Norwegian Cruise Line Holdings Ltd. (NCLH) Key Metrics
NCLH valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $6.91B
- Enterprise value
- $21.33B
- P/E (TTM)
- 9.3 10-yr median 15.3
- Forward P/E
- 8.5
- PEG ratio
- 1.18
- Price / sales
- 0.7 10-yr median 1.8
- Price / book
- 2.5 10-yr median 2.6
- EV / EBITDA
- 7.5 10-yr median 10.8
- Dividend yield
- —
- Beta
- 1.96
NCLH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNCLH valuation Price multiples at each fiscal year-end price.
NCLH returns How much profit the business earns on the capital it uses.
NCLH per-share figures Results divided by the shares outstanding at year-end.
NCLH financial health Debt, liquidity and how easily interest is covered.
NCLH efficiency & capital use Working capital cycle and where the cash goes.
NCLH valuation history
NCLH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NCLH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NCLH cash returned to shareholders
NCLH price vs earnings per share
NCLH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $10.26B | $13.25B | $8.57B | $5.14B | $7.58B | $6.48B | $12.64B | $9.51B | $12.22B | $9.69B |
| Enterprise value | $24.65B | $26.98B | $22.22B | $17.81B | $18.28B | $14.98B | $19.19B | $15.84B | $18.36B | $15.96B |
| P/E ratio | 24.2 | 14.6 | 51.5 | — | — | — | 13.6 | 10.0 | 16.1 | 15.3 |
| Price / sales | 1.0 | 1.4 | 1.0 | 1.1 | 11.7 | 5.1 | 2.0 | 1.6 | 2.3 | 2.0 |
| Price / book | 4.6 | 9.3 | 28.5 | 74.9 | 3.1 | 1.5 | 1.9 | 1.6 | 2.1 | 2.1 |
| Price / free cash flow | — | 15.8 | — | — | — | — | 68.2 | 18.7 | 57.3 | 65.7 |
| Price / operating cash flow | 4.9 | 6.5 | 4.3 | 24.5 | — | — | 6.9 | 4.6 | 7.7 | 7.8 |
| EV / sales | 2.5 | 2.8 | 2.6 | 3.7 | 28.2 | 11.7 | 3.0 | 2.6 | 3.4 | 3.3 |
| EV / EBITDA | 6.5 | 10.8 | 12.5 | — | — | — | 10.6 | 8.8 | 11.7 | 11.7 |
| EV / free cash flow | — | 32.2 | — | — | — | — | 103.5 | 31.2 | 86.0 | 108.2 |
| Earnings yield | 4.1% | 6.9% | 1.9% | −44.2% | −59.5% | −61.9% | 7.4% | 10.0% | 6.2% | 6.5% |
| Free cash flow yield | −11.4% | 6.3% | −8.7% | −30.6% | −42.5% | −54.1% | 1.5% | 5.3% | 1.7% | 1.5% |
| Dividend yield | — | — | 4.0% | 0.3% | 34.4% | 93.9% | 0.3% | — | 0.0% | 38.8% |
| Shareholder yield (dividends + buybacks) | 0.2% | 0.2% | 4.4% | 0.7% | 34.6% | 94.1% | 3.2% | 7.1% | 0.1% | 39.3% |
| Share price at fiscal year-end | $22.32 | $25.73 | $20.04 | $12.24 | $20.74 | $25.43 | $58.41 | $42.39 | $53.25 | $42.53 |
| Per share | ||||||||||
| Revenue per share | $21.39 | $18.41 | $20.00 | $11.54 | $1.77 | $5.02 | $29.85 | $26.98 | $23.51 | $21.39 |
| Earnings per share | $0.92 | $1.77 | $0.39 | −$5.41 | −$12.33 | −$15.75 | $4.30 | $4.25 | $3.31 | $2.78 |
| Operating cash flow per share | $4.55 | $3.98 | $4.69 | $0.50 | −$6.75 | −$10.04 | $8.42 | $9.25 | $6.91 | $5.44 |
| Free cash flow per share | −$2.55 | $1.63 | −$1.74 | −$3.75 | −$8.81 | −$13.75 | $0.86 | $2.27 | $0.93 | $0.65 |
| Cash per share | $0.46 | $0.37 | $0.94 | $2.26 | $4.78 | $12.96 | $1.17 | $0.73 | $0.77 | $0.56 |
| Book value per share | $4.81 | $2.77 | $0.70 | $0.16 | $6.66 | $17.09 | $30.10 | $26.57 | $25.05 | $19.92 |
| Tangible book value per share | $3.42 | $1.53 | −$0.70 | −$1.26 | $5.02 | $14.74 | $19.86 | $16.61 | $15.20 | $9.83 |
| Dividends per share | — | — | $0.81 | $0.04 | $7.13 | $23.87 | $0.15 | — | $0.00 | $16.50 |
| Capex per share | $7.09 | $2.35 | $6.44 | $4.25 | $2.06 | $3.72 | $7.56 | $6.98 | $5.98 | $4.79 |
| Debt per share | $31.79 | $27.02 | $32.89 | $32.45 | $34.06 | $46.35 | $31.42 | $28.93 | $27.48 | $28.08 |
| Shares outstanding | 459.5M | 515.0M | 427.4M | 419.8M | 365.4M | 254.7M | 216.5M | 224.4M | 229.6M | 227.9M |
| Change in shares outstanding | −10.8% | +20.5% | +1.8% | +14.9% | +43.5% | +17.7% | −3.5% | −2.2% | +0.8% | −1.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 23.3% | 105.5% | 90.0% | −181.5% | −132.8% | −73.8% | 14.9% | 16.3% | 14.8% | 15.2% |
| Return on invested capital (ROIC) | 9.9% | 10.1% | 7.0% | −9.5% | −15.5% | −21.2% | 9.3% | 9.9% | 9.1% | 8.8% |
| Return on assets (ROA) | 2.0% | 4.6% | 0.9% | −12.2% | −24.3% | −22.9% | 5.8% | 6.5% | 5.6% | 5.0% |
| Return on tangible assets | 1.9% | 4.7% | 0.9% | −12.6% | −24.9% | −22.5% | 6.4% | 7.4% | 6.4% | 5.9% |
| Free cash flow margin | −11.9% | 8.8% | −8.7% | −32.5% | −497.1% | −273.7% | 2.9% | 8.4% | 4.0% | 3.0% |
| Income quality (OCF / net income) | 4.94 | 2.25 | 12.07 | — | — | — | 1.96 | 2.17 | 2.09 | 1.96 |
| Financial health | ||||||||||
| Total debt | $14.61B | $13.92B | $14.06B | $13.62B | $12.45B | $11.81B | $6.80B | $6.49B | $6.31B | $6.40B |
| Cash & short-term investments | $209.9M | $190.8M | $402.4M | $947.0M | $1.75B | $3.30B | $252.9M | $163.9M | $176.2M | $128.3M |
| Net debt | $14.40B | $13.73B | $13.66B | $12.67B | $10.70B | $8.51B | $6.55B | $6.33B | $6.13B | $6.27B |
| Debt / equity | 6.61 | 9.76 | 46.74 | 198.59 | 5.12 | 2.71 | 1.04 | 1.09 | 1.10 | 1.41 |
| Debt / assets | 0.65 | 0.70 | 0.72 | 0.73 | 0.66 | 0.64 | 0.41 | 0.43 | 0.45 | 0.49 |
| Net debt / EBITDA | 3.77 | 5.50 | 7.70 | — | — | — | 3.61 | 3.50 | 3.92 | 4.59 |
| Current ratio | 0.21 | 0.17 | 0.22 | 0.37 | 0.89 | 1.86 | 0.20 | 0.17 | 0.21 | 0.18 |
| Quick ratio | 0.18 | 0.15 | 0.19 | 0.34 | 0.85 | 1.82 | 0.18 | 0.15 | 0.18 | 0.15 |
| Interest coverage | 0.7 | 2.0 | 1.3 | -1.9 | -1.2 | -7.2 | 4.6 | 4.5 | 3.9 | 3.3 |
| Working capital | −$4.31B | −$4.77B | −$4.73B | −$3.18B | −$428.9M | $1.64B | −$2.85B | −$2.60B | −$1.97B | −$1.90B |
| Invested capital | $16.61B | $15.15B | $13.96B | $12.74B | $13.13B | $12.86B | $13.06B | $12.29B | $11.88B | $10.81B |
| Tangible asset value | $1.57B | $789.1M | −$297.9M | −$530.1M | $1.83B | $3.76B | $4.30B | $3.73B | $3.49B | $2.24B |
| Net current asset value | −$19.19B | −$17.53B | −$17.88B | −$16.62B | −$13.00B | −$10.49B | −$9.44B | −$8.69B | −$7.83B | −$8.03B |
| Graham number | $9.98 | $10.49 | $2.48 | — | — | — | $53.95 | $50.43 | $43.19 | $35.29 |
| Graham net-net per share | −$43.16 | −$35.17 | −$43.29 | −$41.03 | −$37.26 | −$41.96 | −$45.33 | −$40.07 | −$35.26 | −$36.11 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $346.9M | $15.7M | $2.60B | $6.08B | $31.9M | — | $0 | $3.76B |
| Share buybacks (net) | $23.8M | $25.3M | $26.9M | $21.0M | $16.7M | $15.4M | $370.8M | $678.7M | $6.3M | $50.0M |
| Dividend payout ratio | — | — | 208.7% | — | — | — | 3.4% | — | 0.0% | 594.0% |
| Dividends + buybacks / free cash flow | — | 3.0% | — | — | — | — | 217.2% | 133.5% | 3.0% | — |
| Capex / revenue | 33.2% | 12.8% | 32.2% | 36.8% | 116.2% | 74.0% | 25.3% | 25.9% | 25.4% | 22.4% |
| Capex / operating cash flow | 156.0% | 59.1% | 137.1% | 849.4% | — | — | 89.8% | 75.5% | 86.5% | 88.1% |
| Capex / depreciation | 2.80 | 1.24 | 3.11 | 2.20 | 0.99 | 1.28 | 2.53 | 2.76 | 2.63 | 2.45 |
| Stock-based compensation / revenue | 0.9% | 1.0% | 1.4% | 2.3% | 19.1% | 8.7% | 1.5% | 1.9% | 1.6% | 1.4% |
| SG&A / revenue | 15.8% | 15.1% | 16.3% | 28.5% | 137.6% | 58.2% | 15.1% | 14.8% | 14.3% | 13.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 9.5 | 9.7 | 12.9 | 56.3 | 334.6 | 13.6 | 3.7 | 3.0 | 3.6 | 4.1 |
