Is Norwegian Cruise Line Stock Outperforming Its Rivals?
Norwegian Cruise Line (NCLH) stock has significantly underperformed peers as of February 13, 2026, but how does it truly stack up against rivals? A closer look reveals a moderate PE valuation, yet it trails competitors with slower LTM revenue growth and a concerningly negative LTM free cash flow margin. This suggests limited near-term upside amidst the more robust profitability and financial agility of competitors in the cruise sector.
- NCLH’s 16.4% operating margin, trailing RCL’s 27.4%, indicates lower operational efficiency or pricing power.
- NCLH’s 3.6% revenue growth lags peers, suggesting slower market share gains or less effective demand capture.
- NCLH’s 18.4% stock decline and 14.6 PE, underperforming peers, signal investor skepticism on future growth or profitability outlook.
Here’s how Norwegian Cruise Line stacks up across size, valuation, and profitability versus key peers.
| NCLH | RCL | CCL | VIK | LIND | |
|---|---|---|---|---|---|
| Market Cap ($ Bil) | 9.7 | 86.6 | 41.8 | 33.4 | 1.1 |
| Revenue ($ Bil) | 9.7 | 17.9 | 26.6 | 6.1 | 0.7 |
| PE Ratio | 14.6 | 20.3 | 15.1 | 35.1 | -35.7 |
| LTM Revenue Growth | 3.6% | 8.8% | 6.4% | 20.0% | 18.5% |
| LTM Operating Margin | 16.4% | 27.4% | 16.8% | 22.4% | 5.9% |
| LTM FCF Margin | -10.7% | 6.9% | 9.8% | 11.0% | 7.1% |
| 12M Market Return | -18.4% | 24.5% | 23.4% | 43.7% | 59.4% |
For more details on Norwegian Cruise Line, read Buy or Sell NCLH Stock. Below we compare NCLH’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| NCLH | 3.6% | – | 10.9% | 76.5% | 647.5% |
| RCL | 8.8% | 8.8% | 18.6% | 57.2% | |
| CCL | 6.4% | 6.4% | 15.9% | 77.4% | |
| VIK | 20.0% | – | 13.2% | 48.3% | 408.1% |
| LIND | 18.5% | – | 13.2% | 35.1% | 186.5% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| NCLH | 16.4% | – | 15.5% | 10.9% | -32.0% |
| RCL | 27.4% | 27.4% | 24.9% | 20.7% | |
| CCL | 16.8% | 16.8% | 14.3% | 9.1% | |
| VIK | 22.4% | – | 20.2% | 17.3% | 2.0% |
| LIND | 5.9% | – | 3.3% | 1.9% | -15.0% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| NCLH | 14.6 | – | 10.7 | 65.7 | -3.7 |
| RCL | 20.3 | 17.7 | 20.9 | 19.5 | |
| CCL | 15.1 | 14.5 | 16.6 | -316.2 | |
| VIK | 35.1 | – | 170.6 | -10.3 | � |
| LIND | -35.7 | – | -24.9 | -13.8 | -5.3 |
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