Stock Analysis
Norwegian Cruise Line Holdings Ltd. Ordinary SharesNCLH
P/E 9.08×· 5Y range 8.02–27.26×· bottom 7% of history
Sector: Consumer Cyclical · Industry: Water Transportation
AnalystsHold34 analystsP/E 9.1× sits at the 7th percentile of its 5.086926762491444-year history.
Cash covers 1% of debt · Q2 2026.
PMP Verdict
Cheap for a reason — weak fundamentals
Strengths
- Profitability63
Risks
- Financial Health6
- Growth25
Cheap for a reason — fundamentals remain weak.
Market context
-2.2% today· Z 1.2σ
Bull Case
- ✓ROE 29.6% — efficient capital deployment
- ✓Revenue CAGR 97.3% — durable top-line growth
- ✓P/E 9.1× at bottom 7% of 5-year history
What's happening with NCLH
Profile
financial health, moat, growth and earnings quality lag behind.
How is each axis scored?
- Valuation70/100 · Moderate
- P/E vs own history (7th pct)25/25
- FCF yield (-17.2%)0/25
- P/S (0.7x)25/25
- EV/EBIT (14.8x)20/25
- Growth25/100 · Weak
- Revenue CAGR (97.3%)25/25
- Net income CAGR (n/a)0/25
- EPS CAGR 5Y (n/a)0/25
- Fwd implied growth (-8.6%)0/25
- Profitability63/100 · Moderate
- ROIC (6.6%)5/25
- ROE (29.6%)25/25
- Net margin (7.5%)13/25
- Operating margin (15.1%)20/25
- Financial Health6/100 · Weak
- Altman Z (-0.07)3/25
- Current ratio (0.20)0/25
- Interest coverage (1.5x)3/25
- Net cash / debt (D/A 66%)0/25
- Quality40/100 · Weak
- Piotroski F (6/9)15/25
- Beneish M (-2.77)25/25
- FCF conversion (-156%)0/25
- Margin stability (σ 3644.9%)0/25
- Moat18/100 · Weak
- ROIC >12% years (0/10 yrs)0/25
- Median gross margin (36.0%)13/25
- FCF-positive years (5/10 yrs)5/25
- Worst-year net margin (worst -695.5%)0/25
Risk Flags
- ⚠Altman Z -0.1 — distress-zone balance sheet
- ⚠Negative FCF margin (-0.1%) — burning cash
- ⚠3 loss-making years in recent history
- ⚠Interest coverage 1.5× — thin debt cushion
About Norwegian Cruise Line Holdings Ltd. Ordinary Shares
Norwegian Cruise Line is the world's third-largest publicly traded cruise company by berths (around 75,000). Show more
It operates 35 ships across three brands—Norwegian, Oceania, and Regent Seven Seas—offering both freestyle and luxury cruising. The company redeployed its entire fleet after the pandemic as of May 2022. With 16 passenger vessels on order among its brands through 2037, representing 43,000 incremental berths, Norwegian is increasing capacity faster than its peers, expanding its brand globally. Norwegian sails to around 700 global destinations.
