(NCLH) Norwegian Cruise Line - Overview

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

Stock: Cruises, Dining, Entertainment, Excursions, Accommodations

Total Rating 18

Risk 42

Buy Signal -0.17

Travel Services » Hotels, Resorts & Cruise Lines
Age: 13.1y

Market Cap: 10,248m
Avg Trading Vol: 443M USD

ATR: 5.03%
Peers RS (IBD): 34.62

EPS (Earnings per Share)

EPS CAGR: 169.20%
EPS Trend: 75.3%

Last SUE: -4.00
Qual. Beats: 0

Revenue

Rev. CAGR: 61.45%
Rev. Trend: 79.1%

Last SUE: -3.08
Qual. Beats: 0

Risk 5d forecast
Volatility	54.5%
Relative Tail Risk	-16.0%

Reward TTM
Sharpe Ratio	-0.16
Alpha	-42.24

Character TTM
Beta	1.823
Beta Downside	2.008

Drawdowns 3y
Max DD	46.68%
CAGR/Max DD	0.28

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'' -1.95

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

Beneish M -3.19

DSRI: 1.21 (Receivables 252.6m/200.8m, Revenue 9.69b/9.36b)
GMI: 0.93 (GM 41.98% / 39.05%)
AQI: 0.59 (AQ_t 0.06 / AQ_t-1 0.09)
SGI: 1.04 (Revenue 9.69b / 9.36b)
TATA: -0.06 (NI 663.5m - CFO 2.03b) / TA 22.21b)
Beneish M-Score: -3.19 (Cap -4..+1) = AA

What is the price of NCLH shares?

As of February 07, 2026, the stock is trading at USD 23.32 with a total of 16,389,142 shares traded.
Over the past week, the price has changed by +6.19%, over one month by -2.02%, over three months by +27.85% and over the past year by -17.54%.

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.

StrongBuy: 13
Buy: 4
Hold: 7
Sell: 0
StrongSell: 0

What are the forecasts/targets for the NCLH price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	27.7	18.8%
Analysts Target Price	27.7	18.8%
ValueRay Target Price	23	-1.3%

NCLH Fundamental Data Overview February 05, 2026

P/E Trailing = 16.1942
P/E Forward = 8.8968
P/S = 1.0573
P/B = 4.6728
P/EG = 0.4725
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 = 25.43b USD (10.25b + Debt 15.35b - CCE 166.8m)
Interest Coverage Ratio = 1.60 (Ebit TTM 1.42b / Interest Expense TTM 890.4m)
EV/FCF = -24.55x (Enterprise Value 25.43b / FCF TTM -1.04b)
FCF Yield = -4.07% (FCF TTM -1.04b / Enterprise Value 25.43b)
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 = 1.14 (Enterprise Value 25.43b / 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 = 6.30% (E(10.25b)/V(25.59b) * Re(12.63%) + D(15.35b)/V(25.59b) * Rd(2.14%) * (1-Tc(0.03)))
Discount Rate = 12.63% (= 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=0.16 | Chg30d=-0.033 | Revisions Net=-7 | Analysts=15
EPS next Year (2026-12-31): EPS=2.63 | Chg30d=-0.021 | Revisions Net=-4 | Growth EPS=+25.4% | Growth Revenue=+10.1%

Additional Sources for NCLH Stock

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