Norwegian Cruise Line Holdings

Consumer Discretionary Hotels, Resorts & Cruise Lines Miami, Florida Last filing Mar 2, 2026 · FY2025

                    Revenue
                    FY2025
                
$9.8B
                    3y CAGR +26.6%
                    
                    P93
                    
                    +3.7%
                    
                    Net income
                    FY2025
                
$423.2M
                    Net margin +4.3%
                    
                    P24
                    
                    -53.5%
                    
                    Total assets
                    FY2025
                
$22.5B
                    ROA +1.9%
                    
                    P16
                    
                    +12.9%
                    
                    Operating cash flow
                    FY2025
                
$2.1B
                    FCF margin -11.9%
                    
                    P4
                    
                    +1.9%

15 yrs · FY2011–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 10 years

Total assets $22.5B

Total liabilities $20.3B

Shareholders equity $2.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	0.9%	1.0%	2.1%	5.1%	8.0%	17.9%	1.5%	1.1%	1.3%	1.0%
Accounts Receivable	1.3%	1.1%	1.4%	1.8%	6.2%	0.1%	0.5%	0.4%	0.3%	0.5%
Inventory	0.6%	0.7%	0.8%	0.8%	0.6%	0.4%	0.6%	0.6%	0.6%	0.5%
Prepaid Expenses	2.2%	2.2%	2.4%	2.4%	1.4%	0.8%	1.8%	1.6%	1.5%	1.2%
Other Current Assets	2.2%	2.2%	2.4%	2.4%	1.4%	0.8%	1.8%	1.6%	1.5%	1.2%
Total Current Assets	5.1%	5.1%	6.7%	10.1%	17.6%	19.3%	4.4%	3.6%	3.7%	3.2%
Property,Plant and Equipment	84.6%	84.2%	84.3%	78.2%	72.2%	72.9%	78.7%	79.7%	78.3%	78.0%
Operating Lease Assets	4.8%	4.5%	3.9%	3.8%	—	—	—	—	—	—
Goodwill	0.6%	0.7%	0.5%	0.5%	0.5%	0.5%	8.3%	9.1%	9.9%	10.7%
Intangible Assets	2.2%	2.5%	2.6%	2.7%	2.7%	2.7%	4.9%	5.4%	5.8%	6.3%
Other Noncurrent Assets	7.5%	7.6%	5.9%	8.5%	6.9%	4.5%	3.7%	2.2%	2.3%	1.8%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	0.8%	0.9%	0.9%	1.2%	1.2%	0.5%	0.6%	1.0%	0.4%	0.3%
Deferred Revenue	14.2%	15.6%	15.7%	13.6%	8.3%	6.0%	11.7%	10.5%	—	—
Operating Lease Liabilities	0.1%	0.1%	0.1%	0.2%	—	—	—	—	—	—
Other Current Liabilities	5.1%	4.9%	4.3%	4.3%	5.3%	2.4%	3.2%	1.9%	1.2%	2.2%
Total Current Liabilities	24.2%	28.9%	31.0%	27.2%	19.9%	10.4%	21.5%	20.7%	17.7%	17.8%
Operating Lease Liabilities Noncurrent	4.0%	3.9%	3.3%	3.2%	—	—	—	—	—	—
Deferred Tax Liabilities	0.0%	0.3%	0.3%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.3%
Other Noncurrent Liabilities	5.1%	4.9%	4.3%	4.3%	5.3%	2.4%	3.2%	1.9%	1.2%	2.2%
Total Liabilities	90.2%	92.9%	98.5%	99.6%	87.0%	76.3%	60.9%	60.8%	59.2%	65.0%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	36.5%	39.7%	39.5%	41.0%	40.1%	26.6%	25.4%	27.2%	28.4%	30.0%
Retained Earnings	-24.7%	-30.0%	-35.4%	-38.1%	-25.6%	-1.6%	22.9%	19.1%	13.9%	9.3%
Treasury Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.5%	5.9%	1.7%	1.8%
Accumulated Other Comprehensive Income	-2.0%	-2.5%	-2.6%	-2.6%	-1.5%	-1.3%	-1.8%	-1.1%	0.2%	-2.4%
Total Stockholders Equity	9.8%	7.1%	1.5%	0.4%	13.0%	23.7%	39.1%	39.2%	40.8%	35.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $9.8B