Headquarters: MIAMI, FL · Employees: 44,500 · Website ↗
Price History
Weekly Candlestick Chart — up to 5Y
Key Metrics
Financial snapshot · Tap any metric for its definition and grade
TTM Snapshot
trailing twelve months · YoYValuation
70B+P/E (TTM)9.1xA
Grade A: CheapPrice / TTM EPS (own statements) — vs own 5Y history: 8.0x–27.3x · 7th pct
P/FCF42.3xC
Grade C: ExpensivePrice / Free Cash Flow per share (Finnhub). Inverse of FCF yield — negative when FCF is negative · CapEx exceeds operating cash flow (156% of OCF) — reported FCF understates normalized earning power in this investment phase
FCF Yield-17.2%D
Grade D: NegativeTTM (OCF − CapEx) / Market Cap — vs own 5Y history: -63.9%–3.1% · 32nd pct · CapEx exceeds operating cash flow (156% of OCF) — reported FCF understates normalized earning power in this investment phase
P/S (TTM)0.68xA
Grade A: CheapPrice / TTM Revenue (own statements) — vs own 5Y history: 0.6x–420.6x · 1st pct
EV/EBIT14.8xB
Grade B: FairEnterprise value / TTM EBIT (D&A not in our data) — capital-structure neutral — vs own 5Y history: 14.3x–43.5x · 7th pct
EV/Sales2.2xB
Grade B: FairEnterprise Value / TTM Revenue (Finnhub) — capital-structure neutral sales multiple
Forward P/E9.9xA
Grade A: CheapPrice / next-year EPS estimate — shows whether the TTM multiple is rich or just front-loading growth
P/B Ratio2.69xA
Grade A: FairPrice to Book Value. Neg. equity = heavy buybacks
PEG Ratio0.68A
Grade A: CheapFinnhub PEG — their P/E basis ÷ expected EPS growth. Suppressed when their P/E diverges >2× from our TTM P/E (different basis)
Dividend Yield—
TTM dividend yield (Finnhub) — annual dividends / price. None = no dividend; very high yield can signal distress
Payout Ratio—
Dividends / Net Income (Finnhub) — share of earnings paid out; >90% or negative = unsustainable
CapEx exceeds OCF: CapEx exceeds operating cash flow (156% of OCF) — reported FCF understates normalized earning power in this investment phase
Profitability
63BROIC6.6%D
Grade D: LowNOPAT (EBIT less ~21% tax) / invested capital (equity + debt − cash). Flagship quality metric — durable >15% signals a moat
ROE29.6%A
Grade A: StrongReturn on Equity. Neg. equity = heavy buybacks
ROA3.3%D
Grade D: WeakReturn on Assets (Finnhub) — Net Income / Total Assets; how efficiently assets produce profit
Net Margin7.5%C
Grade C: AverageNet Income / Revenue
Operating Margin15.1%C
Grade C: AverageTTM EBIT / TTM Revenue
Gross Margin42.5%C
Grade C: AverageGross Profit / Revenue
FCF Margin-11.7%D
Grade D: LowFCF / Revenue · CapEx exceeds operating cash flow (156% of OCF) — reported FCF understates normalized earning power in this investment phase
True FCF Margin-12.5%D
Grade D: LowTTM (OCF − CapEx − SBC) / TTM Revenue — SBC treated as a real cost · CapEx exceeds operating cash flow (156% of OCF) — reported FCF understates normalized earning power in this investment phase
Growth
25ERevenue CAGR97.3%A
Grade A: HighCompound annual revenue growth (up to 5Y depending on data availability)
Net Income CAGR—
Compound annual net income growth (up to 5Y depending on data availability)
EPS CAGR (5Y)—
Compound annual EPS growth over up to 5Y of per-share earnings (own statements). Null when either endpoint EPS ≤ 0
Implied EPS Growth-8.6%D
Grade D: Decl.Analyst forward EPS (normalized basis) vs our GAAP TTM EPS — different bases, so extreme values usually mark cyclically depressed TTM earnings, not real growth
Dilution (5Y)+31.3%D
Grade D: DilutiveShare count change over 5Y
SBC / Net Income11.6%C
Grade C: MedStock-based comp/Net income. >30% = dilution risk
SBC / Revenue0.9%A
Grade A: LowTTM stock-based comp / TTM Revenue
Financial Health
6EAltman Z-Score-0.07D
Grade D: DistressBankruptcy risk. >3 Safe, <1.8 Distress
Current Ratio0.20xD
Grade D: LowCurrent Assets/Liabilities
Quick Ratio0.08xD
Grade D: Low(Current Assets − Inventory) / Current Liabilities (Finnhub) — stricter liquidity test, excludes inventory
Interest Coverage1.5xD
Grade D: RiskyEBIT/Interest. >10 Strong
Debt Repayment—
Years to repay net debt via FCF · CapEx exceeds operating cash flow (156% of OCF) — reported FCF understates normalized earning power in this investment phase
Net Debt/EBIT10.3xD
Grade D: HighLeverage. <2x Low, >4x High
Debt/Equity6.21xD
Grade D: HighDebt / Equity: <1 Conservative, >2 Risky. Not meaningful with non-positive equity; shown as unavailable rather than low debt.
