Norwegian Cruise LineNCLHRevenue: is the business selling more than it used to?
$9.8B+4% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $9.8B in 2025, compounding +27% a year since 2022 and the pace is picking up. The last twelve months (+6%) ran below that pace, so growth is slowing. The trailing twelve months are already running at $10.2B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHNet income: how much of that revenue becomes profit?
$423M−54% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $423M in 2025, against $910M the year before. Trailing twelve-month profit stands at $761M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHHow fast is it growing, year by year?
+3.7%revenue growth, FY 2025
Off the axis: 2014 earnings +232.7% · 2020 earnings -531.3% · 2024 earnings +447.7% - rebounds off a collapsed prior year.
→Revenue grew +4% in 2025 against a five-year average of +138%. Earnings went the other way (-54%) even as sales grew, so margins compressed: costs rose faster than revenue. 2014's +233% earnings rebound off a collapsed base and 2020's swing into loss (-531%) and 2024's +448% earnings rebound off a collapsed base sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHRevenue per share: is your slice growing as fast as the company?
$20.57revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $20.57 in 2025, compounding +21% a year against +27% for NCLH as a whole. Dilution absorbed about 5.3 points of that growth. Free cash flow per share stands at $-2.45.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHFree cash flow: what is left in real cash after everything?
$-1.2BFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The business consumed $1.2B of cash in 2025 after investment. Growth is being funded from the balance sheet, not from operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow is negative, so no share of revenue is currently converting to spare cash. Every sales dollar is being reinvested or consumed.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is capital spending, at 33% of revenue (stock compensation 1%).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHWhen sales grow, do profits grow faster?
→Operating profit outgrew revenue in 3 of the last 5 years, most recently +6% against +4%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin widened 48 points to 16% since 2022. After everything, 4 cents of each sales dollar reaches net profit. NCLH doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of 30% sits well above ROCE of 9%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHWhat has the market paid for NCLH over time?
9.8xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 9.8x earnings, the market is paying 39% less than NCLH's own 8-year median of 16.0x. Pessimism is priced in - the question is whether it is deserved. Today's multiple is the lowest in the charted history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHWhat cash return does the business throw off per dollar of market value?
-16.6%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys -16.6% of annual free cash flow, more than its 11-year median of -0.6% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHCould it handle its debt if things went wrong?
◌ 2026 = the latest balance sheet (2026-06-30), not a fiscal year-end
→Debt of $13.9B sits against $218M of cash, or 5.4x shareholders' equity. Earnings cover interest only 2.1 times, which is thin.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHIs the company's own capital growing?
→The company's own capital grew from $301M in 2023 to $2.6B (+755%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHHow much goes back, and how much leaks out as stock comp?
→Shareholders received $350M in buybacks in 2019. Stock compensation issued $88M of new shares in the same year, offsetting 25% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHHow fast is your ownership being diluted - or concentrated?
→The share count shrank 7.2% in 2025. Buybacks are concentrating your ownership: the same business, split fewer ways.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHDoes NCLH earn more on its capital than that capital costs?
→NCLH earns 9.1% on the capital it employs, below the 10% most investors treat as the cost of capital.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHNCLH has issued or retired shares - did shareholders end up better off?
→NCLH's share count rose +167% from 2011 to 2025 while revenue per share grew +66%. Holders are further ahead than before, though the gain per share is smaller than the growth in the business.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
Norwegian Cruise LineNCLHAre the people running it buying or selling?
→Insiders bought $30M and sold $110,250 on the open market, a net purchase of $30M. A further 39 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30