Latest Ratios: P/E Ratio 20.9x · EV/EBITDA 8.4x · ROE 23.3%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.6B | $10.3B | $13.3B | $8.6B | $5.1B | $7.6B | $6.5B | $12.6B | $9.5B | $12.2B | $9.7B |
| Enterprise Value | $23.0B | $24.7B | $27.0B | $22.2B | $17.8B | $18.5B | $15.0B | $19.2B | $15.8B | $18.4B | $16.0B |
| P/E Ratio → | 20.92 | 24.80 | 13.61 | 51.38 | — | — | — | 13.58 | 9.97 | 16.09 | 15.30 |
| P/S Ratio | 0.88 | 1.04 | 1.40 | 1.00 | 1.06 | 11.70 | 5.06 | 1.96 | 1.57 | 2.27 | 1.99 |
| P/B Ratio | 3.92 | 4.64 | 9.30 | 28.47 | 74.91 | 3.12 | 1.49 | 1.94 | 1.60 | 2.13 | 2.14 |
| P/FCF | — | — | 15.80 | — | — | — | — | 68.19 | 18.71 | 57.25 | 65.66 |
| P/OCF | 4.14 | 4.91 | 6.46 | 4.27 | 24.46 | — | — | 6.94 | 4.58 | 7.71 | 7.82 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.51 | 2.85 | 2.60 | 3.68 | 28.58 | 11.71 | 2.97 | 2.62 | 3.40 | 3.27 |
| EV / EBITDA | 8.41 | 9.00 | 11.06 | 12.25 | — | — | — | 10.53 | 8.89 | 11.66 | 11.61 |
| EV / EBIT | 14.47 | 15.48 | 17.75 | 24.95 | — | — | — | 16.42 | 12.79 | 17.63 | 17.33 |
| EV / FCF | — | — | 32.16 | — | — | — | — | 103.50 | 31.16 | 85.97 | 108.15 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.0% | 32.0% | 40.0% | 36.0% | 11.9% | -148.2% | -32.3% | 43.3% | 44.2% | 43.2% | 41.5% |
| Operating Margin | 16.2% | 16.2% | 15.5% | 10.9% | -32.0% | -393.9% | -272.2% | 18.2% | 20.1% | 19.4% | 19.0% |
| Net Profit Margin | 4.3% | 4.3% | 9.6% | 1.9% | -46.9% | -695.5% | -313.5% | 14.4% | 15.8% | 14.1% | 13.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 23.3% | 23.3% | 105.5% | 90.0% | -181.5% | -132.8% | -73.8% | 14.9% | 16.3% | 14.8% | 15.2% |
| ROA | 2.0% | 2.0% | 4.6% | 0.9% | -12.2% | -24.3% | -22.9% | 5.8% | 6.5% | 5.6% | 5.0% |
| ROIC | 7.5% | 7.5% | 7.6% | 5.2% | -8.9% | -14.6% | -20.2% | 7.0% | 7.6% | 6.9% | 6.7% |
| ROCE | 10.2% | 10.2% | 10.6% | 6.9% | -10.9% | -16.2% | -23.6% | 9.4% | 10.3% | 9.4% | 9.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.61 | 6.61 | 9.76 | 46.74 | 198.59 | 5.12 | 2.71 | 1.04 | 1.09 | 1.10 | 1.41 |
| Debt / EBITDA | 5.33 | 5.33 | 5.70 | 7.75 | — | — | — | 3.73 | 3.64 | 4.01 | 4.65 |
| Net Debt / Equity | — | 6.51 | 9.63 | 45.40 | 184.78 | 4.50 | 1.95 | 1.01 | 1.06 | 1.07 | 1.38 |
| Net Debt / EBITDA | 5.26 | 5.26 | 5.63 | 7.53 | — | — | — | 3.59 | 3.55 | 3.89 | 4.56 |
| Debt / FCF | — | — | 16.36 | — | — | — | — | 35.32 | 12.45 | 28.72 | 42.49 |
| Interest Coverage | 0.71 | 0.71 | 2.03 | 1.22 | -1.84 | -1.17 | -7.29 | 4.54 | 4.58 | 3.89 | 3.33 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.21 | 0.21 | 0.17 | 0.22 | 0.37 | 0.89 | 1.86 | 0.20 | 0.17 | 0.21 | 0.18 |
| Quick Ratio | 0.18 | 0.18 | 0.15 | 0.19 | 0.34 | 0.85 | 1.82 | 0.18 | 0.15 | 0.18 | 0.15 |
| Cash Ratio | 0.04 | 0.04 | 0.03 | 0.07 | 0.19 | 0.47 | 1.72 | 0.07 | 0.05 | 0.07 | 0.06 |
| Asset Turnover | — | 0.44 | 0.47 | 0.44 | 0.26 | 0.03 | 0.07 | 0.39 | 0.40 | 0.38 | 0.38 |
| Inventory Turnover | 48.39 | 48.39 | 38.00 | 34.69 | 28.69 | 13.60 | 20.55 | 38.39 | 37.44 | 37.31 | 43.02 |
| Days Sales Outstanding | — | 10.83 | 8.53 | 11.96 | 24.59 | 657.62 | 5.87 | 4.24 | 3.33 | 2.97 | 4.73 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 4.0% | 7.3% | 1.9% | — | — | — | 7.4% | 10.0% | 6.2% | 6.5% |
| FCF Yield | — | — | 6.3% | — | — | — | — | 1.5% | 5.3% | 1.7% | 1.5% |
| Buyback Yield | 0.3% | 0.2% | 0.2% | 0.3% | 0.4% | 0.2% | 0.2% | 2.9% | 7.1% | 0.0% | 0.5% |
| Total Shareholder Yield | 0.3% | 0.2% | 0.2% | 0.3% | 0.4% | 0.2% | 0.2% | 2.9% | 7.1% | 0.0% | 0.5% |
| Shares Outstanding | — | $460M | $515M | $427M | $420M | $365M | $255M | $216M | $224M | $230M | $228M |
Excessive debt leverage profile
According to current market data, NCLH trades at a forward P/E of 12.89, which appears to discount the company's elevated debt profile relative to industry peers like Royal Caribbean, suggesting that investors remain cautious about the sustainability of earnings growth amidst significant interest expense and capital requirements.
The valuation gap between NCLH and its larger peers suggests that the market is applying a risk premium to account for the company's smaller scale and higher financial leverage. While the forward P/E multiple indicates an expectation of earnings recovery, this valuation may be fragile if the company fails to demonstrate consistent deleveraging or if macro headwinds dampen consumer demand for cruise travel.
Based on reported figures, NCLH's ROIC has struggled to exceed 3.7% in recent quarters, a level that remains significantly below the company's cost of capital and highlights the difficulty of generating meaningful shareholder value while carrying a substantial debt burden from the pandemic-era liquidity crisis.
The low ROIC trend suggests that the company's massive asset base is not yet generating sufficient returns to justify the capital intensity of its fleet. Investors should monitor whether management can improve asset utilization and yield management to drive returns closer to the levels seen in more efficient, less-leveraged industry peers.
As indicated by recent financial statements, NCLH maintains a cash conversion cycle of approximately 9 days, which, while seemingly efficient, masks the underlying pressure of managing high-volume advanced ticket sales alongside the significant operational payables required to maintain a global fleet of luxury and premium vessels.
The company's ability to manage its working capital is a critical lever for liquidity, yet the low current ratio of 0.21 suggests that there is very little margin for error in these cycles. Any disruption in booking momentum could rapidly turn this working capital source into a liquidity drain, necessitating further investigation into the stability of customer deposits.
As reported in recent filings, NCLH's debt-to-equity ratio of 6.61 remains a primary headwind, indicating that a substantial portion of operating cash flow is likely diverted to interest servicing rather than fleet modernization or equity-enhancing activities, which warrants continued monitoring by institutional investors.
The high leverage profile leaves the company particularly vulnerable to interest rate volatility and refinancing risks. While the trend shows a gradual reduction from peak levels, the absolute debt load remains high enough to potentially constrain the company's strategic options during periods of economic contraction or unexpected operational shocks.
The P/E ratio is frequently misapplied to NCLH because it ignores the massive non-cash depreciation charges and the significant interest burden that distort GAAP net income, making it a poor indicator of the company's true underlying cash-generating capacity and its ability to service its substantial debt stack.
Analysts should instead focus on EV/EBITDA or free cash flow metrics to better understand the company's operational performance, as these measures strip away the accounting noise associated with capital-intensive maritime assets. Relying on P/E may lead to an overly optimistic view of the company's profitability during periods of high interest expense.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying NCLH stock.
Norwegian Cruise Line Holdings Ltd.'s current P/E ratio is 20.9x. The historical average is 27.7x. This places it at the 50th percentile of its historical range.
Norwegian Cruise Line Holdings Ltd.'s current EV/EBITDA is 8.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.8x.
Norwegian Cruise Line Holdings Ltd.'s return on equity (ROE) is 23.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -4.6%.
Based on historical data, Norwegian Cruise Line Holdings Ltd. is trading at a P/E of 20.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Norwegian Cruise Line Holdings Ltd. has 32.0% gross margin and 16.2% operating margin. Operating margin between 10-20% is typical for established companies.
Norwegian Cruise Line Holdings Ltd.'s Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.