(NCLH) Norwegian Cruise Line - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: BMG667211046

Cruises, Dining, Entertainment, Excursions, Accommodations

Stock: Hotels, Resorts & Cruise Lines
Age 13y
MCap 9,274m
Avg Vol 16.5M (403M USD)
Beta 1.782
Volatility 55.89%

EPS (Earnings per Share)

EPS (Earnings per Share) of NCLH over the last years for every Quarter: "2020-12": -2.33, "2021-03": -2.03, "2021-06": -1.93, "2021-09": -2.17, "2021-12": -1.95, "2022-03": -1.82, "2022-06": -1.14, "2022-09": -0.64, "2022-12": -1.04, "2023-03": -0.3, "2023-06": 0.3, "2023-09": 0.76, "2023-12": -0.18, "2024-03": 0.16, "2024-06": 0.4, "2024-09": 0.99, "2024-12": 0.26, "2025-03": 0.07, "2025-06": 0.51, "2025-09": 1.2, "2025-12": 0,
EPS CAGR: 169.20%
EPS Trend: 75.3%
Last SUE: -4.00
Qual. Beats: 0

Revenue

Revenue of NCLH over the last years for every Quarter: 2020-12: 9.579, 2021-03: 3.1, 2021-06: 4.368, 2021-09: 153.081, 2021-12: 487.437, 2022-03: 521.94, 2022-06: 1187.181, 2022-09: 1615.51, 2022-12: 1519.129, 2023-03: 1821.939, 2023-06: 2205.492, 2023-09: 2536.037, 2023-12: 1986.456, 2024-03: 2191.215, 2024-06: 2372.492, 2024-09: 2806.578, 2024-12: 2109.366, 2025-03: 2127.553, 2025-06: 2517.497, 2025-09: 2938.142, 2025-12: null,
Rev. CAGR: 61.45%
Rev. Trend: 79.1%
Last SUE: -3.08
Qual. Beats: 0

Dividends

Currently no dividends paid
Risk via 5d forecast
Volatility 55.9%
Value at Risk 5%th 76.4%
Relative Tail Risk -16.87%
Reward TTM
Sharpe Ratio -0.30
Alpha -48.57
CAGR/Max DD 0.23
Character TTM
Hurst Exponent 0.482
Beta 1.782
Beta Downside 1.917
Drawdowns 3y
Max DD 46.68%
Mean DD 20.29%
Median DD 20.72%

Description: NCLH Norwegian Cruise Line January 03, 2026

Norwegian Cruise Line Holdings Ltd. (NCLH) operates three cruise brands-Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas-across a global itinerary network that spans North America, Europe, Asia-Pacific, the Caribbean, Alaska, and other key destinations. The company’s offerings combine onboard accommodations, multiple dining venues, entertainment, and shore-excursion packages, positioning it as a full-service cruise operator headquartered in Miami.

As of FY 2023, NCLH generated roughly $2.3 billion in revenue with an adjusted EBITDA margin near 15%, supported by a fleet of 28 ships and an industry-leading load factor of about 95%. Recent trends show average ticket prices hovering around $1,200 per passenger, while the sector’s growth is tied to discretionary consumer spending, fuel-price volatility, and the pace of post-pandemic travel recovery.

For a deeper quantitative dive, the ValueRay platform offers a granular breakdown of NCLH’s valuation metrics and scenario analyses.

Piotroski VR‑10 (Strict, 0-10) 4.0

Net Income: 663.5m TTM > 0 and > 6% of Revenue
FCF/TA: -0.05 > 0.02 and ΔFCF/TA -6.15 > 1.0
NWC/Revenue: -44.44% < 20% (prev -51.93%; Δ 7.49% < -1%)
CFO/TA 0.09 > 3% & CFO 2.03b > Net Income 663.5m
Net Debt (15.18b) to EBITDA (2.41b): 6.29 < 3
Current Ratio: 0.19 > 1.5 & < 3
Outstanding Shares: last quarter (495.7m) vs 12m ago -3.72% < -2%
Gross Margin: 41.98% > 18% (prev 0.39%; Δ 4159 % > 0.5%)
Asset Turnover: 46.16% > 50% (prev 47.29%; Δ -1.13% > 0%)
Interest Coverage Ratio: 1.60 > 6 (EBITDA TTM 2.41b / Interest Expense TTM 890.4m)

Altman Z'' (< 1.1 .. > 2.6) -1.95

A: -0.19 (Total Current Assets 1.04b - Total Current Liabilities 5.35b) / Total Assets 22.21b
B: -0.25 (Retained Earnings -5.58b / Total Assets 22.21b)
C: 0.07 (EBIT TTM 1.42b / Avg Total Assets 21.00b)
D: -0.30 (Book Value of Equity -6.01b / Total Liabilities 20.02b)
Altman-Z'' Score: -1.95= D

ValueRay F-Score (Strict, 0-100) 53.66

1. Piotroski: 4.0pt
2. FCF Yield: -4.23%
3. FCF Margin: -10.68%
4. Debt/Equity: 7.00
5. Debt/Ebitda: 6.29
6. ROIC - WACC: 2.87%
7. RoE: 40.19%
8. Revenue Trend: 79.10%
9. EPS Trend: 75.26%

What is the price of NCLH shares?

As of January 22, 2026, the stock is trading at USD 20.87 with a total of 16,797,907 shares traded.
Over the past week, the price has changed by -9.61%, over one month by -14.01%, over three months by -12.75% and over the past year by -22.82%.

Is NCLH a buy, sell or hold?

Norwegian Cruise Line has received a consensus analysts rating of 4.25. Therefore, it is recommended to buy NCLH.
  • Strong Buy: 13
  • Buy: 4
  • Hold: 7
  • Sell: 0
  • Strong Sell: 0

What are the forecasts/targets for the NCLH price?

Issuer Target Up/Down from current
Wallstreet Target Price 27.7 32.5%
Analysts Target Price 27.7 32.5%
ValueRay Target Price 20.7 -0.8%

NCLH Fundamental Data Overview January 22, 2026

P/E Trailing = 14.6547
P/E Forward = 8.0515
P/S = 0.9568
P/B = 4.2286
P/EG = 0.4276
Revenue TTM = 9.69b USD
EBIT TTM = 1.42b USD
EBITDA TTM = 2.41b USD
Long Term Debt = 13.65b USD (from longTermDebt, last quarter)
Short Term Debt = 904.4m USD (from shortTermDebt, last quarter)
Debt = 15.35b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 15.18b USD (from netDebt column, last quarter)
Enterprise Value = 24.45b USD (9.27b + Debt 15.35b - CCE 166.8m)
Interest Coverage Ratio = 1.60 (Ebit TTM 1.42b / Interest Expense TTM 890.4m)
EV/FCF = -23.61x (Enterprise Value 24.45b / FCF TTM -1.04b)
FCF Yield = -4.23% (FCF TTM -1.04b / Enterprise Value 24.45b)
FCF Margin = -10.68% (FCF TTM -1.04b / Revenue TTM 9.69b)
Net Margin = 6.85% (Net Income TTM 663.5m / Revenue TTM 9.69b)
Gross Margin = 41.98% ((Revenue TTM 9.69b - Cost of Revenue TTM 5.62b) / Revenue TTM)
Gross Margin QoQ = 47.08% (prev 42.13%)
Tobins Q-Ratio = 1.10 (Enterprise Value 24.45b / Total Assets 22.21b)
Interest Expense / Debt = 2.14% (Interest Expense 328.8m / Debt 15.35b)
Taxrate = 3.31% (14.3m / 433.6m)
NOPAT = 1.37b (EBIT 1.42b * (1 - 3.31%))
Current Ratio = 0.19 (Total Current Assets 1.04b / Total Current Liabilities 5.35b)
Debt / Equity = 7.00 (Debt 15.35b / totalStockholderEquity, last quarter 2.19b)
Debt / EBITDA = 6.29 (Net Debt 15.18b / EBITDA 2.41b)
Debt / FCF = -14.66 (negative FCF - burning cash) (Net Debt 15.18b / FCF TTM -1.04b)
Total Stockholder Equity = 1.65b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.16% (Net Income 663.5m / Total Assets 22.21b)
RoE = 40.19% (Net Income TTM 663.5m / Total Stockholder Equity 1.65b)
RoCE = 9.29% (EBIT 1.42b / Capital Employed (Equity 1.65b + L.T.Debt 13.65b))
RoIC = 8.87% (NOPAT 1.37b / Invested Capital 15.50b)
WACC = 5.99% (E(9.27b)/V(24.62b) * Re(12.48%) + D(15.35b)/V(24.62b) * Rd(2.14%) * (1-Tc(0.03)))
Discount Rate = 12.48% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 7.95%
Fair Price DCF = unknown (Cash Flow -1.04b)
EPS Correlation: 75.26 | EPS CAGR: 169.2% | SUE: -4.0 | # QB: 0
Revenue Correlation: 79.10 | Revenue CAGR: 61.45% | SUE: -3.08 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.17 | Chg30d=-0.018 | Revisions Net=-1 | Analysts=15
EPS next Year (2026-12-31): EPS=2.64 | Chg30d=-0.009 | Revisions Net=+2 | Growth EPS=+26.0% | Growth Revenue=+10.2%

Additional Sources for NCLH Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle