CompanyGraph
Norwegian Cruise Line Holdings Ltd.
NCLH · NYSE Arca · United States
nclhltd.comFinancials as of FY2025
What stands out
- Returns appear driven by leverage
- Most companies in its industry are interface businesses; this one is a production business
At a glance
- Depends onMidstream position: 6 outgoing, 5 incoming connections
- ScaleLevered free cash flow is -$1.5B, lower than 95% of all stocks globally
- PositionCurrent ratio is 0.21×, lower than 95% of its Travel Services peers (median 1.31×)
- Interpretations5 currently firing — 5
What this company is and how it runs — written from structure, not news.
What stands out
- Most companies in its industry are interface businesses; this one is a production business
Sign in to view price data.
Sign inThe reported statements, read against the company's own industry.
What stands out
- Returns appear driven by leverage
Financials view
Market Capitalization
8.93BUSDvs all stocks (USD)
Trailing P/E
15.81xvs Travel Services peers
Revenue (TTM)
10.03BUSDvs all stocks (USD)
Profit Margin
5.66%vs Travel Services peers
Beta
1.88xvs all stocks
52-Week Change
-16.08%vs all stocks
Market Capitalization
8.93BUSDvs all stocks (USD)
Enterprise Value
24.90BUSDvs all stocks (USD)
Trailing P/E
15.81xvs Travel Services peers
Forward P/E
9.64xvs Travel Services peers
PEG Ratio
-0.0445xvs Travel Services peers
Price to Sales (TTM)
0.8975xvs Travel Services peers
Price to Book (MRQ)
3.70xvs Travel Services peers
Enterprise to Revenue
2.48xvs Travel Services peers
Enterprise to EBITDA
9.51xvs Travel Services peers
Gross Margin
40.89%vs Travel Services peers
Profit Margin
5.66%vs Travel Services peers
Operating Margin
10.52%vs Travel Services peers
Return on Assets (TTM)
4.44%vs Travel Services peers
Return on Equity (TTM)
29.53%vs Travel Services peers
Revenue (TTM)
10.03BUSDvs all stocks (USD)
Revenue per Share (TTM)
22.17USDUpdated Jul 19, 2026Quarterly Revenue Growth
9.60%vs Travel Services peers
Gross Profit (TTM)
4.32BUSDvs all stocks (USD)
EBITDA (TTM)
2.67BUSDvs all stocks (USD)
Net Income (TTM)
568.21MUSDvs all stocks (USD)
Quarterly Earnings Growth (YoY)
9.57%vs Travel Services peers
Operating Cash Flow (TTM)
2.22BUSDvs all stocks (USD)
Levered Free Cash Flow (TTM)
-1.50BUSDvs all stocks (USD)
Trailing Annual Dividend Rate
0.00USDUpdated Jul 19, 2026Trailing Annual Dividend Yield
0.00%vs all stocks
Payout Ratio
0.00%vs Travel Services peers
Revenue
9.83BUSDFY2025 · Dec 31, 2025Cost of Goods Sold
5.64BUSDFY2025 · Dec 31, 2025Gross Profit
4.19BUSDFY2025 · Dec 31, 2025Operating Income
1.56BUSDvs all stocks (USD)
Pre-tax Income
428.72MUSDFY2025 · Dec 31, 2025Income Tax Expense
5.47MUSDFY2025 · Dec 31, 2025Net Income
423.25MUSDFY2025 · Dec 31, 2025EBIT
1.38BUSDFY2025 · Dec 31, 2025EBITDA (Income Statement)
2.54BUSDFY2025 · Dec 31, 2025Selling, General & Administrative
1.55BUSDFY2025 · Dec 31, 2025Non-operating Interest Expense
953.51MUSDFY2025 · Dec 31, 2025EPS (Basic)
0.9400USDFY2025 · Dec 31, 2025EPS (Diluted)
0.9200USDFY2025 · Dec 31, 2025Basic Shares Outstanding
448.54MSharesFY2025 · Dec 31, 2025Diluted Shares Outstanding
448.54MSharesFY2025 · Dec 31, 2025Net Income from Continuing Operations
423.25MUSDFY2025 · Dec 31, 2025Operating Cash Flow
1.68BUSDFY2025 · Dec 31, 2025Free Cash Flow
-1.58BUSDFY2025 · Dec 31, 2025Cash & Cash Equivalents (End of Period)
209.89MUSDFY2025 · Dec 31, 2025Starting Profit (CF Statement)
423.25MUSDFY2025 · Dec 31, 2025Depreciation & Amortization
1.16BUSDFY2025 · Dec 31, 2025Deferred Taxes (CF)
2.31MUSDFY2025 · Dec 31, 2025Stock-based Compensation
88.39MUSDFY2025 · Dec 31, 2025Other Non-cash Items
-2.03MUSDFY2025 · Dec 31, 2025Change in Accounts Receivable (CF)
-73.77MUSDFY2025 · Dec 31, 2025Change in Accounts Payable (CF)
-1.52MUSDFY2025 · Dec 31, 2025Change in Other Assets/Liabilities
77.33MUSDFY2025 · Dec 31, 2025Capital Expenditures
-3.26BUSDFY2025 · Dec 31, 2025Net Acquisitions
0.00USDFY2025 · Dec 31, 2025Purchase of Investments
-1.88MUSDFY2025 · Dec 31, 2025Other Investing Activity
-3.20MUSDFY2025 · Dec 31, 2025Net Investing Cash Flow
-3.26BUSDFY2025 · Dec 31, 2025Long-term Debt Issuance
9.74BUSDFY2025 · Dec 31, 2025Long-term Debt Payments
-8.17BUSDFY2025 · Dec 31, 2025Other Financing Charges
-491.99MUSDFY2025 · Dec 31, 2025Net Financing Cash Flow
1.22BUSDFY2025 · Dec 31, 2025Shares Outstanding
459.10MSharesUpdated Jul 19, 2026Float Shares
455.23MSharesUpdated Jul 19, 2026Shares Short
84.53MSharesUpdated Jul 19, 2026Short Ratio
4.18daysvs all stocks
Short % of Shares Outstanding
20.86%vs all stocks
% Held by Insiders
0.55%vs all stocks
% Held by Institutions
98.20%vs all stocks
Total Cash (MRQ)
185.05MUSDvs all stocks (USD)
Total Cash per Share (MRQ)
0.4030USDUpdated Jul 19, 2026Total Debt (MRQ)
16.08BUSDvs all stocks (USD)
Total Debt to Equity (MRQ)
6.61xvs Travel Services peers
Current Ratio (MRQ)
0.2100xvs Travel Services peers
Book Value per Share (MRQ)
5.30USDUpdated Jul 19, 2026Total Assets
22.54BUSDvs all stocks (USD)
Total Current Assets
1.14BUSDFY2025 · Dec 31, 2025Total Liabilities
20.33BUSDFY2025 · Dec 31, 2025Total Non-current Assets
21.40BUSDFY2025 · Dec 31, 2025Total Non-current Liabilities
14.88BUSDFY2025 · Dec 31, 2025Total Current Liabilities
5.45BUSDFY2025 · Dec 31, 2025Cash & Cash Equivalents
209.89MUSDFY2025 · Dec 31, 2025Accounts Receivable
291.66MUSDFY2025 · Dec 31, 2025Inventory
138.18MUSDFY2025 · Dec 31, 2025Accounts Payable
169.66MUSDFY2025 · Dec 31, 2025Short-term Debt
875.90MUSDFY2025 · Dec 31, 2025Deferred Revenue
3.20BUSDFY2025 · Dec 31, 2025Long-term Debt
13.73BUSDFY2025 · Dec 31, 2025Other Non-current Liabilities
1.15BUSDFY2025 · Dec 31, 2025Common Stock (Book)
455.00KUSDFY2025 · Dec 31, 2025Retained Earnings
-5.57BUSDFY2025 · Dec 31, 2025Total Shareholders' Equity
2.21BUSDvs all stocks (USD)
52-Week Low
14.53USDUpdated Jul 19, 202652-Week High
27.18USDUpdated Jul 19, 202652-Week Change
-16.08%vs all stocks
Beta
1.88xvs all stocks
50-Day MA
18.57USDUpdated Jul 19, 2026200-Day MA
20.53USDUpdated Jul 19, 2026Avg 10-Day Volume
12.62MSharesUpdated Jul 19, 2026Avg 30-Day Volume
17.75MSharesUpdated Jul 19, 2026Diluted EPS (TTM)
1.24USDUpdated Jul 19, 2026Other Income / Expense
-178.64MUSDFY2025 · Dec 31, 20255 interpretations currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsHow does this company use capital?
Operating Income Growing With Multi-Year Revenue Growth
Revenue up in each of five years, with operating income up in each of four.
Reads
Three Turnover Ratios Elevated
Collects fast, clears inventory fast, and pays suppliers fast too.
Reads
Is this company growing?
Industry-Benchmarked Capex/OCF Elevated And Capex Above Depreciation
It spends more of its cash on equipment than its industry, and more than it writes off each year.
Reads
Where is this company structurally exposed?
Within or Near the Altman Distress Zone
Debt is a large share of its assets, and large against its cash flow.
Reads
Elevated Leverage on Three Denominators
Debt sits high against its equity, its assets, and its cash flow.
Reads
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
Shared structure with peers — never a ranking.
Relationships view
Structural observations derived from financial data, industry benchmarks, and supply chain position.
Peer Positioning
Current ratio is 0.21×, lower than 95% of its Travel Services peers (median 1.31×)Significant
Current ratio: 0.21Industry median: 1.31Industry P5: 0.25Peers compared: 38.00
Debt-to-equity is 6.61×, higher than 95% of its Travel Services peers (median 0.21×)Significant
Debt-to-equity: 6.61Industry median: 0.21Industry P95: 3.30Peers compared: 38.00
Structural Tensions
Returns appear driven by leverageSignificant
Return on Equity: 0.30Debt-to-Equity: 6.61
Most companies in its industry are interface businesses; this one is a production businessSignificant
Industry peers: 39.00Share on the common pattern %: 85.00
High gross margins eroded by operating costsNotable
Gross Margin: 0.41Profit Margin: 0.06
Financial Health
Altman Z-Score 0.33: distress zoneCritical
Altman Z-Score: 0.33
High earnings qualityNotable
Earnings Quality Score: 0.73
High structural barrier to entryNotable
Barrier to Entry: 3.20
Supply Chain
Midstream position: 6 outgoing, 5 incoming connectionsNotable
Outgoing: 6.00Incoming: 5.00
High connectivity hub: 11 industry connectionsNotable
Total Connections: 11.00
Scale
Levered free cash flow is -$1.5B, lower than 95% of all stocks globallySignificant
Levered free cash flow (USD): -1,500,744,960Global P5: -219,013,500
Market cap is $8.93B, above the global median of $1.15BNotable
Market cap (USD): 8,934,283,324Global Median: 1,146,734,693.424
Revenue is $10.03B, above the global median of $520.53MNotable
Revenue (USD): 10,031,259,648Global Median: 520,528,949.311
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