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Stocks / United States / NCLH · Water Transportation · NYSE

Norwegian Cruise Line Holdings Ltd. (NCLH)

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Norwegian Cruise Line Holdings Ltd. (NCLH) reported revenue of $2.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 4.9% on the same quarter a year earlier. Net income was $223 million, up 642.0% on the year, and diluted earnings per share $0.48. The figures are the company's own, from the 10-Q it filed with the SEC on 3 August 2026.

Revenue$2.6 billionup 4.9%
Net income$223 millionup 642.0%
Diluted EPS$0.48
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE29.6%
ROCE9.3%
Operating margin15.1%
Net margin7.5%
FCF margin-11.7%
Interest covern/a
Debt to equity5.40
Cash conversion2.77
Share count, 1 year2.8%
Sales CAGR, 3 years26.6%
Profit CAGR, 3 yearsn/a
EPS, TTMn/a

At the close of 21 September 2026

Price$14.24
Market cap$6.5 billion
Stock P/E8.90
Price to book2.54
EV / EBITDA7.46
Dividend yieldn/a
Market cap / sales0.64
52-week high$25.57
52-week low$14.12
Price, 1 year-43.6%
Price CAGR, 3 years-3.1%
Price CAGR, 5 years-11.4%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on the one borrowings figure Norwegian Cruise Line Holdings Ltd. files, which has finance leases inside it; operating leases are a separate line. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on NCLH

