Norwegian Cruise Line Holdings

NCLH

Travel Services · Consumer Cyclical

Price

$19.46

-0.15 (-0.76%)

Market Cap

$8.93B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+25.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 365.4M (2021) → 459.5M (2025)

Norwegian Cruise Line Holdings runs cruise ships that take vacationing passengers to destinations around the world. The company operates three brands — Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises — targeting different budgets, from mainstream travelers to luxury customers. It is one of the three largest cruise companies globally, competing mainly against Carnival and Royal Caribbean.

The company makes money by selling cruise tickets and collecting onboard spending on things like food, drinks, and excursions. It operates primarily in the Caribbean, Europe, and Alaska, with a fleet of roughly 30 ships and annual revenue around $9 billion. Norwegian carries more debt than its rivals, which it took on during the COVID-19 shutdown when cruising stopped entirely, and paying down that debt remains a key financial challenge even as passenger demand has recovered strongly since 2022.

Winston Score History

Politician Trades

10 trades / 12mo

2 Congressional buys and 8 sells on NCLH in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+351.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.8%ownership

Relatively low insider ownership

Cash Runway

~1 months

$185M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Norwegian Cruise Line Holdings has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

40.9%

Healthy — 40.9% gross margin

Operating Margin

10.0%

Modest — 10.0% operating margin

ROCE

1.3%

Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+6.5%

Slow sales growth (6.5% YoY)

EPS YoY

-35.5%

Earnings shrinking (-35.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

391%

Turns 391% of profit into real cash

FCF Margin

-9.5%

Burning cash (-9.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

6.23

Heavy debt load (6.23)

Interest Cover

1.91x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

15.5x

Fair value — P/E 15.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+7.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.5 → 8.1)

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Dividends

Not applicable for this business.

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