Operating income $1.6B

Net income $423.2M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	43.6%	47.5%	43.9%	26.1%	3.5%	7.0%	38.7%	39.8%	38.3%	37.6%
Expenses Cost of Revenue	25.0%	28.5%	28.1%	23.0%	8.6%	9.2%	22.0%	—	—	—
Expenses Selling,General and Administrative	6.9%	7.2%	6.9%	7.4%	4.8%	4.1%	5.8%	5.9%	5.5%	5.1%
Expenses Depreciation and Amortization	5.2%	4.9%	4.5%	4.4%	4.1%	4.0%	3.9%	3.7%	3.7%	3.4%
Expenses Share Based Compensation	0.4%	0.5%	0.6%	0.6%	0.7%	0.6%	0.6%	0.8%	0.6%	0.5%
Expenses Operating Expenses	11.7%	11.6%	11.0%	11.5%	8.5%	16.7%	9.7%	9.6%	9.1%	8.5%
Other Income Expense Operating Income	6.9%	7.3%	4.8%	-8.4%	-13.6%	-18.9%	7.1%	8.0%	7.4%	7.1%
Other Income Expense Other Income/expense	-0.8%	0.3%	-0.2%	0.4%	0.7%	-0.2%	0.0%	0.1%	-0.1%	-0.1%
Other Income Expense Income Before Tax	1.9%	3.9%	0.8%	-12.3%	-24.0%	-21.7%	5.5%	6.4%	5.5%	4.9%
Income Tax Income Tax Expense	0.0%	-0.7%	-0.0%	-0.0%	0.0%	0.1%	-0.1%	0.1%	0.1%	0.1%
net Income net Income	1.9%	4.6%	0.9%	-12.2%	-24.1%	-21.8%	5.6%	6.3%	5.4%	4.9%
net Income Comprehensive Income	2.1%	4.6%	0.7%	-13.3%	-24.3%	-21.5%	4.8%	5.0%	7.8%	5.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	-0.0%	-0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	-0.0%	-0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	2.0%	2.2%	2.2%	2.3%	2.0%	1.4%	1.3%	1.5%	1.6%	1.8%
Earnings Per Share Weighted Average Shares Diluted	2.1%	2.6%	2.2%	2.3%	2.0%	1.4%	1.3%	1.5%	1.6%	1.8%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 10 years

Operating cash flow $2.1B

Investing cash flow $-3.3B

Financing cash flow $1.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	1.9%	4.6%	0.9%	-12.2%	-24.1%	-21.8%	5.6%	6.3%	5.4%	4.9%
Operating Activities Depreciation and Amortization	4.8%	4.5%	4.1%	4.0%	3.7%	3.9%	3.9%	3.7%	3.6%	3.3%
Operating Activities Stock Based Compensation	0.4%	0.5%	0.6%	0.6%	0.7%	0.6%	0.6%	0.8%	0.6%	0.5%
Operating Activities Deferred Income Taxes	0.0%	-0.8%	-0.0%	-0.0%	0.0%	0.1%	-0.2%	0.0%	0.1%	-0.0%
Operating Activities Changes In Operating Assets and Liabilities	0.5%	-0.6%	0.1%	3.9%	9.8%	-4.3%	2.3%	2.8%	1.4%	1.3%
Operating Activities net Cash From Operating Activities	9.3%	10.3%	10.3%	1.1%	-13.2%	-13.9%	10.9%	13.6%	11.4%	9.7%
Investing Activities Capital Expenditures	14.5%	6.1%	14.1%	9.6%	4.0%	5.1%	9.8%	10.3%	9.7%	8.4%
Investing Activities Other Investing Activities	0.0%	-0.1%	-0.1%	-0.1%	-0.1%	-0.0%	-0.0%	-0.0%	-0.0%	—
Investing Activities net Cash From Investing Activities	-14.5%	-6.2%	-14.9%	-9.5%	-5.4%	-5.3%	-10.1%	-9.9%	-10.0%	-8.7%
Financing Activities Proceeds From Debt	43.2%	6.5%	22.2%	16.2%	13.9%	33.0%	24.7%	12.5%	12.9%	28.9%
Financing Activities Repayment of Debt	36.3%	10.9%	19.3%	9.5%	11.3%	4.9%	22.8%	11.3%	13.6%	28.9%
Financing Activities Proceeds From Stock Issuance	0.6%	—	—	—	14.2%	8.4%	—	—	—	0.1%
Financing Activities Tax Withholding On Stock Based Compensation	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.0%	—
Financing Activities Other Financing Activities	2.2%	0.7%	1.0%	1.2%	7.8%	0.7%	0.2%	-0.8%	-0.4%	-0.4%
Financing Activities net Cash From Financing Activities	5.3%	-5.2%	1.8%	5.3%	9.0%	35.8%	-0.3%	-3.8%	-1.1%	-0.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.9%	1.0%	2.1%	5.1%	8.0%	17.9%	1.5%	1.1%	—	—
Cash Reconciliation net Change In Cash	0.1%	-1.1%	-2.8%	-3.0%	-9.6%	16.6%	0.5%	-0.1%	0.3%	0.1%
Cash Reconciliation Cash At Beginning of Period	0.9%	1.0%	2.1%	5.1%	8.0%	17.9%	1.5%	1.1%	1.3%	1.0%
Cash Reconciliation Cash At End of Period	0.9%	1.0%	2.1%	5.1%	8.0%	17.9%	1.5%	1.1%	1.3%	1.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+42.6%	+40.0%	+36.0%	+11.9%	-148.2%	-32.3%	+43.3%	—	—	—
Operating margin	+15.9%	+15.5%	+10.9%	-32.0%	-393.9%	-272.2%	+18.2%	+20.1%	+19.4%	+19.0%
Net margin	+4.3%	+9.6%	+1.9%	-46.9%	-695.5%	-313.5%	+14.4%	+15.8%	+14.1%	+13.0%
FCF margin	-11.9%	+8.8%	-8.7%	-32.5%	-497.1%	-273.7%	+2.9%	+8.4%	+4.2%	+3.5%
Growth
Revenue CAGR (3y)	+26.6%	+144.6%	+88.3%	-9.2%	-52.5%	-38.1%	+9.9%	+11.7%	+20.0%	+23.8%
Returns
ROE	+19.2%	+63.9%	+55.2%	-3309.3%	-185.3%	-92.2%	+14.3%	+16.0%	+13.2%	+14.0%
ROA	+1.9%	+4.6%	+0.9%	-12.2%	-24.1%	-21.8%	+5.6%	+6.3%	+5.4%	+4.9%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	0.21x	0.17x	0.22x	0.37x	0.89x	1.86x	0.20x	0.17x	0.21x	0.18x
Quick ratio	0.09x	0.07x	0.11x	0.25x	0.72x	1.74x	0.09x	0.07x	0.09x	0.08x
Leverage
D/E	9.20x	13.01x	63.80x	269.56x	6.70x	3.23x	1.56x	1.55x	1.45x	1.86x
Interest coverage	—	—	1.28x	-1.94x	-1.22x	-7.22x	4.32x	4.51x	3.92x	3.34x
Efficiency
Asset turnover	0.44x	0.47x	0.44x	0.26x	0.03x	0.07x	0.39x	0.40x	0.38x	0.38x
Cash conversion cycle	+9d	+7d	+11d	+18d	+632d	+6d	+4d	—	—	—

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Norwegian Cruise Line Holdings

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