NCLHNorwegian Cruise Line Holdings
Is the business good?
The checks split: earnings fully cash-backed (1.4×) and margins widening, but returns that lean on debt.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 26% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is NCLH?
Norwegian Cruise Line Holdings earns 7.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 2.0 points below what the capital costs: growth destroys value
- Operating margin
- 15%
Operating margin · Travel Services median 16% · 12 months to Q2 2026
- Cash conversion
- 1.40×
Cash conversion · 1.63× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +3.5%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −272% |
| FY2021 | −394% |
| FY2022 | −32% |
| FY2023 | 11% |
| FY2024 | 15% |
| FY2025 | 16% |
Details›
- Gross margin12 months to Q2 2026
- 42%
- Operating margin12 months to Q2 2026
- 15%
- Net margin12 months to Q2 2026
- 7.5%
- Free cash flow margin
- −12%
- Revenue, trailing twelve months
- $10.2B
- Free cash flow, trailing twelve months
- −$1.19B
- Net income, trailing twelve months
- $761M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from NCLH and who it buys from, as the companies report it.
None disclosed.
- OSWOneSpaWorld Holdings Limited18%
NCLH is 18% of its revenue · FY2025 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; NCLH’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Travel Services
The closest names by size in the same industry