Norwegian Cruise Line Holdings Ltd. (NCLH) Stock

Norwegian Cruise Line Holdings Ltd. (NCLH) is a Industrials stock trading at $17.22 (as of 2026-08-24), with a market capitalization of $7.91B and a trailing P/E of 10.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Norwegian Cruise Line Holdings Ltd., through its subsidiaries, operates cruise brands including Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, serving customers in North America, Europe, and the Asia-Pacific and other international markets. It offers cruise itineraries across a range of destinations and distributes voyages through travel advisor and onboard sales, as well as meetings, incentives, and charters.

Understand Norwegian Cruise Line Holdings Ltd.: how it makes money

Norwegian Cruise Line Holdings operates cruise vacations under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands, and it makes money primarily from passenger ticket revenue and onboard and other spending during voyages.

The profit engine is booking cash and revenue timing, advanced ticket sales balances and customer deposits must convert into passenger ticket revenue as voyages start and sail, while onboard and other revenue adds incremental spend during the cruise.

Revenue by segment (latest quarter)
Ticket	$1.5B
Onboard	$0.8B

Business quality (Weak): Moderate, the provided facts show revenue split and several leading demand and cash-flow indicators (advanced ticket sales and deposits), but they do not include key cost and fleet operating details needed to fully assess operating leverage.

Valuation: At 17× earnings, NCLH trades in line with the Transportation average (18×). Note: one-time items can distort reported P/E.

Bull case

Demand and revenue visibility from bookings, with Advanced Ticket Sales Balance (Including the Long-Term Portion) reported at 4.0 USD_B: Customer deposits are also substantial, with Advanced Customer Deposits reported at 3.1 USD_B, which supports the cash and booking pipeline that feeds future voyages.
Operational fill looks strong in the reported operating indicators: Occupancy Load Factor is reported at 106.4 percent and Occupancy (Capacity Passenger Hours) at 101.5 percent, suggesting ships are running at high utilization.

Bear case

Conversion risk from booked balances to earned revenue: The business relies on advanced ticket sales balances progressing into passenger ticket revenue as voyages occur, so if booking momentum weakens, future revenue and cash timing can be affected.
Sensitivity to utilization and demand conditions: Occupancy and load factor are key operating snapshots, so downside in demand or utilization would likely pressure the share of capacity that can be sold as passenger ticket revenue and supported onboard spend.

Valuation — source: SEC EDGAR (first-party)
Price	$17.22
Market Cap	$7.91B
P/E Ratio	10.4
EV / EBITDA	2.8
Price / Book	3.07
Price / Sales	0.78
FCF Yield	-15.0%
DCF Value (model)	$103.00
DCF Upside vs Price	498.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$9.83B
Net Margin	4.3%
Revenue Growth (YoY)	4.9%
EPS Growth (YoY)	585.7%
FCF Growth (YoY)	-62.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.32 (distress)

Valuation vs Sector & Industry
Stock P/E	10.4
Sector P/E (Industrials)	26.0
Industry P/E (Transportation)	17.0
vs Sector	-60.0%
vs Industry	-38.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($1.18B)
Institutional Holders Tracked	10
Congressional Trades (recent)	3

Company
Sector	Industrials
Industry	Transportation
CEO	John W. Chidsey
Employees	41,700
Country	US
IPO Date	2013-01-18

Related Companies (Transportation; 8 comparable transport companies)

Data as of 2026-08-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.