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NCLH · NYSE · United States · Water Transportation
In shortNorwegian Cruise Line Holdings Ltd. is profitable, burns cash and carries heavy debt, with revenue growing (+3.7% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 15.9% | 70/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 4.3% | 37/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 23.3% | 100/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 9.2% | 61/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.21× | 0/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 6.61× | 0/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 5.29× | 0/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | – | n/a |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | -1.48 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -11.9% | 0/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | -2.76× | 0/100 |
| Years with positive free cash flow (last 5) | 1 of 5 | 0/100 |
Weight in the score: 20%
| Profitable years (last 5) | 3 of 5 | 60/100 |
|---|---|---|
| Years of revenue decline (last 5) | 1 of 5 | 67/100 |
| Revenue growth volatility | 288.4% | 0/100 |
| Operating margin volatility | 178.4% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 26.6% | 100/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 648 | 4,844 | 8,550 | 9,480 | 9,828 |
| Cost of revenue | 1,608 | 4,267 | 5,469 | 5,689 | 5,639 |
| Gross profit | (960) | 577 | 3,081 | 3,791 | 4,188 |
| Selling, general & admin | 891 | 1,379 | 1,342 | 1,435 | 1,549 |
| Operating income | (2,552) | (1,552) | 931 | 1,466 | 1,561 |
| Interest expense | 2,100 | 802 | 728 | – | – |
| Pre-tax income | (4,501) | (2,277) | 163 | 773 | 429 |
| Income tax | 5.3 | (6.8) | (3) | (137) | 5.5 |
| Net income | (4,507) | (2,270) | 166 | 910 | 423 |
| Diluted EPS | −$12.33 | −$5.41 | $0.39 | $1.89 | $0.92 |
| Diluted shares (millions) | 365 | 420 | 427 | 515 | 478 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
−1.48 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
6/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 30, 2026 · Data updated Aug 3, 2026