NCLHNorwegian Cruise Line Holdings Ltd.
Water Transportation
- Revenue
- $9.8B
- 3.7% YoY
- Operating margin
- 15.9%
- 2.7% YoY
- EBITDA
- $2.7B
- 12% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 5.0×
- $13.7B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear494% of net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear17% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear1% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $648M | $4.8B | $8.5B | $9.5B | $9.8B | 3.7% |
| Operating income | −$2.6B | −$1.6B | $931M | $1.5B | $1.6B | 6.5% |
| Net income | −$4.5B | −$2.3B | $166M | $910M | $423M | 54% |
| Operating cash flow | −$2.5B | $210M | $2.0B | $2.0B | $2.1B | 1.9% |
| Capex | $753M | $1.8B | $2.8B | $1.2B | $3.3B | 169% |
| Stock-based comp | $124M | $114M | $119M | $92M | $88M | 3.7% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 88 | 145 |
| FY2024 | — | — | 101 | 136 |
| FY2023 | — | — | 79 | 118 |
| FY2022 | — | — | 48 | 87 |
| FY2021 | — | — | 82 | 111 |