Detailed financial statements for Norwegian Cruise Line Holdings Ltd. (NCLH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Norwegian Cruise Line Holdings Ltd. (NCLH), along with its subsidiary companies, operates as a major global cruise enterprise. Its operations span North America, Europe, the Asia-Pacific region, and other international markets. The company manages a portfolio of three distinct cruise brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. NCLH offers an extensive range of voyages, from brief three-day excursions to lengthy 180-day expeditions.
Analysis Summary
Norwegian Cruise Line Holdings Ltd. reported revenue of $9.83B in the most recent fiscal year, growing at a 5-year CAGR of 50.3%.
Trailing-twelve-month margins: gross margin 41.4%, operating margin 13.8%, net margin 8.2%.
At $17.57 (closing price, October 30, 2026), NCLH trades at a P/E of 10.98 and an ROE of 32.15%. Market capitalisation stands at $8.1B.
Balance sheet quality for NCLH: current ratio of 0.2, net debt of $14.40B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$1.17B represents -276% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.87B | $5.40B | $6.06B | $6.46B | $1.28B | $648.0M | $4.84B | $8.55B | $9.48B | $9.83B |
| Cost of Revenue | $2.85B | $3.06B | $3.38B | $3.66B | $1.69B | $1.61B | $4.27B | $5.47B | $5.69B | $6.69B |
| Gross Profit | $2.02B | $2.33B | $2.68B | $2.80B | -$413.2M | -$960.1M | $576.7M | $3.08B | $3.79B | $3.14B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $666.2M | $773.8M | $897.9M | $974.9M | $745.3M | $891.5M | $1.38B | $1.34B | $1.43B | $1.55B |
| Operating Expenses | $1.10B | $1.28B | $1.46B | $1.62B | $3.07B | $1.59B | $2.13B | $2.15B | $2.33B | $1.55B |
| Operating Income | $925.5M | $1.05B | $1.22B | $1.18B | -$3.48B | -$2.55B | -$1.55B | $930.9M | $1.47B | $1.59B |
| EBITDA | $1.37B | $1.56B | $1.81B | $1.82B | -$2.78B | -$1.67B | -$665.1M | $1.77B | $2.49B | $3.82B |
| Interest Expense | $276.9M | $267.8M | $270.4M | $257.3M | $482.3M | $2.07B | $801.5M | $727.5M | $747.2M | $2.23B |
| Pre-tax Income | $640.3M | $770.6M | $969.3M | $911.4M | -$4.00B | -$4.50B | -$2.28B | $163.2M | $772.9M | $428.7M |
| Income Tax | $7.2M | $10.7M | $14.5M | -$18.9M | $12.5M | $5.3M | -$6.8M | -$3.0M | -$137.3M | $5.5M |
| Net Income | $633.1M | $759.9M | $954.8M | $930.2M | -$4.01B | -$4.51B | -$2.27B | $166.2M | $910.3M | $423.2M |
| EPS | $2.79 | $3.33 | $4.28 | $4.33 | $-15.75 | $-12.33 | $-5.41 | $0.39 | $2.09 | $0.94 |
| EPS (Diluted) | $2.78 | $3.31 | $4.25 | $4.30 | $-15.75 | $-12.33 | $-5.41 | $0.39 | $1.89 | $0.90 |
| Shares Outstanding (Diluted) | 227.9 M | 229.6 M | 224.4 M | 216.5 M | 254.7 M | 365.4 M | 419.8 M | 427.4 M | 515.0 M | 459.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.94B | $2.24B | $2.33B | $2.64B |
| Gross Profit | $1.38B | $920.9M | $953.3M | $1.05B |
| Operating Income | $749.4M | $186.6M | $232.9M | $363.3M |
| EBITDA | $1.04B | $550.3M | $473.6M | $690.9M |
| Net Income | $419.3M | $14.3M | $104.7M | $222.6M |
| EPS | $0.93 | $0.03 | $0.23 | $0.48 |
