Norwegian Cruise Line (NCLH) Financials

$17.60 +0.06 (+0.31%)

Closing price 03:59 PM Eastern

Extended Trading

$17.56 -0.04 (-0.20%)

As of 07:56 PM Eastern

Annual Income Statements for Norwegian Cruise Line

This table shows Norwegian Cruise Line's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	910	166	-2,270	-4,507	-4,013	930	955	760	633	427
Consolidated Net Income / (Loss)	910	166	-2,270	-4,507	-4,013	930	955	760	633	427
Net Income / (Loss) Continuing Operations	910	166	-2,270	-4,507	-4,013	930	955	760	633	427
Total Pre-Tax Income	773	163	-2,277	-4,501	-4,000	911	969	771	640	434
Total Operating Income	1,466	931	-1,552	-2,552	-3,484	1,178	1,219	1,049	925	702
Total Gross Profit	3,791	3,081	577	-960	-413	2,799	2,678	2,333	2,024	1,690
Total Revenue	9,480	8,550	4,844	648	1,280	6,462	6,055	5,396	4,874	4,345
Operating Revenue	9,480	8,550	4,844	648	1,280	6,462	6,055	5,396	4,874	4,345
Total Cost of Revenue	5,689	5,469	4,267	1,608	1,693	3,663	3,377	3,064	2,850	2,655
Operating Cost of Revenue	5,689	5,469	4,267	1,608	1,693	3,663	3,377	3,064	2,850	2,243
Total Operating Expenses	2,325	2,150	2,128	1,592	3,071	1,621	1,459	1,284	1,099	987
Selling, General & Admin Expense	1,435	1,342	1,379	891	745	975	898	774	666	555
Depreciation Expense	890	809	749	701	718	646	561	510	432	432
Total Other Income / (Expense), net	-693	-768	-725	-1,949	-516	-267	-250	-278	-285	-269
Interest Expense	747	728	802	2,073	482	273	270	268	277	222
Other Income / (Expense), net	54	-40	77	124	-34	6.16	21	-10	-8.30	-47
Income Tax Expense	-137	-3.00	-6.79	5.27	12	-19	14	11	7.22	6.77
Basic Earnings per Share	$2.09	$0.39	($5.41)	($12.33)	($15.75)	$4.33	$4.28	$3.33	$2.79	$1.89
Weighted Average Basic Shares Outstanding	435.28M	424.42M	419.77M	365.45M	254.73M	214.93M	223.00M	228.04M	227.12M	226.59M
Diluted Earnings per Share	$1.89	$0.39	($5.41)	($12.33)	($15.75)	$4.30	$4.25	$3.31	$2.78	$1.86
Weighted Average Diluted Shares Outstanding	515.03M	427.40M	419.77M	365.45M	254.73M	216.48M	224.42M	229.42M	227.85M	230.04M
Weighted Average Basic & Diluted Shares Outstanding	439.94M	425.66M	421.93M	417.09M	315.74M	213.20M	217.73M	228.20M	227.32M	226M

This table shows Norwegian Cruise Line's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-40	255	475	163	17	-106	346	86	-159	-482	-295
Consolidated Net Income / (Loss)	-40	255	475	163	17	-106	346	86	-159	-482	-295
Net Income / (Loss) Continuing Operations	-40	255	475	163	17	-106	346	86	-159	-482	-295
Total Pre-Tax Income	-41	108	482	165	18	-108	354	87	-169	-482	-306
Total Operating Income	201	215	691	342	218	124	523	273	11	-281	-185
Total Gross Profit	824	802	1,268	918	804	665	1,053	822	542	300	377
Total Revenue	2,128	2,109	2,807	2,372	2,191	1,986	2,536	2,205	1,822	1,519	1,616
Operating Revenue	2,128	2,109	2,807	2,372	2,191	1,986	2,536	2,205	1,822	1,519	1,616
Total Cost of Revenue	1,304	1,308	1,539	1,455	1,387	1,322	1,483	1,384	1,280	1,219	1,239
Operating Cost of Revenue	1,304	1,308	1,539	1,455	1,387	1,322	1,483	1,384	1,280	1,219	1,239
Total Operating Expenses	623	587	576	576	585	540	530	549	531	581	562
Selling, General & Admin Expense	391	361	358	354	362	328	325	352	336	379	375
Depreciation Expense	231	226	218	222	223	212	205	197	195	202	187
Total Other Income / (Expense), net	-242	-107	-209	-177	-200	-233	-169	-186	-180	-201	-121
Interest Expense	218	175	175	178	218	197	181	178	171	177	152
Other Income / (Expense), net	-25	68	-34	1.90	18	-35	12	-8.04	-8.96	-24	31
Income Tax Expense	-1.14	-147	6.92	1.55	1.00	-1.83	8.31	0.69	-10	0.39	-11
Basic Earnings per Share	($0.09)	$0.59	$1.08	$0.38	$0.04	($0.24)	$0.81	$0.20	($0.38)	($1.14)	($0.70)
Weighted Average Basic Shares Outstanding	441.15M	435.28M	439.70M	434.81M	426.80M	424.42M	425.40M	424.18M	422.66M	419.77M	420.80M
Diluted Earnings per Share	($0.09)	$0.55	$0.95	$0.35	$0.04	($0.14)	$0.71	$0.20	($0.38)	($1.14)	($0.70)
Weighted Average Diluted Shares Outstanding	441.15M	515.03M	514.88M	513.59M	431.02M	427.40M	511.59M	461.08M	422.66M	419.77M	420.80M
Weighted Average Basic & Diluted Shares Outstanding	446.81M	439.94M	439.71M	439.69M	429.04M	425.66M	425.42M	425.42M	424.17M	421.93M	421.40M

This table details how cash moves in and out of Norwegian Cruise Line's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-212	-545	-560	-1,794	3,048	89	-12	48	12	31
Net Cash From Operating Activities	2,050	2,006	210	-2,468	-2,556	1,823	2,075	1,601	1,264	1,042
Net Cash From Continuing Operating Activities	2,050	2,006	210	-2,468	-2,556	1,823	2,075	1,601	1,264	1,042
Net Income / (Loss) Continuing Operations	910	166	-2,270	-4,507	-4,013	930	955	760	633	427
Consolidated Net Income / (Loss)	910	166	-2,270	-4,507	-4,013	930	955	760	633	427
Depreciation Expense	974	883	810	759	740	647	567	521	446	450
Non-Cash Adjustments To Reconcile Net Income	97	133	303	1,524	1,788	106	122	112	108	6.26
Changes in Operating Assets and Liabilities, net	69	823	1,367	-244	-1,071	139	431	208	77	158
Net Cash From Investing Activities	-1,229	-2,897	-1,756	-1,004	-975	-1,680	-1,503	-1,405	-1,129	-1,206
Net Cash From Continuing Investing Activities	-1,229	-2,897	-1,756	-1,004	-975	-1,680	-1,503	-1,405	-1,129	-1,206
Purchase of Property, Plant & Equipment	-1,211	-2,750	-1,784	-753	-947	-1,637	-1,567	-1,372	-1,092	-1,122
Acquisitions	-27	0.00	0.00	-	-	-	-	-	-	-0.75
Purchase of Investments	-1.79	-163	-224	-1,033	-32	-47	-1.72	-36	-37	-86
Sale and/or Maturity of Investments	0.00	0.00	240	770	0.00	0.00	65	2.35	0.13	2.83
Other Investing Activities, net	11	16	12	12	2.70	4.06	1.01	0.66	0.00	0.00
Net Cash From Financing Activities	-1,032	347	986	1,678	6,579	-53	-585	-149	-123	195
Net Cash From Continuing Financing Activities	-1,032	347	986	1,678	6,579	-53	-585	-149	-123	195
Repayment of Debt	-2,305	-3,955	-2,001	-3,575	-1,028	-3,837	-1,840	-1,989	-3,817	-1,586
Issuance of Debt	1,299	4,323	3,003	2,601	6,075	4,122	1,905	1,816	3,754	1,856
Issuance of Common Equity	0.00	5.31	5.27	2,669	1,547	32	29	30	9.17	70
Other Financing Activities, net	-25	-27	-21	-17	-15	-21	-14	-6.34	0.00	0.00

This table details how cash moves in and out of Norwegian Cruise Line's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-6.41	-142	-262	34	157	-279	-218	199	-246	-240	-717
Net Cash From Operating Activities	679	399	173	671	807	259	210	1,033	503	237	82
Net Cash From Continuing Operating Activities	679	399	173	671	807	259	210	1,033	503	237	82
Net Income / (Loss) Continuing Operations	-40	255	475	163	17	-106	346	86	-159	-482	-295
Consolidated Net Income / (Loss)	-40	255	475	163	17	-106	346	86	-159	-482	-295
Depreciation Expense	251	247	239	243	245	233	225	215	211	217	202
Non-Cash Adjustments To Reconcile Net Income	87	-3.91	37	21	43	37	22	41	33	40	23
Changes in Operating Assets and Liabilities, net	382	-98	-578	243	502	95	-382	691	419	463	152
Net Cash From Investing Activities	-1,532	-244	-365	-366	-255	-691	-1,214	-756	-236	-164	-1,510
Net Cash From Continuing Investing Activities	-1,532	-244	-365	-366	-255	-691	-1,214	-756	-236	-164	-1,510
Purchase of Property, Plant & Equipment	-1,525	-243	-368	-341	-259	-648	-1,129	-737	-238	-155	-1,302
Other Investing Activities, net	-7.02	1.51	3.21	2.35	3.61	1.48	9.31	4.05	1.32	1.10	5.75
Net Cash From Financing Activities	847	-297	-69	-271	-395	152	787	-79	-513	-312	712
Net Cash From Continuing Financing Activities	847	-297	-69	-271	-395	152	787	-79	-513	-312	712
Repayment of Debt	-2,809	-904	-496	-440	-465	-1,180	-167	-773	-1,835	-311	-213
Issuance of Debt	3,679	610	427	169	92	1,334	951	708	1,331	-	930
Other Financing Activities, net	-24	-3.28	-0.02	-0.01	-22	-1.59	-0.05	-14	-11	-0.78	-8.22

This table presents Norwegian Cruise Line's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	19,970	19,493	18,558	18,730	18,399	16,685	15,206	14,095	12,974	12,265
Total Current Assets	1,010	1,313	1,873	3,302	3,558	730	550	518	411	340
Cash & Equivalents	191	402	947	1,507	3,300	253	164	176	128	116
Accounts Receivable	221	280	326	1,167	21	75	55	44	63	45
Inventories, net	150	158	149	118	82	95	90	82	66	58
Prepaid Expenses	448	473	451	269	154	307	241	216	153	121
Plant, Property, & Equipment, net	16,811	16,433	14,516	13,529	13,411	13,135	12,119	11,040	10,118	9,459
Total Noncurrent Assets	2,149	1,747	2,168	1,899	1,431	2,819	2,536	2,536	2,445	2,466
Goodwill	136	98	98	98	98	1,389	1,389	1,389	1,389	1,389
Intangible Assets	501	501	501	501	501	818	818	818	818	818
Other Noncurrent Operating Assets	1,513	1,148	1,570	1,301	832	613	330	330	239	259
Total Liabilities & Shareholders' Equity	19,970	19,493	18,558	18,730	18,399	16,685	15,206	14,095	12,974	12,265
Total Liabilities	18,544	19,192	18,489	16,297	14,045	10,169	9,243	8,345	8,436	8,484
Total Current Liabilities	5,781	6,039	5,055	3,730	1,914	3,584	3,151	2,490	2,313	2,367
Short-Term Debt	1,324	1,745	991	877	125	746	681	619	560	630
Accounts Payable	171	174	229	233	83	101	160	53	38	45
Accrued Expenses	1,180	1,059	1,318	1,059	596	782	716	514	542	646
Current Deferred Revenue	3,106	3,061	2,517	1,561	1,110	1,955	1,593	1,303	1,173	1,024
Total Noncurrent Liabilities	12,764	13,153	13,434	12,567	12,131	6,585	6,092	5,855	6,123	6,117
Long-Term Debt	11,777	12,314	12,630	11,570	11,681	6,055	5,811	5,688	5,838	5,768
Other Noncurrent Operating Liabilities	987	839	804	997	450	529	282	167	285	350
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,425	301	69	2,433	4,354	6,516	5,963	5,750	4,538	3,781
Total Preferred & Common Equity	1,425	301	69	2,433	4,354	6,516	5,963	5,750	4,538	3,781
Total Common Equity	1,425	301	69	2,433	4,354	6,516	5,963	5,750	4,538	3,781
Common Stock	7,922	7,709	7,612	7,514	4,890	4,236	4,130	3,999	3,890	3,815
Retained Earnings	-5,990	-6,900	-7,066	-4,796	-295	3,829	2,899	1,963	1,201	568
Accumulated Other Comprehensive Income / (Loss)	-507	-508	-477	-285	-240	-295	-162	27	-314	-413

This table presents Norwegian Cruise Line's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	21,354	19,970	19,786	20,114	19,825	19,493	19,252	18,648	18,351	18,558	18,951
Total Current Assets	1,145	1,010	1,179	1,582	1,590	1,313	1,611	1,849	1,645	1,873	2,157
Cash & Equivalents	184	191	333	594	560	402	682	899	701	947	1,187
Accounts Receivable	271	221	201	209	282	280	239	219	259	326	393
Inventories, net	156	150	145	150	158	158	166	154	146	149	156
Prepaid Expenses	535	448	501	629	590	473	524	576	539	451	422
Plant, Property, & Equipment, net	18,113	16,811	16,744	16,633	16,464	16,433	15,974	15,055	14,508	14,516	14,512
Total Noncurrent Assets	2,096	2,149	1,863	1,899	1,772	1,747	1,666	1,745	2,198	2,168	2,282
Goodwill	136	136	136	136	98	98	98	98	98	98	98
Intangible Assets	501	501	501	501	501	501	501	501	501	501	501
Other Noncurrent Operating Assets	1,460	1,513	1,227	1,262	1,173	1,148	1,068	1,146	1,599	1,570	1,683
Total Liabilities & Shareholders' Equity	21,354	19,970	19,786	20,114	19,825	19,493	19,252	18,648	18,351	18,558	18,951
Total Liabilities	19,938	18,544	18,651	19,421	19,463	19,192	18,813	18,633	18,450	18,489	18,551
Total Current Liabilities	6,094	5,781	6,039	6,634	6,599	6,039	5,402	5,818	5,700	5,055	4,663
Short-Term Debt	1,122	1,324	1,653	1,525	1,744	1,745	1,240	1,126	1,210	991	1,013
Accounts Payable	162	171	173	182	205	174	158	148	203	229	141
Accrued Expenses	1,049	1,180	1,068	1,147	1,020	1,059	1,039	1,198	1,109	1,318	1,217
Current Deferred Revenue	3,762	3,106	3,145	3,779	3,630	3,061	2,965	3,346	3,177	2,517	2,292
Total Noncurrent Liabilities	13,843	12,764	12,612	12,787	12,865	13,153	13,411	12,815	12,751	13,434	13,888
Long-Term Debt	12,872	11,777	11,752	11,913	12,005	12,314	12,635	11,995	11,921	12,630	12,893
Other Noncurrent Operating Liabilities	971	987	860	874	859	839	776	820	830	804	995
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,417	1,425	1,135	693	362	301	439	15	-100	69	400
Total Preferred & Common Equity	1,417	1,425	1,135	693	362	301	439	15	-100	69	400
Total Common Equity	1,417	1,425	1,135	693	362	301	439	15	-100	69	400
Common Stock	7,919	7,922	7,899	7,879	7,709	7,709	7,688	7,662	7,631	7,612	7,588
Retained Earnings	-6,030	-5,990	-6,244	-6,719	-6,883	-6,900	-6,794	-7,140	-7,226	-7,066	-6,584
Accumulated Other Comprehensive Income / (Loss)	-472	-507	-520	-466	-464	-508	-456	-507	-505	-477	-605

This table displays calculated financial ratios and metrics derived from Norwegian Cruise Line's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.87%	76.51%	647.51%	-49.37%	-80.19%	6.73%	12.21%	10.71%	12.18%	39.00%
EBITDA Growth	40.57%	366.70%	60.17%	39.89%	-251.70%	1.36%	15.82%	14.46%	23.20%	38.80%
EBIT Growth	70.67%	160.38%	39.25%	30.97%	-397.05%	-4.48%	19.38%	13.22%	39.85%	33.27%
NOPAT Growth	82.10%	187.28%	39.20%	26.74%	-302.83%	0.13%	16.12%	13.02%	32.32%	36.59%
Net Income Growth	447.76%	107.32%	49.63%	-12.31%	-531.35%	-2.58%	25.66%	20.03%	48.22%	24.67%
EPS Growth	384.62%	107.21%	56.12%	21.71%	-466.28%	1.18%	28.40%	19.06%	49.46%	14.81%
Operating Cash Flow Growth	2.20%	855.01%	108.51%	3.45%	-240.25%	-12.17%	29.60%	26.67%	21.29%	63.97%
Free Cash Flow Firm Growth	606.70%	61.80%	66.17%	7.82%	-620.43%	-45.72%	2,124.17%	-123.06%	18.45%	104.33%
Invested Capital Growth	2.71%	9.53%	-2.97%	2.12%	-1.57%	6.29%	3.45%	9.93%	7.41%	5.76%
Revenue Q/Q Growth	1.31%	5.78%	27.06%	280.88%	-53.47%	1.56%	2.22%	2.36%	1.85%	6.04%
EBITDA Q/Q Growth	9.07%	30.13%	33.46%	-3.02%	-35.68%	-0.49%	2.95%	2.44%	3.61%	10.54%
EBIT Q/Q Growth	14.63%	79.34%	17.61%	-3.06%	-26.65%	-2.21%	3.37%	1.96%	5.97%	12.83%
NOPAT Q/Q Growth	27.26%	157.67%	20.73%	-5.80%	-27.26%	-0.95%	2.75%	2.76%	4.34%	12.13%
Net Income Q/Q Growth	65.73%	179.20%	32.45%	-22.70%	-27.29%	-3.46%	6.21%	3.62%	5.66%	17.61%
EPS Q/Q Growth	57.50%	163.93%	34.10%	-25.18%	-14.71%	-2.71%	6.25%	3.44%	5.30%	20.00%
Operating Cash Flow Q/Q Growth	7.34%	1.13%	161.37%	11.54%	-65.66%	1.14%	5.78%	4.32%	9.20%	14.74%
Free Cash Flow Firm Q/Q Growth	72.79%	-83.93%	38.48%	13.34%	8.49%	-72.07%	143.09%	-126.67%	132.96%	105.81%
Invested Capital Q/Q Growth	0.89%	2.39%	-2.87%	-1.68%	1.51%	7.58%	-1.41%	2.22%	0.41%	7.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.99%	36.04%	11.91%	-148.16%	-32.28%	43.31%	44.23%	43.23%	41.53%	38.89%
EBITDA Margin	26.31%	20.75%	-13.73%	-257.69%	-217.06%	28.34%	29.84%	28.91%	27.96%	25.46%
Operating Margin	15.46%	10.89%	-32.04%	-393.89%	-272.22%	18.23%	20.13%	19.44%	18.99%	16.17%
EBIT Margin	16.04%	10.42%	-30.46%	-374.76%	-274.84%	18.33%	20.47%	19.24%	18.82%	15.09%
Profit (Net Income) Margin	9.60%	1.94%	-46.86%	-695.48%	-313.50%	14.39%	15.77%	14.08%	12.99%	9.83%
Tax Burden Percent	117.77%	101.84%	99.70%	100.12%	100.31%	102.07%	98.51%	98.61%	98.87%	98.44%
Interest Burden Percent	50.84%	18.32%	154.33%	185.36%	113.71%	76.96%	78.19%	74.21%	69.81%	66.16%
Effective Tax Rate	-17.77%	-1.84%	0.00%	0.00%	0.00%	-2.07%	1.49%	1.39%	1.13%	1.56%
Return on Invested Capital (ROIC)	12.20%	7.10%	-8.40%	-13.75%	-18.82%	9.48%	9.94%	9.12%	8.77%	7.06%
ROIC Less NNEP Spread (ROIC-NNEP)	6.06%	1.16%	-18.52%	-42.07%	-39.72%	5.26%	5.99%	4.69%	4.28%	2.76%
Return on Net Nonoperating Assets (RNNOA)	93.26%	82.87%	-173.11%	-119.06%	-55.01%	5.42%	6.37%	5.66%	6.45%	4.64%
Return on Equity (ROE)	105.46%	89.97%	-181.50%	-132.81%	-73.83%	14.91%	16.30%	14.77%	15.22%	11.70%
Cash Return on Invested Capital (CROIC)	9.53%	-1.99%	-5.39%	-15.85%	-17.24%	3.39%	6.54%	-0.34%	1.62%	1.46%
Operating Return on Assets (OROA)	7.70%	4.68%	-7.91%	-13.08%	-20.05%	7.43%	8.46%	7.67%	7.27%	5.53%
Return on Assets (ROA)	4.61%	0.87%	-12.18%	-24.28%	-22.87%	5.83%	6.52%	5.61%	5.02%	3.60%
Return on Common Equity (ROCE)	105.46%	89.97%	-181.50%	-132.81%	-73.83%	14.91%	16.30%	14.77%	15.22%	11.70%
Return on Equity Simple (ROE_SIMPLE)	63.86%	55.24%	-3,309.34%	-185.25%	-92.15%	14.28%	16.01%	13.22%	13.95%	11.30%
Net Operating Profit after Tax (NOPAT)	1,726	948	-1,086	-1,787	-2,439	1,202	1,201	1,034	915	692
NOPAT Margin	18.21%	11.09%	-22.43%	-275.72%	-190.55%	18.61%	19.83%	19.17%	18.77%	15.92%
Net Nonoperating Expense Percent (NNEP)	6.14%	5.94%	10.13%	28.32%	20.91%	4.23%	3.95%	4.42%	4.49%	4.31%
Return On Investment Capital (ROIC_SIMPLE)	11.89%	6.60%	-7.93%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	60.01%	63.96%	88.09%	248.16%	132.28%	56.69%	55.77%	56.77%	58.47%	61.11%
SG&A Expenses to Revenue	15.14%	15.69%	28.47%	137.57%	58.23%	15.09%	14.83%	14.34%	13.67%	12.77%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.53%	25.15%	43.94%	245.73%	239.94%	25.08%	24.10%	23.79%	22.54%	22.72%
Earnings before Interest and Taxes (EBIT)	1,520	891	-1,475	-2,428	-3,518	1,184	1,240	1,038	917	656
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,494	1,774	-665	-1,670	-2,778	1,831	1,807	1,560	1,363	1,106
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.94	28.34	75.20	3.15	1.61	1.91	1.58	2.12	2.13	3.56
Price to Tangible Book Value (P/TBV)	14.34	0.00	0.00	4.18	1.87	2.88	2.50	3.43	4.14	8.54
Price to Revenue (P/Rev)	1.19	1.00	1.06	11.84	5.48	1.92	1.55	2.25	1.98	3.09
Price to Earnings (P/E)	12.43	51.30	0.00	0.00	0.00	13.36	9.84	16.01	15.26	31.48
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	8.05%	1.95%	0.00%	0.00%	0.00%	7.49%	10.16%	6.25%	6.55%	3.18%
Enterprise Value to Invested Capital (EV/IC)	1.69	1.59	1.40	1.40	1.21	1.45	1.28	1.54	1.47	1.96
Enterprise Value to Revenue (EV/Rev)	2.56	2.59	3.68	28.36	12.12	2.94	2.60	3.39	3.27	4.54
Enterprise Value to EBITDA (EV/EBITDA)	9.71	12.50	0.00	0.00	0.00	10.36	8.70	11.73	11.69	17.84
Enterprise Value to EBIT (EV/EBIT)	15.94	24.90	0.00	0.00	0.00	16.02	12.68	17.62	17.37	30.08
Enterprise Value to NOPAT (EV/NOPAT)	14.03	23.40	0.00	0.00	0.00	15.78	13.09	17.69	17.41	28.53
Enterprise Value to Operating Cash Flow (EV/OCF)	11.82	11.06	84.91	0.00	0.00	10.41	7.58	11.43	12.60	18.93
Enterprise Value to Free Cash Flow (EV/FCFF)	17.96	0.00	0.00	0.00	0.00	44.20	19.88	0.00	94.03	137.91
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	9.19	46.74	198.59	5.12	2.71	1.04	1.09	1.10	1.41	1.69
Long-Term Debt to Equity	8.26	40.94	184.14	4.76	2.68	0.93	0.97	0.99	1.29	1.53
Financial Leverage	15.39	71.28	9.35	2.83	1.39	1.03	1.06	1.21	1.51	1.68
Leverage Ratio	22.86	103.01	14.91	5.47	3.23	2.56	2.50	2.63	3.03	3.25
Compound Leverage Factor	11.62	18.87	23.01	10.14	3.67	1.97	1.96	1.95	2.12	2.15
Debt to Total Capital	90.19%	97.91%	99.50%	83.65%	73.06%	51.07%	52.12%	52.31%	58.51%	62.85%
Short-Term Debt to Total Capital	9.11%	12.15%	7.24%	5.89%	0.77%	5.60%	5.47%	5.14%	5.12%	6.19%
Long-Term Debt to Total Capital	81.07%	85.75%	92.26%	77.76%	72.28%	45.47%	46.65%	47.18%	53.39%	56.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	9.81%	2.09%	0.50%	16.35%	26.94%	48.93%	47.88%	47.69%	41.49%	37.15%
Debt to EBITDA	5.25	7.93	-20.48	-7.45	-4.25	3.71	3.59	4.04	4.70	5.78
Net Debt to EBITDA	5.18	7.70	-19.06	-6.41	-3.06	3.58	3.50	3.93	4.60	5.68
Long-Term Debt to EBITDA	4.72	6.94	-18.99	-6.93	-4.20	3.31	3.22	3.65	4.28	5.21
Debt to NOPAT	7.59	14.83	-12.54	-6.97	-4.84	5.66	5.41	6.10	6.99	9.25
Net Debt to NOPAT	7.48	14.41	-11.67	-5.99	-3.49	5.45	5.27	5.93	6.85	9.08
Long-Term Debt to NOPAT	6.82	12.99	-11.63	-6.48	-4.79	5.04	4.84	5.50	6.38	8.34
Altman Z-Score	0.39	0.07	-0.57	-0.50	-0.18	1.47	1.34	1.53	1.25	1.35
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.17	0.22	0.37	0.89	1.86	0.20	0.17	0.21	0.18	0.14
Quick Ratio	0.07	0.11	0.25	0.78	1.74	0.09	0.07	0.09	0.08	0.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,349	-266	-697	-2,059	-2,234	429	791	-39	169	143
Operating Cash Flow to CapEx	169.27%	72.93%	11.77%	-327.83%	-270.06%	111.33%	132.45%	116.69%	115.75%	92.89%
Free Cash Flow to Firm to Interest Expense	1.80	-0.37	-0.87	-0.99	-4.63	1.57	2.93	-0.15	0.61	0.64
Operating Cash Flow to Interest Expense	2.74	2.76	0.26	-1.19	-5.30	6.68	7.67	5.98	4.57	4.70
Operating Cash Flow Less CapEx to Interest Expense	1.12	-1.02	-1.96	-1.55	-7.26	0.68	1.88	0.86	0.62	-0.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.45	0.26	0.03	0.07	0.41	0.41	0.40	0.39	0.37
Accounts Receivable Turnover	37.79	28.19	6.49	1.09	26.75	99.15	122.07	100.70	90.09	112.23
Inventory Turnover	37.02	35.70	31.97	16.03	19.04	39.47	39.19	41.30	45.81	46.29
Fixed Asset Turnover	0.57	0.55	0.35	0.05	0.10	0.51	0.52	0.51	0.50	0.48
Accounts Payable Turnover	32.94	27.13	18.48	10.17	18.41	28.14	31.71	67.01	68.28	36.01
Days Sales Outstanding (DSO)	9.66	12.95	56.28	334.60	13.64	3.68	2.99	3.62	4.05	3.25
Days Inventory Outstanding (DIO)	9.86	10.22	11.42	22.77	19.17	9.25	9.31	8.84	7.97	7.88
Days Payable Outstanding (DPO)	11.08	13.45	19.76	35.90	19.82	12.97	11.51	5.45	5.35	10.14
Cash Conversion Cycle (CCC)	8.44	9.72	47.94	321.47	12.99	-0.04	0.79	7.02	6.67	1.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,335	13,957	12,743	13,133	12,860	13,064	12,291	11,881	10,808	10,062
Invested Capital Turnover	0.67	0.64	0.37	0.05	0.10	0.51	0.50	0.48	0.47	0.44
Increase / (Decrease) in Invested Capital	378	1,214	-389	273	-205	773	410	1,073	746	548
Enterprise Value (EV)	24,223	22,182	17,832	18,374	15,515	18,976	15,724	18,297	15,932	19,728
Market Capitalization	11,314	8,526	5,158	7,674	7,009	12,427	9,396	12,166	9,662	13,447
Book Value per Share	$3.24	$0.71	$0.16	$6.57	$15.80	$30.62	$26.90	$25.17	$19.97	$16.48
Tangible Book Value per Share	$1.79	($0.70)	($1.26)	$4.96	$13.62	$20.25	$16.95	$15.51	$10.26	$6.86
Total Capital	14,526	14,360	13,690	14,879	16,160	13,317	12,455	12,058	10,936	10,178
Total Debt	13,100	14,059	13,622	12,447	11,806	6,802	6,492	6,308	6,399	6,398
Total Long-Term Debt	11,777	12,314	12,630	11,570	11,681	6,055	5,811	5,688	5,838	5,768
Net Debt	12,910	13,657	12,675	10,700	8,506	6,549	6,328	6,132	6,270	6,282
Capital Expenditures (CapEx)	1,211	2,750	1,784	753	947	1,637	1,567	1,372	1,092	1,122
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,638	-3,383	-3,138	-1,299	-1,532	-2,361	-2,083	-1,529	-1,470	-1,512
Debt-free Net Working Capital (DFNWC)	-3,447	-2,981	-2,191	448	1,769	-2,108	-1,919	-1,352	-1,342	-1,396
Net Working Capital (NWC)	-4,771	-4,726	-3,182	-429	1,644	-2,854	-2,600	-1,972	-1,902	-2,026
Net Nonoperating Expense (NNE)	816	782	1,184	2,720	1,574	272	246	274	282	264
Net Nonoperating Obligations (NNO)	12,910	13,657	12,675	10,700	8,506	6,549	6,328	6,132	6,270	6,282
Total Depreciation and Amortization (D&A)	974	883	810	759	740	647	567	521	446	450
Debt-free, Cash-free Net Working Capital to Revenue	-38.37%	-39.57%	-64.78%	-200.41%	-119.69%	-36.53%	-34.40%	-28.33%	-30.16%	-34.80%
Debt-free Net Working Capital to Revenue	-36.36%	-34.86%	-45.23%	69.14%	138.18%	-32.62%	-31.69%	-25.06%	-27.52%	-32.13%
Net Working Capital to Revenue	-50.33%	-55.27%	-65.69%	-66.18%	128.42%	-44.17%	-42.94%	-36.54%	-39.02%	-46.63%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.09	$0.39	($5.41)	($12.33)	($15.75)	$4.33	$4.28	$3.33	$2.79	$1.89
Adjusted Weighted Average Basic Shares Outstanding	435.28M	424.42M	419.77M	365.45M	254.73M	214.93M	223.00M	228.04M	227.12M	226.59M
Adjusted Diluted Earnings per Share	$1.89	$0.39	($5.41)	($12.33)	($15.75)	$4.30	$4.25	$3.31	$2.78	$1.86
Adjusted Weighted Average Diluted Shares Outstanding	515.03M	427.40M	419.77M	365.45M	254.73M	216.48M	224.42M	229.42M	227.85M	230.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	439.94M	425.66M	421.93M	417.09M	315.74M	213.20M	217.73M	228.66M	227.32M	227.31M
Normalized Net Operating Profit after Tax (NOPAT)	1,026	652	-1,086	-1,787	-1,313	825	1,201	1,034	915	692
Normalized NOPAT Margin	10.82%	7.62%	-22.43%	-275.72%	-102.62%	12.76%	19.83%	19.17%	18.77%	15.92%
Pre Tax Income Margin	8.15%	1.91%	-47.00%	-694.66%	-312.53%	14.10%	16.01%	14.28%	13.14%	9.99%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.03	1.22	-1.84	-1.17	-7.29	4.34	4.58	3.88	3.31	2.96
NOPAT to Interest Expense	2.31	1.30	-1.36	-0.86	-5.06	4.41	4.44	3.86	3.31	3.12
EBIT Less CapEx to Interest Expense	0.41	-2.56	-4.07	-1.53	-9.26	-1.66	-1.21	-1.25	-0.63	-2.10
NOPAT Less CapEx to Interest Expense	0.69	-2.48	-3.58	-1.23	-7.02	-1.59	-1.35	-1.26	-0.64	-1.94
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.93%	8.67%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	37.61%	69.63%	0.00%	10.82%	33.78%

This table displays calculated financial ratios and metrics derived from Norwegian Cruise Line's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.91%	6.19%	10.67%	7.57%	20.27%	30.76%	56.98%	85.78%	249.07%	211.66%	955.33%
EBITDA Growth	-11.35%	64.33%	17.88%	22.39%	126.71%	464.87%	1,472.49%	381.91%	146.67%	79.10%	109.75%
EBIT Growth	-25.41%	217.84%	22.73%	29.85%	13,316.39%	129.20%	448.17%	172.31%	100.27%	50.84%	77.53%
NOPAT Growth	-31.88%	483.03%	33.31%	25.15%	2,652.15%	144.25%	494.14%	197.34%	101.56%	59.09%	73.12%
Net Income Growth	-332.21%	339.03%	37.32%	89.79%	110.89%	77.93%	217.09%	116.91%	83.79%	69.32%	65.08%
EPS Growth	-325.00%	492.86%	33.80%	75.00%	110.53%	87.72%	201.43%	116.39%	83.83%	71.07%	69.43%
Operating Cash Flow Growth	-15.85%	54.15%	-17.89%	-35.07%	60.37%	9.47%	155.46%	294.10%	235.67%	174.95%	112.27%
Free Cash Flow Firm Growth	-51.13%	111.50%	6,718.43%	-447.46%	-263.42%	-684.68%	-101.47%	-62.25%	283.60%	125.58%	109.24%
Invested Capital Growth	12.35%	2.71%	4.23%	10.63%	9.90%	9.53%	3.91%	-0.06%	-4.74%	-2.97%	-1.78%
Revenue Q/Q Growth	0.86%	-24.84%	18.30%	8.27%	10.31%	-21.67%	14.99%	21.05%	19.93%	-5.97%	36.08%
EBITDA Q/Q Growth	-19.40%	-40.87%	52.78%	21.75%	49.41%	-57.59%	58.64%	125.53%	340.47%	-282.78%	128.44%
EBIT Q/Q Growth	-37.67%	-56.92%	91.31%	45.21%	165.57%	-83.36%	102.41%	14,902.95%	100.58%	-98.33%	57.96%
NOPAT Q/Q Growth	-72.28%	-25.52%	101.35%	63.87%	137.25%	-82.97%	89.02%	3,503.63%	103.81%	-51.69%	53.32%
Net Income Q/Q Growth	-115.83%	-46.41%	190.59%	841.83%	116.30%	-130.79%	301.63%	154.05%	66.98%	-63.33%	42.00%
EPS Q/Q Growth	-116.36%	-42.11%	171.43%	775.00%	128.57%	-119.72%	255.00%	152.63%	66.67%	-62.86%	42.62%
