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%
                    
                    P27
                    
                    -53.5%
                    
                    Total assets
                    FY2025
                
$22.5B
                    ROA +1.9%
                    
                    P18
                    
                    +12.9%
                    
                    Operating cash flow
                    FY2025
                
$2.1B
                    FCF margin -11.9%
                    
                    P2
                    
                    +1.9%

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

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

24 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	+5.6%	+5.1%	+17.7%	+39.5%	+63.7%	+125.2%	+25.4%	+13.0%	+37.3%	—
Accounts Receivable	+18.5%	+17.0%	+23.7%	+31.5%	+79.2%	-24.5%	+5.9%	-6.5%	-30.5%	—
Inventory	+8.5%	+10.7%	+13.2%	+14.4%	+12.3%	+5.6%	+12.9%	+16.7%	+23.9%	—
Prepaid Expenses	+14.0%	+14.4%	+17.5%	+19.7%	+11.9%	+0.1%	+26.0%	+25.4%	+41.0%	—
Total Current Assets	+12.0%	+11.9%	+18.0%	+28.8%	+51.7%	+71.5%	+21.1%	+15.7%	+26.1%	—
Property,Plant and Equipment	+7.3%	+6.6%	+7.2%	+6.2%	+6.0%	+7.3%	+9.1%	+9.4%	+9.1%	—
Goodwill	-22.8%	-25.2%	-31.5%	-35.7%	-41.1%	-48.4%	+0.0%	+0.0%	+0.0%	—
Intangible Assets	-5.3%	-5.9%	-6.8%	-7.9%	-9.3%	-11.5%	+0.0%	+0.0%	+0.0%	—
Other Noncurrent Assets	+24.4%	+26.0%	+25.2%	+36.9%	+40.4%	+36.6%	+36.9%	+17.6%	+38.1%	—
Total Assets	+6.3%	+5.5%	+6.0%	+6.1%	+7.6%	+9.1%	+8.7%	+8.3%	+8.6%	—
Liabilities
Accounts Payable	+18.1%	+20.7%	+24.3%	+34.9%	+43.7%	+21.6%	+38.4%	+104.9%	+40.6%	—
Accrued Liabilities	+9.3%	+10.2%	+10.0%	+16.0%	+14.3%	+2.4%	+13.0%	+15.0%	-5.2%	—
Deferred Revenue	+11.8%	+12.9%	+14.7%	+13.6%	+5.9%	-1.4%	+18.6%	+16.6%	+11.1%	—
Current Portion of Long Term Debt	+5.1%	+11.3%	+17.6%	+10.0%	+9.4%	-31.3%	+10.0%	+10.3%	+10.6%	—
Total Current Liabilities	+10.0%	+12.1%	+14.7%	+13.9%	+10.0%	-4.6%	+15.7%	+16.7%	+7.7%	—
Long Term Debt	+10.0%	+9.2%	+11.3%	+13.7%	+14.7%	+18.9%	+1.2%	-0.2%	-2.6%	—
Other Noncurrent Liabilities	+16.8%	+16.8%	+16.7%	+18.9%	+28.5%	+12.1%	+22.9%	-0.6%	-41.5%	—
Total Liabilities	+10.3%	+10.3%	+12.5%	+14.0%	+14.1%	+13.6%	+6.4%	+4.7%	-1.1%	—
Equity
Common Stock	+7.8%	+8.3%	+9.0%	+10.4%	+12.4%	+8.0%	+0.7%	+0.6%	+0.4%	—
Additional Paid In Capital	+8.7%	+9.3%	+10.3%	+11.8%	+14.1%	+5.9%	+2.9%	+3.0%	+2.8%	—
Retained Earnings	—	—	—	—	—	—	+47.2%	+55.4%	+63.4%	—
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Total Stockholders Equity	-7.7%	-13.5%	-32.1%	-50.3%	-11.7%	-1.0%	+12.8%	+14.6%	+26.7%	—
Total Liabilitiesand Equity	+6.3%	+5.5%	+6.0%	+6.1%	+7.6%	+9.1%	+8.7%	+8.3%	+8.6%	—

Income Statement

Revenue, expense, and profitability

15 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	+8.1%	+8.7%	+8.4%	-0.1%	-33.2%	-28.4%	+9.9%	+11.5%	+10.7%	—
Expenses Cost of Revenue	—	—	—	—	—	—	—	—	—	—
Expenses Selling,General and Administrative	+9.8%	+10.1%	+10.5%	+12.9%	+6.0%	+2.8%	+13.5%	+16.1%	+16.2%	—
Expenses Depreciation and Amortization	—	—	—	—	—	—	—	—	—	—
Expenses Operating Expenses	+10.2%	+9.8%	+10.1%	+11.7%	+7.7%	+29.3%	+13.8%	+15.2%	+16.8%	—
Other Income Expense Operating Income	+6.0%	+5.9%	+0.1%	—	—	—	+8.4%	+14.8%	+13.3%	—
Other Income Expense Interest Expense	+14.7%	+13.2%	+14.8%	+19.4%	+49.6%	+14.9%	-0.5%	-1.2%	-3.3%	—
Other Income Expense Other Income/expense	—	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	-4.4%	+2.4%	-17.7%	—	—	—	+12.5%	+23.0%	+20.4%	—
Income Tax Income Tax Expense	-3.0%	—	—	—	-6.1%	+14.6%	—	+41.6%	+48.8%	—
net Income net Income	-4.4%	+4.6%	-17.4%	—	—	—	+13.7%	+22.8%	+20.0%	—
net Income Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Earnings Per Share Basic Eps	-11.4%	-3.5%	-24.5%	—	—	—	+15.8%	+23.9%	+19.4%	—
Earnings Per Share Diluted Eps	-11.6%	-4.7%	-24.5%	—	—	—	+15.6%	+23.6%	+19.1%	—
Earnings Per Share Weighted Average Shares Diluted	+8.6%	+10.7%	+9.4%	+10.7%	+9.9%	+2.8%	-1.7%	-0.8%	+0.7%	—

Cash Flow Statement

Operating, investing, and financing flows

17 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	-4.4%	+4.6%	-17.4%	—	—	—	+13.7%	+22.8%	+20.0%	—
Operating Activities Depreciation and Amortization	+11.2%	+10.3%	+10.3%	+10.5%	+11.2%	+13.5%	+13.2%	+12.8%	+17.0%	—
Operating Activities Stock Based Compensation	+3.2%	+4.1%	+8.7%	+9.4%	+13.3%	+13.8%	+12.7%	+32.2%	+31.1%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	-27.3%	+14.0%	+39.4%	+60.6%	—	—	+27.7%	+132.8%	+151.1%	—
Operating Activities Other Non Cash Items	+28.7%	-25.6%	-5.7%	+29.4%	+100.4%	+150.8%	-35.7%	-61.0%	-41.5%	—
Operating Activities net Cash From Operating Activities	+5.7%	+6.2%	+6.8%	-25.9%	—	—	+13.0%	+28.1%	+26.7%	—
Investing Activities Capital Expenditures	—	—	—	—	—	—	—	—	—	—
Investing Activities Other Investing Activities	—	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	+11.2%	-12.4%	+2.0%	-3.7%	-7.1%	+12.8%	+3.2%	-28.8%	-51.6%	—
Financing Activities Repayment of Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	+35.9%	—	-7.5%	-8.8%	+211.0%	+260.4%	+51.6%	+77.3%	+227.5%	—
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	+4.9%	—	—	—	—	+295.9%	+92.9%	—	+285.5%	—

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	+9.3%	+10.2%	+6.7%	-12.2%	-19.1%	-27.1%	+9.0%	+9.8%	+8.7%	+8.5%
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	1.64x	1.96x	1.28x	-1.94x	-1.23x	-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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