Norwegian Cruise Line Holdings Balance Sheet Health
Financial Health criteria checks 0/6
Norwegian Cruise Line Holdings has a total shareholder equity of $2.4B and total debt of $15.2B, which brings its debt-to-equity ratio to 623.3%. Its total assets and total liabilities are $23.8B and $21.4B respectively. Norwegian Cruise Line Holdings's EBIT is $1.6B making its interest coverage ratio 2.4. It has cash and short-term investments of $185.0M.
Key information
623.29%
Debt to equity ratio
US$15.15b
Debt
| Interest coverage ratio | 2.4x |
| Cash | US$185.05m |
| Equity | US$2.43b |
| Total liabilities | US$21.36b |
| Total assets | US$23.79b |
Recent financial health updates
Analysis Article • Jan 05
Is Norwegian Cruise Line Holdings (NYSE:NCLH) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Jul 30
These 4 Measures Indicate That Norwegian Cruise Line Holdings (NYSE:NCLH) Is Using Debt Extensively
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Recent updates
Seeking Alpha • 9h
Norwegian Cruise Line: The Fuel Catalyst Is Here
Summary Norwegian Cruise Line Holdings Ltd. is positioned for upside as energy prices fall following a U.S.-Iran preliminary peace agreement, easing recent margin headwinds. NCLH trades at a compelling 10X forward earnings, notably cheaper than peers, with potential for multiple expansion if EPS guidance is revised upward and margin headwinds fade. Despite fuel-driven EPS cuts and headwinds to booking growth in Europe, NCLH delivered 10% year-over-year revenue growth in Q1 and remains solidly profitable, supporting a confirmed 'Buy' rating. NCLH risks include renewed Middle East tensions impacting fuel costs, but current sector dynamics and cost relief create a favorable investment setup. Read the full article on Seeking AlphaAnalysis Article • 18h
Norwegian Cruise Line Holdings (NCLH) Stock Could Be 17.4% Undervalued After Oil Prices Fell
The recent U.S.-Iran peace agreement, which has pushed crude oil prices lower, put Norwegian Cruise Line Holdings (NCLH) in focus as investors weighed how cheaper fuel could affect costs ahead of the summer booking period. See our latest analysis for Norwegian Cruise Line Holdings. Norwegian Cruise Line Holdings has seen strong short term momentum, with a 1 month share price return of 30.99%, while its year to date share price return is down 10.76% and the 1 year total shareholder return is...
Narrative Update • Jun 16
NCLH: Turnaround Plan And Lower Fuel Costs Will Drive Margin Recovery
Analyst fair value for Norwegian Cruise Line Holdings has been adjusted slightly lower, from about $29.82 to $29.72. Analysts are balancing lower fuel cost benefits and higher profit margin expectations against reduced future P/E assumptions and ongoing industry wide price target resets.Narrative Update • Jun 02
NCLH: Turnaround Plan Execution Will Drive Future Margin Recovery Potential
Analysts have reset expectations on Norwegian Cruise Line Holdings, with the updated price target moving to about $29.82 from $36.40 as they factor in lower projected revenue growth and profit margins, partly offset by confidence in cost initiatives and the "Norwegian Now" turnaround plan. Analyst Commentary Recent research on Norwegian Cruise Line Holdings shows a mix of caution and optimism, with many firms revisiting their models after Q1 guidance updates, changing booking trends and shifting views on the cruise group as a whole.Analysis Article • May 07
Norwegian Cruise Line Holdings Ltd. Just Recorded A 171% EPS Beat: Here's What Analysts Are Forecasting Next
The first-quarter results for Norwegian Cruise Line Holdings Ltd. ( NYSE:NCLH ) were released last week, making it a...
Narrative Update • Apr 29
NCLH: Activist Stake And New CEO Plan Will Reshape Earnings Power
Analysts have reduced the fair value estimate for Norwegian Cruise Line Holdings to about $24.61 from roughly $26.43, as recent cuts in Street price targets reflect slightly softer revenue growth and profit margin assumptions, along with a modestly higher future P/E multiple. Analyst Commentary Street research around Norwegian Cruise Line Holdings has been active, with multiple firms trimming price targets and reassessing earnings power after recent guidance.Narrative Update • Apr 15
NCLH: Margin Recovery Thesis Will Rely On Execution Under New Leadership
Narrative Update on Norwegian Cruise Line Holdings The analyst price target for Norwegian Cruise Line Holdings has moved lower by several dollars. Analysts point to reduced revenue growth and profit margin assumptions, a slightly adjusted discount rate, and a modestly higher future P/E multiple as they recalibrate expectations following softer yield guidance and updated long term outlooks.
Narrative Update • Apr 01
NCLH: Caribbean Capacity Shift And Activist Pressure Will Shape 2026 Earnings
Analysts have nudged the fair value estimate for Norwegian Cruise Line Holdings to $19.00, reflecting slightly softer revenue growth and profit margin assumptions, a higher discount rate, and a higher future P/E multiple, as they recalibrate expectations following lower price targets and more cautious yield and earnings commentary across recent research. Analyst Commentary Recent Street research around Norwegian Cruise Line Holdings has turned more cautious, with a series of price target cuts and several downgrades framing the current debate on execution, growth, and valuation risk.Narrative Update • Mar 17
NCLH: Activist Pressure And New CEO Plan Will Rebuild Earnings Power
Analysts have trimmed the fair value estimate for Norwegian Cruise Line Holdings to $26.43 from $27.25 because reduced revenue growth and profit margin assumptions, along with more conservative net yield and EBITDA expectations reflected in revised Street price targets, offset a slightly higher future P/E multiple and a marginally higher discount rate. Analyst Commentary Recent Street research around Norwegian Cruise Line Holdings has turned more cautious, with several firms trimming price targets after Q4 results and updated guidance.Narrative Update • Mar 03
NCLH: Elevated Caribbean Capacity And Weak 2026 Outlook Will Pressure Earnings
Analysts have trimmed their average price targets on Norwegian Cruise Line Holdings by a few dollars into a roughly $19 to $32 range, reflecting weaker than expected 2026 guidance and concerns around execution, Caribbean capacity and certain operating markets, while also highlighting management's renewed focus on efficiency, return on invested capital and culture under the new CEO. Analyst Commentary Recent Street research has centered on weaker than expected 2026 guidance, a reset of earnings expectations and questions around execution under new leadership.Narrative Update • Feb 17
NCLH: Activist Stake And New Leadership Will Reset Earnings Power
Analysts have trimmed their average price target for Norwegian Cruise Line Holdings to about $27.25 from roughly $27.93, reflecting slightly softer assumptions on revenue growth and profit margins, even as some firms highlight resilient cruise demand and view near term Caribbean and geopolitical pressures as temporary. Analyst Commentary Analyst views on Norwegian Cruise Line Holdings are mixed, with recent reports showing both optimism on demand and capacity trends and growing caution around regional pressures and valuation risk.Narrative Update • Feb 03
NCLH: Margin Recovery Thesis Relies On Resilient Cruise Demand Trends
Analysts have trimmed their blended price target for Norwegian Cruise Line Holdings by about US$1, reflecting a slightly higher discount rate and lower margin assumptions, even as recent research points to firm cruise demand and ongoing price target revisions across the sector. Analyst Commentary Recent Street research on Norwegian Cruise Line Holdings shows a mixed but generally constructive tone, with several bullish analysts lifting price targets and highlighting demand indicators, while a few cautionary voices flag risks around future capacity and Caribbean exposure.Narrative Update • Jan 19
NCLH: Elevated Caribbean Capacity Will Restrain Future Occupancy And Earnings Power
Analysts have lifted their price targets on Norwegian Cruise Line Holdings by up to US$8, pointing to resilient cruise demand, supportive supply trends through 2029, and strong recent spending data, even as they flag near term Caribbean yield and capacity pressures. Analyst Commentary Recent research updates on Norwegian Cruise Line Holdings show a mix of optimism and caution, with several firms lifting price targets while highlighting specific pressure points that readers should keep in mind.Analysis Article • Jan 07
A Piece Of The Puzzle Missing From Norwegian Cruise Line Holdings Ltd.'s (NYSE:NCLH) 26% Share Price Climb
Norwegian Cruise Line Holdings Ltd. ( NYSE:NCLH ) shares have had a really impressive month, gaining 26% after a shaky...Analysis Article • Jan 05
Is Norwegian Cruise Line Holdings (NYSE:NCLH) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Narrative Update • Jan 05
NCLH Will See Margin Gains Outweigh Demand Uncertainty In Coming Years
Norwegian Cruise Line Holdings' analyst price target has been modestly reduced to about $40 from roughly $43, as analysts factor in solid margin improvement and strategic execution, alongside lingering uncertainty around longer term occupancy and yield trends amid rising industry capacity. Analyst Commentary Recent Street research reflects a mixed but generally constructive stance on Norwegian Cruise Line Holdings, as analysts balance solid execution progress with questions around longer term demand.Narrative Update • Dec 18
NCLH: Elevated Caribbean Capacity Will Pressure Future Occupancy And Pricing
Analysts have reduced their fair value estimate for Norwegian Cruise Line Holdings from $23.00 to $19.00 per share, reflecting tempered revenue growth assumptions and a lower future P/E multiple, even as profit margin expectations improve amid mixed signals on long term demand and capacity across the cruise industry. Analyst Commentary Recent Street research reflects a more cautious stance on Norwegian Cruise Line Holdings, with several bearish analysts trimming their price targets even as they acknowledge operational progress.Narrative Update • Dec 04
NCLH: Capital Market Transactions Will Lower Borrowing Costs And Expand Future Earnings Power
The analyst price target for Norwegian Cruise Line Holdings has been modestly reduced, with fair value edging down from approximately $28.20 to $27.93, as analysts factor in slightly softer long term growth assumptions and uncertainties around occupancy and yield in the context of rising industry capacity, despite ongoing balance sheet improvements and supportive booking trends. Analyst Commentary Recent research updates reflect a more balanced stance on Norwegian Cruise Line Holdings, with bullish analysts highlighting improving earnings power and de-risked financing, while bearish analysts focus on lingering uncertainties around medium term demand, pricing, and relative valuation versus peers.Narrative Update • Nov 20
NCLH: Recent Capital Transactions Will Reduce Borrowing Costs And Lift Margins
Norwegian Cruise Line Holdings' analyst price target has been revised downward by analysts, decreasing from approximately $29.74 to $28.20. Ongoing industry capacity growth and mixed booking trends have prompted a reassessment of the company's valuation outlook.Narrative Update • Nov 05
NCLH: Successful Capital Transactions Will Drive Margin Expansion And Share Appreciation
Norwegian Cruise Line Holdings' analyst price target has been revised downward by $1.38 to $29.74, as analysts balance improved profit margin forecasts and stronger revenue growth with persistent concerns over capital market transactions and mixed booking trends. Analyst Commentary Recent updates from major research firms and equity analysts provide a nuanced outlook for Norwegian Cruise Line Holdings.Narrative Update • Sep 28
Great Stirrup Cay And Luxury Fleet Will Boost Experiential Travel
Norwegian Cruise Line Holdings’ consensus price target was modestly raised to $31.12 as analysts cite strong booking trends, improved margins, successful capital market actions lowering costs and share count, and a narrowing valuation gap versus peers, despite some concerns over future booking momentum. Analyst Commentary Bullish analysts highlight strong and sustained record booking trends across all brands and regions, supporting above-consensus future EPS estimates and higher price targets.Narrative Update • Sep 13
Great Stirrup Cay And Luxury Fleet Will Boost Experiential Travel
Norwegian Cruise Line Holdings’ price target was modestly raised to $30.79 as analysts cite record bookings, improving margins, and capital structure enhancements as drivers of earnings upside and potential valuation rerating versus peers. Analyst Commentary Record booking trends and sustained demand throughout key months are supporting bullish revenue and EPS outlooks, with recent strong performance prompting upward revisions in EPS estimates and price targets.Analysis Article • Aug 11
Norwegian Cruise Line Holdings (NYSE:NCLH) Might Have The Makings Of A Multi-Bagger
NYSE:NCLH 1 Year Share Price vs Fair Value Explore Norwegian Cruise Line Holdings's Fair Values from the Community and...Analysis Article • Jul 30
These 4 Measures Indicate That Norwegian Cruise Line Holdings (NYSE:NCLH) Is Using Debt Extensively
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Jul 14
Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) Stock Rockets 27% But Many Are Still Ignoring The Company
Despite an already strong run, Norwegian Cruise Line Holdings Ltd. ( NYSE:NCLH ) shares have been powering on, with a...Analysis Article • Jul 09
If EPS Growth Is Important To You, Norwegian Cruise Line Holdings (NYSE:NCLH) Presents An Opportunity
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Seeking Alpha • Apr 14
From Sell-Off To Set Sail: Norwegian Cruise Line's Turnaround Opportunity
Summary Norwegian Cruise Line Holdings offers a balanced risk-reward with significant upside potential, supported by robust bookings, net yields, and sustained demand, despite macro headwinds. NCLH ended 2024 strongly with record net yields and operational cash flows, while proactive debt refinancing and EBITDA expansion drive net leverage reduction. Despite elevated debt levels compared to peers, the Company's attractive valuation, disciplined revenue management, and steady deleveraging trend present a compelling investment opportunity. Risks include high debt, potential travel downturns, and competitive pressures, but NCLH's strong operational performance and demand resilience offer substantial upside for risk-tolerant investors. Read the full article on Seeking AlphaSeeking Alpha • Mar 31
Norwegian Cruise Line Holdings: Attractive Multiple Upside Potential
Summary I maintain my buy rating for Norwegian Cruise Line Holdings due to strong demand visibility, robust bookings, and positive pricing momentum. NCLH's forward demand curve remains robust, with onboard monetization showing no signs of slowing, indicating solid underlying demand and consumer willingness to pay. Despite market concerns about economic headwinds and leverage, NCLH's improving balance sheet and strong cash flow mitigate these risks. Read the full article on Seeking AlphaSeeking Alpha • Feb 28
Norwegian Cruise Line: The Results Are Better Than Not
Summary Norwegian Cruise Line Holdings' stock dropped 8.6% since November 2024, despite its robust recent financial performance and a positive outlook for 2025. Even as full-year 2024 revenue grew by ~11%, softening in Q4 2024 figures and an expected reduction in occupancy rates in 2025 raise some concerns. With earnings exceeding guidance in 2024 and Q4 2024 and a positive earnings outlook for 2025, the stock is still well-placed. Its forward P/E is competitive compared with peers, and a double-digit price gain is still possible this year. Read the full article on Seeking AlphaSeeking Alpha • Jan 23
Norwegian Cruise Line: Navigating Growth With Strong Industry Tailwinds
Summary I am positive on Norwegian Cruise Line Holdings due to strong demand tailwinds, positive pricing environment, and robust booking momentum in the cruise industry. NCLH operates 32 ships across three brands and competes with Carnival Corp. and Royal Caribbean, benefiting from surging global cruise demand. NCLH's strong pricing power, high occupancy rates, and fleet expansion plans support growth. Read the full article on Seeking AlphaSeeking Alpha • Jan 13
Norwegian Cruise Line: Balancing Between Fleet Growth And Debt
Summary Norwegian Cruise Line Holdings Ltd.'s operations have nearly normalized after COVID-19 along with the industry, with the macroeconomic backdrop still likely slightly pressuring earnings. After COVID-time losses, Norwegian Cruise Line has an unhealthy amount of debt, but the debt load should still be manageable. Norwegian Cruise Line has continued to invest heavily into fleet growth despite the high debt, targeting an improved 12% ROIC and good growth. I estimate NCLH stock to be fairly valued. Read the full article on Seeking AlphaSeeking Alpha • Nov 13
Norwegian Cruise Line: High ROE And A Strong Consumer Are Driving Returns (Rating Upgrade)
Summary I am upgrading Norwegian Cruise Line stock from a sell to a hold due to recent earnings beat and positive changes in quarterly fundamentals. Despite high debt and potential share dilution, NCLH shows strong revenue growth and high returns on equity, indicating potential near-term stock price appreciation. Key risks include inconsistent free cash flow, economic uncertainties, and potential inflationary pressures that may affect discretionary spending. NCLH should be watched for further improvements and is suitable for riskier portfolio allocations in the current "risk-on" investing environment. Read the full article on Seeking AlphaFinancial Position Analysis
Short Term Liabilities: NCLH's short term assets ($1.3B) do not cover its short term liabilities ($6.2B).
Long Term Liabilities: NCLH's short term assets ($1.3B) do not cover its long term liabilities ($15.1B).
Debt to Equity History and Analysis
Debt Level: NCLH's net debt to equity ratio (615.7%) is considered high.
Reducing Debt: NCLH's debt to equity ratio has increased from 279% to 623.3% over the past 5 years.
Debt Coverage: NCLH's debt is not well covered by operating cash flow (14.7%).
Interest Coverage: NCLH's interest payments on its debt are not well covered by EBIT (2.4x coverage).
Balance Sheet
Discover healthy companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/17 21:53 |
| End of Day Share Price | 2026/06/17 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Norwegian Cruise Line Holdings Ltd. is covered by 38 analysts. 23 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| John Staszak | Argus Research Company |
| Brandt Montour | Barclays |
| Felicia Kantor Hendrix | Barclays |