PerpEquities

Equity · Consumer cyclical

Norwegian Cruise Line Holdings Ltd. (NCLH) perpetual futures

Norwegian Cruise Line Holdings Ltd. (NCLH) operates global cruise operations with three brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, offering voyages from 3 to 180 days to worldwide destinations.

-1.8%NYSE closed
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24h volume
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Settlement mix
USDT · 1/1
Perp/spot vol.
-
OI / float
-
Spot performance
1D-1.59%
5D-0.53%
1M-4.30%
6M-23.08%
YTD-33.24%
1Y-38.17%

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Company data

Company fundamentals

Updated 1h ago
Market cap
$6.8B
Updated 1h ago
Revenue
$10.2B
Trailing 12 months
Revenue growth
+2%
Next fiscal year
Profit margin
+7.5%
P/E
8.9
Peer P/E 1.9
Free cash flow
-$1.2B
Trailing 12 months
More metrics
Net income
$760.8M
Trailing 12 months
P/S
0.7
Peer P/E
1.9
Similar listed perps
Revenue estimate
$10B
Next fiscal year
Earnings
2026-11-04
Revenue est. $2.9B · Updated 1h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$9.8B
Net margin+4.3%
Free cash flow-$1.2B
Net debt$14.4B
2020$1.3B
2021$648M
2022$4.8B
2023$8.5B
2024$9.5B
2025$9.8B
PeriodRevenueGrowthNet incomeFCF
2020$1.3B-80%-$4B-$3.5B
2021$648M-49%-$4.5B-$3.2B
2022$4.8B+648%-$2.3B-$1.6B
2023$8.5B+77%$166.2M-$744.6M
2024$9.5B+11%$910.3M$838.9M
2025$9.8B+4%$423.2M-$1.2B
PeriodGross marginOperating marginNet marginROEROA
2020-32.3%-272.2%-313.5%-92.2%-21.8%
2021-148.2%-393.9%-695.5%-185.3%-24.1%
2022+11.9%-32.0%-46.9%-3,309.3%-12.2%
2023+36.0%+10.9%+1.9%+55.2%+0.9%
2024+40.0%+15.5%+9.6%+63.9%+4.6%
2025+32.0%+16.2%+4.3%+19.2%+1.9%
PeriodCashDebtNet debtCurrent ratio
2020$3.3B$11.8B$8.5B1.86
2021$1.5B$12.4B$10.9B0.89
2022$947M$13.6B$12.7B0.37
2023$402.4M$14.1B$13.7B0.22
2024$190.8M$13.9B$13.7B0.17
2025$209.9M$14.6B$14.4B0.21
PeriodMarket capEnterprise valueP/SP/E
2020$6.5B$15B5.1-1.6
2021$7.6B$18.5B11.7-1.7
2022$5.1B$17.8B1.1-2.3
2023$8.5B$22.2B1.051.4
2024$11.2B$24.9B1.212.3
2025$10.2B$24.6B1.023.7
Q3 2024$2.8B
Q4 2024$2.1B
Q1 2025$2.1B
Q2 2025$2.5B
Q3 2025$2.9B
Q4 2025$2.2B
Q1 2026$2.3B
Q2 2026$2.6B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$2.8B+11%$474.9M-$195.5M
Q4 2024$2.1B+6%$254.5M$155.8M
Q1 2025$2.1B-3%-$40.3M-$846M
Q2 2025$2.5B+6%$30M$381.2M
Q3 2025$2.9B+5%$419.3M-$726.5M
Q4 2025$2.2B+6%$14.3M$21.5M
Q1 2026$2.3B+10%$104.7M-$625.2M
Q2 2026$2.6B+5%$222.6M$178.4M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+45.2%+24.6%+16.9%+41.8%+2.4%
Q4 2024+38.0%+10.2%+12.1%+17.9%+1.3%
Q1 2025+38.7%+9.4%-1.9%-2.8%-0.2%
Q2 2025+42.1%+16.8%+1.2%+1.9%+0.1%
Q3 2025+47.1%+25.5%+14.3%+19.1%+1.9%
Q4 2025+41.0%+8.3%+0.6%+0.6%+0.1%
Q1 2026+40.9%+10.0%+4.5%+4.3%+0.4%
Q2 2026+39.9%+13.8%+8.4%+8.7%+0.9%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$332.5M$13.4B$13.1B0.20
Q4 2024$190.8M$13.1B$12.9B0.17
Q1 2025$184.4M$14B$13.8B0.19
Q2 2025$184M$14.6B$14.4B0.18
Q3 2025$166.8M$15.3B$15.2B0.19
Q4 2025$209.9M$14.6B$14.4B0.21
Q1 2026$185M$15.2B$15B0.21
Q2 2026$218.1M$15B$14.8B0.20
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$9B$22.1B3.24.7
Q4 2024$11.3B$24.2B5.411.1
Q1 2025$8.4B$22.2B3.9-51.9
Q2 2025$9B$23.4B3.675.4
Q3 2025$11.1B$26.3B3.86.6
Q4 2025$10.2B$24.6B4.5186.0
Q1 2026$8.5B$23.5B3.720.3
Q2 2026$9.7B$24.5B3.711.0

