Norwegian Cruise Line Holdings Ltd. (NCLH)财务
NYSE · Consumer Cyclical · Travel Services · 员工44,500人 · CEO John W. Chidsey
- 股价
- $17.57 -3.57%
- 市值
- $80.7亿
- 企业价值
- $229亿
- 最近财报
- Q3 '26 2026-10-29提交
- 下次财报
- 2027-03-01 EPS预期 -$0.06
营收(TTM)$102亿+4.9% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)13.8%-2.5 百分点 对比去年同期营业利润 $14.1亿
净利润(TTM)$8.33亿+25.5% 对比去年同期税后,含营业外收益
自由现金流(TTM)-$5.31亿+48.8% 对比去年同期资本支出 $27.3亿
稀释EPS(TTM)$1.81+36.5% 对比去年同期最近4个季度之和
净现金-$148亿+2.3% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $80.7亿 EV $229亿
- 营收
- $102亿 过去12个月
- 营收增速
- +3% FY2026年一致预期
- 净利润率
- 8.2% 净利润 / 营收,TTM
- P/E
- 9.7× 预期 10.6×(FY2026)
- P/S
- 0.8× 股价 / 营收,TTM
- EV / EBITDA
- 8.5× TTM
- 自由现金流
- -$5.31亿 过去12个月
- 净利润
- $8.33亿 过去12个月
- 营收预期
- $101亿 FY2026年一致预期
- 盈利
- 2027-03-01 营收预期 $21.9亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-29):营收超预期2.3%,EPS 超预期19.9%营收$29.5亿,预期$28.8亿(+2.3%);EPS $1.12,预期$0.93(+19.9%)。
- 营收增长放缓:同比0.3%Q3 '26营收$29.5亿,此前四个季度的平均值为6.4%。
- 营业利润率13.8%(TTM),较去年同期-2.5 百分点营收增长4.9%,营业利润增长-11.4%。
- 税前利润的70.7%被营业外亏损吞噬税前利润$8.24亿,营业利润$14.1亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的26.9%(去年为31.6%)最近4个季度投入$27.3亿(同比-11.0%)。自由现金流-$5.31亿,相当于净利润的-63.7%。
- 稀释股数一年内减少7.1%Q3 '26稀释股数4.6亿,一年前为4.96亿。
- 净债务 $148亿现金 + 短期投资 $2.57亿,含租赁债务 $151亿;一年前净债务 $152亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $29.5亿 | $29.4亿 | +0.3% |
| 毛利率 | 43.4% | 47.1% | -3.7 百分点 |
| 营业利润 | $6.24亿 | $7.49亿 | -16.7% |
| 营业利润率 | 21.2% | 25.5% | -4.3 百分点 |
| 净利润 | $4.91亿 | $4.19亿 | +17.2% |
| 稀释EPS | $1.07 | $0.86 | +24.4% |
| 经营现金流 | $2.92亿 | $2.37亿 | +23.6% |
| 资本支出 | $3.98亿 | $9.63亿 | -58.7% |
| 自由现金流 | -$1.05亿 | -$7.27亿 | +85.5% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $2130万 | $1840万 | +15.8% |
实际 vs 一致预期
2026-10-29| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $29.5亿 | $28.8亿 | +2.3% |
| EPS(一致预期口径) | $1.12 | $0.93 | +19.9% |
来自2026-10-29发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Passenger ticket | $19.5亿 | -5.1% | 66.0% | $67.3亿 | +2.1% | |
| Onboard and other | $10亿 | +12.7% | 34.0% | $34.4亿 | +10.6% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| North America | $16.7亿 | +14.3% | 56.8% | $64.4亿 | +17.8% | |
| Europe | $12.6亿 | -6.8% | 42.7% | $26.2亿 | -9.8% | |
| Asia Pacific | $1240万 | -90.0% | 0.4% | $8.21亿 | -15.9% | |
| Other Country | $382万 | +329.2% | 0.1% | $2.84亿 | -17.9% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $22亿
- 资本支出
- -$27.3亿
- 股票回购
- -$2000
- 股息
- $0
- 收购
- $0
- 债务净发行
- $6.09亿
- 股权激励费用
- $9120万
- 自由现金流
- -$5.31亿
- 股东回报 / FCF
- -0.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 9.7× | 29.1× 5年中的3年 | 12.3× – 51.4× |
| EV / EBITDA | 8.5× | 9.6× 5年中的3年 | 6.4× – 12.5× |
| EV / 营收 | 2.3× | 8.0× | 2.5× – 28.6× |
| 股价 / FCF | -15.2× | 13.4× 5年中的1年 | 13.4× – 13.4× |
| 股价 / 净资产 | 2.6× | 23.8× | 3.1× – 74.9× |
| FCF收益率 | -6.6% | -17.2% | -42.5% – 7.5% |
| 投入资本回报率 | 7.3% | -0.5% | -16.1% – 9.4% |
| 净资产收益率 | 32.1% | -671.3% | -3,309.3% – 63.9% |
分析师
一致目标价 $20.79 (+18.3%)
区间 $16.00 – $45.00 · 评级 Buy
强烈买入1
买入19
持有17
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $101亿 | +2.7% | $1.66 | +84.9% | 10.6× | 12 |
| FY2027 | $106亿 | +4.9% | $1.46 | -12.4% | 12.1× | 14 |
| FY2028 | $113亿 | +6.5% | $1.78 | +22.4% | 9.8× | 4 |
| FY2029 | $122亿 | +8.3% | $2.90 | +62.6% | 6.1× | 1 |
| FY2030 | $130亿 | +6.4% | $2.02 | -30.4% | 8.7× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Norwegian Cruise Line Holdings Ltd.在近期10-Q / 10-K文件中标记的全部211项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1.78亿 | $1.93亿 | -8.0% | $1.7亿 | $1.71亿 | -0.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.41亿 | $2.53亿 | -4.5% | $2.92亿 | $2.21亿 | +31.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1250万2025-12-31 | $1510万 | -17.2% | $1250万 | $1510万 | -17.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $82.8亿2025-12-31 | $73.6亿 | +12.5% | $82.8亿 | $73.6亿 | +12.5% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $517万2025-12-31 | $614万 | -15.7% | $517万 | $614万 | -15.7% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | -$151万2025-12-31 | -$189万 | +20.0% | -$151万 | -$189万 | +20.0% |
| Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | -$669万2025-12-31 | -$803万 | +16.7% | -$669万 | -$803万 | +16.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$3.67亿 | -$4.3亿 | +14.6% | -$4.51亿 | -$5.07亿 | +11.0% |
| Additional Paid in Capital, Common Stock | $82.6亿 | $82亿 | +0.7% | $82.3亿 | $79.2亿 | +3.9% |
| Adjustments to Additional Paid in Capital, Other | $0 | – | – | -$2040万2021-12-31 | – | – |
| Advertising Expense | – | – | – | $6.22亿 | $5.14亿 | +21.1% |
| Amortization of Debt Issuance Costs | $179万 | $224万 | -19.9% | $8160万 | $8160万 | 0.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 120万 | 30万 | +300.0% | 1970万 | 510万 | +286.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $2130万 | $1840万 | +15.8% | $8840万 | $9180万 | -3.7% |
| Assets | $240亿 | $222亿 | +8.1% | $225亿 | $200亿 | +12.9% |
| Assets, Current | $12.9亿 | $10.4亿 | +24.2% | $11.4亿 | $10.1亿 | +12.7% |
| Capital Expenditures Incurred but Not yet Paid | $9750万 | -$2450万 | +498.0% | $6050万 | $3890万 | +55.5% |
| Cash and Cash Equivalents, at Carrying Value | $2.57亿 | $1.67亿 | +53.8% | $2.1亿 | $1.91亿 | +10.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.57亿 | $1.67亿 | +53.8% | $2.1亿 | $1.91亿 | +10.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $3840万 | -$1720万 | +323.1% | $1910万 | -$2.12亿 | +109.0% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 9.8亿 | 9.8亿 | 0.0% | 9.8亿 | 9.8亿 | 0.0% |
| Common Stock, Shares, Issued | 4.59亿 | 4.55亿 | +0.9% | 4.55亿 | 4.4亿 | +3.5% |
| Common Stock, Shares, Outstanding | 4.59亿 | 4.55亿 | +0.9% | 4.55亿 | 4.4亿 | +3.5% |
| Common Stock, Value, Issued | $45.9万 | $45.5万 | +0.9% | $45.5万 | $44万 | +3.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $5.56亿 | $4.28亿 | +29.8% | $4.79亿 | $9.12亿 | -47.5% |
| Contract with Customer, Liability | $22亿 | $23亿 | -4.3% | $23亿 | $22亿 | +4.5% |
| Contract with Customer, Liability, Current | $31.4亿 | $31.5亿 | -0.2% | $32亿 | $31.1亿 | +3.0% |
| Contract with Customer, Liability, Revenue Recognized | $0 | $0 | – | $19亿2024-12-31 | $21亿 | -9.5% |
| Cost of Goods and Services Sold | $16.7亿 | $15.5亿 | +7.3% | $56.4亿 | $56.9亿 | -0.9% |
| Cost of Property Repairs and Maintenance | – | – | – | $2.12亿 | $2.06亿 | +3.0% |
| Current Federal, State and Local, Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $113万 | $1880万 | -94.0% |
| Debt and Lease Obligation | $146亿2025-12-31 | $131亿 | +11.5% | $146亿 | $131亿 | +11.5% |
| Deferred Federal, State and Local, Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Income Tax Expense (Benefit) | – | – | – | $434万 | -$1.56亿 | +102.8% |
| Deferred Income Taxes and Tax Credits | – | – | – | $231万 | -$1.55亿 | +101.5% |
| Deferred Tax Assets, Net | $1.55亿2025-12-31 | $1.56亿 | -0.5% | $1.55亿 | $1.56亿 | -0.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $2.13亿2025-12-31 | $2.09亿 | +1.9% | $2.13亿 | $2.09亿 | +1.9% |
| Deferred Tax Assets, Operating Loss Carryforwards | $8.13亿2025-12-31 | $7.3亿 | +11.4% | $8.13亿 | $7.3亿 | +11.4% |
| Deferred Tax Assets, Other | $3870万2025-12-31 | $3850万 | +0.7% | $3870万 | $3850万 | +0.7% |
| Deferred Tax Assets, Valuation Allowance | $6.38亿2025-12-31 | $5.59亿 | +14.2% | $6.38亿 | $5.59亿 | +14.2% |
| Deferred Tax Liabilities, Gross | $5830万2025-12-31 | $5360万 | +8.8% | $5830万 | $5360万 | +8.8% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $5830万2025-12-31 | $5360万 | +8.8% | $5830万 | $5360万 | +8.8% |
| Defined Benefit Plan, Amortization of Gain (Loss) | – | – | – | $31.5万 | – | – |
| Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | – | – | – | $37.8万 | $37.8万 | 0.0% |
| Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $3470万2025-12-31 | $3120万 | +11.2% | $3470万 | $3120万 | +11.2% |
| Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | – | – | – | 5.5% | 5.0% | +10.0% |
| Defined Benefit Plan, Benefit Obligation | $3470万2025-12-31 | $3120万 | +11.2% | $3470万 | $3120万 | +11.2% |
| Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | – | – | – | $103万 | -$674万 | +115.3% |
| Defined Benefit Plan, Benefit Obligation, Benefits Paid | – | – | – | $142万 | $98.3万 | +44.7% |
| Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | $2010万2025-12-31 | $1840万 | +8.8% | $2010万 | $1840万 | +8.8% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Five | $312万2025-12-31 | $289万 | +7.9% | $312万 | $289万 | +7.9% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Four | $288万2025-12-31 | $245万 | +17.3% | $288万 | $245万 | +17.3% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year One | $189万2025-12-31 | $174万 | +8.9% | $189万 | $174万 | +8.9% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Three | $245万2025-12-31 | $215万 | +13.7% | $245万 | $215万 | +13.7% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Two | $215万2025-12-31 | $187万 | +15.0% | $215万 | $187万 | +15.0% |
| Defined Benefit Plan, Interest Cost | – | – | – | $168万 | $168万 | +0.1% |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | – | – | – | $395万 | $493万 | -19.8% |
| Defined Benefit Plan, Service Cost | $61.4万 | $55.3万 | +11.0% | $221万 | $288万 | -23.1% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-02