Norwegian Cruise Line Holdings NCLH
United StatesConsumer Cyclical · Travel ServicesUSD
20.08 USD (+33.4%)
25 analysts
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Norwegian Cruise Line Holdings is one of the world's largest cruise operators, running the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands, offering leisure travel to global destinations with a business model of selling cruise packages and onboard spending.
Key points
from its scores- ✓Strong growth7.3
- ✕Little or no dividend1.5
- ✕Poor share-price trend1.5
- ✕Unfavourable risk and backdrop2.2
AI analysis
bottom line, main risk, context and newsWait for the balance sheet to show real debt reduction and improved free cash flow generation before considering an entry, despite the attractive P/E.
Norwegian Cruise Line Holdings shows a mixed profile: attractive valuation (P/E 9.29) and exceptional ROE (36.73), but with a highly leveraged balance sheet (Net Debt/EBITDA 6.08, current ratio 0.20) and negative free cash flow conversion (-64.77) that weigh on its financial health. The 616% earnings growth is a rebound from a depressed base, not a sustainable trend, and momentum is very negative (-33.99).
Extreme leverage (Net Debt/EBITDA of 6.08) with a current ratio of 0.20 exposes the company to significant refinancing risk if the interest rate environment remains elevated or if cruise demand weakens.
Context and risks
Norwegian Cruise Line Holdings has no material exposure to current macro factors. Its cruise business does not depend on crude oil as a primary input (fuel is a relevant but not dominant cost compared to discretionary demand), has no significant tariff exposure, and its debt, although high, is mostly in USD without refinancing currency risk.
Is Norwegian Cruise Line Holdings stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 35% below the Consumer Cyclical median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 9.3 | 17.8 | −48% |
| EV / EBITDA | 8.7 | 11.2 | −22% |
| Price / book | 2.7 | 2.9 | −6% |
| Price / sales | 0.7 | 1.3 | −46% |
Sector: median of the 228 Consumer Cyclical companies analysed. In bold, the multiples used for the comparison.
Valuation score: 6.7 out of 10 (median for Consumer Cyclical: 6.6).
Average analyst target: 20.08 USD, +33.4% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 2.6 (sector 5.7), Growth 7.3 (sector 5.9).
Classic formulas with standard assumptions (2.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Consumer Cyclical medianValuation
- P/E
- 9.3
- Forward P/E
- 9.1
- EV / EBITDA
- 8.7
- Price / book
- 2.7
- Price / sales
- 0.7
- PEG
- 1.30
- Market cap
- 6.9B USD
- Enterprise value
- 22.7B USD
Profitability
- ROE
- 36.7%
- ROA
- 4.3%
- ROIC (approx.)
- 7.7%
- Gross margin
- 42.5%
- Operating margin
- 14.0%
- Net margin
- 7.5%
- Free cash flow
- −1.7B USD
- FCF yield
- −24.3%
- Cash conversion
- −65%
Solvency
- Total debt
- 16.0B USD
- Net debt
- 15.8B USD
- Cash
- 218.1M USD
- EBITDA
- 2.6B USD
- Net debt / EBITDA
- 6.08
- Debt / equity
- 621.05
- Current ratio
- 0.20
- Quick ratio
- 0.08
Growth
- Revenue growth
- +4.9%
- Earnings growth
- +616.3%
- EPS (TTM)
- 1.62 USD
- EPS (forward)
- 1.65 USD
Dividend
- Dividend yield
- 0.0%
- Payout
- 0.0%
Risk and market
- Beta
- 1.96
- Analyst consensus
- Buy (25)
- Target price
- 20.08 USD
- 52-week range
- 13.63 – 25.13
Recent news
All NCLH news →Compare it with its sector
All 228 in Consumer Cyclical →Frequently asked questions about Norwegian Cruise Line Holdings
Is Norwegian Cruise Line Holdings stock cheap or expensive?
On P/E and EV / EBITDA, it trades 35% below the Consumer Cyclical median on average. Valuation score: 6.7 out of 10 (median for Consumer Cyclical: 6.6). Average analyst target: 20.08 USD, +33.4% versus the price. This is not investment advice.
What score does Norwegian Cruise Line Holdings get on MeridIAn Screener?
It scores 4.4 out of 10, rank 1,905 of 2,130 (better than 10% of the companies analysed). Its strongest category is Growth (7.3) and its weakest, Dividend (1.5). Analysis of 08/10/2026.
What is Norwegian Cruise Line Holdings's P/E ratio?
Its P/E is 9.3: the share price equals 9.3 times earnings per share over the last 12 months. The Consumer Cyclical median is 17.8. Based on the earnings analysts expect, the forward P/E is 9.1.
How much is Norwegian Cruise Line Holdings worth on the stock market?
Its market capitalisation is 6.9B USD and its enterprise value, debt included, is 22.7B USD.
How much debt does Norwegian Cruise Line Holdings have?
Its net debt (debt minus cash) is 15.8B USD. That is 6.08 times its EBITDA; the Consumer Cyclical median is 1.91.
Does Norwegian Cruise Line Holdings pay a dividend?
It pays no dividend, or almost none.
How has Norwegian Cruise Line Holdings stock performed over the last year?
It has fallen 33.0% over the last year, excluding dividends. Over the last 52 weeks it has traded between 13.63 and 25.13 USD. Past performance does not guarantee future results.
What do analysts think of Norwegian Cruise Line Holdings?
25 analysts cover it; their average recommendation is “Buy” and their average target is 20.08 USD (+33.4% versus the price). It is an estimate, not market data.