NCLHNYSEWater TransportationFiscal year ends December 31
Norwegian Cruise Line Holdings Ltd.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 3, 2026
$15.24+0.19 (+1.26%)
Close on Oct 19, 2026
- Market cap
- $7.07B
- P/E (TTM)
- 9.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
42.6%+74.9 pts over 5 years
Operating margin
15.9%+288.1 pts over 5 years
Net margin
4.3%+317.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.7% | +26.6% | +50.3% | +8.5% | |
| Gross profit | +10.5% | +93.7% | – | – | |
| Operating income | +6.5% | – | – | +8.3% | |
| Net income | -53.5% | – | – | -0.1% | |
| EPS, diluted | -51.3% | – | – | -6.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 15.2% | -73.8% | 23.3% | |
| Return on assets | 5.0% | -22.9% | 2.0% | |
| Current ratio | 0.18 | 1.86 | 0.21 | |
| Debt to equity | 1.41 | 2.71 | 6.61 | |
| Net debt to EBITDA | 4.57× | -3.10× | 5.29× | |
| Interest coverage | 3.3× | -7.2× | – | |
| Inventory turnover | – | 19.0× | 39.2× | |
| Capex to revenue | 22.4% | 74.0% | 33.2% | |
| Diluted shares | 228M | 255M | 478M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Norwegian Cruise Line generated $8.82B from operations and spent $9.76B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$8.82B
Used
$9.76B
Capital expenditure$9.76B100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.3%
×Asset turnover0.46×
×Equity multiplier11.69×
=Return on equity, FY202523.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.3% | 0.46× | 11.69× | 23.3% |
| FY2024 | 9.6% | 0.48× | 22.86× | 105.5% |
| FY2023 | 1.9% | 0.45× | 103.01× | 90.0% |
| FY2022 | -46.9% | 0.26× | 14.91× | -181.5% |
| FY2021 | -695.5% | 0.03× | 5.47× | -132.8% |
| FY2020 | -313.5% | 0.07× | 3.23× | -73.8% |
| FY2019 | 14.4% | 0.41× | 2.56× | 14.9% |
| FY2018 | 15.8% | 0.41× | 2.50× | 16.3% |
| FY2017 | 14.1% | 0.40× | 2.63× | 14.8% |
| FY2016 | 13.0% | 0.39× | 3.03× | 15.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$423.25M
- Cash generatingOperating cash flow above zero$2.09B
- Return on assets improvedROA up on the prior year4.7% → 2.1%
- Earnings backed by cashOperating cash flow above net income$2.09B vs $423.25M
- Less leverageLong-term debt to assets fell59.0% → 60.9%
- Better liquidityCurrent ratio rose0.17 → 0.21
- No dilutionShare count did not rise515M → 478M
- Gross margin improvedGross margin up on the prior year39.99% → 42.62%
- More efficientAsset turnover rose0.49 → 0.49