Latest revenue
$2.33B
as of 2026-03-31
Latest net income
$104.7M
as of 2026-03-31
Net margin
4.5%
as of 2026-03-31
Community sentiment
Where do you think NCLH is heading?
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NCLH vs S&P 500 · rebased to 100
Live market
delayed ≤15 min- Market cap
- $8.74B
- Enterprise value
- $23.71B
- P/E (trailing)
- 20.6×
- Forward P/E
- —
- P/B
- 3.59×
- Dividend yield
- 0.0%
- 52-wk high
- $27.18
- 52-wk low
- $14.53
- Beta
- —
- Shares out
- 459.1M
What this company does
Norwegian Cruise Line Holdings operates ocean cruise vacations across three brands—Norwegian, Oceania, and Regent Seven Seas—sailing a fleet of ships to destinations worldwide. Passenger ticket sales generate roughly 68% of revenue, with the rest coming from onboard spending on dining, excursions, beverages, and casino activity. The company carries over $14.5 billion in debt and refinanced aggressively in 2025, repaying $7.7 billion while issuing $9.2 billion of new debt to extend maturities and fund a heavy newbuild capex cycle.
Generated from NCLH's filing dated 2026-03-02
Key risks
- Leverage: long-term debt rose to $13.65B (plus $876M current) against just $2.19B equity and $167M cash; interest expense jumped 88% YoY to $329M in Q3.
- Refinancing cost: nine-month results include $272M loss on debt extinguishment and $238M early redemption premiums, pressuring EPS despite revenue growth.
- Capex surge: $2.82B spent on property/equipment YTD (vs $968M prior year), creating negative free cash flow and forcing reliance on $9.23B of new debt issuance.
Generated from NCLH's filing dated 2026-03-02
ActaClear Score
Computed from 5 years of SEC fundamentals + latest market data, ranked within Water Transportation (16 peers). 10 = best in industry, 5 = median, 0 = worst. Refreshed Jun 10, 2026.
Fair value · DCF
Methodology + caveats (click to expand)
Method. 10-year forecast of free cash flow, discounted at the company's WACC, with a Gordon-growth terminal at year 10. FCF is proxied by last fiscal-year net income (proper FCF needs CFO − CapEx by year, which we don't store yet). Beta defaults to 1.0 when not reported.
Why DCF is fragile. Treat the output as a thinking aid, not a verdict. Honest weaknesses of any DCF:
- Growth is the dominant assumption. No one can foresee 10 years of growth — small changes in the slider can double or halve fair value. The reverse-DCF readout above tells you what the market is implicitly assuming; ask yourself whether that's realistic before trusting either number.
- Terminal value dominates. In most DCFs, 60-80% of the answer comes from the terminal-value calculation — i.e., everything AFTER year 10. A 0.5pp change in terminal growth, or in WACC, can swing fair value by 20-30%.
- WACC is itself a guess. We use a textbook CAPM cost of equity (Rf 4.3%, MRP 5.5%, β from the quote) plus a 6% pretax cost of debt — none of these are the company's actual marginal financing cost.
- No moat / disruption modelling. The model assumes the company keeps earning whatever it earns today, compounding cleanly. Competitive shifts, regulatory action, and technology disruption can invalidate the forecast overnight.
- Net income ≠ free cash flow. For capex-heavy names (semis, telcos) net income overstates distributable cash. For low-capex names (software) it understates. Both reduce the precision of the FV figure.
- Reflexivity. A high stock price often becomes a self-fulfilling prophecy via better hiring, financing, and customer trust. DCF can't see this.
Take the DCF, the reverse-DCF implied growth, the historical multiples, and the community sentiment together. When they agree, conviction. When they disagree, the disagreement is the most informative thing on the page.
Historical multiples
How does NCLH's current valuation compare to its own past?
P/E uses year-end weekly close ÷ (net income ÷ shares outstanding today). Held shares constant at today's count, which understates the per-share earnings improvement from buybacks over the period. PEG uses 5y revenue CAGR as a proxy for EPS growth — close, but not identical (margin expansion or dilution can drive a wedge). Best read as a comparator across companies and industries, not as a precise replica of historical multiples.