Back to rankings

Norwegian Cruise Line Holdings Ltd (NCLH)

Undervalued
Consumer CyclicalTravel ServicesUnited States

Fundamental

58

Price

$14.53

Market Cap

$6.57B

Part 1 · What the company is worth

Overview

Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. It offers itineraries to destinations, such as Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, and Alaska; and inter-island itinerary in Hawaii. The company also provides features, amenities, and activities, including various accommodations, dining venues, bars and lounges, spas, casino and retail shopping areas, and entertainment choices; shore excursions at each port of call, and air transportation and hotel packages for stays before or after a voyage. It offers its products and services under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. The company was founded in 1966 and is based in Miami, Florida.

No editorial profile for this company yet

Direct competitors

Who this company fights with for the same customers

Compare

Generated on September 19, 2026 with claude-haiku-4-5 — shared with all users

P/E: 16.4Score: 65Market cap: $64.88B

Named by Norwegian in its 10-K as a primary competitor, Royal Caribbean sells contemporary and premium ocean cruises to the same North American and European vacationers through the same travel-agent and direct channels.

P/E: 11.0Score: 63Market cap: $29.84B

The other competitor Norwegian names first in its 10-K: Carnival's brands (Carnival Cruise Line, Princess, Holland America, Costa) target the same contemporary and premium cruise passengers on the same Caribbean, Alaska and Mediterranean itineraries.

P/E: 26.7Score: 64Market cap: $25.29B

Cited by Norwegian as a competitor through Viking Ocean Cruises, it competes for the same affluent, destination-focused passengers that Norwegian serves with its Oceania Cruises and Regent Seven Seas premium and luxury brands.

MSC Cruises S.A.Not tracked

Privately held by the Aponte family, MSC is the fourth large ocean operator Norwegian lists in its 10-K and competes head-on for Caribbean and Mediterranean passengers, increasingly in the US market with its Miami-based ships.

Virgin VoyagesNot tracked

Privately held (Virgin Group and Bain Capital), it is named in Norwegian's 10-K and targets the same adult, informal-cruising customer that Norwegian courts with its Freestyle Cruising positioning on Caribbean and Mediterranean sailings.

Balance Sheet & Liquidity

Revenue

$10.15B

Trailing 12 months (through 6/30/2026)

Net Income

$761M

Trailing 12 months (through 6/30/2026)

Free Cash Flow

$-1.17B

Total Equity

$2.21B

Total Liabilities

$20.33B

Current Ratio

0.20

Interest Coverage

-

Debt/EBITDA

5.87

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

General caseUndervalued

Fair Value

$19.46

Current Price

$14.53

Margin of Safety

+25.4%

Fair Value Range

$16.67 - $22.25

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$20.20
Discounted cash flow (DCF):$18.73
Earnings multiple (P/E):$15.36
Graham growth formula:$26.86
Earnings power value (EPV):$15.08
Justified P/B:$11.10
Dividend discount (Gordon):Not enough data to compute it
P/FFO, funds from operations:$55.24
Mid-cycle earnings:$47.47
Revenue multiple:$37.52
Analyst Consensus:Buy (14B / 19H / 1S)
Last Earnings Surprise:+20.36%

Valuation Metrics

P/E Ratio

8.88

ROE

19.2%

P/B Ratio

2.62

P/FCF

-

Gross Margin

42.5%

ROIC

6.8%

Profitability Radar

Value Creation (Economic Moat)

ROIC

6.8%

WACC

4.5%

ROIC − WACC

+2.3 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

Fundamental Analysis Criteria

Passed (14)

  • EPS shows upward trend
  • ROIC 6.8%
  • Gross Margin 42.5%
  • P/B Ratio 2.62
  • Operating Margin 15.1%
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 32.4%
  • Revenue Growth 5Y 50.3%
  • Earnings Surprise avg 21.4%
  • Earnings Quality (OCF/NI) 2.77
  • Share Dilution -4.5%
  • Piotroski F-Score 7/9

Failed (9)

  • EPS CAGR 1.87%
  • Price CAGR -10.01%
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • Current Ratio
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Analyst Consensus 41% Buy
  • Net Margin Trend 7.5% vs 7.5%

Unavailable (5)

  • P/FCF NaN
  • Dividend Payout NaN%
  • CapEx intensity
  • Interest Coverage
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-Score

7/9

Strong financial health

score
criteria

Earnings Quality

2.77

High quality: earnings backed by cash

Share Dilution

-4.5%

Buying back shares. Shareholder friendly

Institutional Holdings

No institutional filings reported for this company.

Governance

Executive Team

NameTitleAge
Mr. John W. Chidsey III, J.D.President, CEO & Chairman62
Mr. Mark A. KempaExecutive VP & CFO53
Mr. Daniel S. Farkas J.D.Executive VP, General Counsel, Chief Development Officer & Secretary56
Mr. Jason M. MontagueChief Luxury Officer51
Captain Patrik DahlgrenExecutive VP and Chief Vessel Operations & Newbuild Officer48
Ms. Faye L. AshbySenior VP & Chief Accounting Officer53
Mr. Daniel P. HenryExecutive VP and Chief Digital & Technology Officer54
Ms. Sarah InmonHead of Investor Relations & Corporate Communications-
Mr. Todd HamiltonSenior Vice President of Sales-
Mr. Lee D. ApplbaumChief Marketing Officer54

Audit Risk

5

Board Risk

9

Compensation Risk

5

Shareholder Rights Risk

3

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Documents

  • Annual Report (10-K)

    A yearly overview of the business, its financial results, and the risks it faces.

    Filed on 2026-03-02

    View document
  • Quarterly Report (10-Q)

    A snapshot of financial performance for the most recent three-month period.

    Filed on 2026-08-03

    View document
  • Current Report (8-K)

    An announcement of a major event, such as a leadership change or big news.

    Filed on 2026-09-30

    View document

via SEC EDGAR

Income History

via SEC EDGAR

Latest News

Recent headlines for NCLH, sourced from Markets Gazette.

  • 3/16/2026NEGATIVE
    Northern Right Dumps 790,000 NCLH Shares Worth $19.5 Million

    Northern Right has divested 790,000 shares of Norwegian Cruise Line Holdings (NCLH), a transaction valued at approximately $19.5 million. This significant sell-off by a major shareholder suggests a potential lack of confidence or a strategic shift, which could weigh on the stock's short-term performance. Investors will be monitoring NCLH's upcoming earnings reports and management commentary for signs of underlying business challenges or strategic adjustments to counter this bearish sentiment.

  • 3/8/2026NEUTRAL
    Why Norwegian Cruise Lines Surged in February, Only to Retreat Again in March

    Norwegian Cruise Line Holdings Ltd. (NCLH) experienced a significant surge in stock price throughout February, attracting investor attention. However, this upward momentum reversed in early March, leading to a notable pullback. The article questions whether this recent decline presents a buying opportunity for investors, suggesting a period of volatility and potential re-evaluation of the stock's valuation after its earlier gains. Further analysis is needed to determine the underlying causes of both the February rally and the subsequent March retreat.

  • 3/6/2026NEGATIVE
    Why Norwegian Cruise Lines Sank This Week

    Norwegian Cruise Line Holdings Ltd. experienced a significant decline this week, despite reporting earnings that met expectations. The primary drivers for the sell-off appear to be the company's forward guidance and prevailing geopolitical concerns. Investors reacted negatively to the outlook provided by management, suggesting potential headwinds or a less optimistic future revenue stream. The broader geopolitical landscape also contributed to market uncertainty, impacting travel and leisure stocks. This combination of cautious future projections and external risks has led to a substantial drop in NCLH's stock price.

  • 3/3/2026NEGATIVE
    Norwegian Cruise Line Sinks on Earnings, War and Oil: Can It Hope to Float Again?

    Norwegian Cruise Line Holdings Ltd. (NCLH) shares have underperformed significantly, remaining down approximately 60% from pre-pandemic levels. This persistent decline is attributed to ongoing operational challenges and substantial debt burdens that have hindered the company's recovery post-2020. The article highlights that NCLH has been the laggard among major cruise operators, with rivals Carnival and Royal Caribbean showing better recovery trajectories. Investors are cautioned about the company's ability to regain its footing amid these headwinds, suggesting a challenging outlook for the stock.

  • 3/2/2026NEGATIVE
    Why Norwegian Cruise Line Holdings Stock Sank Today

    Norwegian Cruise Line Holdings experienced a notable decline in its stock value today, as the ongoing conflict in the Middle East presents a significant two-pronged threat to the cruise industry. Escalating geopolitical tensions in regions crucial for tourism and maritime trade are fueling investor concerns. The primary worries revolve around potential increases in operational costs, particularly fuel expenses, and a possible reduction in travel demand due to heightened uncertainty and perceived risks. Analysts suggest that this situation could erode profit margins and hinder the sector's post-pandemic recovery, placing considerable pressure on the company's financial performance.

  • 3/2/2026NEUTRAL
    Norwegian Cruise (NCLH) Earnings Call Transcript

    Investors in Norwegian Cruise Line Holdings Ltd. (NCLH) were anticipating the release of the earnings call transcript, scheduled for March 2, 2026. However, the detailed content of this transcript has not been made available. This lack of information prevents a thorough analysis of the company's recent financial performance and future outlook, leaving market participants awaiting further clarification. Typically, such documents provide crucial insights into revenues, profits, guidance, and corporate strategies, which are fundamental elements for investment decisions in the cruise sector.

  • 2/26/2026NEGATIVE
    Norwegian Cruise Line Sails Into the Next Phase of Travel Recovery With Premium Demand in Focus

    Benchstone Capital divested its entire stake in Norwegian Cruise Line during the fourth quarter, a move that signals potential institutional caution as the cruise industry navigates deeper into its post-reopening recovery phase. While Norwegian Cruise Line is strategically focusing on premium and luxury brands to sustain revenue strength amidst a normalizing broader travel surge, the exit of a capital firm suggests that the market might perceive underlying risks or limited upside potential. Investors should closely observe the company's execution of its high-end strategy and its ability to counteract potential pressures from normalizing travel demand and significant capital divestment.

via Markets Gazette