# Norwegian Cruise Line Holdings Ltd. (NCLH) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Consumer Cyclical / Hotels, Restaurants & Leisure. Price $15.57, market value $7.1 billion.

## Valuation
- **P/E (trailing): 9.4×** (5-yr avg 29.8×, 3-yr avg 29.8×). Norwegian Cruise Line Holdings Ltd. trades at 9.4× trailing earnings, well below its own five-year average of 29.8×: cheap by its own standards. The Consumer Cyclical median in the September 2026 study was 19.5×. Forward P/E is 9.2×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 0.7×**. Each dollar of revenue is priced at 0.7×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 2.8×**. The shares trade at 2.8× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 7.8×**. Enterprise value is 7.8× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -16.6%** (5-yr avg -17.3%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 10.6%**. The inverse of the P/E: 10.6% of the price is earned each year.

## Profitability
- **Operating margin: 15.1%**. 15.1% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 4.3%**. 4.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 19.2%**. 19.2% on shareholders' equity is solid.
- **Return on invested capital: 7.3%**. Return on all capital, debt included, is 7.3%.
- **Return on assets: 3.4%**. Each dollar of assets produces 3.4% of profit.

## Growth
- **Revenue growth (1 yr): 3.7%** (3-yr 26.6%/yr, 5-yr 50.3%/yr). Revenue grew 3.7% over the last year, against 50.3% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -51.3%**. Earnings per share fell 51.3%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 6.61**. Debt is 6.61 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 5.2×**. It would take 5.2 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Current ratio: 0.21** (quick 0.21). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 0.78**. A Z-score of 0.78 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Norwegian Cruise Line Holdings Ltd. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (25 analysts). 25 analysts cover Norwegian Cruise Line Holdings Ltd.; the consensus is buy, with an average price target of $20.60 (+32% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -39.2%** (YTD -30.2%, 3-mo -17.0%). The shares are down 39.2% over twelve months including dividends.
- **From 52-week high: -42.7%** (7.2% above the low). Trading 43% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 30**. An RSI of 30 is neutral.
- **Beta (1 yr): 2.02** (volatility 54%). Beta of 2.02 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=NCLH · Page: https://foliofundamentals.com/stocks/nclh

Not investment advice.