Refreshed 1h ago

Charts: revenue, profit, cash flow & valuation
Revenue$2.6BQ2 2026
$734.5M$1.5B$2.2B$2.9BQ3 2023: $2.5BQ4 2023: $2BQ1 2024: $2.2BQ2 2024: $2.4BQ3 2024: $2.8BQ4 2024: $2.1BQ1 2025: $2.1BQ2 2025: $2.5BQ3 2025: $2.9BQ4 2025: $2.2BQ1 2026: $2.3BQ2 2026: $2.6BQ3 2023Q2 2026
Net income$222.6MQ2 2026
$38.9M$184.2M$329.6M$474.9MQ3 2023: $345.9MQ4 2023: -$106.5MQ1 2024: $17.4MQ2 2024: $163.4MQ3 2024: $474.9MQ4 2024: $254.5MQ1 2025: -$40.3MQ2 2025: $30MQ3 2025: $419.3MQ4 2025: $14.3MQ1 2026: $104.7MQ2 2026: $222.6MQ3 2023Q2 2026
EBITDA$668MQ2 2026
$253.3M$506.6M$760M$1BQ3 2023: $760MQ4 2023: $322.3MQ1 2024: $481.6MQ2 2024: $586.4MQ3 2024: $895.9MQ4 2024: $529.7MQ1 2025: $427MQ2 2025: $442.7MQ3 2025: $1BQ4 2025: $471.1MQ1 2026: $453MQ2 2026: $668MQ3 2023Q2 2026
Free cash flow$178.4MQ2 2026
-$551.7M-$185M$181.6M$548.3MQ3 2023: -$918.4MQ4 2023: -$388.7MQ1 2024: $548.3MQ2 2024: $330.2MQ3 2024: -$195.5MQ4 2024: $155.8MQ1 2025: -$846MQ2 2025: $381.2MQ3 2025: -$726.5MQ4 2025: $21.5MQ1 2026: -$625.2MQ2 2026: $178.4MQ3 2023Q2 2026
EPS$0.48Q2 2026
$0.05$0.35$0.65$0.95Q3 2023: $0.68Q4 2023: -$0.25Q1 2024: $0.04Q2 2024: $0.32Q3 2024: $0.95Q4 2024: $0.49Q1 2025: -$0.09Q2 2025: $0.07Q3 2025: $0.86Q4 2025: $0.03Q1 2026: $0.23Q2 2026: $0.48Q3 2023Q2 2026
Cash / Debt$218.1MQ2 2026
$3.8B$7.7B$11.5B$15.3BQ3 2023 · Cash: $681.6MQ3 2023 · Debt: $13.9BQ4 2023 · Cash: $402.4MQ4 2023 · Debt: $14.1BQ1 2024 · Cash: $559.8MQ1 2024 · Debt: $13.7BQ2 2024 · Cash: $594.1MQ2 2024 · Debt: $13.4BQ3 2024 · Cash: $332.5MQ3 2024 · Debt: $13.4BQ4 2024 · Cash: $190.8MQ4 2024 · Debt: $13.1BQ1 2025 · Cash: $184.4MQ1 2025 · Debt: $14BQ2 2025 · Cash: $184MQ2 2025 · Debt: $14.6BQ3 2025 · Cash: $166.8MQ3 2025 · Debt: $15.3BQ4 2025 · Cash: $209.9MQ4 2025 · Debt: $14.6BQ1 2026 · Cash: $185MQ1 2026 · Debt: $15.2BQ2 2026 · Cash: $218.1MQ2 2026 · Debt: $15BQ3 2023Q2 2026
CashDebt
Profitability+39.9%Q2 2026
+7.7%+20.9%+34.0%+47.1%Q3 2023 · Gross margin: +41.5%Q4 2023 · Gross margin: +33.5%Q1 2024 · Gross margin: +36.7%Q2 2024 · Gross margin: +38.7%Q3 2024 · Gross margin: +45.2%Q4 2024 · Gross margin: +38.0%Q1 2025 · Gross margin: +38.7%Q2 2025 · Gross margin: +42.1%Q3 2025 · Gross margin: +47.1%Q4 2025 · Gross margin: +41.0%Q1 2026 · Gross