| Days of inventory on hand | 7.9 | 9.9 | 10.2 | 11.4 | 22.8 | 19.2 | 9.2 | 9.3 | 8.8 | 8.0 |
| Days payables outstanding | 9.3 | 11.1 | 13.5 | 19.8 | 35.9 | 19.8 | 13.0 | 11.5 | 5.4 | 5.7 |
| Cash conversion cycle (days) | 8.1 | 8.4 | 9.7 | 47.9 | 321.5 | 13.0 | -0.0 | 0.8 | 7.0 | 6.3 |
| Receivables turnover | 38.31 | 37.79 | 28.19 | 6.49 | 1.09 | 26.75 | 99.15 | 122.07 | 100.70 | 90.09 |
| Payables turnover | 39.24 | 32.94 | 27.13 | 18.48 | 10.17 | 18.41 | 28.14 | 31.71 | 67.01 | 63.78 |
| Inventory turnover | 46.45 | 37.02 | 35.70 | 31.97 | 16.03 | 19.04 | 39.47 | 39.19 | 41.30 | 45.81 |
| Asset turnover | 0.46 | 0.48 | 0.45 | 0.26 | 0.03 | 0.07 | 0.41 | 0.41 | 0.40 | 0.39 |
| Average receivables | $256.5M | $250.8M | $303.3M | $746.9M | $594.0M | $47.8M | $65.2M | $49.6M | $53.6M | $54.1M |
| Average payables | $170.4M | $172.7M | $201.5M | $231.0M | $158.2M | $92.0M | $130.2M | $106.5M | $45.7M | $44.7M |
| Average inventory | $143.9M | $153.7M | $153.2M | $133.5M | $100.3M | $88.9M | $92.8M | $86.2M | $74.2M | $62.2M |
| Intangibles / total assets | 2.8% | 3.2% | 3.1% | 3.2% | 3.2% | 3.3% | 13.3% | 14.7% | 16.0% | 17.7% |
Computed from NCLH's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NCLH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Norwegian Cruise Line traded at 24.2 times earnings, against a 10-year median of 15.3. Based on the latest twelve months, the trailing P/E is 9.3 and the forward P/E is 8.5. Norwegian Cruise Line earned a return on equity of 23.3% and a return on invested capital of 9.9% in fiscal 2025. It ended the year with $14.6 billion of debt and $209.9 million in cash and short-term investments, net debt of $14.4 billion. It returned $23.8 million to shareholders: $0 in dividends and $23.8 million in share buybacks. The share count rose 101.7% from 227.9M to 459.5M over 9 years.
See the NCLH income statement, the NCLH chart for price history, or the NCLH stock overview for the latest quote and news.
NCLH key metrics FAQ
What is Norwegian Cruise Line's P/E ratio?
Norwegian Cruise Line's trailing P/E ratio is 9.3 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 8.5. At the end of fiscal 2025 it was 24.2, compared with a 10-year median of 15.3.
What is Norwegian Cruise Line's EV/EBITDA?
Norwegian Cruise Line's enterprise value was 6.5 times EBITDA at the end of fiscal 2025 (enterprise value $24.7 billion, EBITDA $3.8 billion); the current EV/EBITDA is 7.5.
What is Norwegian Cruise Line's return on equity?
Norwegian Cruise Line's return on equity (ROE) was 23.3% in fiscal 2025: net income of $423.2 million on average shareholders' equity of $1.8 billion.
What is Norwegian Cruise Line's ROIC?
Norwegian Cruise Line's return on invested capital was 9.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Norwegian Cruise Line have?
Norwegian Cruise Line had total debt of $14.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 6.61 and $14.4 billion of net debt (3.77 times EBITDA).
Does Norwegian Cruise Line buy back its shares?
Yes. Norwegian Cruise Line spent $23.8 million on net share repurchases in fiscal 2025 Shares outstanding changed −10.8% over the year, to 459.5M..
What is Norwegian Cruise Line's free cash flow yield?
Norwegian Cruise Line generated -$1.2 billion of free cash flow in fiscal 2025, a free cash flow yield of −11.4% on its market value at year-end ($10.3 billion).
What is Norwegian Cruise Line's current ratio?
Norwegian Cruise Line's current ratio was 0.21 at the end of fiscal 2025: current assets were 0.21 times current liabilities.