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Stocks · Industrials · Water Transportation

Norwegian Cruise Line Holdings

NCLH Clue Score70
United States Fiscal year ends December CIK 0001513761
$15.57 +0.52% Close, 9 Oct 2026
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Price $15.57 −40.66% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue4.87Operating income0.93Net income0.63EPS, diluted2.78Fiscal year 2017Revenue5.40 +10.7%Operating income1.05Net income0.76 +20.0%EPS, diluted3.31 +19.1%Fiscal year 2018Revenue6.06 +12.2%Operating income1.22Net income0.95 +25.7%EPS, diluted4.25 +28.4%Fiscal year 2019Revenue6.46 +6.7%Operating income1.18Net income0.93 −2.6%EPS, diluted4.30 +1.2%Fiscal year 2020Revenue1.28 −80.2%Operating income−3.48Net income−4.01 −531.3%EPS, diluted−15.75 −466.3%Fiscal year 2021Revenue0.65 −49.4%Operating income−2.55Net income−4.51EPS, diluted−12.33Fiscal year 2022Revenue4.84 +647.5%Operating income−1.55Net income−2.27EPS, diluted−5.41Fiscal year 2023Revenue8.55 +76.5%Operating income0.93Net income0.17EPS, diluted0.39Fiscal year 2024Revenue9.48 +10.9%Operating income1.47Net income0.91 +447.8%EPS, diluted1.89 +384.6%Fiscal year 2025Revenue9.83 +3.7%Operating income1.56Net income0.42 −53.5%EPS, diluted0.92 −51.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 4.87 5.40 6.06 6.46 1.28 0.65 4.84 8.55 9.48 9.83
Growth +10.7% +12.2% +6.7% −80.2% −49.4% +647.5% +76.5% +10.9% +3.7%
Operating income 0.93 1.05 1.22 1.18 −3.48 −2.55 −1.55 0.93 1.47 1.56
Net income 0.63 0.76 0.95 0.93 −4.01 −4.51 −2.27 0.17 0.91 0.42
Growth +20.0% +25.7% −2.6% −531.3% +447.8% −53.5%
EPS, diluted 2.78 3.31 4.25 4.30 −15.75 −12.33 −5.41 0.39 1.89 0.92
Growth +19.1% +28.4% +1.2% −466.3% +384.6% −51.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin19.0%Net margin13.0%Free cash flow margin3.5%Fiscal year 2017Operating margin19.4%Net margin14.1%Free cash flow margin4.2%Fiscal year 2018Operating margin20.1%Net margin15.8%Free cash flow margin8.4%Fiscal year 2019Operating margin18.2%Net margin14.4%Free cash flow margin2.9%Fiscal year 2020Operating margin−272.2%Net margin−313.5%Free cash flow margin−273.7%Fiscal year 2021Operating margin−393.9%Net margin−695.5%Free cash flow margin−497.1%Fiscal year 2022Operating margin−32.0%Net margin−46.9%Free cash flow margin−32.5%Fiscal year 2023Operating margin10.9%Net margin1.9%Free cash flow margin−8.7%Fiscal year 2024Operating margin15.5%Net margin9.6%Free cash flow margin8.8%Fiscal year 2025Operating margin15.9%Net margin4.3%Free cash flow margin−11.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 19.0% 19.4% 20.1% 18.2% −272.2% −393.9% −32.0% 10.9% 15.5% 15.9%
Net margin 13.0% 14.1% 15.8% 14.4% −313.5% −695.5% −46.9% 1.9% 9.6% 4.3%
Free cash flow margin 3.5% 4.2% 8.4% 2.9% −273.7% −497.1% −32.5% −8.7% 8.8% −11.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.26Capital expenditure−1.09Free cash flow0.17Buybacks−0.05Fiscal year 2017Operating cash flow1.60Capital expenditure−1.37Free cash flow0.23 +33.2%Fiscal year 2018Operating cash flow2.08Capital expenditure−1.57Free cash flow0.51 +122.0%Buybacks−0.66Fiscal year 2019Operating cash flow1.82Capital expenditure−1.64Free cash flow0.19 −63.5%Buybacks−0.35Fiscal year 2020Operating cash flow−2.56Capital expenditure−0.95Free cash flow−3.50 −1,989.0%Fiscal year 2021Operating cash flow−2.47Capital expenditure−0.75Free cash flow−3.22Fiscal year 2022Operating cash flow0.21Capital expenditure−1.78Free cash flow−1.57Fiscal year 2023Operating cash flow2.01Capital expenditure−2.75Free cash flow−0.74Fiscal year 2024Operating cash flow2.05Capital expenditure−1.21Free cash flow0.84Fiscal year 2025Operating cash flow2.09Capital expenditure−3.26Free cash flow−1.17 −239.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.26 1.60 2.08 1.82 −2.56 −2.47 0.21 2.01 2.05 2.09
Capital expenditure −1.09 −1.37 −1.57 −1.64 −0.95 −0.75 −1.78 −2.75 −1.21 −3.26
Free cash flow 0.17 0.23 0.51 0.19 −3.50 −3.22 −1.57 −0.74 0.84 −1.17
Growth +33.2% +122.0% −63.5% −1,989.0% −239.5%
Buybacks −0.05 n/a −0.66 −0.35 n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.13Shareholders’ equity4.54Fiscal year 2017Cash0.18Shareholders’ equity5.75Fiscal year 2018Cash0.16Shareholders’ equity5.96Fiscal year 2019Cash0.25Total debt6.00Net cash (debt)−5.75Shareholders’ equity6.52Debt to equity0.92Fiscal year 2020Cash3.30Total debt1.55Net cash (debt)1.75Shareholders’ equity4.35Debt to equity0.36Fiscal year 2021Cash1.51Shareholders’ equity2.43Fiscal year 2022Cash0.95Shareholders’ equity0.07Fiscal year 2023Cash0.40Shareholders’ equity0.30Fiscal year 2024Cash0.19Shareholders’ equity1.43Fiscal year 2025Cash0.21Shareholders’ equity2.21
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.13 0.18 0.16 0.25 3.30 1.51 0.95 0.40 0.19 0.21
Total debt n/a n/a n/a 6.00 1.55 n/a n/a n/a n/a n/a
Net cash (debt) n/a n/a n/a −5.75 1.75 n/a n/a n/a n/a n/a
Shareholders’ equity 4.54 5.75 5.96 6.52 4.35 2.43 0.07 0.30 1.43 2.21
Debt to equity n/a n/a n/a 0.92 0.36 n/a n/a n/a n/a n/a

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
4.87 5.40 6.06 6.46 1.28 0.65 4.84 8.55 9.48 9.83
Growth +10.7% +12.2% +6.7% −80.2% −49.4% +647.5% +76.5% +10.9% +3.7%
n/a n/a n/a 3.66 1.69 1.61 4.27 5.47 5.69 5.64
0.67 0.77 0.90 0.97 0.75 0.89 1.38 1.34 1.43 1.55
0.93 1.05 1.22 1.18 −3.48 −2.55 −1.55 0.93 1.47 1.56
Growth +13.3% +16.2% −3.4% −395.7% +57.5% +6.5%
0.64 0.77 0.97 0.91 −4.00 −4.50 −2.28 0.16 0.77 0.43
0.01 0.01 0.01 −0.02 0.01 0.01 −0.01 −0.00 −0.14 0.01
0.63 0.76 0.95 0.93 −4.01 −4.51 −2.27 0.17 0.91 0.42
Growth +20.0% +25.7% −2.6% −531.3% +447.8% −53.5%
Per share
2.79 3.33 4.28 4.33 −15.75 −12.33 −5.41 0.39 2.09 0.94
2.78 3.31 4.25 4.30 −15.75 −12.33 −5.41 0.39 1.89 0.92
Growth +19.1% +28.4% +1.2% −466.3% +384.6% −51.3%
227.1 228.0 223.0 214.9 254.7 365.4 419.8 424.4 435.3 448.5
227.9 229.4 224.4 216.5 254.7 365.4 419.8 427.4 515.0 477.7
Growth +0.7% −2.2% −3.5% +17.7% +43.5% +14.9% +1.8% +20.5% −7.2%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 50.3% a year over five years.
  • The diluted share count rose 87.5% in five years, which is dilution.
  • Operating margin is up 288.1 points on five years ago, at 15.9%.
  • A net loss in 3 of 10 years on file.