Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Norwegian Cruise Line Holdings

NCLH stock analysis · Consumer Discretionary · Hotels, Resorts & Cruise Lines

FY 2025-12-31ANNUAL FILINGS
Compare ⇄
ⓘ These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$21.11HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$9.7B

Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

— Requires positive annual FCF, usable shares and discount rate above terminal growth.

Requires positive annual FCF, usable shares and discount rate above terminal growth.

How this is calculated ↗
Valuation

Reverse DCF

— No solution in −50% to +100% growth, or nonpositive FCF / invalid assumptions.

No solution in −50% to +100% growth, or nonpositive FCF / invalid assumptions.

How this is calculated ↗
Valuation

Relative valuation

11.6%

7 industry peers · median 25.6×

How this is calculated ↗
Valuation

Historical multiples

17.0×

4 annual observations · snapshot P/E 22.9× · 34.5% versus history

How this is calculated ↗
Valuation

Free cash flow yield

-12.1%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

7.8%

Normalized tax · financing-capital proxy · parent-equity fallback (scope limitation) · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

43/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

— Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

12.9%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

— Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-7.8%

Parent-earnings fallback versus consolidated cash flow · scope limitation

How this is calculated ↗
Momentum

Fundamental momentum

1.2%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 3.3B2020-12-31: cfo -$2,556,243,000.00 (negative; lower scale compressed)2020-12-31: capex $946,545,000.0020202021-12-31: cfo -$2,468,009,000.00 (negative; lower scale compressed)2021-12-31: capex $752,843,000.0020212022-12-31: cfo $210,020,000.002022-12-31: capex $1,783,857,000.0020222023-12-31: cfo $2,005,714,000.002023-12-31: capex $2,750,362,000.0020232024-12-31: cfo $2,049,823,000.002024-12-31: capex $1,210,952,000.0020242025-12-31: cfo $2,089,746,000.002025-12-31: capex $3,259,606,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%———
10.0%———
12.0%———

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-319.8B423.2M2.1B3.3B22.5B
2024-12-319.5B910.3M2B1.2B20B
2023-12-318.5B166.2M2B2.8B19.5B
2022-12-314.8B-2.3B210M1.8B18.6B
2021-12-31648M-4.5B-2.5B752.8M18.7B
2020-12-311.3B-4B-2.6B946.5M18.4B
2019-12-316.5B930.2M1.8B1.6B16.7B
2018-12-316.1B954.8M2.1B1.6B15.2B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue9.8BRevenueFromContractWithCustomerIncludingAssessedTax2026-03-02
netIncome423.2MNetIncomeLoss
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-03-02
Parent/common earnings proxy423.2MNetIncomeLoss2026-03-02
cfo2.1BNetCashProvidedByUsedInOperatingActivities2026-03-02
capex3.3BPaymentsToAcquirePropertyPlantAndEquipment2026-03-02
operatingIncome1.6BOperatingIncomeLoss2026-03-02
assets22.5BAssets2026-03-02
equity2.2BStockholdersEquity
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-03-02
Parent book equity proxy2.2BStockholdersEquity2026-03-02
debt15BLongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities2026-03-02
shortDebt—Not reported under a supported tag—
cash209.9MCashAndCashEquivalentsAtCarryingValue2026-03-02
shares477.7MWeightedAverageNumberOfDilutedSharesOutstanding2026-03-02
dividends—Not reported under a supported tag—
buybacks—Not reported under a supported tag—
issuance145MProceedsFromIssuanceOfCommonStock2026-03-02