Norwegian Cruise Line Holdings Ltd. (NCLH) Stock Analysis
Consumer Cyclical · Travel Services · NYSE
Norwegian Cruise Line Holdings Ltd. (NCLH) posted $9.83B in revenue for fiscal 2025 (up 3.7% year over year), at a 4.3% net margin, and has compounded revenue about 50.3%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Norwegian Cruise Line Holdings Ltd.
Norwegian Cruise Line Holdings Ltd. has grown revenue from $4.87B to $9.83B over the last 10 fiscal years, compounding about 50.3% a year. The most recent year was up 3.7%, so growth has cooled from its longer-run pace.
Net margin sits at 4.3%, down 5.3 points year over year on a 42.6% gross margin.
The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from Norwegian Cruise Line Holdings Ltd.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Norwegian Cruise Line Holdings Ltd. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.87B | $5.40B | $6.06B | $6.46B | $1.28B | $647.99M | $4.84B | $8.55B | $9.48B | $9.83B |
| Gross profit | — | — | — | $2.80B | $-413.15M | $-960.05M | $576.67M | $3.08B | $3.79B | $4.19B |
| Net income | $633.09M | $759.87M | $954.84M | $930.23M | $-4.01B | $-4.51B | $-2.27B | $166.18M | $910.26M | $423.25M |
| Net margin | 13.0% | 14.1% | 15.8% | 14.4% | -313.5% | -695.5% | -46.9% | 1.9% | 9.6% | 4.3% |
Source: Norwegian Cruise Line Holdings Ltd. SEC filings (10-K). 15 years of history available in the interactive view.
Norwegian Cruise Line Holdings Ltd.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 31.7% while revenue rose 3.7% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
- Share count rising (dilution)Shares outstanding grew 9.2% over 4 years (416.9M → 455.3M) — existing holders' stakes are being diluted.
Explore 15 years of Norwegian Cruise Line Holdings Ltd. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Norwegian Cruise Line Holdings Ltd. financial history by metric
Compare Norwegian Cruise Line Holdings Ltd. with peers
About Norwegian Cruise Line Holdings Ltd.
Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. It offers itineraries to destinations, such as Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, and Alaska; and inter-island itinerary in Hawaii. The company also provides features, amenities, and activities, including various accommodations, dining venues, bars and lounges, spas, casino and retail shopping areas, and entertainment choices; shore excursions at each port of call, and air transportation and hotel packages for stays before or after a voyage. It offers its products and services under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. The company was founded in 1966 and is based in Miami, Florida.
Norwegian Cruise Line Holdings Ltd. — frequently asked questions
What is Norwegian Cruise Line Holdings Ltd.'s revenue?
Norwegian Cruise Line Holdings Ltd. (NCLH) reported revenue of $9.83B for fiscal year 2025, up 3.7% from the prior year, according to its SEC filings.
Is Norwegian Cruise Line Holdings Ltd. profitable?
Yes. NCLH earned net income of $423.25M in fiscal 2025, a net margin of 4.3%.
What is NCLH's P/E ratio?
Norwegian Cruise Line Holdings Ltd. trades at a price-to-earnings ratio of about 11.2 based on the latest data in our nightly-refreshed cache.
How fast is Norwegian Cruise Line Holdings Ltd. growing?
NCLH's revenue grew at roughly 50.3% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Norwegian Cruise Line Holdings Ltd. have?
As of fiscal year 2025, NCLH carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Norwegian Cruise Line Holdings Ltd.'s gross margin?
NCLH's gross margin was 42.6% in fiscal 2025 — gross profit of $4.19B on revenue of $9.83B.
What is Norwegian Cruise Line Holdings Ltd.'s market cap?
Norwegian Cruise Line Holdings Ltd. (NCLH) has a market capitalization of about $8.51B, based on the latest data in our nightly-refreshed cache.
When does Norwegian Cruise Line Holdings Ltd.'s fiscal year end?
NCLH's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Norwegian Cruise Line Holdings Ltd.'s official SEC filings (10-K and 10-Q), covering 15 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.