Cash / Debt0.01xD
Grade D: ThinCash covers how much of total debt. >1 = could repay all debt from cash
Quality
40D+Piotroski F-Score6/9C
Grade C: AverageFinancial strength 0–9. >7 Strong
Beneish M-Score-2.77A
Grade A: SafeEarnings manipulation risk. < -2.22 Safe
FCF Conversion-155.8%D
Grade D: PoorFCF / Net Income · CapEx exceeds operating cash flow (156% of OCF) — reported FCF understates normalized earning power in this investment phase
Margin Stability3644.9%D
Grade D: VolatileEBIT margin std deviation. Lower = stable
Capex / Revenue32.5%D
Grade D: HeavyTTM CapEx / TTM Revenue — high % = capital-hungry business
Asset Turnover0.44xD
Grade D: LowRevenue / Total Assets (Finnhub) — how efficiently the asset base generates sales
Insider Transactions
SEC Form 4 · 8 records| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
PAGLIUCA STEPHEN G Filed | PAGLIUCA STEPHEN G | BuyOpen market buy | +685.0K | |
PAGLIUCA STEPHEN G Filed | PAGLIUCA STEPHEN G | BuyOpen market buy | +695.0K | |
CHIDSEY JOHN Filed | CHIDSEY JOHN | BuyOpen market buy | +153.0K | |
COHEN JONATHAN Z Filed | COHEN JONATHAN Z | BuyOpen market buy | +30.0K | |
Cil Jose E. Filed | Cil Jose E. | BuyOpen market buy | +10.0K |
Show 3 more filingsShow fewer filings
| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
Cil Jose E. Filed | Cil Jose E. | BuyOpen market buy | +5.0K | |
MacDonald Brian P Filed | MacDonald Brian P | BuyOpen market buy | +15.0K | |
Lansberry Kevin Allen Filed | Lansberry Kevin Allen | BuyOpen market buy | +11.4K |
More metrics — Moat, Per Share, Balance Sheet, MarketHide additional metrics
Moat
18EROIC >12% Years0/10 yrsD
Grade D: WeakShare of completed fiscal years with ROIC > 12% — measures multi-year capital-return durability
Gross Margin (Med.)36.0%C
Grade C: ModerateMedian annual gross margin across available fiscal years — pricing-power durability
FCF-Positive Years5/10 yrsD
Grade D: WeakShare of completed fiscal years with positive free cash flow
Net Margin Floor-695.5%D
Grade D: WeakWeakest annual net margin across completed fiscal years — recession/downcycle resilience
Per Share
EPS (TTM)$1.66
Own TTM net income / shares — same earnings basis as P/E
Cash / Share$0.47
Cash & short-term investments per share (Finnhub)
Book Value / Share$5.60
Shareholders' equity per share (Finnhub). Negative = accumulated losses / heavy buybacks
Balance Sheet
Total Debt$15.98B
Total debt obligations (short + long term)
Cash & Equiv.$218.10M
Cash and short-term investments
Net Debt$15.76B
Total Debt minus Cash. Negative = Net Cash position
Total Equity$2.57B
Shareholders' equity (book value)
Asset / Liability1.12xC
Grade C: AdequateTotal Assets / Total Liabilities
Market
Market Cap$6.91B
Current Market Capitalization
Beta1.98D
Grade D: High volatilityPrice sensitivity vs the market (Finnhub) — 1.0 moves with market, >1.2 amplifies swings
How grades work: each metric is graded A–D against fixed thresholds (tap a row for the meaning). Card grades map the pillar score to A+–E — a card grade is that pillar's own score, not an average of the rows shown.
Financials as of Jun 2026 · Ratio snapshot Oct 16, 2026
Key Insights: Norwegian Cruise Line Holdings Ltd. Ordinary Shares (NCLH)
NCLH is down 2.21% at the last close. Piotroski F-Score of 6/9 indicates mixed fundamentals for Norwegian Cruise Line Holdings Ltd. Ordinary Shares. Altman Z-Score of -0.07 is below the 1.81 distress threshold — an elevated financial-risk flag. Beneish M-Score of -2.77 suggests a low likelihood of earnings manipulation. Revenue has compounded at roughly 97% annually — a strong growth profile. Free-cash-flow margin is negative (-12%) — the business currently burns cash.
- Company has negative FCF, making debt repayment from operations difficult.
- Interest coverage of 1.5× leaves little room for earnings shocks.
- Norwegian Cruise Line Holdings Ltd. Ordinary Shares posted a net loss in 3 of 10 available completed fiscal years (2016–2025).
- At a valuation score of 70/100, NCLH trades near the cheapest end of its own historical range (P/E 9.1).
- Return on equity of 29.6% is well above the market average.
