Overview Dividends

(NCLH) Norwegian Cruise Line - Ratings and Ratios

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

Cruises, Accommodation, Dining, Entertainment, Excursions

NCLH EPS (Earnings per Share)

EPS (Earnings per Share) of NCLH over the last years for every Quarter: "2020-09": -2.35, "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,
EPS Growth (3Y CAGR): 356.29%
EPS Trend (3Y Correlation): 65.9%

NCLH Revenue

Revenue of NCLH over the last years for every Quarter: 2020-09: 6.518, 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,
Revenue Growth (3Y CAGR): 27.11%
Revenue Trend (3Y Correlation): 69.4%
Risk via 10d forecast
Volatility 53.7%
Value at Risk 5%th 74.1%
Relative Tail Risk -16.08%
Reward TTM
Sharpe Ratio -0.60
Alpha -55.60
Character TTM
Hurst Exponent 0.380
Beta 1.748
Beta Downside 1.898
Drawdowns 3y
Max DD 46.68%
Mean DD 19.36%
Median DD 19.59%

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.

NCLH Stock Overview

Market Cap in USD 8,682m
Sub-Industry Hotels, Resorts & Cruise Lines
IPO / Inception 2013-01-18
Return 12m vs S&P 500 -39.4%
Analyst Rating 4.25 of 5

NCLH Dividends

Currently no dividends paid

NCLH Growth Ratios

CAGR 3y 3.80%
CAGR/Max DD Calmar Ratio 0.08
CAGR/Mean DD Pain Ratio 0.20
Current Volume 9255k
Average Volume 16756.9k

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) 52.92

1. Piotroski 4.0pt = -1.0
2. FCF Yield -4.34% = -2.17
3. FCF Margin -10.68% = -4.01
4. Debt/Equity 7.00 = -2.50
5. Debt/Ebitda 6.29 = -2.50
6. ROIC - WACC (= 3.28)% = 4.10
7. RoE 40.19% = 2.50
8. Rev. Trend 69.37% = 5.20
9. EPS Trend 65.86% = 3.29

What is the price of NCLH shares?

As of November 17, 2025, the stock is trading at USD 18.29 with a total of 9,254,978 shares traded.
Over the past week, the price has changed by -3.94%, over one month by -19.96%, over three months by -25.59% and over the past year by -29.92%.

Is Norwegian Cruise Line a good stock to buy?

Neither. Based on ValueRay´s Fundamental Analyses, Norwegian Cruise Line is currently (November 2025) neither a good nor a bad stock to buy. It has a ValueRay Fundamental Rating of 52.92 and therefor a neutral outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of NCLH is around 16.37 USD . This means that NCLH is currently overvalued and has a potential downside of -10.5%.

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 28.7 56.9%
Analysts Target Price 28.7 56.9%
ValueRay Target Price 17.8 -2.6%

NCLH Fundamental Data Overview November 11, 2025

Market Cap USD = 8.68b (8.68b USD * 1.0 USD.USD)
P/E Trailing = 13.7194
P/E Forward = 9.7466
P/S = 0.8957
P/B = 7.1265
P/EG = 0.5099
Beta = 2.101
Revenue TTM = 9.69b USD
EBIT TTM = 1.42b USD
EBITDA TTM = 2.41b USD
Long Term Debt = 11.78b USD (from longTermDebt, last fiscal year)
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 = 23.86b USD (8.68b + Debt 15.35b - CCE 166.8m)
Interest Coverage Ratio = 1.60 (Ebit TTM 1.42b / Interest Expense TTM 890.4m)
FCF Yield = -4.34% (FCF TTM -1.04b / Enterprise Value 23.86b)
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 = 1.07 (Enterprise Value 23.86b / 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 = 10.58% (EBIT 1.42b / Capital Employed (Equity 1.65b + L.T.Debt 11.78b))
RoIC = 9.11% (NOPAT 1.37b / Invested Capital 15.09b)
WACC = 5.83% (E(8.68b)/V(24.03b) * Re(12.46%) + D(15.35b)/V(24.03b) * Rd(2.14%) * (1-Tc(0.03)))
Discount Rate = 12.46% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 7.95%
Fair Price DCF = unknown (Cash Flow -1.04b)
EPS Correlation: 65.86 | EPS CAGR: 356.3% | SUE: 0.63 | # QB: 0
Revenue Correlation: 69.37 | Revenue CAGR: 27.11% | SUE: -3.08 | # QB: 0

Additional Sources for NCLH Stock

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