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
                    
                    n/a
                    
                    Net income
                    FY2025
                
$423.2M
                    Net margin +4.3%
                    
                    P24
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$22.5B
                    ROA +1.9%
                    
                    P16
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$2.1B
                    FCF margin -11.9%
                    
                    P4
                    
                    n/a

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 revenue.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 1 year

Total assets $22.5B

Total liabilities $20.3B

Shareholders equity $2.2B

Account	2025	Trend
Assets
Cash and Cash Equivalents	2.1%
Accounts Receivable	3.0%
Inventory	1.4%
Prepaid Expenses	5.1%
Other Current Assets	5.1%
Total Current Assets	11.6%
Property,Plant and Equipment	194.0%
Operating Lease Assets	11.1%
Goodwill	1.4%
Intangible Assets	5.1%
Other Noncurrent Assets	17.3%
Total Assets	229.4%
Liabilities
Accounts Payable	1.7%
Deferred Revenue	32.6%
Operating Lease Liabilities	0.3%
Other Current Liabilities	11.7%
Total Current Liabilities	55.5%
Operating Lease Liabilities Noncurrent	9.1%
Deferred Tax Liabilities	0.0%
Other Noncurrent Liabilities	11.7%
Total Liabilities	206.9%
Equity
Common Stock	0.0%
Additional Paid In Capital	83.7%
Retained Earnings	-56.6%
Treasury Stock	0.0%
Accumulated Other Comprehensive Income	-4.6%
Total Stockholders Equity	22.5%
Total Liabilitiesand Equity	229.4%

Income Statement

Revenue, expense, and profitability

16 accounts · 1 year

Revenue $9.8B

Operating income $1.6B

Net income $423.2M

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	100.0%
Expenses Cost of Revenue	57.4%
Expenses Selling,General and Administrative	15.8%
Expenses Depreciation and Amortization	11.8%
Expenses Share Based Compensation	0.9%
Expenses Operating Expenses	26.7%
Other Income Expense Operating Income	15.9%
Other Income Expense Other Income/expense	-1.8%
Other Income Expense Income Before Tax	4.4%
Income Tax Income Tax Expense	0.1%
net Income net Income	4.3%
net Income Comprehensive Income	4.9%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Basic	4.6%
Earnings Per Share Weighted Average Shares Diluted	4.9%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 1 year

Operating cash flow $2.1B

Investing cash flow $-3.3B

Financing cash flow $1.2B

Account	2025	Trend
CashFlow
Operating Activities net Income	4.3%
Operating Activities Depreciation and Amortization	11.0%
Operating Activities Stock Based Compensation	0.9%
Operating Activities Deferred Income Taxes	0.0%
Operating Activities Changes In Operating Assets and Liabilities	1.1%
Operating Activities net Cash From Operating Activities	21.3%
Investing Activities Capital Expenditures	33.2%
Investing Activities Other Investing Activities	0.0%
Investing Activities net Cash From Investing Activities	-33.2%
Financing Activities Proceeds From Debt	99.1%
Financing Activities Repayment of Debt	83.2%
Financing Activities Proceeds From Stock Issuance	1.5%
Financing Activities Tax Withholding On Stock Based Compensation	0.2%
Financing Activities Other Financing Activities	5.0%
Financing Activities net Cash From Financing Activities	12.2%
Cash Reconciliation Effect of Exchange Rate On Cash	2.1%
Cash Reconciliation net Change In Cash	0.2%
Cash Reconciliation Cash At Beginning of Period	2.1%
Cash Reconciliation Cash At End of Period	2.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+42.6%
Operating margin	+15.9%
Net margin	+4.3%
FCF margin	-11.9%
Growth
Revenue CAGR (3y)	+26.6%
Returns
ROE	+19.2%
ROA	+1.9%
ROIC	—
Liquidity
Current ratio	0.21x
Quick ratio	0.09x
Leverage
D/E	9.20x
Interest coverage	—
Efficiency
Asset turnover	0.44x
Cash conversion cycle	+9d

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Norwegian Cruise Line Holdings

Assets, liabilities, and equity

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Margins, returns, liquidity, leverage, efficiency

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