# Norwegian Cruise Line Holdings Ltd. (NCLH)

> Source: Nexqual · https://nexqual.com/NCLH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Norwegian Cruise Line Holdings Ltd. (NCLH), nexqual.com/NCLH" · informational, not investment advice.

**Price:** USD 15.54 (-0.32% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 15.59 · day 15.23–15.8 · 52w 13.63–25.13 · market cap $7.14B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $10.2B, net income $761M (7.5% margin), free cash flow -$1.19B (SEC filings).
- Valuation: P/E 9.4x (avg 30.4x at the last 3 fiscal year-ends), EV/EBITDA 8.3x, net debt $15.2B.
- Earnings quality: non-operating income -$759M vs operating income $1.53B over the last four quarters; P/E excluding non-operating income ≈4.7x (estimate: non-operating income taxed at the company's 1.6% effective rate).
- 3 of 80 tracked superinvestors hold NCLH (13F, Q2 2026): 0 new, 3 added, 0 reduced, 0 unchanged.
- Total return with dividends: 1Y -33.8% vs S&P 500 +14.9%; 5Y -39.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.94, revenue estimate $2.88B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $648M | $4.84B | $8.55B | $9.48B | $9.83B | $10.2B |
| Gross profit | -$960M | $577M | $3.08B | $3.79B | $4.19B | — |
| Operating income | -$2.55B | -$1.55B | $931M | $1.47B | $1.56B | $1.53B |
| Net income | -$4.51B | -$2.27B | $166M | $910M | $423M | $761M |
| EPS (diluted) | -$12.33 | -$5.41 | $0.39 | $1.89 | $0.92 | — |
| Free cash flow | -$3.22B | -$1.57B | -$745M | $839M | -$1.17B | -$1.19B |
| Gross margin | -148.2% | 11.9% | 36.0% | 40.0% | 42.6% | — |
| Operating margin | -393.9% | -32.0% | 10.9% | 15.5% | 15.9% | 15.1% |
| Net margin | -695.5% | -46.9% | 1.9% | 9.6% | 4.3% | 7.5% |
| Revenue growth | -49.4% | +647.5% | +76.5% | +10.9% | +3.7% | — |
| Cash + short-term investments | $1.75B | — | — | $191M | $210M | — |
| Total debt | $12.6B | $13.9B | $14.4B | $13.4B | $15.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.4x · P/E ex non-operating (est.) ≈4.7x · P/S 0.7x · EV/EBITDA 8.3x · EV/Sales 2.2x · P/B 2.8x · FCF yield -16.61% · Earnings yield 10.66% · Net debt $15.2B · EV $22.4B
P/E at fiscal year-ends: Dec 2025 25.2x, Dec 2024 14.6x, Dec 2023 51.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold NCLH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Samantha McLemore | Patient Capital Management | 4.23% | $127M | Added +4.9% |
| John Rogers | Ariel Investments | 3.25% | $326M | Added +5.3% |
| Seth Klarman | Baupost Group | 3.01% | $163M | Added +113.0% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | TD Cowen | Target lowered | Buy | $24 → $20 |
| 2026-10-20 | Susquehanna | Target lowered | Neutral | $17 → $16 |
| 2026-10-12 | Wells Fargo | Target lowered | Overweight | $20 → $18 |
| 2026-10-02 | Citigroup | Target lowered | Buy | $22 → $19 |
| 2026-09-24 | Truist Securities | Target lowered | Hold | $20 → $16 |
| 2026-09-24 | JP Morgan | Target lowered | Neutral | $17 → $13 |
| 2026-09-04 | Wells Fargo | Target lowered | Overweight | $22 → $20 |
| 2026-08-18 | UBS | Target raised | Neutral | $17 → $20 |
| 2026-08-18 | Mizuho | Downgrade | Outperform → Neutral | $22 → $17 |
| 2026-07-31 | Citigroup | Target lowered | Buy | $25 → $22 |
| 2026-07-31 | Mizuho | Target lowered | Outperform | $24 → $22 |
| 2026-07-31 | Wells Fargo | Target lowered | Overweight | $25 → $22 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -33.8% | -39.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -33.9% | -9.4% |
| Volatility (annualized) | 54.7% | 54.1% |
| Max drawdown | -43.6% (Feb 2026→Sep 2026) | -60.8% (Nov 2021→Jun 2022) |

## Peers (Travel Services)
MMYT (MakeMyTrip Limited) USD 45.34 +2.35% · TNL (Travel   Leisure Co.) USD 67.32 +0.21% · LIND (Lindblad Expeditions Holdings I) USD 35.25 -2.60% · TCOM (Trip.com Group Limited) USD 39.57 +0.66% · PRSU (Pursuit Attractions and Hospita) USD 56.29 +0.48% · EXPE (Expedia Group, Inc.) USD 298.49 +4.50%

## More
Full page: https://nexqual.com/NCLH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name NCLH in their own reports (relationship from NCLH's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | PENN Entertainment, Inc. (PENN) | 10-K 2026-02-26 | "We seek to grow our customer database and PENN Play loyalty program through our iCasino and OSB businesses, the development of new properties, the expansion of existing properties and other business l…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.94 | $0.90 | +4.3% | $2.88B | 20 |
| Next quarter (ends 2026-12-31) | $-0.10 | $0.13 | -180.7% | $2.20B | 20 |
| Current fiscal year (ends 2026-12-31) | $1.55 | $1.67 | -7.2% | $10.06B | 26 |
| Next fiscal year (ends 2027-12-31) | $1.49 | $2.00 | -25.6% | $10.55B | 26 |