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Operates cruise brands Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas across mass-market to luxury segments.
Operates cruise brands Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas across mass-market to luxury segments.
Sells cabin fares plus onboard extras such as drink packages, specialty dining, shore excursions and casino play, so economics depend on filling ships at high prices. Fleet size is set years ahead by orders at European shipyards, and its Caribbean private-island stops aim to keep passenger spending within its own system.
Moat: narrow (brand, scale). Multi-brand portfolio spans price segments, though smaller fleet scale than Carnival/Royal Caribbean.
Headquarters: Miami, Florida, US · Founded: 1966 · Employees: 44,500
Size Norwegian Cruise Line (NCLH) is a United States Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $8.23B, the 867th largest of 3,117 United States companies the cockpit tracks. Shares closed at $17.92 on 6 Nov 2026.
Performance Over six months the shares gained 4.9%, against +9.6% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +4.0%); the operating margin is 14.2% (peer median 19.1%).
Valuation It trades at 13.8× forward earnings against a peer median of 21.2× (2nd cheapest of 19).
Capital Return on invested capital runs 2.6 points below its cost of capital (8.6% WACC).
Credit Norwegian Cruise Line has 6 bonds outstanding ($5.27B), rated B+ by the agencies and trading like B+ at a weighted spread of 277 bp.
Short interest Short interest is 19.4% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $10.2B | $9.83B | $9.48B | $8.55B | $4.84B |
| Revenue growth | — | +4% | +11% | +77% | — |
| Gross profit | $3.05B | $3.24B | $2.93B | $2.32B | -$61.4M |
| EBITDA | $2.66B | $2.74B | $2.45B | $1.85B | -$625M |
| Net income | $833M | $423M | $910M | $166M | -$2.27B |
| Free cash flow | -$564M | -$1.17B | $839M | -$745M | -$1.57B |
| Capital expenditure | $2.73B | $3.26B | $1.21B | $2.75B | $1.78B |
| Total debt | $16.0B | $15.5B | $13.9B | $14.7B | $14.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Norwegian Cruise Line NCLH | $8.23B | +5% | +5% | 14% | 13.8× | n/a |
| Royal Caribbean RCL | $87.5B | +19% | +10% | 27% | 16.4× | 23.2% |
| Carnival CCL | $39.8B | +13% | +5% | 16% | 12.4× | 14.5% |
| Viking VIK | $39.1B | +6% | +20% | 23% | 24.4× | 19.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NCLH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.7% | +12.8% | 6th highest of 21 |
| 6-month return | +4.9% | +9.6% | 9th lowest of 21 |
| Distance from 52-week high | -28.7% | -10.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | +4.8% | +4.0% | 9th highest of 21 |
| Operating margin | 14.2% | 19.1% | 8th lowest of 21 |
| Forward P/E | 13.8× | 21.2× | 2nd cheapest of 19 |
| ROIC minus cost of capital | -2.6 pp | -1.8 pp | 7th lowest of 20 |
| EV / EBITDA | 9.0× | 14.2× | 2nd cheapest of 19 |
| Net debt / EBITDA | 5.9× | 3.8× | 2nd most indebted of 20 |
| Bond spread | 277 bp | 114 bp | widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Norwegian Cruise Line NCLH | United States | $8.23B | +5% | +5% | 14% | 13.8× | n/a | n/a |
| Hanjinkal 180640.KS | South Korea | $9.60B | +74% | +7% | 1% | 43.3× | n/a | n/a |
| Whitbread WTB.L | United Kingdom | $6.37B | +25% | +2% | 21% | 15.8× | 9.7% | +37.7% |
| Seibu 9024.T | Japan | $6.11B | +2% | -41% | 10% | 29.6× | n/a | n/a |
| Vail Resorts MTN | United States | $5.66B | +26% | -4% | 16% | 27.9× | 9.6% | +8.2% |
| Wyndham Hotels & Resorts WH | United States | $5.64B | -6% | +1% | 37% | 15.2× | 1.8% | +1.8% |
| Choice Hotels International CHH | United States | $5.29B | +12% | +2% | 25% | 15.8× | 4.8% | +15.6% |
| Accor AC.PA | France | $12.8B | +12% | 0% | 16% | 22.9× | 14.4% | +28.3% |
| Indian Hotels INDHOTEL.NS | India | $13.4B | +33% | +15% | 26% | 55.6× | 42.0% | +43.8% |
| Red Rock Resorts RRR | United States | $5.06B | -11% | +1% | 23% | 17.9× | 13.3% | +11.2% |
| Atour Lifestyle Holdings Ltd. Sponsored ADR ATAT | United States | $4.82B | -6% | +45% | 21% | 15.8× | 1.8% | +43.1% |
| Travel + Leisure TNL | United States | $4.54B | +15% | +5% | 17% | 8.8× | 3.2% | +11.2% |
| H World 1179.HK | Hong Kong | $15.3B | +3% | +13% | 27% | 18.8× | 6.2% | +19.1% |
| Monte-Carlo Societe des Bains de Mer BAIN.PA | France | $4.06B | +9% | +12% | 9% | n/a | 24.2% | +20.7% |
| Hyatt Hotels H | United States | $17.2B | +10% | +3% | 9% | 42.4× | 27.9% | +27.7% |
| ITC Hotels ITCHOTELS.NS | India | $3.85B | +5% | +65% | 25% | 34.6× | 37.0% | +64.8% |
| Shanghai Jin Jiang International Hotels 600754.SS | China | $3.18B | -16% | +5% | 14% | 19.5× | -8.1% | +6.9% |
| Guoco 0053.HK | Hong Kong | $2.90B | 0% | -11% | 13% | n/a | -3.9% | +16.0% |
| InterContinental Hotels Group PLC Sponsored ADR IHG | United States | $25.3B | +19% | +3% | 24% | 23.8× | 12.7% | +16.6% |
| Melia Hotels International MEL.MC | Spain | $2.67B | -10% | +5% | 13% | 15.2× | 7.3% | +31.5% |
| Leela Palaces Hotels & Resorts THELEELA.NS | India | $2.45B | +65% | +17% | 42% | 43.7× | n/a | n/a |
Norwegian Cruise Line has 6 bonds outstanding with $5.27B face value. The agencies rate it B+; its bonds trade like B+. Weighted yield 7.39%, a spread of 277 bp over government bonds.