margin: +40.9%Q2 2026 · Gross margin: +39.9%Q3 2023 · Operating margin: +20.6%Q4 2023 · Operating margin: +6.3%Q1 2024 · Operating margin: +10.0%Q2 2024 · Operating margin: +14.4%Q3 2024 · Operating margin: +24.6%Q4 2024 · Operating margin: +10.2%Q1 2025 · Operating margin: +9.4%Q2 2025 · Operating margin: +16.8%Q3 2025 · Operating margin: +25.5%Q4 2025 · Operating margin: +8.3%Q1 2026 · Operating margin: +10.0%Q2 2026 · Operating margin: +13.8%Q3 2023 · Net margin: +13.6%Q4 2023 · Net margin: -5.4%Q1 2024 · Net margin: +0.8%Q2 2024 · Net margin: +6.9%Q3 2024 · Net margin: +16.9%Q4 2024 · Net margin: +12.1%Q1 2025 · Net margin: -1.9%Q2 2025 · Net margin: +1.2%Q3 2025 · Net margin: +14.3%Q4 2025 · Net margin: +0.6%Q1 2026 · Net margin: +4.5%Q2 2026 · Net margin: +8.4%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+4.9%Q2 2026
+0.5%+3.9%+7.3%+10.7%Q2 2024: +7.6%Q3 2024: +10.7%Q4 2024: +6.2%Q1 2025: -2.9%Q2 2025: +6.1%Q3 2025: +4.7%Q4 2025: +6.4%Q1 2026: +9.6%Q2 2026: +4.9%Q3 2023Q2 2026
Shares outstanding463.9MQ2 2026
129.5M259.1M388.6M518.1MQ3 2023: 511.6MQ4 2023: 425.4MQ1 2024: 431MQ2 2024: 513.6MQ3 2024: 514.9MQ4 2024: 518.1MQ1 2025: 441.1MQ2 2025: 443.9MQ3 2025: 495.7MQ4 2025: 459.5MQ1 2026: 466.1MQ2 2026: 463.9MQ3 2023Q2 2026
Valuation11.0Q2 2026
7.667.0126.5186.0Q3 2023 · P/E: 5.1Q4 2023 · P/E: -20.0Q1 2024 · P/E: 128.6Q2 2024 · P/E: 11.6Q3 2024 · P/E: 4.7Q4 2024 · P/E: 11.1Q1 2025 · P/E: -51.9Q2 2025 · P/E: 75.4Q3 2025 · P/E: 6.6Q4 2025 · P/E: 186.0Q1 2026 · P/E: 20.3Q2 2026 · P/E: 11.0Q3 2023 · P/S: 2.8Q4 2023 · P/S: 4.3Q1 2024 · P/S: 4.1Q2 2024 · P/S: 3.2Q3 2024 · P/S: 3.2Q4 2024 · P/S: 5.4Q1 2025 · P/S: 3.9Q2 2025 · P/S: 3.6Q3 2025 · P/S: 3.8Q4 2025 · P/S: 4.5Q1 2026 · P/S: 3.7Q2 2026 · P/S: 3.7Q3 2023Q2 2026
P/EP/S
Revenue$9.8B2025
$2.5B$4.9B$7.4B$9.8B2018: $6.1B2019: $6.5B2020: $1.3B2021: $648M2022: $4.8B2023: $8.5B2024: $9.5B2025: $9.8B20182025
Net income$423.2M2025
-$3.1B-$1.8B-$410.5M$954.8M2018: $954.8M2019: $930.2M2020: -$4B2021: -$4.5B2022: -$2.3B2023: $166.2M2024: $910.3M2025: $423.2M20182025
EBITDA$3.8B2025
-$1.1B$513.2M$2.2B$3.8B2018: $1.8B2019: $1.8B2020: -$2.8B2021: -$1.7B2022: -$665.1M2023: $1.8B2024: $2.5B2025: $3.8B20182025
Free cash flow-$1.2B2025
-$2.4B-$1.3B-$246.5M$838.9M2018: $508.4M2019: $185.4M2020: -$3.5B2021: -$3.2B2022: -$1.6B2023: -$744.6M2024: $838.9M2025: -$1.2B20182025
EPS$0.92025
-$10.7-$5.73-$0.71$4.32018: $4.252019: $4.32020: -$15.82021: -$12.32022: -$5.412023: $0.392024: $1.892025: $0.920182025
Cash / Debt$209.9M2025
$3.7B$7.3B$11B$14.6B2018 · Cash: $163.9M2018 · Debt: $6.5B2019 · Cash: $252.9M2019 · Debt: $6.8B2020 · Cash: $3.3B2020 · Debt: $11.8B2021 · Cash: $1.5B2021 · Debt: $12.4B2022 · Cash: $947M2022 · Debt: $13.6B2023 · Cash: $402.4M2023 · Debt: $14.1B2024 · Cash: $190.8M2024 · Debt: $13.9B2025 · Cash: $209.9M2025 · Debt: $14.6B20182025
CashDebt
Profitability+32.0%2025
-510.6%-325.6%-140.7%+44.2%2018 · Gross margin: +44.2%2019 · Gross margin: +43.3%2020 · Gross margin: -32.3%2021 · Gross margin: -148.2%2022 · Gross margin: +11.9%2023 · Gross margin: +36.0%2024 · Gross margin: +40.0%2025 · Gross margin: +32.0%2018 · Operating margin: +20.1%2019 · Operating margin: +18.2%2020 · Operating margin: -272.2%2021 · Operating margin: -393.9%2022 · Operating margin: -32.0%2023 · Operating margin: +10.9%2024 · Operating margin: +15.5%2025 · Operating margin: +16.2%2018 · Net margin: +15.8%2019 · Net margin: +14.4%2020 · Net margin: -313.5%2021 · Net margin: -695.5%2022 · Net margin: -46.9%2023 · Net margin: +1.9%2024 · Net margin: +9.6%2025 · Net margin: +4.3%20182025
Gross marginOperating marginNet margin
Revenue growth+3.7%2025
+101.7%+283.7%+465.6%+647.5%2019: +6.7%2020: -80.2%2021: -49.4%2022: +647.5%2023: +76.5%2024: +10.9%2025: +3.7%20182025
Shares outstanding459.5M2025
128.8M257.5M386.3M515M2018: 224.4M2019: 216.5M2020: 254.7M2021: 365.4M2022: 419.8M2023: 427.4M2024: 515M2025: 459.5M20182025
Valuation23.72025
11.124.638.051.42018 · P/E: 9.92019 · P/E: 13.52020 · P/E: -1.62021 · P/E: -1.72022 · P/E: -2.32023 · P/E: 51.42024 · P/E: 12.32025 · P/E: 23.72018 · P/S: 1.62019 · P/S: 1.92020 · P/S: 5.12021 · P/S: 11.72022 · P/S: 1.12023 · P/S: 1.02024 · P/S: 1.22025 · P/S: 1.020182025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-04
Revenue est. $2.9B · Updated 1h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20261.54$10B+2%13
FY 20271.66$10.5B+7%14
FY 20281.97$11.2B+14%4
FY 20292.90$12.1B+23%1
FY 20302.07$12.8B+30%1
Q1 2027-0.01$2.3B0%6

Company events

6
2026-11-04EarningsActual - / Estimate 0.9-
2026-07-30EarningsActual 0.48 / Estimate 0.41Beat
2026-05-04EarningsActual 0.23 / Estimate 0.15Beat
2026-03-02EarningsActual 0.28 / Estimate 0.26Beat
2025-11-04EarningsActual 1.2 / Estimate 1.16Beat
2025-07-31EarningsActual 0.51 / Estimate 0.52Miss

Peer comparison

Similar listed perps

FMP company data

Company intelligence

Updated: Sep 18, 2026, 06:16 AM UTC

Company profile

Sector
Consumer Cyclical
Industry
Travel Services
Chief executive
John W. Chidsey
Employees
44,500
IPO date
Jan 18, 2013
Country
US
Exchange
New York Stock Exchange
Website
Altman Z-scorei0.26
Piotroski scorei5/9
FMP ratingiB+
Owner earningsi$499.59M$1.08 per share
ESG risk ratingiB-Industry rank: 12 out of 17

Rating factors

Return on equityi
5
Return on assetsi
3
Debt to equityi
1
Price to earningsi
3
Price to booki
2
Market cap history
$6.65B-26.6%Jun 26 – Sep 26
$6.65B$8.33B$10.01BHigh: $10.01B · 2026-06-29Latest: $6.65B · 2026-09-17Jun 26Jul 26Aug 26Sep 26
Latest: $6.65B · 2026-09-17High: $10.01B · 2026-06-29Low: $6.65B · 2026-09-17
Largest fund holders
FundWeightShares held
VTI0.01%14.6M
VOO0.01%12.2M
RSP0.16%10.6M
VB0.09%10.6M
IVV.AX0.01%5.7M
1557.T0.01%5.6M
SPY0.01%5.5M
VBR0.08%3.4M
VBK0.11%3M
XLY0.18%2.6M
VIIIX0.01%2.5M
DFAT0.19%1.9M

Analyst track record

How the analysts covering NCLH have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings138340
Analysts2227
Buy / hold / sell62 / 76 / 0156 / 173 / 11
Upgrades / downgrades / initiations0 / 7 / 410 / 9 / 11
Price targets hit / missed3 / 122 (2%)8 / 302 (3%)
Avg. return after a rating (TipRanks)-34.7%-36.0%
Best / worst call+12.6% / -63.4%+12.6% / -66.0%

After buy calls on this stock: median 21-day move +1.7% vs S&P 500 -1.0% (n = 156)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Stephen GramblingMorgan Stanley91% hit rate on this stock · 11 targets measuredHoldtarget $19.00Aug 5, 2026
  2. Benjamin ChaikenMizuho Securities67% hit rate on this stock · 9 targets measuredHoldtarget $17.00Aug 18, 2026
  3. Steven WieczynskiStifel Nicolaus61% hit rate on this stock · 18 targets measuredBuytarget $25.00Jul 31, 2026

Latest ratings

DateAnalystCallTarget
Oct 2, 2026James HardimanCitiBuyReiterated$19.00
Sep 28, 2026Chris WoronkaDeutsche BankHoldMaintained–
Sep 28, 2026Chris WoronkaDeutsche BankHoldMaintained–
Sep 24, 2026Patrick ScholesTruist FinancialHoldMaintained$16.00
Sep 24, 2026Patrick ScholesTruist FinancialHoldMaintained$16.00
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$14.00$16.00$18.00$20.00$22.00$24.00$26.00$28.00Nov 25 · Buy 12 · Hold 5 · Sell 0Nov 25Dec 25 · Buy 10 · Hold 6 · Sell 0Jan 26 · Buy 9 · Hold 6 · Sell 0Jan 26Feb 26 · Buy 6 · Hold 8 · Sell 0Mar 26 · Buy 6 · Hold 8 · Sell 0Mar 26Apr 26 · Buy 7 · Hold 8 · Sell 0May 26 · Buy 7 · Hold 11 · Sell 0May 26Jun 26 · Buy 9 · Hold 12 · Sell 0Jul 26 · Buy 7 · Hold 15 · Sell 0Jul 26Aug 26 · Buy 6 · Hold 16 · Sell 0Sep 26 · Buy 6 · Hold 16 · Sell 0Sep 26Oct 26 · Buy 6 · Hold 16 · Sell 0Nov 25 · avg. target $28.57Dec 25 · avg. target $27.56Jan 26 · avg. target $27.67Feb 26 · avg. target $26.23Mar 26 · avg. target $25.25Apr 26 · avg. target $23.86May 26 · avg. target $20.25Jun 26 · avg. target $21.05Jul 26 · avg. target $20.37Aug 26 · avg. target $20.21Sep 26 · avg. target $19.94Oct 26 · avg. target $19.76Nov 25 · month-end close $18.46Dec 25 · month-end close $22.32Jan 26 · month-end close $21.96Feb 26 · month-end close $24.79Mar 26 · month-end close $18.70Apr 26 · month-end close $18.18May 26 · month-end close $18.34Jun 26 · month-end close $21.11Jul 26 · month-end close $18.53Aug 26 · month-end close $16.14Sep 26 · month-end close $14.66Oct 26 · month-end close $15.14

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Oct 2, 2026 · 138 ratings

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