Overview
Norwegian Cruise Line Holdings Ltd.
Latest 10-K: FY2025, filed Mar 2, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $9.83B
- 3.7%YoYup from FY2024
- TotalRevenue
- Gross profit
- $4.19B
- 10.5%YoYup from FY2024
- GrossProfit
- Operating income
- $1.56B
- 6.5%YoYup from FY2024
- OperatingIncome
- Net income
- $0.42B
- 53.5%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $0.92
- 51.3%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 477.7M
- 7.2%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- Norwegian Cruise Line Holdings Ltd. reported revenue of $9.83B for fiscal 2025, up 3.7% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 15.9% and net margin was 4.3%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $0.92, down 51.3% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 23, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $9.83B3.7%up S&P 500 6.4% | $9.48B10.9%up S&P 500 4.5% | $8.55B76.5%up S&P 500 4.8% | $4.84B647.5%up S&P 500 10.3% | $0.65B49.4%down S&P 500 13.8% | 97.3% S&P 500 6.6% |
| Gross Profit Median of 315 / 498 | $4.19B10.5%up S&P 500 6.8% | $3.79B23.0%up S&P 500 5.5% | $3.08B434.3%up S&P 500 5.2% | $0.58Bn/m S&P 500 8.3% | negative: -$0.96Bn/m S&P 500 15.7% | n/m S&P 500 6.2% |
| Operating Income Median of 373 / 498 | $1.56B6.5%up S&P 500 7.3% | $1.47B57.5%up S&P 500 7.4% | $0.93Bn/m S&P 500 4.9% | negative: -$1.55Bn/m S&P 500 7.5% | negative: -$2.55Bn/m S&P 500 23.5% | n/m S&P 500 7.2% |
| Net Income | $0.42B53.5%down S&P 500 4.8% | $0.91B447.8%up S&P 500 5.7% | $0.17Bn/m S&P 500 1.9% | negative: -$2.27Bn/m S&P 500 1.3% | negative: -$4.51Bn/m S&P 500 33.9% | n/m S&P 500 4.1% |
| EPS (Diluted) | $0.9251.3%down S&P 500 6.2% | $1.89384.6%up S&P 500 7.9% | $0.39n/m S&P 500 1.9% | negative: -$5.41n/m S&P 500 1.5% | negative: -$12.33n/m S&P 500 34.8% | n/m S&P 500 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $22.54B12.9%up S&P 500 5.6% | $19.97B2.4%up S&P 500 3.4% | $19.49B5.0%up S&P 500 4.1% | $18.56B0.9%down S&P 500 2.2% | $18.73B1.8%up S&P 500 6.7% | 4.7% S&P 500 4.7% |
| Total Liabilities Median of 357 / 498 | $20.33B9.6%up S&P 500 6.4% | $18.54B3.4%down S&P 500 1.9% | $19.19B3.8%up S&P 500 2.9% | $18.49B13.4%up S&P 500 2.0% | $16.30B16.0%up S&P 500 5.2% | 5.7% S&P 500 4.4% |
| Stockholders' Equity | $2.21B55.0%up S&P 500 6.8% | $1.43B373.9%up S&P 500 5.4% | $0.30B338.6%up S&P 500 7.3% | $0.07B97.2%down S&P 500 2.5% | $2.43B44.1%down S&P 500 9.0% | -2.4% S&P 500 6.1% |
| Cash & Equivalents | $0.21B10.0%up S&P 500 5.2% | $0.19B52.6%down S&P 500 1.9% | $0.40B57.5%down S&P 500 6.7% | $0.95B37.1%down S&P 500 -8.6% | $1.51B54.4%down S&P 500 -2.9% | -38.9% S&P 500 2.0% |
| Total Debt Median of 393 / 498 | $14.99B14.5%up S&P 500 2.3% | $13.10B6.8%down S&P 500 0.1% | $14.06B3.2%up S&P 500 0.1% | $13.62B9.4%up S&P 500 0.1% | $12.45B5.4%up S&P 500 0.0% | 4.8% S&P 500 3.7% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.09B1.9%up S&P 500 6.3% | $2.05B2.2%up S&P 500 4.8% | $2.01B855.0%up S&P 500 9.9% | $0.21Bn/m S&P 500 -0.7% | negative: -$2.47Bn/m S&P 500 10.7% | n/m S&P 500 7.0% |
| Capital Expenditures | $3.26B169.2%up S&P 500 5.4% | $1.21B56.0%down S&P 500 2.8% | $2.75B54.2%up S&P 500 11.3% | $1.78B136.9%up S&P 500 14.0% | $0.75B20.5%down S&P 500 8.1% | 44.2% S&P 500 9.0% |
| Free Cash Flow Median of 378 / 498 | negative: -$1.17B239.5%down S&P 500 7.3% | $0.84Bn/m S&P 500 6.1% | negative: -$0.74Bn/m S&P 500 8.8% | negative: -$1.57Bn/m S&P 500 -11.3% | negative: -$3.22Bn/m S&P 500 10.2% | n/m S&P 500 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
S&P 500 median = median of the companies in the index on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-20. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.1%
Wall Street
on net earnings
FY2024 7.3%
negative: −11.0%
Value investor
on free cash flow
FY2024 6.3%
Gap −15.1 pts: Value-investor figure 15.1 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 24.3×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
10.7%
Wall Street
on EBITDA
FY2024 9.2%
6.1%
Value investor
on EBIT
FY2024 5.5%
Gap −4.6 pts: Value-investor figure 4.6 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 9.3×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
20.7%
Wall Street
on book equity
FY2024 10.8%
14.8%
Value investor
on tangible book
FY2024 6.0%
Gap −5.9 pts: Value-investor figure 5.9 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 4.8×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
23.3%
Wall Street
ROE: net income ÷ equity
FY2024 105.5%
8.7%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 9.6%
Gap −14.6 pts: Value-investor figure 14.6 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
27.7%
Wall Street
EBITDA margin
FY2024 25.7%
negative: −11.9%
Value investor
Free-cash-flow margin
FY2024 8.8%
Gap −39.6 pts: Value-investor figure 39.6 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.21×
Wall Street
Current ratio
FY2024 0.17×
0.18×
Value investor
Quick ratio, inventory excluded
FY2024 0.15×
Gap −0.03×: Value-investor figure 0.03 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.18×
Wall Street
EBITDA ÷ total debt
FY2024 0.19×
negative: −0.08×
Value investor
FCF ÷ total debt
FY2024 0.06×
Gap −0.26×: Value-investor figure 0.26 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 5.43×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on NCLH yet.
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Cite this page
Data as of Oct 23, 2026. Canonical address: https://valuein.biz/data/NCLH
Valuein. (2026, October 23). Norwegian Cruise Line Holdings Ltd. (NCLH) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/NCLH
@misc{valuein_nclh_2026,
author = {{Valuein}},
title = {Norwegian Cruise Line Holdings Ltd. (NCLH) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/NCLH}},
note = {Data as of 2026-10-23; source: SEC EDGAR filings}
}10-K filed Mar 2, 2026 · accession 0001104659-26-022067
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing