Tearsheet

Norwegian Cruise Line (NCLH)

Market Price (12/26/2025): $23.17 | Market Cap: $10.4 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Norwegian Cruise Line (NCLH)

Market Price (12/26/2025): $23.17
Market Cap: $10.4 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%	Weak multi-year price returns 2Y Excs Rtn is -31%, 3Y Excs Rtn is -12%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 137%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 2.0 Bil		Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11%
2	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Cruise Travel, and Experiential Travel.		Key risks NCLH key risks include a substantial debt load that [1] limits financial flexibility and [2] requires prioritizing debt reduction over shareholder returns.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 2.0 Bil
2	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Cruise Travel, and Experiential Travel.
3	Weak multi-year price returns 2Y Excs Rtn is -31%, 3Y Excs Rtn is -12%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 137%
5	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11%
6	Key risks NCLH key risks include a substantial debt load that [1] limits financial flexibility and [2] requires prioritizing debt reduction over shareholder returns.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$23.17	$25.73	$20.04	$12.24	$20.74
Market Cap CYE ($ Bil)	10.4	11.3	8.5	5.2	8.1
Total Debt ($ Bil)	14.5	13.1	14.1	13.6	12.4
Total Cash ($ Bil)	0.2	0.2	0.4	0.9	1.7
Enterprise Value ($ Bil)	24.8	24.4	22.6	18.8	20.5
Valuation Ratios
P/S TTM	1.1	1.2	1.0	1.1	11.7
P/EBIT TTM	7.0	7.4	9.5	-3.5	-3.1
P/E TTM	15.7	12.3	51.2	-2.3	-1.7
P/FCF TTM	-10.1	13.4	-11.4	-3.3	-2.4
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.7	8.3	7.8	6.4	8.4
P/E TTM (Sector)	10.4	11.1	10.3	8.4	10.7
P/FCF TTM (Sector)	11.3	12.4	9.6	7.3	10.4

	12/26/25	2024	2023
Share Price CYE	$23.17	$25.73	$20.04
Market Cap CYE ($ Bil)	10.4	11.3	8.5
Total Debt ($ Bil)	14.5	13.1	14.1
Total Cash ($ Bil)	0.2	0.2	0.4
Enterprise Value ($ Bil)	24.8	24.4	22.6
Valuation Ratios
P/S TTM	1.1	1.2	1.0
P/EBIT TTM	7.0	7.4	9.5
P/E TTM	15.7	12.3	51.2
P/FCF TTM	-10.1	13.4	-11.4
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.7	8.3	7.8
P/E TTM (Sector)	10.4	11.1	10.3
P/FCF TTM (Sector)	11.3	12.4	9.6

	NCLH	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	9.7
Rev Chg Q	4.7%	7.3%
Rev Chg LTM	3.6%	6.1%
Rev Chg 3Y Avg	43.8%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	1.6
CFO LTM ($ Bil)	2.0
Net Inc LTM ($ Bil)	0.7
Op Mgn LTM	16.4%	18.8%
CFO/Rev LTM	20.9%	20.4%
Net Inc Mgn	6.8%	13.1%
VALUATION	MODERATE
P/S	1.1	3.3
P/CFO	5.1	15.8
P/FCF	-10.1	20.7
P/E	15.7	23.5
STABILITY	VERY POOR
Debt/Equity	1.39	0.21
Cash/Assets	0.01	0.07

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Metric	Value	Date	Source
Occupancy Percentage	106.4%	9302025	Link
Capacity Days	6,417,720	9302025	Link
Passenger Cruise Days	6,828,240	9302025	Link
Net Yield	341.89	9302025	Link
Gross Cruise Cost per Capacity Day	301.95	9302025	Link
Adjusted Net Cruise Cost Excluding Fuel per Capacity Day	156	9302025	Link
Number of Ships	34	9302025	Link
Number of Berths	71,300	9302025	Link
Total Passengers Carried	803,268	9302025	Link

Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

NCLH Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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The -6.7% movement in Norwegian Cruise Line (NCLH) stock from August 31, 2025, to December 26, 2025, can be attributed to several key factors, primarily revolving around its third-quarter 2025 financial results released in early November.

1. Q3 2025 Revenue Miss: Norwegian Cruise Line Holdings reported third-quarter 2025 revenue of $2.94 billion, which fell short of analyst expectations of approximately $3.03 billion. This revenue shortfall, despite an earnings per share (EPS) beat, contributed to negative market sentiment.

2. Immediate Stock Drop Post-Earnings: Following the Q3 2025 earnings announcement around November 4, 2025, NCLH's stock experienced a significant decline, including a reported 9.96% drop in pre-market trading. One report noted a 17.7% fall for the month of November, indicating a strong negative market reaction to the mixed financial results.

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Stock Movement Drivers

Fundamental Drivers

The -7.3% change in NCLH stock from 9/25/2025 to 12/25/2025 was primarily driven by a -9.0% change in the company's Net Income Margin (%).

	9252025	12252025	Change
Stock Price ($)	25.00	23.17	-7.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9560.99	9692.56	1.38%
Net Income Margin (%)	7.52%	6.85%	-8.99%
P/E Multiple	15.52	15.75	1.44%
Shares Outstanding (Mil)	446.59	451.00	-0.99%
Cumulative Contribution			-7.33%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
NCLH	-7.3%
Market (SPY)	4.9%	35.9%
Sector (XLY)	3.8%	39.1%

Fundamental Drivers

The 19.1% change in NCLH stock from 6/26/2025 to 12/25/2025 was primarily driven by a 56.4% change in the company's P/E Multiple.

	6262025	12252025	Change
Stock Price ($)	19.46	23.17	19.06%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9415.99	9692.56	2.94%
Net Income Margin (%)	9.05%	6.85%	-24.40%
P/E Multiple	10.07	15.75	56.41%
Shares Outstanding (Mil)	441.15	451.00	-2.23%
Cumulative Contribution			19.01%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
NCLH	19.1%
Market (SPY)	13.1%	40.5%
Sector (XLY)	14.2%	42.9%

Fundamental Drivers

The -12.3% change in NCLH stock from 12/25/2024 to 12/25/2025 was primarily driven by a -25.5% change in the company's P/E Multiple.

	12252024	12252025	Change
Stock Price ($)	26.42	23.17	-12.30%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9356.74	9692.56	3.59%
Net Income Margin (%)	5.87%	6.85%	16.62%
P/E Multiple	21.15	15.75	-25.54%
Shares Outstanding (Mil)	439.70	451.00	-2.57%
Cumulative Contribution			-12.36%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
NCLH	-12.3%
Market (SPY)	15.8%	63.7%
Sector (XLY)	5.3%	64.2%

Fundamental Drivers

The 78.2% change in NCLH stock from 12/26/2022 to 12/25/2025 was primarily driven by a 154.3% change in the company's Total Revenues ($ Mil).

	12262022	12252025	Change
Stock Price ($)	13.00	23.17	78.23%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3812.07	9692.56	154.26%
P/S Multiple	1.44	1.08	-24.87%
Shares Outstanding (Mil)	420.80	451.00	-7.18%
Cumulative Contribution			77.31%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
NCLH	13.9%
Market (SPY)	48.3%	53.9%
Sector (XLY)	38.1%	54.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NCLH Return	-56%	-18%	-41%	64%	28%	-10%	-60%
Peers Return	�	�	�	�	�	36%	�
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
NCLH Win Rate	42%	50%	42%	50%	50%	42%
Peers Win Rate	�	�	�	�	62%	56%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
NCLH Max Drawdown	-87%	-30%	-50%	-3%	-26%	-40%
Peers Max Drawdown	�	�	�	�	�	-28%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	NCLH	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-69.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	224.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-87.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	667.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-35.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	54.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days

Compare to RCL, CCL, H, AHMA, BKNG

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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. The company operates the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. It offers itineraries ranging from three days to a 180-days calling on various locations, including destinations in Scandinavia, Russia, the Mediterranean, the Greek Isles, Alaska, Canada and New England, Hawaii, Asia, Tahiti and the South Pacific, Australia and New Zealand, Africa, India, South America, the Panama Canal, and the Caribbean. As of December 31, 2021, the company had 28 ships with approximately 59,150 berths. It distributes its products through retail/travel advisor and onboard cruise sales channels, as well as meetings, incentives, and charters. Norwegian Cruise Line Holdings Ltd. was founded in 1966 and is based in Miami, Florida.

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A floating Marriott resort
Disney World on the ocean

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Norwegian Cruise Line (NCLH) Major Products

Major Products & Services of Norwegian Cruise Line (NCLH)

Contemporary Cruise Vacations: Offers a wide range of mainstream cruise itineraries with diverse dining, entertainment, and activities primarily through the Norwegian Cruise Line brand.
Premium Cruise Vacations: Provides upscale cruise experiences with a focus on culinary arts, immersive itineraries, and a sophisticated atmosphere via the Oceania Cruises brand.
Luxury Cruise Vacations: Delivers all-inclusive, high-end cruise experiences featuring butler service, gourmet dining, and complimentary excursions through the Regent Seven Seas Cruises brand.
Onboard Services & Experiences: Encompasses various amenities available during a cruise, such as specialty dining, spa treatments, retail, and entertainment options.
Shore Excursions: Organizes and sells land-based tours and activities for passengers to enjoy at destinations during port calls.

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Norwegian Cruise Line Holdings Ltd. (NCLH) primarily sells its cruise vacations directly to individual consumers. While travel agencies and other intermediaries play a significant role in booking and distribution, the end customers who purchase and experience the cruises are individuals.

NCLH serves a diverse range of individual customers, which can be broadly categorized into the following segments:

Families and Mainstream Cruise Enthusiasts: This large segment comprises individuals, couples, and families seeking a contemporary and dynamic cruise experience. They are often attracted to a wide variety of onboard activities, diverse dining options, and entertainment for all ages. They typically look for a fun, value-driven vacation that offers multiple destination options, characteristic of the Norwegian Cruise Line brand's "Freestyle Cruising" concept.
Affluent and Experiential Travelers: This category includes discerning travelers, often couples or seasoned cruisers, who prioritize sophisticated culinary experiences, destination immersion, and a more refined onboard atmosphere. They are typically interested in itineraries that offer deeper cultural engagement and gourmet dining, often aligning with the offerings of Oceania Cruises.
Ultra-Luxury Seekers: These are high-net-worth individuals who demand the highest level of personalized service, all-inclusive luxury, and exclusive experiences. They seek an exceptionally pampering and stress-free vacation with spacious suites, butler service, gourmet dining, and often unique, bespoke excursions, epitomized by the Regent Seven Seas Cruises brand.

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Fincantieri S.p.A. (Symbol: FCT)

Meyer Werft GmbH & Co. KG (Private Company)

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Harry Sommer, President & Chief Executive Officer

Harry Sommer has over 30 years of experience in the cruise industry. He assumed the role of President and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd. on July 1, 2023. Prior to this, he served as President & CEO of Norwegian Cruise Line, the largest brand within NCLH, leading it through the COVID-19 pandemic and its successful resurgence. Sommer also held the position of President, International for NCLH, where he oversaw all international sales, marketing, and business development functions. His career includes various executive and senior management roles at major cruise companies such as Prestige Cruise Holdings, Renaissance Cruises, and Viking River Cruises. He also co-founded Luxury Cruise Center, a high-end travel agency specializing in premium and luxury cruise experiences.

Mark Kempa, Executive Vice President and Chief Financial Officer

Mark Kempa is the Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd., a role he was appointed to in August 2018. He brings over 20 years of financial experience to the company, having held various positions within Norwegian's finance division for more than two decades. Kempa played a crucial role in significant company milestones, including the initial public offering in 2013 and the acquisition of Prestige Cruises International, Inc. in 2014. Before his tenure at Norwegian, he served as Assistant Controller for International Voyager Media, a travel portfolio company.

Daniel S. Farkas, Executive Vice President, General Counsel & Secretary

Daniel S. Farkas serves as the Executive Vice President, General Counsel & Secretary of Norwegian Cruise Line Holdings Ltd., bringing over 25 years of legal experience. He is responsible for overseeing all aspects of the Legal division, including Risk Management, Corporate Governance and Compliance, Passenger and Crew Claims, and Governmental Affairs. Additionally, Farkas acts as the company's Corporate Ethics Officer. He joined Norwegian in January 2004, and prior to that, he was an Assistant State Attorney for the Eleventh Judicial Circuit in Miami-Dade County. He also worked as a partner at a boutique law firm specializing in maritime litigation. Farkas was instrumental in guiding the company through its initial public offering in 2013 and the acquisition of Prestige Cruise Holdings in 2014.

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 capacity, he is responsible for overseeing marine and technical operations, hotel operations, entertainment, cruise programs, and security across all three of NCLH's brands.

Lynn White, Executive Vice President, Chief People Excellence Officer

Lynn White holds the position of Executive Vice President, Chief People Excellence Officer for Norwegian Cruise Line Holdings Ltd., bringing over 30 years of experience to the industry. She is responsible for the entire People Excellence division, which includes business partnerships, benefits, compensation, and talent management/succession planning for the company's global workforce of more than 41,000 team members.

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The key risks to Norwegian Cruise Line Holdings (NCLH) are as follows:

High Debt Load and Financial Leverage: Norwegian Cruise Line Holdings carries a significant debt burden, totaling approximately $14.5 billion as of the third quarter of 2025. This high leverage is reflected in a projected Net Leverage (Net Debt to Adjusted EBITDA) ratio of around 5.2x-5.3x by the end of 2025. This substantial debt leads to considerable interest expenses, estimated at around $700 million for the full fiscal year 2025, and makes the company vulnerable to increases in interest rates. The high debt also limits the company's financial flexibility, with cash flow primarily dedicated to debt reduction and growth rather than shareholder returns.
Macroeconomic Volatility and Softening Consumer Demand: The cruise industry is highly sensitive to broader economic conditions and consumer discretionary spending. NCLH faces risks from adverse macroeconomic factors such as fluctuating interest rates, inflation, unemployment, and volatility in fuel prices, which can reduce consumers' disposable income and confidence. While occupancy has been strong, there are indications of slowing demand increases in the sector, and NCLH has shown vulnerability, having missed analyst revenue estimates in previous quarters.
Intense Industry Competition and Capacity Growth: The cruise industry is highly competitive, which presents a risk of pricing deterioration. The introduction of new capacity, such as an anticipated 40% growth in Caribbean capacity, could further pressure yields, particularly in early 2026.

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The addressable market for Norwegian Cruise Line (NCLH) primarily encompasses the global ocean cruise market, which can be segmented into major regions such as North America and Europe.

For its main products and services, the addressable market sizes are:

Global: The worldwide ocean cruise line revenue from ticket and onboard spending is estimated at approximately $72.5 billion for 2025. The global cruise market size was valued at USD 7.67 billion in 2022 and is projected to reach USD 18.30 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.5% from 2023 to 2030. Another estimate places the global cruise tourism market size at USD 5.47 billion in 2025, with a projection to reach approximately USD 8.99 billion by 2034.
North America: The North America Cruise Tourism Market size was valued at USD 58.22 billion in 2024 and is projected to reach USD 89.79 billion by 2033, with a CAGR of 4.94% during the forecast period (2025-2033). In 2024, the North America cruise market generated a revenue of approximately USD 4.44 billion and is expected to grow at a CAGR of 13% from 2025 to 2030, reaching a projected revenue of approximately USD 9.23 billion by 2030. North America accounted for 50.1% of the global cruise market in 2024.
Europe: The European cruise market size is projected to exceed USD 18 billion in 2024. While another estimate values the Europe Cruise Market at USD 2.1 billion in 2025, expected to reach USD 6.5 billion by the end of 2034 with a CAGR of 13.4%. The Europe cruise market generated a revenue of approximately USD 2.29 billion in 2024 and is expected to grow at a CAGR of 12.6% from 2025 to 2030.

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Here are the expected drivers of future revenue growth for Norwegian Cruise Line (NCLH) over the next 2-3 years:

Sustained Strong Consumer Demand and High Occupancy: Norwegian Cruise Line is experiencing robust consumer demand, leading to record booking volumes and high occupancy levels across all its brands. This broad-based appetite for travel, particularly for short Caribbean sailings and luxury offerings, is a primary driver of increased passenger ticket sales and overall revenue.
Capacity Expansion from New Ship Deliveries: The introduction of new vessels, such as the Norwegian Aqua in March 2025 and other newbuilds slated through 2027, will significantly increase the company's available passenger cruise days (capacity). This expansion directly translates to more potential revenue opportunities through a larger inventory of cruises.
Growth in Onboard Revenue and Enhanced Guest Experience: Revenue is further boosted by increased guest expenditures on a wide array of onboard services, including beverages, dining, retail, and shore excursions. Investments in private island destinations, like the enhancements at Great Stirrup Cay, and strategic itinerary adjustments are designed to enrich the guest experience, attract repeat customers, and support premium pricing over time.
Optimized Pricing and Net Yield Growth: Norwegian Cruise Line is focused on optimizing pricing strategies to achieve net yield growth, which represents adjusted revenue per capacity day. The company aims to balance load factor and price, with management guiding for continued pricing strength. This disciplined approach to revenue management is expected to contribute to overall revenue expansion.

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Share Repurchases

In Q3 2025, Norwegian Cruise Line Holdings Ltd. reduced its fully diluted shares by approximately 38.1 million, or about 7.5%, through strategic capital market transactions. This included repurchasing a significant portion of its subsidiary's 1.125% and 2.50% Exchangeable Senior Notes due 2027.
As of recent periods, direct share buybacks for NCLH have been reported as $0.00.

Share Issuance

In September 2025, NCLH commenced a registered direct offering of approximately 3.3 million ordinary shares at $24.53 per share, with proceeds intended to repurchase a portion of the 2027 Exchangeable Senior Notes.
The number of ordinary shares outstanding increased from 425,657,468 as of February 16, 2024, to 451,937,084 as of July 31, 2025.
In May 2020, NCLH secured $400 million through an issuance of common stock at $11 per share to increase liquidity during the COVID-19 pandemic.

Inbound Investments

During Q1 2025, Ariel Investments LLC significantly increased its position 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.
Invesco Ltd. also increased its holdings in Q1 2025 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 as part of measures to secure additional liquidity.

Capital Expenditures

Capital expenditures for Norwegian Cruise Line peaked in December 2023 at $2.75 billion, and averaged $1.489 billion from fiscal years ending December 2020 to 2024.
Anticipated non-newbuild capital expenditures for full year 2025 are expected to be approximately $590 million, primarily focused on maintenance, dry-dock renovations, and technology.
Newbuild-related capital expenditures, net of export credit financing, are expected to be approximately $0.6 billion for each of the full years ending December 31, 2025, and 2026. The company has 13 additional ships on order through 2036, which will add over 38,400 berths to its fleet, with strategic investments in private island destinations such as Great Stirrup Cay, including a new multi-ship pier.

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NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for NCLH: 43.8%)

NVDA (91.6%)

NVIDIA

APO (89.3%)

Apollo Asset Management

NU (62.1%)

HOOD (47.5%)

Robinhood Markets

KKR (44.5%)

KKR

Higher Op Mgn LTM (Value for NCLH: 16.4%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for NCLH: 20.9%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for NCLH: -10.7%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for NCLH: 6.3%)

XOM (9.2%)

Exxon Mobil

WFC (8.7%)

Wells Fargo

JNJ (7.5%)

Johnson & Johnson

BAC (7.1%)

Bank of America

JPM (6.4%)

JPMorgan Chase

		Best Bets In Consumer Discretionary Sector
	NCLH	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	15.7	31.8	35.0	21.5	26.5	30.5	22.1	12.1	25.1	21.4	17.3
P/EBIT	7.0	30.9	21.0	78.3	18.3	13.4	14.7	8.9	22.2	18.6	10.2
What You Get
Rev Chg Q	4.7%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	3.6%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	43.8%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	-3.6%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Norwegian Cruise Line Earnings Notes
2	Is Norwegian Cruise Line Stock Outperforming Its Rivals?
3	Is 22.0% Fall In Norwegian Cruise Line (NCLH) Stock A Buying Opportunity?	Actionable
4	Norwegian Cruise Line vs Interactive Brokers: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Norwegian Cruise Line vs Red Rock Resorts: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	Norwegian Cruise Line vs Marriott Vacations Worldwide: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	Day 9 of Gains Streak for Norwegian Cruise Line Stock with 22% Return (vs. -10% YTD) [7/10/2025]
8	NCLH Dip Buy Analysis
9	Day 8 of Gains Streak for Norwegian Cruise Line Stock with 15% Return (vs. -15% YTD) [7/9/2025]
10	Day 7 of Gains Streak for Norwegian Cruise Line Stock with 14% Return (vs. -16% YTD) [7/8/2025]

	Title
0	ARTICLES

Trade Ideas

Select ideas related to NCLH. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	13.3%	13.3%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.3%	5.3%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.7%	19.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.8%	1.8%	-1.6%
NCLH_11072025_Dip_Buyer_ValueBuy	11072025	NCLH	Norwegian Cruise Line	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	21.5%	21.5%	-8.2%
NCLH_2292020_Dip_Buyer_ValueBuy	02292020	NCLH	Norwegian Cruise Line	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-52.5%	-20.7%	-79.1%
NCLH_12312018_Dip_Buyer_ValueBuy	12312018	NCLH	Norwegian Cruise Line	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	24.6%	37.8%	-4.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Norwegian Cruise Line

Peers to compare with:

Financials

	NCLH	RCL	CCL	VIK	LIND	Median
Name	Norwegia.	Royal Ca.	Carnival	Viking	Lindblad.
Mkt Price	23.17	294.12	31.25	72.82	14.58	31.25
Mkt Cap	10.4	80.0	41.0	32.3	0.8	32.3
Rev LTM	9,693	17,437	26,229	6,127	736	9,693
Op Inc LTM	1,589	4,605	4,309	1,372	43	1,589
FCF LTM	-1,036	2,035	2,914	674	52	674
FCF 3Y Avg	-339	1,369	1,197	857	34	857
CFO LTM	2,030	6,309	5,611	2,093	99	2,093
CFO 3Y Avg	1,974	5,053	4,929	1,790	71	1,974

Growth & Margins

	NCLH	RCL	CCL	VIK	LIND	Median
Name	Norwegia.	Royal Ca.	Carnival	Viking	Lindblad.
Rev Chg LTM	3.6%	8.6%	7.1%	20.0%	18.5%	8.6%
Rev Chg 3Y Avg	43.8%	37.7%	45.9%	-	27.1%	40.7%
Rev Chg Q	4.7%	5.2%	3.3%	19.1%	16.6%	5.2%
QoQ Delta Rev Chg LTM	1.4%	1.5%	1.0%	5.5%	4.9%	1.5%
Op Mgn LTM	16.4%	26.4%	16.4%	22.4%	5.9%	16.4%
Op Mgn 3Y Avg	12.5%	23.1%	10.8%	19.1%	3.3%	12.5%
QoQ Delta Op Mgn LTM	0.4%	0.0%	0.2%	0.8%	0.6%	0.4%
CFO/Rev LTM	20.9%	36.2%	21.4%	34.2%	13.4%	21.4%
CFO/Rev 3Y Avg	22.0%	32.2%	20.6%	34.1%	10.7%	22.0%
FCF/Rev LTM	-10.7%	11.7%	11.1%	11.0%	7.1%	11.0%
FCF/Rev 3Y Avg	-3.6%	9.3%	4.5%	16.6%	5.1%	5.1%

