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History and Development of the Company Norwegian commenced operations from Miami, Florida in 1966, launching the modern cruise industry by offering weekly departures from Miami, Florida to destinations in the Caribbean. In January 2013, NCLH completed its initial public offering and the ordinary shares of NCLC were exchanged for the ordinary shares of NCLH, and NCLH became the owner of 100% of …
$19.47
+$0.01 (+0.05%)
Live · 05:22 PM
Margins and capital returns are both well above average: 26.86% operating margin, ROIC at 15.92%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 3.7%, steady but not accelerating. Free cash flow declined 239% despite revenue growth, conversion is weakening.
Free cash flow declined 239% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$1.17B. The business is consuming cash, not generating it.
15.7x earnings. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$10.03B
▲ +3.7% YoY
Net Income (TTM)
$568M
▼ -53.5% YoY
Op. Margin
26.63%
▲ +11.4pp YoY
ROIC
15.22%
▲ +8.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$949M
▼ -239.5% YoY
Op. Cash Flow (TTM)
$2.22B
▲ +1.9% YoY
Net Debt
$15.90B
Cash & Equiv.
$185M
5Y CAGR: +50.3%
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At a P/E of 15.7, Norwegian Cruise Line Holdings (NCLH)'s valuation is best read against its own history, its peers, and the growth its price implies. A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Norwegian Cruise Line Holdings scores 47/100 on Intrinsiqq's quality scorecard, weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full . This is analysis, not investment advice.
Norwegian Cruise Line Holdings scores 47 out of 100 on Intrinsiqq's quality score, a weighted blend of 7 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 26.6% operating margin and a 15.2% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. you should weigh NCLH's valuation and scores 47/100 on quality (mixed). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.