Norwegian Cruise Line (NCLH)
Market Price (4/22/2026): $19.6 | Market Cap: $8.9 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines
Norwegian Cruise Line (NCLH)
Market Price (4/22/2026): $19.6Market Cap: $8.9 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 2.1 Bil Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Cruise Travel, and Experiential Travel. | Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -18% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 164% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% Key risksNCLH key risks include a substantial debt load that [1] limits financial flexibility and [2] requires prioritizing debt reduction over shareholder returns. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 2.1 Bil |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Cruise Travel, and Experiential Travel. |
| Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -18% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 164% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% |
| Key risksNCLH key risks include a substantial debt load that [1] limits financial flexibility and [2] requires prioritizing debt reduction over shareholder returns. |
Qualitative Assessment
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1. Disappointing 2026 Guidance Following Q4 2025 Results.
Norwegian Cruise Line Holdings (NCLH) reported its fourth-quarter 2025 earnings on March 2, 2026, beating adjusted earnings per share (EPS) estimates at $0.28 versus an expected $0.27, but missed revenue projections, reporting $2.24 billion against estimates of $2.34 billion. The primary driver for the stock's decline was the significantly weaker-than-expected fiscal 2026 guidance, which was approximately 8% below consensus EPS estimates and up to 7% below analysts' adjusted EBITDA projections. Management admitted to "missteps" and "misalignment" in execution, with the Chief Financial Officer attributing a "good portion" of the struggles to "self-inflicted wounds" primarily within the Norwegian brand, including mistimed ship repositioning and underinvestment in technology.
2. Activist Investor Pressure and Leadership Turnover.
The company faced significant pressure from activist hedge fund Elliott Investment Management, which disclosed a stake exceeding 10% in February 2026. Elliott published a critical 59-page report lambasting NCLH's performance, strategy, and leadership. This activist campaign coincided with a major leadership change on February 12, 2026, when CEO Harry Sommer was replaced by board member John Chidsey. The activist involvement continued to push for board refreshment, resulting in four directors being replaced and five new executives joining, creating corporate uncertainty and contributing to investor apprehension.
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Stock Movement Drivers
Fundamental Drivers
The -13.4% change in NCLH stock from 12/31/2025 to 4/21/2026 was primarily driven by a -37.1% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.32 | 19.33 | -13.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,693 | 9,828 | 1.4% |
| Net Income Margin (%) | 6.8% | 4.3% | -37.1% |
| P/E Multiple | 15.2 | 20.8 | 37.1% |
| Shares Outstanding (Mil) | 451 | 455 | -1.0% |
| Cumulative Contribution | -13.4% |
Market Drivers
12/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| NCLH | -13.4% | |
| Market (SPY) | -5.4% | 50.5% |
| Sector (XLY) | -0.4% | 58.9% |
Fundamental Drivers
The -21.5% change in NCLH stock from 9/30/2025 to 4/21/2026 was primarily driven by a -42.7% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.63 | 19.33 | -21.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,561 | 9,828 | 2.8% |
| Net Income Margin (%) | 7.5% | 4.3% | -42.7% |
| P/E Multiple | 15.3 | 20.8 | 36.0% |
| Shares Outstanding (Mil) | 447 | 455 | -1.9% |
| Cumulative Contribution | -21.5% |
Market Drivers
9/30/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| NCLH | -21.5% | |
| Market (SPY) | -2.9% | 44.2% |
| Sector (XLY) | -0.5% | 52.0% |
Fundamental Drivers
The 2.0% change in NCLH stock from 3/31/2025 to 4/21/2026 was primarily driven by a 127.0% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.96 | 19.33 | 2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,480 | 9,828 | 3.7% |
| Net Income Margin (%) | 9.6% | 4.3% | -55.1% |
| P/E Multiple | 9.2 | 20.8 | 127.0% |
| Shares Outstanding (Mil) | 440 | 455 | -3.4% |
| Cumulative Contribution | 2.0% |
Market Drivers
3/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| NCLH | 2.0% | |
| Market (SPY) | 16.3% | 60.4% |
| Sector (XLY) | 21.2% | 63.1% |
Fundamental Drivers
The 43.7% change in NCLH stock from 3/31/2023 to 4/21/2026 was primarily driven by a 102.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.45 | 19.33 | 43.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,844 | 9,828 | 102.9% |
| P/S Multiple | 1.2 | 0.9 | -23.5% |
| Shares Outstanding (Mil) | 421 | 455 | -7.4% |
| Cumulative Contribution | 43.7% |
Market Drivers
3/31/2023 to 4/21/2026| Return | Correlation | |
|---|---|---|
| NCLH | 43.7% | |
| Market (SPY) | 63.3% | 51.5% |
| Sector (XLY) | 62.7% | 54.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NCLH Return | -18% | -41% | 64% | 28% | -13% | -9% | -20% |
| Peers Return | -4% | -49% | 113% | 47% | 32% | 15% | 132% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| NCLH Win Rate | 50% | 42% | 50% | 50% | 42% | 50% | |
| Peers Win Rate | 47% | 47% | 58% | 62% | 56% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NCLH Max Drawdown | -30% | -50% | -3% | -26% | -40% | -21% | |
| Peers Max Drawdown | -23% | -63% | -9% | -19% | -28% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RCL, CCL, VIK, LIND. See NCLH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/21/2026 (YTD)
How Low Can It Go
| Event | NCLH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -69.2% | -25.4% |
| % Gain to Breakeven | 224.8% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -87.0% | -33.9% |
| % Gain to Breakeven | 667.7% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -35.1% | -19.8% |
| % Gain to Breakeven | 54.1% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to RCL, CCL, VIK, LIND
In The Past
Norwegian Cruise Line's stock fell -69.2% during the 2022 Inflation Shock from a high on 6/8/2021. A -69.2% loss requires a 224.8% gain to breakeven.
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About Norwegian Cruise Line (NCLH)
AI Analysis | Feedback
Norwegian Cruise Line is like the Marriott International of the seas, managing multiple cruise brands that cater to different segments of travelers with a full hospitality experience.
Alternatively, think of Norwegian Cruise Line as MGM Resorts or Caesars Entertainment, but floating and traveling to global destinations.
AI Analysis | Feedback
Norwegian Cruise Line (NCLH) provides the following major services:
- Cruise Vacations: The company offers a wide range of leisure travel experiences on ships, featuring various itineraries, destinations, and amenities under its multiple brands.
- Meetings, Incentives, and Charters: NCLH provides specialized services for corporate events, group incentive travel, and private full-ship charters for organizations and large groups.
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Major Customers of Norwegian Cruise Line Holdings Ltd. (NCLH)
Norwegian Cruise Line Holdings Ltd. primarily sells its cruise vacations directly to individual consumers rather than to other companies as their end-customers. Based on its three distinct brands and diverse offerings, its major customer categories include:
- Mainstream Leisure Travelers: This category includes a broad demographic of individuals, couples, and families seeking contemporary cruise experiences. They are attracted to diverse itineraries, a wide range of onboard activities, entertainment, and a freestyle cruising approach, primarily offered by the Norwegian Cruise Line brand for various vacation occasions.
- Premium and Destination-Focused Travelers: This segment consists of more affluent and experienced travelers who prioritize immersive destination experiences, sophisticated culinary programs, and longer, often exotic itineraries. These customers typically value elegance, enrichment, and a more refined onboard atmosphere, catered to by the Oceania Cruises brand.
- Ultra-Luxury and All-Inclusive Seekers: This category comprises highly affluent individuals who demand the highest level of personalized service, spacious and luxurious accommodations, gourmet dining, and an all-inclusive, worry-free travel experience. They seek exclusivity, extensive amenities, and often longer, unique global itineraries, predominantly served by the Regent Seven Seas Cruises brand.
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John W. Chidsey – President & Chief Executive Officer
John W. Chidsey was appointed President and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd. in February 2026. He previously served as CEO of Subway Restaurants, where he led a multi-year transformation to modernize operations and reposition the brand. Before that, he was CEO of Burger King Holdings, driving operational discipline and guiding the company through significant changes. Chidsey also held senior leadership positions at Cendant Corporation, serving as Chairman and CEO of its Vehicle Services and Financial Services divisions, which included brands like Avis Rent A Car, Budget Rent A Car Systems, PHH, and Wright Express. He began his career in financial roles at PepsiCo.
Mark Kempa – Executive Vice President, Chief Financial Officer
Mark Kempa is the Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd., appointed to this position in August 2018, having served as interim CFO since March 2018. With over 20 years of financial experience, Kempa has been instrumental in key company milestones, including the successful initial public offering in 2013 and the acquisition of Prestige Cruises International, Inc. in 2014. He also spent three years in Germany, representing the financial interests of the company's newbuild program. Prior to joining Norwegian, Kempa served as Assistant Controller for International Voyager Media, a travel portfolio company.
Daniel Farkas – Executive Vice President, General Counsel & Secretary
Daniel Farkas serves as the Executive Vice President, General Counsel & Secretary for Norwegian Cruise Line Holdings Ltd. He brings over 25 years of legal experience to the role and oversees all aspects of the company's Legal division, including Risk Management, Corporate Governance and Compliance, Passenger and Crew Claims, and Governmental Affairs. Farkas also holds the position of the company's Corporate Ethics Officer.
Patrik Dahlgren – Executive Vice President, Chief Vessel Operations and Newbuild Officer
Patrik Dahlgren is the Executive Vice President, Chief Vessel Operations and Newbuild Officer for Norwegian Cruise Line Holdings Ltd. In this role, he is responsible for overseeing marine and technical operations, hotel operations, entertainment, cruise programs, and security across Norwegian Cruise Line Holdings' three brands.
Jason Montague – Chief Luxury Officer
Jason Montague serves as the Chief Luxury Officer for Norwegian Cruise Line Holdings. He is responsible for overseeing the Regent Seven Seas Cruises and Oceania Cruises brands, specifically focusing on their long-term newbuild and refurbishment programs. Before this appointment, Montague served as a Special Advisor to NCLH for two years, following his tenure as President and Chief Executive Officer of the Regent Seven Seas Cruises brand until 2022.
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Norwegian Cruise Line Holdings Ltd. (NCLH) faces several key business risks.The most significant risk to Norwegian Cruise Line Holdings is **execution risk and strategic missteps**. Both the company's new CEO, John W. Chidsey, and CFO, Mark Kempa, have candidly described a significant portion of the company's performance struggles as "self-inflicted wounds," stemming from internal execution failures, strategic misalignments, and operational inefficiencies. These issues are particularly prevalent within its largest brand, Norwegian Cruise Line. Activist investor Elliott Investment Management has also criticized NCLH's recurrent execution errors and strategic misjudgments, advocating for a board overhaul to enhance accountability. Specific examples include poorly timed capacity expansion in the Caribbean and past underinvestment in technology, revenue management, and customer service systems.
A second major risk is the company's **high debt load and sensitivity to interest rates**. Norwegian Cruise Line Holdings carries approximately $14.6 billion in debt, making it highly susceptible to fluctuations in interest rates. High debt servicing costs reduce net income and restrict the cash available for essential fleet reinvestment. The company's balance sheet strength is rated poorly due to these high debt levels, with a debt-to-equity ratio of 6.62. An Altman Z-Score of 0.41 also indicates a potential risk of bankruptcy.
Finally, **geopolitical instability and volatile fuel costs** represent a notable external risk. Tensions in regions such as the Middle East and parts of Europe have led to forced itinerary changes, affecting higher-margin Mediterranean and Suez Canal routes. Such instability can also drive up oil prices, posing a significant headwind for the company's margins, even with hedging strategies in place. Additionally, safety concerns in various destinations, such as recent cancellations in Mexico due to escalating violence, can directly impact tourism demand and revenue.
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The addressable markets for Norwegian Cruise Line Holdings Ltd.'s (NCLH) main products and services, primarily cruise tourism, are substantial across various global regions. Globally, the cruise tourism market was valued at approximately USD 86.31 billion in 2025. It is projected to grow to about USD 204.93 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 10.15% during the forecast period from 2026 to 2034. Key regional market sizes are as follows: * **North America:** This region dominated the cruise tourism market, with a market size of approximately USD 31.8 billion in 2025 and USD 34.96 billion in 2026. North America accounted for 36.84% of the global cruise tourism market in 2025. * **Europe:** The European cruise market generated an estimated revenue of USD 2,527.6 million (USD 2.527 billion) in 2025. This market is expected to grow at a CAGR of 12.1% from 2026 to 2033, reaching a projected revenue of USD 6,311.1 million (USD 6.311 billion) by 2033. Europe represented 25.7% of the global cruise market in 2025. * **Asia-Pacific:** The Asia-Pacific cruise market generated a revenue of approximately USD 1,654.8 million (USD 1.654 billion) in 2025. It is projected to experience significant growth, with a CAGR of 13.4% from 2026 to 2033, potentially reaching USD 4,536.2 million (USD 4.536 billion) by 2033. In 2025, the Asia-Pacific region accounted for 16.8% of the global cruise market.AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Norwegian Cruise Line Holdings Ltd. (NCLH)
Norwegian Cruise Line Holdings Ltd. (NCLH) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions.
- Fleet Expansion and Increased Capacity: NCLH is actively expanding its fleet, with new ships like the Norwegian Aqua and Oceania Allura already delivered or scheduled for delivery. These additions directly increase the company's "Capacity Days," leading to a greater number of available berths and itineraries to sell. The company has also announced orders for additional new ships for its brands, signaling sustained capacity growth into the future.
- Strong Pricing and Net Yield Growth: The company has demonstrated a strong ability to increase ticket prices and improve Net Yield (revenue per capacity day). This is supported by robust consumer demand and strategic pricing initiatives across its multi-brand portfolio, which includes Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. Analysts and company guidance indicate an expectation for continued growth in Net Yield.
- Enhanced Onboard Revenue Generation: NCLH is focusing on maximizing ancillary revenue streams from onboard sales. This includes sales from beverages, specialty dining, shore excursions, and casinos. The company has reported significant increases in pre-booked onboard revenue per passenger cruise day, indicating successful efforts to drive guest spending once onboard.
- Sustained Strong Consumer Demand: Norwegian Cruise Line Holdings continues to benefit from resilient consumer demand across all its brands. The company has reported high occupancy rates and record-high booked positions and pricing, with strong advance ticket sales. This robust demand environment allows NCLH to effectively fill its increasing capacity and maintain strong pricing power.
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Share Repurchases
- Norwegian Cruise Line Holdings Ltd. has shown minimal to no significant share repurchases in the most recent years, with data indicating $0.00 for recent buybacks and "null" for last twelve months' stock repurchase activity.
Share Issuance
- Shares outstanding increased significantly in 2024 by 20.5% from 2023.
- Shares outstanding increased by 14.86% in 2022 from 2021, and by 1.82% in 2023 from 2022.
- As of December 2025, the company reported Ordinary Share Capital of $455.26 million.
Inbound Investments
- In Q1 2025, Ariel Investments LLC significantly increased its stake in NCLH by 126.8%, acquiring over 5 million additional shares, bringing its total holding to approximately 9.08 million shares valued at about $172 million.
- Also in Q1 2025, Invesco Ltd. increased its holdings by 22.7%, purchasing over 2 million additional shares, making their total investment worth around $217 million.
- In May 2020, a global private equity firm made a $400 million private investment in NCLH to support the company.
Capital Expenditures
- Capital expenditures averaged $1.489 billion for the fiscal years ending December 2020 to 2024.
- The company's capital expenditures peaked at $3.065 billion in September 2025.
- Norwegian Cruise Line Holdings has 17 new passenger vessels on order through 2037, which will add 46,000 incremental berths, signifying a primary focus on fleet expansion and capacity growth.
Latest Trefis Analyses
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| 03272026 | OLLI | Ollie's Bargain Outlet | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 3.1% | 3.1% | 0.0% |
| 03272026 | PATK | Patrick Industries | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 3.4% | 3.4% | -1.6% |
| 11072025 | NCLH | Norwegian Cruise Line | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -1.9% | -1.9% | -8.2% |
| 02292020 | NCLH | Norwegian Cruise Line | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -52.5% | -20.7% | -79.1% |
| 12312018 | NCLH | Norwegian Cruise Line | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 24.6% | 37.8% | -4.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.36 |
| Mkt Cap | 36.1 |
| Rev LTM | 9,828 |
| Op Inc LTM | 1,561 |
| FCF LTM | 1,236 |
| FCF 3Y Avg | 1,131 |
| CFO LTM | 2,560 |
| CFO 3Y Avg | 2,048 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.8% |
| Rev Chg 3Y Avg | 25.7% |
| Rev Chg Q | 13.2% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Inc Chg LTM | 19.6% |
| Op Inc Chg 3Y Avg | 98.0% |
| Op Mgn LTM | 16.9% |
| Op Mgn 3Y Avg | 14.2% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 24.3% |
| CFO/Rev 3Y Avg | 23.1% |
| FCF/Rev LTM | 8.3% |
| FCF/Rev 3Y Avg | 7.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 36.1 |
| P/S | 1.4 |
| P/Op Inc | 15.0 |
| P/EBIT | 13.7 |
| P/E | 17.2 |
| P/CFO | 9.2 |
| Total Yield | 4.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.6 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.4% |
| 3M Rtn | 1.1% |
| 6M Rtn | -8.3% |
| 12M Rtn | 59.4% |
| 3Y Rtn | 193.0% |
| 1M Excs Rtn | -0.1% |
| 3M Excs Rtn | -2.9% |
| 6M Excs Rtn | -8.9% |
| 12M Excs Rtn | 19.1% |
| 3Y Excs Rtn | 115.6% |
Price Behavior
| Market Price | $19.33 | |
| Market Cap ($ Bil) | 8.8 | |
| First Trading Date | 01/18/2013 | |
| Distance from 52W High | -28.2% | |
| 50 Days | 200 Days | |
| DMA Price | $21.00 | $22.27 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -7.9% | -13.2% |
| 3M | 1YR | |
| Volatility | 68.5% | 52.5% |
| Downside Capture | 0.85 | 0.95 |
| Upside Capture | 235.95 | 163.98 |
| Correlation (SPY) | 45.0% | 46.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.58 | 2.57 | 2.53 | 1.98 | 1.81 | 1.76 |
| Up Beta | 11.91 | 5.45 | 4.71 | 2.46 | 1.88 | 1.64 |
| Down Beta | 1.54 | 1.24 | 2.23 | 2.09 | 1.85 | 1.67 |
| Up Capture | 165% | 297% | 257% | 175% | 215% | 812% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 7 | 16 | 25 | 51 | 120 | 373 |
| Down Capture | 253% | 214% | 194% | 169% | 140% | 112% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 15 | 26 | 38 | 73 | 128 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NCLH | |
|---|---|---|---|---|
| NCLH | 17.6% | 52.6% | 0.49 | - |
| Sector ETF (XLY) | 29.2% | 19.4% | 1.20 | 53.1% |
| Equity (SPY) | 23.7% | 12.7% | 1.52 | 49.5% |
| Gold (GLD) | 41.4% | 27.5% | 1.25 | -6.3% |
| Commodities (DBC) | 22.4% | 16.2% | 1.25 | -13.0% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 35.5% |
| Bitcoin (BTCUSD) | -10.4% | 42.7% | -0.14 | 16.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NCLH | |
|---|---|---|---|---|
| NCLH | -8.0% | 57.6% | 0.08 | - |
| Sector ETF (XLY) | 6.9% | 23.8% | 0.25 | 59.7% |
| Equity (SPY) | 10.8% | 17.1% | 0.49 | 55.6% |
| Gold (GLD) | 21.6% | 17.8% | 0.99 | 1.3% |
| Commodities (DBC) | 10.9% | 18.8% | 0.47 | 10.2% |
| Real Estate (VNQ) | 4.1% | 18.8% | 0.12 | 40.7% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 25.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NCLH | |
|---|---|---|---|---|
| NCLH | -9.8% | 61.7% | 0.10 | - |
| Sector ETF (XLY) | 12.9% | 22.0% | 0.54 | 55.9% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 52.9% |
| Gold (GLD) | 13.7% | 15.9% | 0.71 | -1.3% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 17.5% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 44.8% |
| Bitcoin (BTCUSD) | 68.0% | 66.9% | 1.07 | 17.1% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/12/2026 | -7.6% | 4.6% | -14.7% |
| 11/4/2025 | -15.3% | -14.2% | -15.2% |
| 7/31/2025 | 9.2% | 6.0% | 8.5% |
| 2/27/2025 | -5.3% | -15.0% | -20.6% |
| 10/31/2024 | 6.3% | 16.4% | 12.8% |
| 7/31/2024 | -0.7% | -16.5% | -3.0% |
| 2/27/2024 | 19.8% | 21.9% | 26.6% |
| 11/1/2023 | -3.7% | -1.5% | 12.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 11 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 3.7% | 5.9% | 12.3% |
| Median Negative | -7.6% | -14.2% | -16.7% |
| Max Positive | 19.8% | 21.9% | 26.7% |
| Max Negative | -22.6% | -20.8% | -28.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 3/2/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Net Yield | -0.02 | ||||||
| Q1 2026 Adjusted EBITDA | 515.00 Mil | ||||||
| Q1 2026 Adjusted EPS | 0.16 | ||||||
| Q1 2026 Adjusted Net Income | 77.00 Mil | ||||||
| Q1 2026 Occupancy | 1.04 | ||||||
| 2026 Net Yield | 0 | -100.0% | Lower New | Guidance: 0.02 for 2025 | |||
| 2026 Adjusted EBITDA | 2.95 Bil | 8.5% | Raised | Guidance: 2.72 Bil for 2025 | |||
| 2026 Adjusted EPS | 2.38 | 13.3% | Raised | Guidance: 2.1 for 2025 | |||
| 2026 Adjusted Net Income | 1.12 Bil | 6.8% | Raised | Guidance: 1.04 Bil for 2025 | |||
| 2026 Occupancy | 1.06 | ||||||
Prior: Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted EBITDA | 2.72 Bil | 0 | Affirmed | Guidance: 2.72 Bil for 2025 | |||
| 2025 Adjusted Net Income | 1.04 Bil | 0 | Affirmed | Guidance: 1.04 Bil for 2025 | |||
| 2025 Adjusted EPS | 2.1 | 2.4% | Raised | Guidance: 2.05 for 2025 | |||
| 2025 Net Leverage | 5.3 | 1.9% | Raised | Guidance: 5.2 for 2025 | |||
| 2025 Net Yield Growth | 2.4% | 2.45% | -2.0% | Lowered | Guidance: 2.5% for 2025 | ||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ashby, Faye L | SVP & Chief Accounting Officer | Direct | Sell | 12162025 | 21.00 | 5,250 | 110,250 | 2,737,770 | Form |
| 2 | Dahlgren, Patrik | EVP, Chief Vessel Ops & NO | Direct | Buy | 11252025 | 17.94 | 5,550 | 99,578 | 2,598,307 | Form |
| 3 | Curtis, Harry C | Direct | Buy | 11122025 | 19.25 | 5,000 | 96,250 | 968,751 | Form | |
| 4 | David, Stella | Direct | Buy | 11102025 | 18.59 | 6,986 | 129,870 | 1,923,582 | Form | |
| 5 | Byng-Thorne, Zillah | Direct | Buy | 11102025 | 18.11 | 29,008 | 525,335 | 1,195,568 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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