NCLH
Norwegian Cruise Line Holdings Ltd. Industrials Water Transportation S&P 500Russell 3000
$17.57Close
$8.0BMarket cap
$14.12 – $25.0252-week range
Jan 28, 2027Next report · estimated
Highlights
Strengths
- Earnings growing EPS +26% year on year
Cautions
- Not in an uptrend 1 of 8 trend conditions
- Lagging the market RS 22 · weaker than 78% of stocks over 12 months
- Far from its high 30% below its 52-week high
- Financial distress Altman Z″ in the distress zone
Price
Filing Results Screen pick 52-week high and low Adjusted prices
Key figures
Off 12-month high
30%
1wk
up 16.4%
price change
1mo
up 19.8%
price change
12-month return
down 21%
market up 11% ·
its own down 32%
F-score
6 / 9
Mixed
Altman Z″
-1.48
Elevated risk
P/E
18.9×
price / earnings
PEG
—
P/E / EPS growth
P/B
3.6×
price / book
Earnings yield
up 6.9%
EBIT / enterprise value
Cheaper than
44%
of the market · around average
Revenue growth
up 4%
year on year
EPS growth
up 26%
latest quarter · -590 pts
Sales growth
0%
latest quarter · -5 pts
ROE
up 23%
return on equity
Free cash margin
down 12%
-$1.2B FCF
D/E
6.79
long-term debt / equity
Net debt / EBITDA
5.4×
Interest cover
—EBIT / interest
Piotroski tests
- profitability slipped from last year
- took on more long-term debt
- issued more shares
- profitable on its assets
- generating cash from operations
- profits backed by cash
- short-term liquidity improved
- gross margin widened
- assets working harder
Repair signals
- Gross margin 40.0% → 42.6%
Trade setup
ATR%
4.4%
$0.77 a day · 2×ATR $16.02
RS
22 / 99
vs the universe
Trend
1 / 8
trend template
Relative volume
1.4×
vs 50-day average
Up/down volume
0.84
50 sessions
Implied move
—
no scheduled report
Trend template · 1 of 8
- Price above the 50-day average: passes
Screen verdict
Did not qualify for any screen.
Warning signs
- Bankruptcy model reads distressed The Altman score sits inside the range historically associated with financial distress. It is used here only to exclude, never to rank, and it is a statistical band rather than a prediction about this company.
- Heavily indebted Net debt is 5.4 times EBITDA — roughly 5 years of earnings before interest, tax and depreciation to repay borrowings in full.
- Shareholders diluted The share count rose 3.5% over the year, from 440m to 455m shares. Each existing share owns a smaller fraction of the company than it did a year ago.
Last reported
Oct 29, 2026
Last shock
Jul 30, 2026-10% in one session2.1× volumeon results-6% since
Options
$1.8M48.0% IV · activity
Financials
- Gross 43%
- Net 4%
- Free cash -12%
- Cash
- Long-term debt
| FY2020Dec 31, 2020 | FY2021Dec 31, 2021 | FY2022Dec 31, 2022 | FY2023Dec 31, 2023 | FY2024Dec 31, 2024 | FY2025Dec 31, 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $1.3B | $648.0M | $4.8B | $8.5B | $9.5B | $9.8B |
| Gross margin | -32% | -148% | 12% | 36% | 40% | 43% |
| Operating income | -$3.5B | -$2.6B | -$1.6B | $930.9M | $1.5B | $1.6B |
| Net income | -$4.0B | -$4.5B | -$2.3B | $166.2M | $910.3M | $423.2M |
| Net margin | -314% | -695% | -47% | 2% | 10% | 4% |
| Earnings per share | -$15.75 | -$12.33 | -$5.41 | $0.39 | $1.77 | $0.89 |
| Free cash flow | -$3.5B | -$3.2B | -$1.6B | -$744.6M | $838.9M | -$1.2B |
| Free cash margin | -274% | -497% | -32% | -9% | 9% | -12% |
| Cash | $3.3B | $1.5B | $947.0M | $402.4M | $190.8M | $209.9M |
| Long-term debt | $12.2B | $12.6B | $13.9B | $14.4B | $13.4B | $15.0B |
| Shareholders' equity | $4.4B | $2.4B | $68.6M | $300.8M | $1.4B | $2.2B |
| Shares outstanding | 315.64m | 416.89m | 421.41m | 425.55m | 439.86m | 455.26m |
What options price now
- Expected 1-month range The at-the-money straddle for the expiry nearest a month out, as a share of the price: the move, either way, the option market is pricing by then. The range is the price plus and minus that move; the stock ends inside it a little more often than not. Methodology
- $16 – $20 ±11.3% by Nov 27, 2026
- Swings expected vs recent The daily swings the options are priced for (implied volatility) against the swings the stock actually had over the last 20 sessions (realised volatility). Bigger means options charge for more movement than the stock has been delivering; smaller, less. On a contract row, that contract's own implied volatility over the stock's realised. Methodology
- Smaller 48.0% priced · 58.7% recent
- Next month vs later At-the-money implied volatility for 8-45 day expiries over 46-90 day ones: whether options price the coming month as choppier or calmer than the two after it. Ahead of a report it usually reads choppier, and the extra comes out once the report is out. Methodology
- About the same
- Crash protection What options that pay off in a fall cost against options that pay off in a rise (the 25-delta skew), compared with this company's own normal - the median of its stored nightly readings, once there are 20 - and with five sessions ago. Protection costs a little more than upside on most shares. More than usual means readers of the chain are paying up to insure against a drop; it does not say which way the stock will go. Methodology
- past week: costs less
Positioning
- Premium traded
- $1.8M calls $1.1M · puts $721,009 · latest session
- 0.65× -0.04 over the week
- Open interest added The change over five sessions in option positions left open overnight, calls and puts. A rise means positions were added. It cannot say whether they were bought or sold, so more calls is not a vote for a rise: a call is as often sold against shares already held. Methodology
- calls -10.88k · puts -3.10k past week
For options traders: ATM IV 48.0% (-11.5% 1w) · 1m ÷ 3m IV 1.03 · 25Δ skew 1.7 pts · Net GEX $328,070
Most traded contracts
No contract passed the liquidity filters this week.
Filings
| Filed | Report | Period to | Lag |
|---|---|---|---|
| Oct 29, 2026 | Quarterly ↗ | Sep 30, 2026 | 29d |
| Aug 3, 2026 | Quarterly ↗ | Jun 30, 2026 | 34d |
| May 4, 2026 | Quarterly ↗ | Mar 31, 2026 | 34d |
| Mar 2, 2026 | Annual ↗ | Dec 31, 2025 | 61d |
| Nov 4, 2025 | Quarterly ↗ | Sep 30, 2025 | 35d |
| Aug 4, 2025 | Quarterly ↗ | Jun 30, 2025 | 35d |
| May 5, 2025 | Quarterly ↗ | Mar 31, 2025 | 35d |
| Feb 27, 2025 | Annual ↗ | Dec 31, 2024 | 58d |
| Nov 7, 2024 | Quarterly ↗ | Sep 30, 2024 | 38d |
| Aug 8, 2024 | Quarterly ↗ | Jun 30, 2024 | 39d |
| May 7, 2024 | Quarterly ↗ | Mar 31, 2024 | 37d |
| Feb 28, 2024 | Annual ↗ | Dec 31, 2023 | 59d |
Current reports
| Filed | Disclosed |
|---|---|
| Oct 30, 2026 | Material agreement · New obligation ↗ |
| Oct 29, 2026 | Results ↗ |
| Oct 29, 2026 | Director or officer change ↗ |
| Oct 15, 2026 | Material agreement · Agreement ended · New obligation · Other events ↗ |
| Sep 30, 2026 | Regulation FD ↗ |
| Jul 30, 2026 | Results ↗ |
| Jun 16, 2026 | Director or officer change · Shareholder vote ↗ |
| May 29, 2026 | Other events ↗ |
| May 4, 2026 | Results ↗ |
| Mar 27, 2026 | Material agreement · Director or officer change · Regulation FD ↗ |
| Mar 27, 2026 | Director or officer change ↗ |
| Mar 16, 2026 | Other events ↗ |