Filings21 in twelve months: 11 current reports (8-K), about 5 results of operations; 4 officer or director change; 2 shareholder vote; 2 other events; 1 material agreement
Planned insider sales1 Form 144 notice in twelve months, $110,224; latest 12 December 2025
Options tapeput/call 0.76 by open interest on 23 September 2026; the straddle prices a 4.1% move to 25 September 2026
Holders9 of the followed funds hold it; largest Elliott Investment Management; 5 Schedule 13D or 13G filings in twelve months
Insider trading1 sale and 17 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest86.4 million shares short, 6.04 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,5361,9862,1912,3722,8072,1092,1282,5172,9382,2442,3312,641
Cost of revenue1,4831,3221,3871,4551,5391,3081,3041,4571,5551,3241,3781,587
Gross profit1,0536658049181,2688028241,0611,3839219531,054
Gross margin42%33%37%39%45%38%39%42%47%41%41%40%
SG&A325328362354358361391393383381460419
Operating income523124218342691215201424749187233363
Operating margin21%6%10%14%25%10%9%17%26%8%10%14%
Interest expense17.567617.316.015.0n/a14.710.99.0n/a5.75.8
Pre-tax income354-10818.4165482108-41.430.64345.9108226
Tax rate2%n/a5%1%1%-136%n/a2%3%-142%3%2%
Net income346-10617.4163475255-40.330.041914.3105223
Net margin14%-5%1%7%17%12%-2%1%14%1%4%8%
Diluted EPS$0.71-$0.14$0.04$0.35$0.95$0.55-$0.09$0.07$0.86n/a$0.23$0.48
Operating cash flow210259807671173399679715237459811603
Capital expenditure1,1296482593413682431,5253349634381,437458
Free cash flow-918-389548330-196156-846381-72721.5-625145
Shares outstanding425m426m429m440m440m440m443m447m455m455m459m459m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014 FY2015FY2016FY2017FY2018FY2019FY2020 FY2021FY2022FY2023FY2024FY2025TTM
Revenue3,1264,3454,8745,3966,0556,4621,2806484,8448,5509,4809,82810,154
Cost of revenuen/an/an/an/an/a3,6631,6931,6084,2675,4695,6895,6395,843
Gross profitn/an/an/an/an/a2,799-413-9605773,0813,7914,1884,311
Gross marginn/an/an/an/an/a43.3%-32.3%-148.2%11.9%36.0%40.0%42.6%42.5%
Selling, general and administrative4035556667748989757458911,3791,3421,4351,5491,643
Operating income5037029251,0491,2191,178-3,484-2,552-1,5529311,4661,5611,532
Operating margin16.1%16.2%19.0%19.4%20.1%18.2%-272.2%-393.9%-32.0%10.9%15.5%15.9%15.1%
Interest expense1522222772682702734822,100800728n/an/an/a
Pre-tax income340434640771969911-4,000-4,501-2,277163773429773
Income tax-2.36.87.210.714.5-18.912.55.3-6.8-3.0-1375.512.4
Effective tax rate-0.7%1.6%1.1%1.4%1.5%-2.1%n/an/an/a-1.8%-17.8%1.3%1.6%
Net income338427633760955930-4,013-4,507-2,270166910423761
Net margin10.8%9.8%13.0%14.1%15.8%14.4%-313.5%-695.5%-46.9%1.9%9.6%4.3%7.5%
Diluted EPS$1.62$1.86$2.78$3.31$4.25$4.30-$15.75-$12.33-$5.41$0.39$1.89$0.92n/a
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014 FY2015FY2016FY2017FY2018FY2019FY2020 FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow636n/a1,2641,6012,0751,823-2,556-2,4682102,0062,0502,0902,110
Capital expenditure9651,1221,0921,3721,5671,6379477531,7842,7501,2113,2603,295
Free cash flow-329n/a172229508185-3,503-3,221-1,574-745839-1,170-1,185
Free cash flow margin-10.5%n/a3.5%4.2%8.4%2.9%-273.7%-497.1%-32.5%-8.7%8.8%-11.9%-11.7%
Depreciation and amortisation3054504465215676477407598108839741,1621,178
Share-based compensation14.642.266.487.011695.111112411411991.888.488.3
Buybacks82.010750.0n/a665350n/an/an/an/an/an/an/a
Diluted shares, weighted212m230m228m229m224m216m255m365m420m427m515m478m464m
Shares outstanding at period end228m228m227m229m218m213m316m417m421m426m440m455m459m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 FY2015FY2016FY2017FY2018FY2019FY2020 FY2021FY2022FY2023FY2024FY2025TTM
Total assets11,46912,26512,97414,09515,20616,68518,39918,73018,55819,49319,97022,54124,012
Cash and equivalents84.81161281761642533,3001,507947402191210218
Receivables32.445.063.244.055.275.120.61,167326280221292277
Inventory56.658.266.382.190.295.482.4118149158150138161
Goodwill1,3891,3891,3891,3891,3891,38998.198.198.198.1136136136
Long-term debt6,0806,398n/an/an/a6,0001,552n/an/an/an/an/an/a
Long-term debt including finance leases5,5035,7685,8385,6885,8116,05511,68111,57012,63012,31411,77713,73013,893
Borrowings, as the company tags themn/an/an/an/an/an/a1,727n/an/an/an/an/an/a
Operating lease liabilitiesn/an/an/an/an/an/a185671588645789898908
Finance lease liabilitiesn/an/an/an/an/an/a4.6n/an/an/an/an/an/a
Shareholders' equity3,5193,7814,5385,7505,9636,5164,3542,43368.63011,4252,2102,573
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded8.5%50.3%26.6%6.2%
Profit growth, compounded-0.1%n/an/a5.8%
Return on equity, average-339.1%-671.3%46.1%19.2%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Water Transportation

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Royal Caribbean Cruises Ltd. RCL$66.9 billion15.4743.0%27.3%8.7%2.232.0%
Carnival Corp. Ltd. CCL$30.6 billion9.9623.7%16.3%5.2%1.978.7%
Norwegian Cruise Line Holdings Ltd. NCLH$6.5 billion8.9029.6%15.1%6.2%5.40n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 20263 August 2026EDGAR
10-Q31 March 20264 May 2026EDGAR
10-K31 December 20252 March 2026EDGAR
10-Q30 September 20254 November 2025EDGAR
10-Q30 June 20254 August 2025EDGAR
10-Q31 March 20255 May 2025EDGAR
10-K31 December 202427 February 2025EDGAR
10-Q30 September 20247 November 2024EDGAR
10-Q30 June 20248 August 2024EDGAR
10-Q31 March 20247 May 2024EDGAR

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