Valuation

	NCLH	RCL	CCL	VIK	LIND	Median
Name	Norwegia.	Royal Ca.	Carnival	Viking	Lindblad.
Mkt Cap	10.4	80.0	41.0	32.3	0.8	32.3
P/S	1.1	4.6	1.6	5.3	1.1	1.6
P/EBIT	7.0	15.7	10.0	24.3	38.2	15.7
P/E	15.7	19.7	15.5	33.9	-25.9	15.7
P/CFO	5.1	12.7	7.3	15.4	8.2	8.2
Total Yield	6.3%	5.5%	6.4%	2.9%	-3.9%	5.5%
Dividend Yield	0.0%	0.4%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-3.3%	4.0%	3.2%	-	5.9%	3.6%
D/E	1.4	0.3	0.7	0.2	0.8	0.7
Net D/E	1.4	0.3	0.6	0.1	0.5	0.5

Returns

	NCLH	RCL	CCL	VIK	LIND	Median
Name	Norwegia.	Royal Ca.	Carnival	Viking	Lindblad.
1M Rtn	26.3%	10.4%	21.5%	7.3%	20.4%	20.4%
3M Rtn	-7.3%	-9.4%	2.5%	21.3%	13.3%	2.5%
6M Rtn	19.1%	-0.3%	19.4%	39.0%	29.0%	19.4%
12M Rtn	-12.3%	23.8%	21.2%	59.4%	20.9%	21.2%
3Y Rtn	78.2%	499.1%	300.1%	-	109.5%	204.8%
1M Excs Rtn	27.2%	11.7%	22.8%	10.8%	20.9%	20.9%
3M Excs Rtn	-12.3%	-14.3%	-2.4%	16.4%	8.3%	-2.4%
6M Excs Rtn	6.2%	-13.2%	6.5%	26.1%	16.1%	6.5%
12M Excs Rtn	-30.8%	7.9%	-0.3%	40.6%	-0.1%	-0.1%
3Y Excs Rtn	-12.1%	397.9%	204.7%	-	9.8%	107.2%

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/27/2025	2/28/2024	2/28/2023	3/1/2022	2/26/2021	2/27/2020
Key Financials
Total Revenue	9,693	9,480	8,550	4,844	648	1,280	6,462
EBITDA	2,524	2,494	1,774	-665	-1,670	-2,778	1,787
Operating Income	1,589	1,466	931	-1,552	-2,552	-1,876	1,178
Net Income	664	910	166	-2,270	-4,507	-4,013	930
EPS	1.49	2.09	0.39	-5.41	-12.33	-15.75	4.33
Growth Rates
Total Revenue Growth	3.6%	10.9%	76.5%	647.5%	-49.4%	-80.2%	6.7%
EBITDA Growth	10.4%	40.6%	366.7%	60.2%	39.9%	-255.5%	-1.1%
Operating Income Growth	15.5%	57.5%	160.0%	39.2%	-36.0%	-259.3%	-3.4%
Net Income Growth	20.8%	447.8%	107.3%	49.6%	-12.3%	-531.3%	-2.6%
Margins
EBITDA Margin	26.0%	26.3%	20.7%	-13.7%	-257.7%	-217.1%	27.7%
Operating Income Margin	16.4%	15.5%	10.9%	-32.0%	-393.9%	-146.6%	18.2%
Net Income Margin	6.8%	9.6%	1.9%	-46.9%	-695.5%	-313.5%	14.4%
Cash & Debt
Total Cash	167	191	402	947	1,747	3,300	253
Total Debt	14,521	13,100	14,059	13,622	12,447	11,806	6,802
Net Debt / (Cash)	14,355	12,910	13,657	12,675	10,700	8,506	6,549
Cash Flows
Net Cash from Operations	2,030	2,050	2,006	210	-2,468	-2,556	1,823
Free Cash from Operations	-1,036	839	-745	-1,574	-3,221	-3,503	185
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	350

