Company Analysis

Norwegian Cruise Line Holdings Ltd. (NCLH)

NYSE: NCLH · Water Transportation · Miami, FL · filing with the SEC since 2011
Grade4.5
◀ Past 3.5● Present 4.7▶ Future 5.2

The grade of Norwegian Cruise Line Holdings Ltd.

Nine metrics read from its own filings, by tense
Headline grade
4.5/10
◀ Past3.530% of the headline
● Present4.740% of the headline
▶ Future5.230% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

All nine metrics read as filed from the record.

◀ Past

What did they actually do?

3.5/1030% of the headline grade · 3 of 3 filed

Surviving crises

as filed
2.1/10

Has it survived what it has been through?

1 warning event since 2017; the latest 2017-12-07.

weight 33% of this tense · 21st percentile among 19 sector filers · read for itself

From the record

Norwegian Cruise Line Holdings Ltd.'s filings since 2017 show 1 warning event: a notice about its exchange listing (8-K item 3.01, the latest 2017-12-07) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
4.9/10

What has it actually done, year after year?

+8.1% a year over 10 filed years; profitable in 7 of 10.

weight 45% of this tense · 49th percentile among 19 sector filers · read for its customers

From the record

Norwegian Cruise Line Holdings Ltd.'s 10 filed years say what it did: revenue went from $4.9 billion in fiscal 2016 to $9.8 billion in fiscal 2025, up 8.1% a year; it rose in 7 of 9 years; the deepest fall was 90% from fiscal 2019 to fiscal 2021; net income was positive in 7 of 10 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span8.1%bottom 38% of its family
  • the share of years revenue rosetop 17% of its family
  • the share of filed years with a profittop 45% of its family
  • the deepest fall from a revenue peak90.0%bottom 18% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
2.5/10

How has it treated the people who own it?

Share count grew 4.4% a year. 0% of cash flow returned. Insiders: 1 sales, 17 purchases.

weight 22% of this tense · 25th percentile among 16 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Norwegian Cruise Line Holdings Ltd.'s diluted share count grew about 4.4% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 1 sale and 17 purchases of their own stock on the open market in the year to 2026-09-30, buying about $31 million (their Form 4 filings).

What it rests on

  • the share count over the yearsbottom 36% of its family
  • cash returned against operating cash flowbottom 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

4.7/1040% of the headline grade · 3 of 3 filed

Financial health

as filed
4.9/10

Is it financially healthy right now?

ROE 19%: 19¢ of profit per shareholder dollar. Leverage 90%: owes 90¢ per asset dollar.

weight 33% of this tense · 49th percentile among 18 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Norwegian Cruise Line Holdings Ltd. earned about 19 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 19 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 90 cents per dollar of assets, and net share issuance: its share count shrank 7.2% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 14% of its family
  • return on equitytop 26% of its family
  • gross profit against assetsbottom 10% of its family
  • the share count against the year beforetop 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
6.2/10

How strong is its position in its industry?

top 38% of 18 in its family; net margin 4.3%.

weight 45% of this tense · 62nd percentile among 18 sector filers · read for its customers

From the record

Norwegian Cruise Line Holdings Ltd.'s standing among 18 graded names in its industry family: revenue of $9.8 billion in fiscal 2025 ranks in the top 14% by size; a net margin of 4.3% ranks in the bottom 25%; revenue growth of 26.6% a year over the last 3 filed years ranks in the top 26% (its annual reports).

What it rests on

  • revenue against the family$9.83Btop 14% of its family
  • net margin4.3%bottom 25% of its family
  • three-year revenue growth26.6%top 26% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
1.7/10

What are the people in charge doing?

bottom 17% of 8 in its family for leadership; chief executive since 2026.

weight 22% of this tense · 17th percentile among 8 sector filers · read for its shareholders

From the record

Norwegian Cruise Line Holdings Ltd.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Chidsey, John (President and CEO, as filed), filing under that title since 2026-03-27, 8 months (bottom 19% of its family); the 20 officers and directors filing in the last fifteen months have been on the record a median of 4.6 years (bottom 6%); 12 officer or director changes were reported on Form 8-K since 2023-11-13, against the 20 people in charge now (bottom 25%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge12 in three years among 20 peoplebottom 25% of its family
  • the median years the people in charge have filed4.6 yearsbottom 6% of its family
  • the chief executive's years on the record7 monthsbottom 19% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

5.2/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
0.7/10

How much room does it have to grow?

bottom 7% of 17 in its family for room to expand.

weight 22% of this tense · 7th percentile among 17 sector filers · read for itself

From the record

Norwegian Cruise Line Holdings Ltd.'s room to grow, from the newest filed statements (fiscal 2025): cash of $210 million against debt of $14 billion leaves -60% of its assets as net cash, bottom 3% of its family; cash from operations less capital spending is -11.9% of revenue (bottom 9%); a gross margin of 42.6% (bottom 10%) (its annual report).

What it rests on

  • cash less debt against assets-60.0%bottom 3% of its family
  • cash from operations less capital spending against revenue-11.9%bottom 9% of its family
  • gross margin42.6%bottom 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
7.3/10

What could actually drive growth from here?

top 27% of 17 in its family for growth drivers.

weight 45% of this tense · 73rd percentile among 17 sector filers · read for its customers

From the record

Norwegian Cruise Line Holdings Ltd.'s growth drivers, from the filed years to fiscal 2025: revenue grew 26.6% a year over the last three filed years against 8.1% over all 10, speeding up (top 9% of its family); the newest year grew 3.7% (top 38%); capital spending grew 22.2% a year (top 35%) (its annual reports). Norwegian Cruise Line Holdings Ltd. reported 2 product lines in fiscal 2025: Passenger at $6.7 billion (68%), Onboard and Other at $3.1 billion (32%); 2 of 2 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span+18.5 points a yeartop 9% of its family
  • the newest year's revenue growth3.7%top 38% of its family
  • three-year growth of capital spending22.2%top 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
5.4/10

Did its newest year beat what its own record pointed to?

top 46% of 16 in its family for expectations against reality.

weight 33% of this tense · 54th percentile among 16 sector filers · read for its shareholders

From the record

Norwegian Cruise Line Holdings Ltd.'s newest year against its own record: revenue of $9.8 billion in fiscal 2025 came in 25.9% below the $13 billion its prior three years' pace pointed to (bottom 28% of its family); net income of $423 million against a prior three-year average of $398 million (top 32%); a net margin of 4.3% against -11.8% before (top 34%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-25.9%bottom 28% of its family
  • net income against the prior three years' average+206%top 32% of its family
  • net margin against its prior average+16.1 pointstop 34% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton NCLH · research, not advice