Is the business good?
How good a business is NCLH?
Norwegian Cruise Line Holdings earns 7.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
7.0%
Return on invested capital · cost of capital 9.0% · 2.0 points below what the capital costs: growth destroys value
- Operating margin
- 15%
Operating margin · Travel Services median 16% · 12 months to Q2 2026
- Cash conversion
- −1.56×
Cash conversion · −0.70× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +3.5%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −272% |
| FY2021 | −394% |
| FY2022 | −32% |
| FY2023 | 11% |
| FY2024 | 15% |
| FY2025 | 16% |
Details›
- Gross margin12 months to Q2 2026
- 42%
- Operating margin12 months to Q2 2026
- 15%
- Net margin12 months to Q2 2026
- 7.5%
- Free cash flow margin
- −12%
- Revenue, trailing twelve months
- $10.2B
- Free cash flow, trailing twelve months
- −$1.19B
- Net income, trailing twelve months
- $761M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.