Does Norwegian Cruise Line Stock Lead the Pack?
Norwegian Cruise Line Holdings’ (NCLH) stock has underperformed peers over the past year. How does it stack up against rivals like Royal Caribbean and Carnival? A closer look reveals moderate profitability and valuation, yet slower revenue growth and concerning negative free cash flow, posing challenges against higher-growth, cash-generating rivals in the cruise industry. As of March 2, 2026, NCLH reported mixed Q4 results with revenue missing estimates and a disappointing 2026 profit outlook, contributing to its stock decline.
- NCLH’s 16.4% operating margin, though strong, lags RCL’s 27.4% due to higher costs and less scale efficiency; NCLH is focusing on cost controls.
- NCLH’s 3.6% revenue growth, trailing peers, suggests slower market share capture due to deployment mistakes and pricing pressure from Caribbean reallocation.
- NCLH’s 2.4% stock decline and 15.1 PE, underperforming peers, reflects investor skepticism over high debt levels and future growth 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) | 10.0 | 81.5 | 38.3 | 32.8 | 1.1 |
| Revenue ($ Bil) | 9.7 | 17.9 | 26.6 | 6.1 | 0.7 |
| PE Ratio | 15.1 | 19.1 | 13.9 | 34.5 | -34.5 |
| 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 | -2.4% | 23.8% | 22.3% | 53.9% | 73.7% |
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 | 15.1 | – | 10.7 | 65.7 | -3.7 |
| RCL | 19.1 | 17.7 | 20.9 | 19.5 | |
| CCL | 13.9 | 14.5 | 16.6 | -316.2 | |
| VIK | 34.5 | – | 170.6 | -10.3 | � |
| LIND | -34.5 | – | -24.9 | -13.8 | -5.3 |
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