Norwegian Cruise Line Holdings (NCLH)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from NCLH's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Norwegian Cruise Line Holdings's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $648M | $4.8B | $8.5B | $9.5B | $9.8B |
| Net income | -$4.5B | -$2.3B | $166M | $910M | $423M |
| Free cash flow | -$3.2B | -$1.6B | -$745M | $839M | -$1.2B |
| EPS (diluted) | -$12.33 | -$5.41 | $0.39 | $1.89 | $0.92 |
| Operating margin | -393.9% | -32.0% | 10.9% | 15.5% | 15.9% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own NCLH
From each investor's latest 13F filing (what a 13F shows).
Insider buying
Open-market purchases by Norwegian Cruise Line Holdings's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Nov 7, 2025 | Harry C Curtis |
5,000 | $19.25 | $96,250 |
| Nov 6, 2025 | Harry Sommer |
25,000 | $18.52 | $463,000 |
| Nov 6, 2025 | Jason Montague |
13,400 | $18.81 | $252,054 |
| Nov 6, 2025 | Mark Kempa |
10,635 | $18.53 | $197,067 |
| Nov 6, 2025 | Stella David |
6,986 | $18.59 | $129,870 |
| Nov 6, 2025 | Zillah Byng-Thorne |
29,008 | $18.11 | $525,335 |
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In the full deep dive
Questions
Are Norwegian Cruise Line Holdings insiders buying the stock?
6 open-market insider purchases of NCLH in the last 12 months, from SEC Form 4 filings.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.