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/4/2025	5/5/2025	2/27/2025	11/7/2024	8/8/2024	5/7/2024	2/28/2024	11/8/2023	8/8/2023	5/5/2023	2/28/2023
Key Financials Quarterly
Total Revenue	2,938	2,517	2,128	2,109	2,807	2,372	2,191	1,986	2,536	2,205	1,822	1,519
Ebitda	1,035	532	427	530	896	586	482	322	760	479	212	-88
Operating Income	749	424	201	215	691	342	218	124	523	273	11	-281
Net Income	419	30	-40	255	475	163	17	-106	346	86	-159	-482
EPS	0.93	0.07	-0.09	0.58	1.08	0.38	0.04	-0.25	0.81	0.20	-0.38	-1.14
Key Financials TTM
Total Revenue TTM	9,693	9,561	9,416	9,480	9,357	9,086	8,919	8,550	8,083	7,162	6,144	4,844
Ebitda TTM	2,524	2,384	2,439	2,494	2,286	2,150	2,043	1,774	1,363	652	2	-665
Operating Income TTM	1,589	1,531	1,448	1,466	1,375	1,208	1,139	931	526	-183	-852	-1,552
Net Income TTM	664	719	853	910	549	420	343	166	-210	-851	-1,447	-2,270
Growth Rates Quarterly
Total Revenue Growth	4.7%	6.1%	-2.9%	6.2%	10.7%	7.6%	20.3%	30.8%	57.0%	85.8%	249.1%	211.7%
EBITDA Growth	15.6%	-9.3%	-11.3%	64.3%	17.9%	22.4%	126.7%	464.9%	1472.5%	381.9%	146.7%	79.1%
Operating Income Growth	8.4%	24.1%	-8.0%	72.7%	32.1%	25.3%	1937.6%	144.3%	382.5%	168.7%	101.6%	59.1%
Net Income Growth	-11.7%	-81.6%	-332.2%	339.0%	37.3%	89.8%	110.9%	77.9%	217.1%	116.9%	83.8%	69.3%
Margins Quarterly
EBITDA Margin	35.2%	21.1%	20.1%	25.1%	31.9%	24.7%	22.0%	16.2%	30.0%	21.7%	11.7%	-5.8%
Operating Income Margin	25.5%	16.8%	9.4%	10.2%	24.6%	14.4%	10.0%	6.3%	20.6%	12.4%	0.6%	-18.5%
Net Income Margin	14.3%	1.2%	-1.9%	12.1%	16.9%	6.9%	0.8%	-5.4%	13.6%	3.9%	-8.7%	-31.8%
Cash & Debt
Total Cash	167	184	184	191	333	594	560	402	682	899	701	947
Total Debt	14,521	13,763	13,994	13,100	13,405	13,439	13,750	14,059	13,875	13,758	13,131	13,622
Net Debt / (Cash)	14,355	13,579	13,809	12,910	13,073	12,844	13,190	13,657	13,193	12,858	12,430	12,675
Cash Flows Quarterly
FCF from Operations	237	715	679	399	173	671	807	259	210	1,033	503	237
Cash Flows TTM
FCF from Operations TTM	2,030	1,966	1,922	2,050	1,910	1,947	2,310	2,006	1,983	1,855	1,084	210
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	13.1%	7.8%	3.7%	4.2%	13.3%	6.7%	4.0%	2.3%	10.0%	5.4%	0.2%	-5.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.2%	7.2%	6.8%	7.2%	6.6%	5.8%	5.4%	4.5%	2.6%	-0.9%	-4.3%	-7.8%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	8,550
Onboard and other		1,590	255	413	1,945
Passenger ticket		3,254	393	867	4,517
Total	8,550	4,844	648	1,280	6,462

Price Behavior

Price Behavior

Market Price	$23.17
Market Cap ($ Bil)	10.4
First Trading Date	01/18/2013
Distance from 52W High	-20.3%
	50 Days	200 Days
DMA Price	$20.48	$20.99
DMA Trend	down	down
Distance from DMA	13.1%	10.4%
	3M	1YR
Volatility	49.0%	52.2%
Downside Capture	166.21	175.47
Upside Capture	93.62	137.36
Correlation (SPY)	35.9%	63.6%

NCLH Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.89	1.46	1.50	1.81	1.72	1.74
Up Beta	-0.44	0.73	1.12	1.94	1.72	1.61
Down Beta	1.66	2.07	1.98	2.45	1.88	1.65
Up Capture	95%	14%	30%	133%	150%	707%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	6	13	23	59	121	372
Down Capture	328%	222%	213%	164%	139%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	13	27	38	64	123	371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of NCLH With Other Asset Classes (Last 1Y)
	NCLH	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-8.8%	8.3%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	52.2%	24.3%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	0.00	0.27	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		63.6%	63.6%	-0.5%	19.7%	46.3%	26.1%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of NCLH With Other Asset Classes (Last 5Y)
	NCLH	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-1.9%	9.8%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	57.3%	23.8%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.20	0.37	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		58.0%	54.1%	1.9%	12.8%	39.7%	26.6%

Based On 10-Year Data

		Comparison of NCLH With Other Asset Classes (Last 10Y)
	NCLH	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-9.0%	13.1%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	61.2%	22.0%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.11	0.55	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		56.0%	53.1%	-1.6%	18.6%	45.1%	18.2%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	40,589,808
Short Interest: % Change Since 11302025	11.7%
Average Daily Volume	18,422,238
Days-to-Cover Short Interest	2.20
Basic Shares Quantity	450,996,955
Short % of Basic Shares	9.0%

Returns Analyses

	Title
0	Norwegian Cruise Line (NCLH) Stock Has 67% Chance Of Rise In The Next One Month
1	Norwegian Cruise Line Stock Return Comparison
2	Norwegian Cruise Line (NCLH) Stock Has 47% Chance Of Rise In The Next One Month
3	Norwegian Cruise Line (NCLH) Stock Movement Probability: AI Predicts NCLH Stock Price To Move Up 0.2% In A Week

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
8/1/2023	-12.1%	-16.3%	-23.4%
...
SUMMARY STATS
# Positive	9	10	11
# Negative	13	12	11
Median Positive	3.7%	6.0%	12.3%
Median Negative	-6.8%	-14.6%	-17.1%
Max Positive	19.8%	21.9%	26.7%
Max Negative	-22.6%	-30.4%	-84.2%

	Forward Returns
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%
8/1/2023	-12.1%	-16.3%	-23.4%
5/1/2023	8.9%	5.8%	11.0%
1/19/2023	-4.8%	-0.7%	14.6%
11/8/2022	3.7%	7.2%	-7.3%
8/9/2022	-10.6%	4.7%	3.8%
5/10/2022	1.6%	0.9%	-5.0%
2/8/2022	3.6%	-3.9%	-21.1%
11/3/2021	1.8%	3.6%	-28.6%
8/6/2021	2.9%	6.8%	1.8%
5/6/2021	-6.8%	-12.5%	7.6%
2/25/2021	-8.0%	5.9%	-16.7%
11/9/2020	-6.5%	-0.9%	26.7%
7/16/2020	-15.6%	-20.8%	-17.1%
5/5/2020	-22.6%	-18.8%	24.5%
2/20/2020	-6.7%	-30.4%	-84.2%
SUMMARY STATS
# Positive	9	10	11
# Negative	13	12	11
Median Positive	3.7%	6.0%	12.3%
Median Negative	-6.8%	-14.6%	-17.1%
Max Positive	19.8%	21.9%	26.7%
Max Negative	-22.6%	-30.4%	-84.2%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	8042025	10-Q 6/30/2025
3312025	5052025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11082022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Dahlgren Patrik	EVP, Chief Vessel Ops & NO	11252025	Buy	17.94	5,550	99,578	2,598,307	Form
1	Curtis Harry C		11122025	Buy	19.25	5,000	96,250	968,751	Form
2	David Stella		11102025	Buy	18.59	6,986	129,870	1,923,582	Form
3	Byng-Thorne Zillah		11102025	Buy	18.11	29,008	525,335	1,195,568	Form
4	Kempa Mark	EVP & CFO	11062025	Buy	18.53	10,635	197,051	6,843,539	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Norwegian Cruise Line (NCLH)

Market Price (12/26/2025): $23.17 | Market Cap: $10.4 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Norwegian Cruise Line (NCLH)

Market Price (12/26/2025): $23.17Market Cap: $10.4 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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NCLH Stock

Why The Stock Moved

Qualitative Assessment

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About Norwegian Cruise Line (NCLH)

Major Products & Services of Norwegian Cruise Line (NCLH)

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Interactive Breakdown

Better Bets than Norwegian Cruise Line (NCLH)

INDUSTRY: Hotels, Resorts & Cruise Lines

Higher Rev Chg LTM (Value for NCLH: 3.6%)

Higher Rev Chg 3Y Avg (Value for NCLH: 43.8%)

Higher Op Mgn LTM (Value for NCLH: 16.4%)

Higher CFO/Rev LTM (Value for NCLH: 20.9%)

Higher FCF/Rev LTM (Value for NCLH: -10.7%)

Higher Total Yield (Value for NCLH: 6.3%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for NCLH: 43.8% | 1.1x)

Higher Rev Chg LTM (Value for NCLH: 3.6%)

Higher Rev Chg 3Y Avg (Value for NCLH: 43.8%)

Higher Op Mgn LTM (Value for NCLH: 16.4%)

Higher CFO/Rev LTM (Value for NCLH: 20.9%)

Higher FCF/Rev LTM (Value for NCLH: -10.7%)

Higher Total Yield (Value for NCLH: 6.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for NCLH: 43.8% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for NCLH: 43.8% | 6.6x)

Higher Rev Chg LTM (Value for NCLH: 3.6%)

Higher Rev Chg 3Y Avg (Value for NCLH: 43.8%)

Higher Op Mgn LTM (Value for NCLH: 16.4%)

Higher CFO/Rev LTM (Value for NCLH: 20.9%)

Higher FCF/Rev LTM (Value for NCLH: -10.7%)

Higher Total Yield (Value for NCLH: 6.3%)

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Market Price (12/26/2025): $23.17 | Market Cap: $10.4 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Market Price (12/26/2025): $23.17
Market Cap: $10.4 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines