At a glance
Norwegian Cruise Line Holdings Ltd is worth $8.24B, about 20 times its fiscal 2025 earnings. Revenue grew 3.7% to $9.83B in fiscal 2025, with 4.3% kept as profit; over 5 years it has grown 50.3% a year. It pays no dividend. The stock returned −20.0% over the past year with dividends reinvested and −7.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 85.1% in the 2020 crash (S&P 500: 33.7%) and 56.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Norwegian Cruise Line Holdings runs three cruise brands: Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. As of December 31, 2025, they had 34 ships with about 71,400 berths (passenger beds). Norwegian is the largest brand. Some of its ships offer up to 20 places to eat and attractions such as a rollercoaster at sea. Oceania centers on dining and in-depth port visits. Regent's fares include shore excursions, drinks, gratuities and Wi-Fi.
Most revenue comes from ticket sales. Fares generally cover the cruise, meals, entertainment, and taxes and port fees. Tickets brought in $6.69 billion, or 68% of the $9.83 billion total, in the year ended December 31, 2025. The other 32%, about $3.14 billion, came from onboard and other spending on extras such as the casino, certain food and drinks, shore excursions, spa services and shops.
By region that year, North America produced 57.5% of revenue, Europe 29.5%, Asia Pacific 10.1% and other areas 2.9%. The company targets seasoned travelers and upscale families. It sails to about 700 ports and runs two private destinations, Great Stirrup Cay in The Bahamas and Harvest Caye in Belize. It plans to add 17 ships from 2026 through 2037. Export credit loans (government-backed shipbuilding finance) are expected to cover about 80% of the price for most of them.
Price history
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NCLH -20.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Passenger ticket | $6.69B | 68% |
| Onboard and other | $3.14B | 32% |
By geography
| North America | $5.65B | 57.5% |
| Europe | $2.90B | 29.5% |
| Asia Pacific | $996.7M | 10.1% |
| Other Country | $282.9M | 2.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.95B, up 0.3% from a year earlier, and net income was $491.5M (+17.2%).
- For fiscal 2025, revenue was $9.83B (+3.7% year over year; +50.3% a year from FY2020 to FY2025) with a 4.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +50.3% good |
|---|---|
| Operating margin | 15.9% good |
| Free cash flow margin | -11.9% weak |
| Return on equity (FY2025) | 19.2% good |
| Return on assets (FY2025) | 1.9% weak |
| Net cash (cash minus debt) | $-15.24B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.28B | $-4.01B | $-3.50B |
| FY2021 | $648.0M | $-4.51B | $-3.22B |
| FY2022 | $4.84B | $-2.27B | $-1.57B |
| FY2023 | $8.55B | $166.2M | $-744.6M |
| FY2024 | $9.48B | $910.3M | $838.9M |
| FY2025 | $9.83B | $423.2M | $-1.17B |
Valuation snapshot
| Market value | $8.24B |
|---|---|
| P/E ratio | 19.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Norwegian Cruise Line Holdings Ltd’s market value went from $9.66B at the end of 2016 to $8.24B on Nov 2, 2026, down 15%; since the end of 2025 it is down 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $8.24B | -18.9% |
| 2025 | $10.16B | -10.2% |
| 2024 | $11.31B | +32.7% |
| 2023 | $8.53B | +65.3% |
| 2022 | $5.16B | -32.8% |
| 2021 | $7.67B | +9.5% |
| 2020 | $7.01B | -43.6% |
| 2019 | $12.43B | +32.3% |
| 2018 | $9.40B | -22.8% |
| 2017 | $12.17B | +25.9% |
| 2016 | $9.66B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NCLH price data to Nov 2, 2026 | -19.6% | -20.0% | +11.1% | -7.7% | -7.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -19.6% |
| 2025 | -13.3% |
| 2024 | +28.4% |
| 2023 | +63.7% |
| 2022 | -41.0% |
| 2021 | -18.4% |
| 2020 | -56.5% |
| 2019 | +37.8% |
| 2018 | -20.4% |
| 2017 | +25.2% |
| 2016 | -27.4% |
| 2015 | +25.3% |
| 2014 | +31.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 81.4% over that stretch · deepest drop along the way 85.1%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 41.5% over that stretch · deepest drop along the way 56.2%, back to its old high 28 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 10 open-market purchases ($29.2M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 1, 2026 | Stephen G Pagliuca Director | buy | $12.6M |
| Jun 2, 2026 | Stephen G Pagliuca Director | buy | $12.4M |
| May 22, 2026 | John Chidsey President and CEO, Director | buy | $2.5M |
| May 20, 2026 | Jonathan Z Cohen Director | buy | $475K |
| May 7, 2026 | Zillah Byng-Thorne Director | buy | $442K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.37% | Mar 31, 2026 |
| Capital International Investors | 3.1% | Jun 30, 2026 |
ETFs with the most weight in NCLH
| RPG Invesco S&P 500® Pure Growth ETF | 1.82% |
| DVLU First Trust Dorsey Wright Momentum & Value ETF | 1.39% |
| SMOT VanEck Morningstar SMID Moat ETF | 1.11% |
| PEXL Pacer US Export Leaders ETF | 0.98% |
| SPHB Invesco S&P 500® High Beta ETF | 0.83% |
| RSPE Invesco ESG S&P 500 Equal Weight ETF | 0.51% |
| SPVM Invesco S&P 500 Value with Momentum ETF | 0.47% |
| SMIZ Zacks Small/Mid Cap ETF | 0.45% |
What could go wrong
- Heavy debt and strict loan terms. Debt was $15.5 billion against $218 million in cash and investments as of June 30, 2026. Lenders require at least $250 million of ready cash and credit. A breach could trigger defaults across its loans.
- New financing could dilute shareholders. NCLH expects to need more debt or equity to refinance loans and fund new ships. Issuing new shares would shrink existing owners' stakes. The share count rose 24.1% between July 2021 and July 2026.
- Shipbuilding delays and mechanical problems. NCLH plans to add 17 ships from 2026 through 2037. Some delivery dates have already been reset, and limited shipyard availability could cause more delays. Breakdowns on existing ships can also disrupt sailings.
- Fuel prices and fuel rules. Rising fuel prices, or rules forcing costlier fuel types, would raise operating costs. The company's hedges (contracts that lock in prices ahead of time) may not fully protect it.
- Ship incidents and damage to reputation. Accidents, illness outbreaks or other incidents on cruise ships can bring bad publicity, lawsuits and weaker demand. Bookings depend on brand strength, so damage to a brand's reputation could hurt results.
- Pandemics, conflicts and port closures. Pandemics, wars, terrorism or closed ports can halt sailings, and guests and crew rely on commercial flights. During COVID, revenue fell to $648 million in 2021, when the company lost about $4.5 billion.
Recent events
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Executive or board change
- Major agreement signed; Major agreement ended; New debt or financial obligation; Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Other company announcement
- Quarterly results released
- Major agreement signed; Executive or board change; Investor presentation or announcement
For income and retirement investors
Norwegian Cruise Line Holdings pays no dividend. Its annual report says it does not expect to pay cash dividends for the foreseeable future. It made no buybacks (repurchases of its own shares) from fiscal 2021 through 2025, and its share count rose 24.1% between July 2021 and July 2026. Free cash flow, the cash left after spending on ships and equipment, was negative $1.17 billion in fiscal 2025. An income investor would get no payouts and would need to sell shares for income.
Downturns have hit the stock hard. In the 2020 COVID crash it dropped 85.1% between February 19 and March 18, 2020, and had not regained that peak as of October 28, 2026. In the 2022 bear market it fell 56.2% and took 28 months to regain its earlier high. A one-year beta of 1.92 means it has swung about twice as much as the broad market. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Norwegian Cruise Line pay a dividend?
No. Norwegian Cruise Line Holdings pays no dividend. Its annual report, filed March 2, 2026, says it does not expect to pay cash dividends for the foreseeable future. It also made no share repurchases from fiscal 2021 through fiscal 2025, and its share count grew 24.1% between July 2021 and July 2026. Any return comes only from changes in the share price, so the stock may not suit investors who need steady income.
How does Norwegian Cruise Line Holdings make money?
Mostly by selling cruise tickets. In the year ended December 31, 2025, ticket sales across the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands brought in $6.69 billion. That was 68% of its $9.83 billion revenue. The other 32% came from onboard and other spending on extras such as the casino, certain food and drinks, shore excursions, spa services and shops. North America supplied 57.5% of revenue, Europe 29.5% and Asia Pacific 10.1%.
How much debt does Norwegian Cruise Line have?
About $15.5 billion as of June 30, 2026, against roughly $218 million in cash and investments. That debt is more than twice the company's stock market value of about $7.4 billion as of October 28, 2026. A substantial majority of its assets, including ships, are pledged as collateral for its loans. Lenders require it to keep at least $250 million of ready cash and credit at all times. It also expects to need more financing to pay for new ships.
How has Norwegian Cruise Line stock performed over the long run?
It has lost money over five and 10 years. As of October 28, 2026, the shares were down 58% over 10 years, or about 8.3% a year. They were down 38% over five years but up 20% over three years. Calendar-year returns swing widely, from a 56.5% loss in 2020 to a 63.7% gain in 2023. The stock was down 28% year to date, and its deepest fall from a peak since its January 2013 debut was 87.8%.
Are insiders purchasing Norwegian Cruise Line stock?
Yes. We reviewed 25 of the 43 insider filings made between October 29, 2025, and October 29, 2026. They show 10 purchases worth about $29.2 million and no sales. The largest were two purchases by director Stephen G. Pagliuca: about $12.6 million on June 1, 2026, and $12.4 million on June 2. President and CEO John Chidsey purchased about $2.5 million of stock on May 22, 2026. Insider purchases do not guarantee future gains.