray Score.
Fundamentals checklist
● 5 Good · ● 3 Average · ● 6 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
Revenue growth (3y)Good
Growth consistencyAverage
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalBad
Operating marginAverage
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 47/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $648M | $4.8B | $8.5B | $9.5B | $9.8B |
| Operating income | −$2.6B | −$1.6B | $931M | $1.5B | $1.6B |
| Net income | −$4.5B | −$2.3B | $166M | $910M | $423M |
| Operating cash flow | −$2.5B | $210M | $2.0B | $2.0B | $2.1B |
| Operating margin | -393.9% | -32.0% | 10.9% | 15.5% | 15.9% |
| Free cash flow | −$3.2B | −$1.6B | −$745M | $839M | −$1.2B |
| Diluted EPS | $-12.33 | $-5.41 | $0.39 | $1.89 | $0.92 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
2 bullish · 4 neutral · 10 bearish
Weekly
Strongly bearish
0 bullish · 1 neutral · 11 bearish
Monthly
Strongly bearish
0 bullish · 1 neutral · 7 bearish
Moving averages (daily)
| SMA 10 | 15.25 | Bearish |
| EMA 10 | 15.15 | Bearish |
| SMA 20 | 14.87 | Bullish |
| EMA 20 | 15.13 | Bearish |
| SMA 50 | 15.87 | Bearish |
| EMA 50 | 15.89 | Bearish |
| SMA 100 | 17.71 | Bearish |
| EMA 100 | 17.04 | Bearish |
| SMA 200 | 19.07 | Bearish |
| EMA 200 | 18.39 | Bearish |
Oscillators (daily)
| RSI (14) | 47.48 | Neutral |
| MACD (12, 26) | -0.10 | Bearish |
| Momentum (12) | 2.66 | Bullish |
| Stochastic %K (14) | 50.71 | Neutral |
| Williams %R (14) | -49.29 | Neutral |
| CCI (20) | 66.30 | Neutral |
Pivot points (classic, last session)
S3 14.00 | S2 14.48 | S1 14.77 | Pivot 15.25 | R1 15.54 | R2 16.02 | R3 16.31 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
NCLH SEC filings
15 Oct 2026
8-KSEC EDGAR
Entered a material agreement; Other events
30 Sep 2026
8-KSEC EDGAR
Regulation FD disclosure
3 Aug 2026
10-QSEC EDGAR
Quarterly report
30 Jul 2026
8-KSEC EDGAR
Results of operations
16 Jun 2026
8-KSEC EDGAR
Director or officer change; Shareholder vote results
29 May 2026
8-KSEC EDGAR
Other events
4 May 2026
8-KSEC EDGAR
Results of operations
4 May 2026
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.