Norwegian Cruise Line Holdings Ltd. NCLH
Norwegian commenced operations from Miami, Florida in 1966, launching the modern cruise industry by offering weekly departures from Miami, Florida to destinations in the Caribbean. In February 2011, NCLH, a Bermuda limited company, was formed. In January 2013, NCLH completed its initial public offering and the ordinary shares of NCLC were exchanged for the ordinary shares of NCLH, and NCLH became the owner of 100% of the ordinary shares and parent company of NCLC. In November 2014, we completed the acquisition of PCI.
In late 2023, in response to the Organisation for Economic Co-operation and Development ("OECD")'s BEPS 2.0 Pillar 2 global tax reform, the Company restructured its organizational structure by realigning many of its operations across its three different brands into a single jurisdiction, Bermuda. In connection with the reorganization, among other steps, certain NCLH subsidiaries previously domiciled in the Isle of Man, the Cayman Islands, the Republic of the Marshall Islands, the Republic of Panama and the state of Delaware, were redomiciled to Bermuda.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.83B | $9.48B | $8.55B | $4.84B | $648.0M | $1.28B | $6.46B | $6.06B | $5.40B | $4.87B |
| Cost of revenue | $5.64B | $5.69B | $5.47B | $4.27B | $1.61B | $1.69B | $3.66B | — | — | — |
| Gross profit | $4.19B | $3.79B | $3.08B | $576.7M | -$960.1M | -$413.2M | $2.80B | — | — | — |
| SG&A | $1.55B | $1.43B | $1.34B | $1.38B | $891.5M | $745.3M | $974.9M | $897.9M | $773.8M | $666.2M |
| Total operating expenses | $2.63B | $2.33B | $2.15B | $2.13B | $1.59B | $3.07B | $1.62B | $1.46B | $1.28B | $1.10B |
| Operating income | $1.56B | $1.47B | $930.9M | -$1.55B | -$2.55B | -$3.48B | $1.18B | $1.22B | $1.05B | $925.5M |
| Interest expense | — | — | $727.5M | $801.5M | $2.10B | $482.3M | $272.9M | $270.4M | $267.8M | $276.9M |
| Pre-tax income | $428.7M | $772.9M | $163.2M | -$2.28B | -$4.50B | -$4.00B | $911.4M | $969.3M | $770.6M | $640.3M |
| Income tax | $5.5M | $137.3M | $3.0M | $6.8M | $5.3M | $12.5M | $18.9M | $14.5M | $10.7M | $7.2M |
| Net income | $423.2M | $910.3M | $166.2M | -$2.27B | -$4.51B | -$4.01B | $930.2M | $954.8M | $759.9M | $633.1M |
| EPS, basic | 0.94 | 2.09 | 0.39 | -5.41 | -12.33 | -15.75 | 4.33 | 4.28 | 3.33 | 2.79 |
| EPS, diluted | 0.92 | 1.89 | 0.39 | -5.41 | -12.33 | -15.75 | 4.30 | 4.25 | 3.31 | 2.78 |
| Shares, diluted (wtd. avg.) | $477.7M | $515.0M | $427.4M | $419.8M | $365.4M | $254.7M | $216.5M | $224.4M | $229.4M | $227.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $209.9M | $190.8M | $402.4M | $947.0M | $1.51B | $3.30B | $252.9M | $163.9M | $176.2M | $128.3M |
| Short-term investments | — | — | — | — | $240.0M | $205.0M | — | — | — | — |
| Receivables | $291.7M | $221.4M | $280.3M | $326.3M | $1.17B | $20.6M | $75.1M | $55.2M | $44.0M | $63.2M |
| Inventory | $138.2M | $149.7M | $157.6M | $148.7M | $118.2M | $82.4M | $95.4M | $90.2M | $82.1M | $66.3M |
| Total current assets | $1.14B | $1.01B | $1.31B | $1.87B | $3.30B | $3.56B | $730.1M | $550.3M | $518.3M | $411.1M |
| Property, plant and equipment | $19.07B | $16.81B | $16.43B | $14.52B | $13.53B | $13.41B | $13.14B | $12.12B | $11.04B | $10.12B |
| Goodwill | $135.8M | $135.8M | $98.1M | $98.1M | $98.1M | $98.1M | $1.39B | $1.39B | $1.39B | $1.39B |
| Other intangibles | $500.5M | $500.5M | $500.5M | $500.5M | $500.5M | $500.5M | $817.5M | $817.5M | $817.5M | $817.5M |
| Total assets | $22.54B | $19.97B | $19.49B | $18.56B | $18.73B | $18.40B | $16.68B | $15.21B | $14.09B | $12.97B |
| Accounts payable | $169.7M | $171.1M | $174.3M | $228.7M | $233.2M | $83.1M | $100.8M | $159.6M | $53.4M | $38.0M |
| Total current liabilities | $5.45B | $5.78B | $6.04B | $5.05B | $3.73B | $1.91B | $3.58B | $3.15B | $2.49B | $2.31B |
| Long-term debt | — | — | — | — | — | $1.55B | — | — | — | — |
| Total liabilities | $20.33B | $18.54B | $19.19B | $18.49B | $16.30B | $14.05B | $10.17B | $9.24B | $8.35B | $8.44B |
| Retained earnings | -$5.57B | -$5.99B | -$6.90B | -$7.07B | -$4.80B | -$295.4M | $3.83B | $2.90B | $1.96B | $1.20B |
| Total equity | $2.21B | $1.43B | $300.8M | $68.6M | $2.43B | $4.35B | $6.52B | $5.96B | $5.75B | $4.54B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.09B | $2.05B | $2.01B | $210.0M | -$2.47B | -$2.56B | $1.82B | $2.08B | $1.60B | $1.26B |
| Depreciation and amortisation | $1.16B | $973.5M | $883.2M | $810.1M | $758.6M | $739.6M | $647.1M | $567.0M | $521.5M | $445.6M |
| Stock-based compensation | $88.4M | $91.8M | $118.9M | $113.6M | $124.1M | $111.3M | $95.1M | $116.0M | $87.0M | $66.4M |
| Capital expenditure | $3.26B | $1.21B | $2.75B | $1.78B | $752.8M | $946.5M | $1.64B | $1.57B | $1.37B | $1.09B |
| Investing cash flow | -$3.26B | -$1.23B | -$2.90B | -$1.76B | -$1.00B | -$975.4M | -$1.68B | -$1.50B | -$1.40B | -$1.13B |
| Financing cash flow | $1.19B | -$1.03B | $346.9M | $986.2M | $1.68B | $6.58B | -$53.4M | -$584.8M | -$148.5M | -$122.8M |
| Buybacks | — | — | — | — | — | — | $349.9M | $664.8M | — | $50.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-052146.
Others in SIC 4400
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| RCL | ROYAL CARIBBEAN CRUISES LTD | $70.93B | 17.0x | 8.8% |
| CCL | Carnival Corp Ltd. | $32.20B | 11.6x | 6.4% |
| KEX | KIRBY CORP | $7.43B | 22.2x | 3.0% |
| MATX | Matson, Inc. | $6.75B | 16.3x | -2.3% |
| INSW | International Seaways, Inc. | $5.18B | 16.8x | -11.4% |
| TDW | TIDEWATER INC | $4.69B | 14.2x | 0.5% |
| OMEX | ODYSSEY MARINE EXPLORATION INC | $47.9M | — | -54.0% |
| GLNG | GOLAR LNG LTD | — | — | 51.1% |