# Norwegian Cruise Line Holdings Ltd. (NCLH) fundamentals

Data as of 2026-11-04. NYSE, United States. Sector: Consumer Cyclical / Hospitality & Leisure. Price $17.42, market value $8.0 billion.

## Valuation
- **P/E (trailing): 9.6×** (5-yr avg 29.8×, 3-yr avg 29.8×). Norwegian Cruise Line Holdings Ltd. trades at 9.6× 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 12.3×, higher than trailing, so analysts expect earnings to fall.
- **Price / sales: 0.8×**. Each dollar of revenue is priced at 0.8×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 2.5×**. The shares trade at 2.5× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 8.4×**. Enterprise value is 8.4× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: -7.1%** (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: 10.4%**. The inverse of the P/E: 10.4% of the price is earned each year.

## Profitability
- **Operating margin: 13.8%**. 13.8% of revenue is left after running the business.
- **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: 6.7%**. Return on all capital, debt included, is 6.7%.
- **Return on assets: 3.7%**. Each dollar of assets produces 3.7% 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: 5.4×**. It would take 5.4 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: 0.81**. A Z-score of 0.81 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** (23 analysts). 23 analysts cover Norwegian Cruise Line Holdings Ltd.; the consensus is buy, with an average price target of $19.57 (+12% 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): -20.0%** (YTD -19.6%, 3-mo -9.2%). The shares are down 20.0% over twelve months including dividends.
- **From 52-week high: -30.7%** (27.8% above the low). Trading 31% 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): 68**. An RSI of 68 is neutral.
- **Beta (1 yr): 1.94** (volatility 56%). Beta of 1.94 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.