(NCLH) Norwegian Cruise Line - Ratings and Ratios
Exchange: NYSE •
Country: United States •
Currency: USD •
Type: Common Stock •
ISIN: BMG667211046
Cruises, Accommodation, Dining, Entertainment, Excursions
Dividends
Currently no dividends paid| Risk via 10d forecast | |
|---|---|
| Volatility | 53.4% |
| Value at Risk 5%th | 73.9% |
| Relative Tail Risk | -15.82% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.57 |
| Alpha | -56.24 |
| CAGR/Max DD | 0.08 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.327 |
| Beta | 1.733 |
| Beta Downside | 1.899 |
| Drawdowns 3y | |
|---|---|
| Max DD | 46.68% |
| Mean DD | 19.78% |
| Median DD | 20.04% |
Description: NCLH Norwegian Cruise Line October 31, 2025
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 includes North America, Europe, Asia-Pacific and a wide range of exotic destinations. The company’s value proposition combines onboard amenities (multiple dining venues, bars, lounges, spa, casino, retail) with shore-side services such as excursions, air-travel connections and hotel packages, all coordinated from its Miami headquarters.
Key industry metrics that shape NCLH’s outlook include a 2023 adjusted EBITDA of roughly $1.1 billion, an average occupancy rate of 96 % in the pre-pandemic period, and a fleet of 28 ships delivering an average ticket price of about $1,300. The cruise sector is highly sensitive to discretionary-spending trends and fuel costs; a 10 % rise in marine fuel prices typically depresses operating margins by 1–2 percentage points, while a strong US consumer confidence index supports demand for premium cruise experiences.
For a data-driven deep-dive into NCLH’s valuation assumptions and scenario analysis, you may find ValueRay’s interactive model a useful next step.
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income (663.5m TTM) > 0 and > 6% of Revenue (6% = 581.6m TTM) |
| FCFTA -0.05 (>2.0%) and ΔFCFTA -6.15pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue -44.44% (prev -51.93%; Δ 7.49pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.09 (>3.0%) and CFO 2.03b > Net Income 663.5m (YES >=105%, WARN >=100%) |
| Net Debt (15.18b) to EBITDA (2.41b) ratio: 6.29 <= 3.0 (WARN <= 3.5) |
| Current Ratio 0.19 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (495.7m) change vs 12m ago -3.72% (target <= -2.0% for YES) |
| Gross Margin 41.98% (prev 39.05%; Δ 2.93pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 46.16% (prev 47.29%; Δ -1.13pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 1.60 (EBITDA TTM 2.41b / Interest Expense TTM 890.4m) >= 6 (WARN >= 3) |
Altman Z'' -1.95
| (A) -0.19 = (Total Current Assets 1.04b - Total Current Liabilities 5.35b) / Total Assets 22.21b |
| (B) -0.25 = Retained Earnings (Balance) -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 |
| Total Rating: -1.95 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 54.63
| 1. Piotroski 4.0pt |
| 2. FCF Yield -4.45% |
| 3. FCF Margin -10.68% |
| 4. Debt/Equity 7.00 |
| 5. Debt/Ebitda 6.29 |
| 6. ROIC - WACC (= 3.23)% |
| 7. RoE 40.19% |
| 8. Rev. Trend 80.30% |
| 9. EPS Trend 86.08% |
What is the price of NCLH shares?
As of December 01, 2025, the stock is trading at USD 18.46 with a total of 5,851,525 shares traded.
Over the past week, the price has changed by +4.00%, over one month by -17.66%, over three months by -25.32% and over the past year by -34.89%.
Over the past week, the price has changed by +4.00%, over one month by -17.66%, over three months by -25.32% and over the past year by -34.89%.
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 | 28.2 | 52.8% |
| Analysts Target Price | 28.2 | 52.8% |
| ValueRay Target Price | 17.9 | -2.8% |
NCLH Fundamental Data Overview November 21, 2025
Market Cap USD = 8.09b (8.09b USD * 1.0 USD.USD)
P/E Trailing = 12.7914
P/E Forward = 7.0771
P/S = 0.8351
P/B = 3.7034
P/EG = 0.376
Beta = 2.101
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 = 23.27b USD (8.09b + Debt 15.35b - CCE 166.8m)
Interest Coverage Ratio = 1.60 (Ebit TTM 1.42b / Interest Expense TTM 890.4m)
FCF Yield = -4.45% (FCF TTM -1.04b / Enterprise Value 23.27b)
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 = 1.05 (Enterprise Value 23.27b / 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 = 2.99% (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 = 5.64% (E(8.09b)/V(23.44b) * Re(12.40%) + D(15.35b)/V(23.44b) * Rd(2.14%) * (1-Tc(0.03)))
Discount Rate = 12.40% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 7.95%
Fair Price DCF = unknown (Cash Flow -1.04b)
EPS Correlation: 86.08 | EPS CAGR: 192.2% | SUE: 0.63 | # QB: 0
Revenue Correlation: 80.30 | Revenue CAGR: 61.45% | SUE: -3.08 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.19 | Chg30d=-0.032 | Revisions Net=+0 | Analysts=11
EPS current Year (2025-12-31): EPS=2.09 | Chg30d=+0.020 | Revisions Net=+6 | Growth EPS=+15.1% | Growth Revenue=+4.7%
EPS next Year (2026-12-31): EPS=2.64 | Chg30d=-0.030 | Revisions Net=-1 | Growth EPS=+26.2% | Growth Revenue=+10.9%
P/E Trailing = 12.7914
P/E Forward = 7.0771
P/S = 0.8351
P/B = 3.7034
P/EG = 0.376
Beta = 2.101
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 = 23.27b USD (8.09b + Debt 15.35b - CCE 166.8m)
Interest Coverage Ratio = 1.60 (Ebit TTM 1.42b / Interest Expense TTM 890.4m)
FCF Yield = -4.45% (FCF TTM -1.04b / Enterprise Value 23.27b)
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 = 1.05 (Enterprise Value 23.27b / 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 = 2.99% (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 = 5.64% (E(8.09b)/V(23.44b) * Re(12.40%) + D(15.35b)/V(23.44b) * Rd(2.14%) * (1-Tc(0.03)))
Discount Rate = 12.40% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 7.95%
Fair Price DCF = unknown (Cash Flow -1.04b)
EPS Correlation: 86.08 | EPS CAGR: 192.2% | SUE: 0.63 | # QB: 0
Revenue Correlation: 80.30 | Revenue CAGR: 61.45% | SUE: -3.08 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.19 | Chg30d=-0.032 | Revisions Net=+0 | Analysts=11
EPS current Year (2025-12-31): EPS=2.09 | Chg30d=+0.020 | Revisions Net=+6 | Growth EPS=+15.1% | Growth Revenue=+4.7%
EPS next Year (2026-12-31): EPS=2.64 | Chg30d=-0.030 | Revisions Net=-1 | Growth EPS=+26.2% | Growth Revenue=+10.9%
Additional Sources for NCLH Stock
News:
Wall Street Journal |
Benzinga |
Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle