Norwegian Cruise Line (NCLH) stock
Consumer Discretionary · Hotels, Resorts & Cruise Lines
Norwegian Cruise Line (NCLH) is a Hotels, Resorts & Cruise Lines company in the Consumer Discretionary sector, headquartered in Miami-Dade County, Florida[3]. As of October 23, 2026, NCLH closed at $15.10, a market capitalization of $6.93 billion, the 502nd largest company in the S&P 500. Over the last twelve months it generated $10.15 billion in revenue (+5% year over year) and -$1.19 billion in free cash flow. The stock trades at 9.3x trailing earnings and 10.2x forward earnings.
- 1-year total return: -35.7% (dividends reinvested)
- 5-year return: -9.9% a year
- 52-week range: $13.63 – $25.13
- Gross margin 42.5%, operating margin 14.0%
- FI Handbook report card: C- across 10 metrics
- 47th largest of 47 Consumer Discretionary stocks in the S&P 500
NCLH price chart
1Y price change: -35.7% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| NCLH | +6.5% | -32.3% | -35.7% | +2.7% | -9.9% | -8.8% | -3.5% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2013.
NCLH key statistics
- Market cap
- $6.9B
- #502 in S&P 500
- P/E (TTM)
- 9.3x
- Forward P/E
- 10.2x
- EPS (TTM)
- $1.62
- Revenue (TTM)
- $10.2B
- +5%
- Free cash flow
- -$1.2B
- Gross margin
- 42.5%
- Operating margin
- 14.0%
- Return on equity
- 36.7%
- Dividend yield
- None
- 52-week range
- $13.63 – $25.13
- Beta
- 1.96
- Price / sales
- 0.7x
- EV / EBITDA
- 8.7x
- Debt / equity
- 6.21x
- Employees
- 44,500
NCLH report card
C-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth4.9%D
- Gross margin42.5%B
- Operating margin14.0%C
- FCF margin-11.7%F
- Return on equity36.7%A
- Net debt / EBITDA6.1xF
- Forward P/E10.2xA
- PEG ratio1.2xB
- Shareholder yield0.0%F
- Share count change / yr13.4%F
Norwegian Cruise Line financials
Revenue went from $4.9B in fiscal 2016 to $9.8B in fiscal 2025, growing 8.1% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9B | $5.4B | $6.1B | $6.5B | $1.3B | $648.0M | $4.8B | $8.5B | $9.5B | $9.8B |
| Gross profit | — | — | — | $2.8B | -$413.2M | -$960.1M | $576.7M | $3.1B | $3.8B | $4.2B |
| Operating income | $925.5M | $1.0B | $1.2B | $1.2B | -$3.5B | -$2.6B | -$1.6B | $930.9M | $1.5B | $1.6B |
| Net income | $633.1M | $759.9M | $954.8M | $930.2M | -$4.0B | -$4.5B | -$2.3B | $166.2M | $910.3M | $423.2M |
| EPS (diluted) | $2.78 | $3.31 | $4.25 | $4.30 | $-15.75 | $-12.33 | $-5.41 | $0.39 | $1.89 | $0.92 |
| Free cash flow | $172.0M | $229.0M | $508.4M | $185.4M | -$3.5B | -$3.2B | -$1.6B | -$744.6M | $838.9M | -$1.2B |
| Buybacks | $50.0M | — | $664.8M | $349.9M | — | — | — | — | — | — |
| Diluted shares | 227.9M | 229.4M | 224.4M | 216.5M | 254.7M | 365.4M | 419.8M | 427.4M | 515.0M | 477.7M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into NCLH?
A reverse DCF asks what growth the current price requires. With an enterprise value of $22.7B and -$1.2B of trailing free cash flow, Norwegian Cruise Line needs to grow free cash flow at a rate outside our model for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 16.4x vs. median 20.3x (10th–90th percentile 8.8x–65.9x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
NCLH earnings
Next report: October 29, 2026. Norwegian Cruise Line has beaten EPS estimates 4 quarters in a row. Last quarter's revenue was $2.6B (+5% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 30, 2026 | $0.39 | $0.48 | +22.8% |
| May 4, 2026 | $0.14 | $0.23 | +61.3% |
| Mar 2, 2026 | $0.27 | $0.28 | +5.5% |
| Nov 4, 2025 | $1.16 | $1.20 | +3.3% |
| Jul 31, 2025 | $0.52 | $0.51 | -1.1% |
| Apr 30, 2025 | $0.09 | $0.07 | -22.9% |
| Feb 27, 2025 | $0.11 | $0.26 | +142.9% |
| Oct 31, 2024 | $0.94 | $0.99 | +5.3% |
Stocks like NCLH
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 BKNG Booking Holdings Inc. Common St | -3.27% | -23% | $117.1B | 17.3x | Compare |
 ABNB Airbnb | -2.13% | +35% | $103.0B | 39.2x | Compare |
 MAR Marriott International | -1.53% | +46% | $101.9B | 40.4x | Compare |
 HLT Hilton Worldwide | -2.36% | +31% | $78.7B | 51.3x | Compare |
 RCL Royal Caribbean Cruises | -3.37% | -11% | $73.9B | 17.1x | Compare |
 CCL Carnival | -3.58% | -10% | $35.1B | 11.5x | Compare |
 EXPE Expedia | -3.18% | +35% | $34.7B | 18.1x | Compare |
 AMZN Amazon.com | -0.95% | +12% | $2.7T | 20.0x | Compare |
NCLH news
- What Does Norwegian Cruise Line Holdings (NCLH) Higher Fuel Bill Mean For Investors? · Oct 24, 2026
- Norwegian Cruise Line Holdings (NCLH) Could Be 20% Undervalued As JPMorgan Flags Yield Risk · Oct 23, 2026
- Norwegian Sells Most of Its Europe Cruises to Americans. Why That’s a Problem. · Oct 23, 2026
- Cruise Stocks Fall as Oil Price Hits Five-Month High: Norwegian Sinks 6%, Royal Caribbean and Carnival Drop 4% · Oct 23, 2026
- Norwegian Cruise Line (NCLH) Expected to Beat Earnings Estimates: What to Know Ahead of Q3 Release · Oct 22, 2026
NCLH stock FAQ
What is NCLH's market cap?
Norwegian Cruise Line's market capitalization is $6.93 billion as of October 23, 2026, ranking 502nd in the S&P 500.
What is NCLH's P/E ratio?
NCLH trades at a trailing price-to-earnings ratio of 9.3x and a forward P/E of 10.2x. Its median P/E over the period we track is 20.3x.
Does NCLH pay a dividend?
No. Norwegian Cruise Line does not currently pay a regular cash dividend.
How much has NCLH stock returned?
Including reinvested dividends, NCLH returned -35.7% over one year, -9.9% a year over five years, -8.8% a year over ten years through October 23, 2026.
When does NCLH report earnings?
Norwegian Cruise Line is expected to report earnings on October 29, 2026. It has beaten EPS estimates 4 quarters in a row.
How many employees does Norwegian Cruise Line have?
Norwegian Cruise Line has about 44,500 full-time employees, or $228,187 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology