Norwegian Cruise Line Holdings

NCLH

Travel Services · Consumer Cyclical

Also trades as: 0UC3.L

Price

$17.24

+0.49 (+2.93%)

Market Cap

$7.92B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Good

Stability

Weak

Valuation

Strong

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Share count rising — dilution

+25.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 365.4M (2021) → 459.5M (2025)

Winston Score History

The full picture

Norwegian Cruise Line Holdings runs cruise ships that take vacationing passengers to destinations around the world. The company operates three brands — Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises — targeting different budgets, from mainstream travelers to luxury customers. It is one of the three largest cruise companies globally, competing mainly against Carnival and Royal Caribbean.

The company makes money by selling cruise tickets and collecting onboard spending on things like food, drinks, and excursions. It operates primarily in the Caribbean, Europe, and Alaska, with a fleet of roughly 30 ships and annual revenue around $9 billion. Norwegian carries more debt than its rivals, which it took on during the COVID-19 shutdown when cruising stopped entirely, and paying down that debt remains a key financial challenge even as passenger demand has recovered strongly since 2022.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+614.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$218M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Norwegian Cruise Line Holdings is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

39.9%

Modest — 39.9% gross margin

Profit after running costs

Operating Margin

13.8%

Healthy — 13.8% operating margin

Return on the money invested

ROCE

8.7%

Below par — 8.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+6.2%

Slow sales growth (+6.2% YoY)

Profit growth

EPS YoY

+2.1%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

282%

Turns 282% of profit into real cash

Spare cash per sale

FCF Margin

-11.3%

Burning cash (-11.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

5.84

Heavy debt load (5.84)

Covers its interest

Interest Cover

1.83x

Dangerous — barely covers interest (1.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.3x

Attractive valuation — P/E 10.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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