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Norwegian Cruise Line Holdings

NCLH on NYSE. Norwegian Cruise Line Holdings sells cruises to travelers worldwide under three brands. Market value $6.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Retail & consumer stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-16.6%low

For every $100 of what the whole company costs, it produced $-16.64 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
14.6×fair

You pay 14.6 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
5.3%five-year median

Each dollar kept in the business earns 5 cents a year. Above 10 is good.

Quality score: 45 of 100. Price score: 61 of 100. Our list needs 70 on quality and 60 on price.

$15.51 a share, 14% above its 1-year low

Over the past year the price has ranged from $13.63 to $25.13.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-3.2
-1.6
-0.7
0.8
-1.2
-1.2
2021202220232024202512 monthsto Jun '26
Revenue
$648m$4.8bn$8.5bn$9.5bn$9.8bn
Operating margin
-393.9%-32.0%10.9%15.5%15.9%
Debt to equity
5.12198.5946.749.196.61
Shares outstanding
0.42bn0.43bn0.44bn0.46bn0.46bn

Health checks

  • Free cash flow positive1 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt6.61× equity
  • Revenue growth, five yearsStrong, 50.3% a year
  • Buying back its own sharesNo, 9% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2.6 billion last quarter, up 5% on a year ago.
  • Profit: $223 million, up 642% on a year ago.
  • It keeps 15 cents of each $1 of sales as operating profit, down from 16 cents a year earlier.
  • Over the past 12 months it spent $1.2 billion more cash than it brought in, compared with $504 million a year earlier.
  • 4% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $15.2 billion more than cash, up from $13.9 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2.8bn
December 2024$2.1bn
March 2025$2.1bn
June 2025$2.5bn
September 2025$2.9bn
December 2025$2.2bn
March 2026$2.3bn
June 2026$2.6bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$475m
December 2024$255m
March 2025-$40m
June 2025$30m
September 2025$419m
December 2025$14m
March 2026$105m
June 2026$223m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
4 November 2026
Last annual report (10-K)
2 March 2026
Next quarterly (estimated, 10-Q)
2 November 2026

Who owns it

7 long-term investors we follow own it, unchanged from 7 last quarter. 635 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 13 insiders bought $31m of shares on the open market. 1 sold $110,250.

  • PAGLIUCA STEPHEN G
    Director
    Bought
    Date
    2 June 2026
    Shares
    685,000
    Price
    $18.06
    Value
    $12m
  • PAGLIUCA STEPHEN G
    Director
    Bought
    Date
    1 June 2026
    Shares
    695,000
    Price
    $18.16
    Value
    $13m
  • CHIDSEY JOHN
    President and CEO, Director
    Bought
    Date
    22 May 2026
    Shares
    153,000
    Price
    $16.37
    Value
    $3m
  • COHEN JONATHAN Z
    Director
    Bought
    Date
    20 May 2026
    Shares
    30,000
    Price
    $15.83
    Value
    $474,900
  • Cil Jose E.
    Director
    Bought
    Date
    19 May 2026
    Shares
    10,000
    Price
    $14.91
    Value
    $149,100
  • Cil Jose E.
    Director
    Bought
    Date
    18 May 2026
    Shares
    5,000
    Price
    $15.25
    Value
    $76,250
  • MacDonald Brian P
    Director
    Bought
    Date
    11 May 2026
    Shares
    15,000
    Price
    $16.54
    Value
    $248,100
  • Lansberry Kevin Allen
    Director
    Bought
    Date
    7 May 2026
    Shares
    11,400
    Price
    $17.28
    Value
    $196,992
  • Byng-Thorne Zillah
    Director
    Bought
    Date
    7 May 2026
    Shares
    29,467
    Price
    $17.69
    Value
    $521,394
  • Ashby Faye L.
    SVP & Chief Accounting Officer
    Sold
    Date
    12 December 2025
    Shares
    5,250
    Price
    $21.00
    Value
    $110,250

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 3 Aug 2026 and 8 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 6.6× its equity.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.