| EPS (Diluted) | $0.86 | $0.03 | $0.23 | $0.48 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $128.3M | $176.2M | $163.9M | $252.9M | $3.30B | $1.51B | $947.0M | $402.4M | $190.8M | $209.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $240.0M | 0 | 0 | 0 | 0 |
| Receivables | $63.2M | $44.0M | $55.2M | $75.1M | $20.6M | $1.17B | $326.3M | $280.3M | $221.4M | $291.7M |
| Inventory | $66.3M | $82.1M | $90.2M | $95.4M | $82.4M | $118.2M | $148.7M | $157.6M | $149.7M | $138.2M |
| Total Current Assets | $411.1M | $518.3M | $550.3M | $730.1M | $3.56B | $3.30B | $1.87B | $1.31B | $1.01B | $1.14B |
| Property, Plant & Equipment | $10.12B | $11.04B | $12.12B | $13.37B | $13.41B | $13.53B | $14.52B | $16.43B | $16.81B | $19.07B |
| Goodwill | $1.39B | $1.39B | $1.39B | $1.39B | $98.1M | $98.1M | $98.1M | $98.1M | $135.8M | $135.8M |
| Intangible Assets | $908.1M | $872.4M | $846.3M | $827.8M | $500.5M | $500.5M | $500.5M | $500.5M | $500.5M | $500.5M |
| Total Assets | $12.97B | $14.09B | $15.21B | $16.68B | $18.40B | $18.73B | $18.56B | $19.49B | $19.97B | $22.54B |
| Accounts Payable | $38.0M | $53.4M | $159.6M | $100.8M | $83.1M | $233.2M | $228.7M | $174.3M | $171.1M | $169.7M |
| Short-term Debt | $560.2M | $619.4M | $681.2M | $746.4M | $124.9M | $876.9M | $991.1M | $1.74B | $1.32B | $875.9M |
| Total Current Liabilities | $2.31B | $2.49B | $3.15B | $3.58B | $1.91B | $3.73B | $5.05B | $6.04B | $5.78B | $5.45B |
| Long-term Debt | $5.84B | $5.69B | $5.81B | $6.06B | $11.68B | $11.57B | $12.63B | $12.31B | $11.78B | $13.73B |
| Total Liabilities | $8.44B | $8.35B | $9.24B | $10.17B | $14.05B | $16.30B | $18.49B | $19.19B | $18.54B | $20.33B |
| Retained Earnings | $1.20B | $1.96B | $2.90B | $3.83B | -$295.4M | -$4.80B | -$7.07B | -$6.90B | -$5.99B | -$5.57B |
| Total Equity | $4.54B | $5.75B | $5.96B | $6.52B | $4.35B | $2.43B | $68.6M | $300.8M | $1.43B | $2.21B |
| Total Debt | $6.40B | $6.31B | $6.49B | $6.80B | $11.81B | $12.45B | $13.62B | $14.06B | $13.92B | $14.61B |
| Net Debt | $6.27B | $6.13B | $6.33B | $6.55B | $8.51B | $10.70B | $12.67B | $13.66B | $13.73B | $14.40B |
| Working Capital | -$1.90B | -$1.97B | -$2.60B | -$2.85B | $1.64B | -$428.9M | -$3.18B | -$4.73B | -$4.77B | -$4.31B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $166.8M | $209.9M | $185.0M | $218.1M |
| Total Assets | $22.21B | $22.54B | $23.79B | $24.01B |
| Total Liabilities | $20.02B | $20.33B | $21.36B | $21.44B |
| Total Equity | $2.19B | $2.21B | $2.43B | $2.57B |
| Total Debt | $15.35B | $14.61B | $15.15B | $15.03B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $633.1M | $759.9M | $954.8M | $930.2M | -$4.01B | -$4.51B | -$2.27B | $166.2M | $910.3M | $423.2M |
| Depreciation & Amortization | $445.6M | $521.5M | $567.0M | $647.1M | $739.6M | $758.6M | $810.1M | $883.2M | $973.5M | $1.16B |
| Stock-based Compensation | $66.4M | $87.0M | $116.0M | $95.1M | $111.3M | $124.1M | $113.6M | $118.9M | $91.8M | $88.4M |
| Change in Working Capital | $74.1M | $199.2M | $429.5M | $165.2M | -$1.08B | -$204.1M | $1.36B | $809.4M | $225.4M | $4.5M |
| Operating Cash Flow | $1.24B | $1.59B | $2.08B | $1.82B | -$2.56B | -$2.47B | $210.0M | $2.01B | $2.05B | $2.09B |
| Capital Expenditure | -$1.09B | -$1.37B | -$1.57B | -$1.64B | -$946.5M | -$752.8M | -$1.78B | -$2.75B | -$1.21B | -$3.26B |
| Acquisitions | 0 | $499,000 | 0 | 0 | 0 | 0 | 0 | 0 | -$27.3M | 0 |
| Stock Repurchased | -$50.0M | 0 | -$678.7M | -$370.8M | -$15.4M | -$16.7M | -$21.0M | -$26.9M | -$25.3M | -$23.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $147.6M | $213.5M | $508.4M | $185.4M | -$3.50B | -$3.22B | -$1.57B | -$744.6M | $838.9M | -$1.17B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $236.6M | $459.1M | $811.5M | $636.1M |
| Capital Expenditure | -$963.1M | -$437.6M | -$1.44B | -$457.7M |
| Free Cash Flow | -$726.5M | $21.5M | -$625.2M | $178.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $18.4M | $23.8M | $23.4M | $22.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.7% | +12.2% | +6.7% | -80.2% | -49.4% | +647.5% | +76.5% | +10.9% | +3.7% | |
| Net Income Growth (YoY) | +20.0% | +25.7% | -2.6% | -531.3% | -12.3% | +49.6% | +107.3% | +447.8% | -53.5% | |
| EPS Growth (YoY) | +19.4% | +28.5% | +1.2% | -463.7% | +21.7% | +56.1% | +107.2% | +435.9% | -55.0% | |
| Shares Change (YoY) | +0.8% | -2.2% | -3.5% | +17.7% | +43.5% | +14.9% | +1.8% | +20.5% | -10.8% | |
| FCF Growth (YoY) | +44.7% | +138.1% | -63.5% | -1,989.0% | +8.0% | +51.1% | +52.7% | +212.7% | -239.5% | |
| Gross Margin | 41.5% | 43.2% | 44.2% | 43.3% | -32.3% | -148.2% | 11.9% | 36.0% | 40.0% | 32.0% |
| Operating Margin | 19.0% | 19.4% | 20.1% | 18.2% | -272.2% | -393.9% | -32.0% | 10.9% | 15.5% | 16.2% |
| EBITDA Margin | 28.0% | 29.0% | 29.8% | 28.1% | -217.1% | -257.7% | -13.7% | 20.7% | 26.3% | 38.9% |
| Net Margin | 13.0% | 14.1% | 15.8% | 14.4% | -313.5% | -695.5% | -46.9% | 1.9% | 9.6% | 4.3% |
| FCF Margin | 3.0% | 4.0% | 8.4% | 2.9% | -273.7% | -497.1% | -32.5% | -8.7% | 8.8% | -11.9% |
| Effective Tax Rate | 1.1% | 1.4% | 1.5% | -2.1% | -0.3% | -0.1% | 0.3% | -1.8% | -17.8% | 1.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.65 | $0.93 | $2.27 | $0.86 | $-13.75 | $-8.81 | $-3.75 | $-1.74 | $1.63 | $-2.55 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 227.7 M | 229.4 M | 223.0 M | 214.9 M | 254.7 M | 365.4 M | 419.8 M | 424.4 M | 435.3 M | 455.3 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 32.15% |
| Return on Invested Capital | 7.25% |
| Return on Assets | 3.47% |
| Gross Margin | 41.40% |
| Operating Margin | 13.85% |
| Net Margin | 8.20% |
Financial Health
| Debt / Equity | 4.79 |
| Current Ratio | 0.22 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 0.39 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.24 | 15.99 | 9.90 | 13.49 | -1.61 | -1.68 | -2.26 | 51.38 | 12.31 | 23.74 |
| P/B | 2.13 | 2.12 | 1.59 | 1.93 | 1.49 | 3.12 | 74.91 | 28.28 | 7.86 | 4.60 |
| P/S | 1.99 | 2.26 | 1.56 | 1.94 | 5.06 | 11.70 | 1.06 | 0.99 | 1.18 | 1.03 |
| Gross Margin | 41.5% | 43.2% | 44.2% | 43.3% | -32.3% | -148.2% | 11.9% | 36.0% | 40.0% | 32.0% |
| Operating Margin | 19.0% | 19.4% | 20.1% | 18.2% | -272.2% | -393.9% | -32.0% | 10.9% | 15.5% | 16.2% |
| Net Margin | 13.0% | 14.1% | 15.8% | 14.4% | -313.5% | -695.5% | -46.9% | 1.9% | 9.6% | 4.3% |
Related companies: LIND · RCL · CCL · VIK
Explore sector: Consumer Cyclical · Travel Services
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