See how NCLH ranks on the Capex Tracker — top 50 capital spenders compared.
Recent Market Moves
See all NCLH moves →| Date | Session | Price | Move | Z-Score |
|---|---|---|---|---|
| Oct 6 | Regular | 15.55 | +4.54% | 2.29 |
| Oct 6 | After-hours | 15.58 | +4.80% | 2.42 |
| Oct 2 | Regular | 15.16 | +3.55% | 2.11 |
| Sep 29 | Regular | 14.87 | +3.91% | 2.43 |
| Sep 25 | Regular | 14.59 | +2.78% | 2.11 |
Frequently Asked Questions about NCLH
What is the current Norwegian Cruise Line Holdings Ltd. Ordinary Shares (NCLH) stock price?
NCLH is trading at $15.05 at the last market close, down 2.21% on the session. PreMarketPrice tracks NCLH pre-market, intraday and after-hours prices.
Is NCLH stock a buy right now?
PreMarketPrice's quantitative model rates Norwegian Cruise Line Holdings Ltd. Ordinary Shares's financial health at 6/100. This is a data-driven snapshot of fundamentals, not investment advice.
Is NCLH stock overvalued?
Norwegian Cruise Line Holdings Ltd. Ordinary Shares trades at a trailing P/E of 9.1 and our valuation score rates it 70/100 (higher = cheaper vs. its own history). See the Valuation History and Key Metrics sections for forward P/E, EV/EBITDA and PEG context.
When does Norwegian Cruise Line Holdings Ltd. Ordinary Shares report earnings?
No confirmed earnings date is currently scheduled for NCLH. The Earnings section lists recent reports and updates as dates are announced.
What sector does Norwegian Cruise Line Holdings Ltd. Ordinary Shares operate in?
Norwegian Cruise Line Holdings Ltd. Ordinary Shares operates in the Consumer Cyclical sector, within the Water Transportation industry. The Related Stocks section lists sector peers for comparison.
What does Norwegian Cruise Line Holdings Ltd. Ordinary Shares do?
Norwegian Cruise Line is the world's third-largest publicly traded cruise company by berths (around 75,000).
About Norwegian Cruise Line Holdings Ltd. Ordinary Shares (NCLH) Stock
Norwegian Cruise Line Holdings Ltd. Ordinary Shares (NCLH) is a US-listed stock operating in the Consumer Cyclical sector, specifically the Water Transportation industry. As of the latest update, Norwegian Cruise Line Holdings Ltd. Ordinary Shares is trading at $15.05, down 2.21% on the day with a market capitalization of $6.9 billion. The financial health score for NCLH is 6/100, which indicates poor financial strength based on profitability, leverage, liquidity, and growth metrics. This page provides real-time pre-market pricing, earnings calendar, financial health analysis, and valuation metrics for NCLH stock.
NCLH Stock Analysis & Key Metrics
On PreMarketPrice, you can track Norwegian Cruise Line Holdings Ltd. Ordinary Shares (NCLH) across multiple dimensions:
- Pre-market price & movement: Real-time NCLH stock price with percentage change, updated continuously during pre-market and regular trading hours.
- Valuation & P/E history: Historical P/E, P/S, and P/B ratios for NCLH with trend analysis and normalized valuation multiples.
- Financial statements: Revenue, net income, assets, liabilities, and equity for Norwegian Cruise Line Holdings Ltd. Ordinary Shares across multiple reporting periods.
- Financial health score: A composite score of 6/100 based on Altman Z-Score, Piotroski F-Score, profitability, and leverage metrics for NCLH.
- Sector peers: Compare NCLH against 4 other consumer cyclical stocks on key financial metrics.
Is NCLH a Good Stock to Buy?
This page provides data-driven analysis to help you evaluate Norwegian Cruise Line Holdings Ltd. Ordinary Shares (NCLH) as an investment. The financial health score of 6/100 suggests poor financial fundamentals. Valuation metrics show whether the stock is trading above or below its historical average.However, this is not financial advice — always do your own research before investing.
Data on this page is sourced from real-time market feeds, Polygon.io, and Finnhub.Norwegian Cruise Line Holdings Ltd. Ordinary Shares (NCLH) trades on NYSE/NASDAQ. Pre-market trading occurs 4:00 AM – 9:30 AM ET. Regular market hours are 9:30 AM – 4:00 PM ET.