Operating Cash Flow Q/Q Growth	70.12%	131.45%	-74.29%	-16.88%	211.65%	23.28%	-79.67%	105.29%	112.74%	187.68%	-68.63%
Free Cash Flow Firm Q/Q Growth	-1,283.50%	23.28%	110.92%	5.11%	9.98%	-70,877.04%	-100.57%	-55.37%	222.09%	78.34%	-85.27%
Invested Capital Q/Q Growth	6.21%	0.89%	4.95%	-0.10%	-2.91%	2.39%	11.40%	-0.76%	-3.24%	-2.87%	7.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.71%	38.01%	45.17%	38.68%	36.68%	33.46%	41.53%	37.27%	29.72%	19.73%	23.31%
EBITDA Margin	20.07%	25.11%	31.92%	24.72%	21.98%	16.23%	29.97%	21.72%	11.66%	-5.82%	2.99%
Operating Margin	9.44%	10.18%	24.63%	14.40%	9.97%	6.26%	20.64%	12.36%	0.59%	-18.50%	-11.47%
EBIT Margin	8.29%	13.42%	23.41%	14.48%	10.79%	4.48%	21.11%	11.99%	0.10%	-20.08%	-9.52%
Profit (Net Income) Margin	-1.89%	12.07%	16.92%	6.89%	0.79%	-5.36%	13.64%	3.90%	-8.74%	-31.76%	-18.28%
Tax Burden Percent	97.25%	236.29%	98.56%	99.06%	94.55%	98.31%	97.65%	99.20%	94.00%	100.08%	96.50%
Interest Burden Percent	-23.48%	38.05%	73.33%	48.04%	7.76%	-121.62%	66.15%	32.82%	-9,613.95%	158.08%	199.06%
Effective Tax Rate	0.00%	-136.29%	1.44%	0.94%	5.45%	0.00%	2.35%	0.80%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.33%	16.12%	16.32%	10.06%	6.49%	2.81%	12.18%	7.17%	0.20%	-4.85%	-2.31%
ROIC Less NNEP Spread (ROIC-NNEP)	2.99%	14.22%	14.75%	8.66%	5.02%	1.34%	10.90%	5.61%	-1.20%	-7.29%	-3.74%
Return on Net Nonoperating Assets (RNNOA)	45.33%	218.78%	246.06%	306.43%	489.69%	95.23%	336.93%	144.13%	-20.30%	-68.15%	-26.42%
Return on Equity (ROE)	49.65%	234.90%	262.38%	316.48%	496.18%	98.04%	349.10%	151.30%	-20.10%	-73.00%	-28.74%
Cash Return on Invested Capital (CROIC)	0.40%	9.53%	5.61%	-0.92%	-0.84%	-1.99%	-1.08%	-0.99%	0.13%	-5.39%	-8.56%
Operating Return on Assets (OROA)	3.79%	6.45%	11.22%	6.79%	5.04%	2.01%	8.93%	4.55%	0.03%	-5.22%	-1.93%
Return on Assets (ROA)	-0.87%	5.80%	8.11%	3.23%	0.37%	-2.41%	5.77%	1.48%	-2.86%	-8.25%	-3.70%
Return on Common Equity (ROCE)	49.65%	234.90%	262.38%	316.48%	496.18%	98.04%	349.10%	151.30%	-20.10%	-73.00%	-28.74%
Return on Equity Simple (ROE_SIMPLE)	60.19%	0.00%	48.38%	60.62%	94.69%	0.00%	-47.83%	0.00%	1,453.08%	0.00%	-840.49%
Net Operating Profit after Tax (NOPAT)	141	507	681	338	206	87	511	270	7.50	-197	-130
NOPAT Margin	6.61%	24.06%	24.27%	14.26%	9.42%	4.38%	20.15%	12.26%	0.41%	-12.95%	-8.03%
Net Nonoperating Expense Percent (NNEP)	1.34%	1.90%	1.57%	1.40%	1.48%	1.47%	1.27%	1.56%	1.40%	2.45%	1.43%
Return On Investment Capital (ROIC_SIMPLE)	0.91%	3.49%	-	-	-	0.61%	-	-	-	-1.44%	-
Cost of Revenue to Revenue	61.29%	61.99%	54.83%	61.32%	63.32%	66.54%	58.47%	62.73%	70.28%	80.27%	76.69%
SG&A Expenses to Revenue	18.40%	17.09%	12.76%	14.91%	16.54%	16.52%	12.83%	15.97%	18.44%	24.92%	23.23%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.27%	27.83%	20.54%	24.29%	26.72%	27.20%	20.90%	24.91%	29.13%	38.22%	34.78%
Earnings before Interest and Taxes (EBIT)	176	283	657	343	237	89	535	265	1.76	-305	-154
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	427	530	896	586	482	322	760	479	212	-88	48
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.89	7.94	7.94	11.63	24.59	28.34	15.98	606.67	0.00	75.20	11.97
Price to Tangible Book Value (P/TBV)	10.69	14.34	18.07	141.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.89	1.19	0.96	0.89	1.00	1.00	0.87	1.29	0.92	1.06	1.26
Price to Earnings (P/E)	9.78	12.43	16.42	19.19	25.97	51.30	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	10.22%	8.05%	6.09%	5.21%	3.85%	1.95%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.45	1.69	1.55	1.54	1.63	1.59	1.48	1.75	1.47	1.40	1.33
Enterprise Value to Revenue (EV/Rev)	2.35	2.56	2.36	2.30	2.48	2.59	2.50	3.00	2.95	3.68	4.59
Enterprise Value to EBITDA (EV/EBITDA)	9.08	9.71	9.66	9.72	10.81	12.50	14.82	32.93	7,321.11	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	15.17	15.94	16.66	17.36	19.63	24.90	40.68	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	12.79	14.03	16.28	17.68	19.87	23.40	54.91	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	11.53	11.82	11.57	10.74	9.57	11.06	10.19	11.56	16.70	84.91	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	384.43	17.96	28.31	0.00	0.00	0.00	0.00	0.00	1,076.47	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	9.88	9.19	11.81	19.39	37.97	46.74	31.63	861.99	-131.90	198.59	34.78
Long-Term Debt to Equity	9.09	8.26	10.35	17.19	33.16	40.94	28.80	788.03	-119.75	184.14	32.25
Financial Leverage	15.18	15.39	16.69	35.39	97.58	71.28	30.90	25.69	16.95	9.35	7.06
Leverage Ratio	23.15	22.86	24.80	54.72	145.41	103.01	45.56	41.18	26.71	14.91	11.48
Compound Leverage Factor	-5.44	8.70	18.19	26.29	11.28	-125.27	30.14	13.51	-2,567.69	23.57	22.85
Debt to Total Capital	90.81%	90.19%	92.19%	95.10%	97.43%	97.91%	96.94%	99.88%	100.76%	99.50%	97.21%
Short-Term Debt to Total Capital	7.28%	9.11%	11.37%	10.79%	12.36%	12.15%	8.66%	8.57%	9.29%	7.24%	7.08%
Long-Term Debt to Total Capital	83.53%	81.07%	80.82%	84.30%	85.07%	85.75%	88.27%	91.31%	91.48%	92.26%	90.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	9.19%	9.81%	7.81%	4.90%	2.57%	2.09%	3.06%	0.12%	-0.76%	0.50%	2.79%
Debt to EBITDA	5.74	5.25	5.86	6.25	6.73	7.93	10.18	20.14	5,309.65	-20.48	-13.91
Net Debt to EBITDA	5.66	5.18	5.72	5.97	6.46	7.70	9.68	18.76	5,026.35	-19.06	-12.73
Long-Term Debt to EBITDA	5.28	4.72	5.14	5.54	5.88	6.94	9.27	18.41	4,820.26	-18.99	-12.90
Debt to NOPAT	8.08	7.59	9.88	11.37	12.36	14.83	37.71	-102.46	-22.01	-12.54	-10.15
Net Debt to NOPAT	7.97	7.48	9.64	10.86	11.86	14.41	35.86	-95.44	-20.84	-11.67	-9.28
Long-Term Debt to NOPAT	7.43	6.82	8.66	10.08	10.80	12.99	34.34	-93.67	-19.98	-11.63	-9.41
Altman Z-Score	0.05	0.18	0.14	-0.01	-0.03	-0.07	0.00	-0.06	-0.30	-0.36	-0.32
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.19	0.17	0.20	0.24	0.24	0.22	0.30	0.32	0.29	0.37	0.46
Quick Ratio	0.07	0.07	0.09	0.12	0.13	0.11	0.17	0.19	0.17	0.25	0.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,534	130	105	-963	-1,015	-1,127	-1.59	277	621	193	108
Operating Cash Flow to CapEx	44.53%	164.01%	46.87%	196.94%	311.83%	39.99%	18.62%	140.29%	211.77%	152.24%	6.32%
Free Cash Flow to Firm to Interest Expense	-7.04	0.74	0.60	-5.39	-4.65	-5.71	-0.01	1.56	3.63	1.09	0.71
Operating Cash Flow to Interest Expense	3.12	2.28	0.98	3.76	3.70	1.31	1.16	5.82	2.94	1.34	0.54
Operating Cash Flow Less CapEx to Interest Expense	-3.88	0.89	-1.12	1.85	2.51	-1.97	-5.07	1.67	1.55	0.46	-8.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.48	0.48	0.47	0.47	0.45	0.42	0.38	0.33	0.26	0.20
Accounts Receivable Turnover	34.06	37.79	42.51	42.41	32.94	28.19	25.56	17.52	15.28	6.49	5.51
Inventory Turnover	35.75	37.02	36.66	37.18	36.70	35.70	33.34	33.24	33.43	31.97	28.52
Fixed Asset Turnover	0.54	0.57	0.57	0.57	0.58	0.55	0.53	0.50	0.44	0.35	0.27
Accounts Payable Turnover	30.57	32.94	34.42	34.14	27.32	27.13	35.81	41.20	32.62	18.48	31.88
Days Sales Outstanding (DSO)	10.72	9.66	8.59	8.61	11.08	12.95	14.28	20.83	23.89	56.28	66.23
Days Inventory Outstanding (DIO)	10.21	9.86	9.96	9.82	9.94	10.22	10.95	10.98	10.92	11.42	12.80
Days Payable Outstanding (DPO)	11.94	11.08	10.60	10.69	13.36	13.45	10.19	8.86	11.19	19.76	11.45
Cash Conversion Cycle (CCC)	8.98	8.44	7.94	7.73	7.67	9.72	15.04	22.95	23.62	47.94	67.58
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,226	14,335	14,208	13,538	13,552	13,957	13,632	12,236	12,331	12,743	13,119
Invested Capital Turnover	0.65	0.67	0.67	0.71	0.69	0.64	0.60	0.59	0.49	0.37	0.29
Increase / (Decrease) in Invested Capital	1,674	378	576	1,301	1,221	1,214	513	-6.74	-613	-389	-238
Enterprise Value (EV)	22,151	24,223	22,091	20,906	22,094	22,182	20,204	21,455	18,105	17,832	17,506
Market Capitalization	8,341	11,314	9,018	8,062	8,904	8,526	7,011	9,234	5,675	5,158	4,787
Book Value per Share	$3.22	$3.24	$2.58	$1.62	$0.85	$0.71	$1.03	$0.04	($0.24)	$0.16	$0.95
Tangible Book Value per Share	$1.77	$1.79	$1.14	$0.13	($0.55)	($0.70)	($0.38)	($1.38)	($1.65)	($1.26)	($0.47)
Total Capital	15,410	14,526	14,541	14,132	14,112	14,360	14,313	13,136	13,031	13,690	14,306
Total Debt	13,994	13,100	13,405	13,439	13,750	14,059	13,875	13,120	13,131	13,622	13,906
Total Long-Term Debt	12,872	11,777	11,752	11,913	12,005	12,314	12,635	11,995	11,921	12,630	12,893
Net Debt	13,809	12,910	13,073	12,844	13,190	13,657	13,193	12,221	12,430	12,675	12,719
Capital Expenditures (CapEx)	1,525	243	368	341	259	648	1,129	737	238	155	1,302
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4,011	-3,638	-3,538	-4,120	-3,824	-3,383	-3,233	-3,743	-3,545	-3,138	-2,679
Debt-free Net Working Capital (DFNWC)	-3,827	-3,447	-3,206	-3,526	-3,264	-2,981	-2,551	-2,844	-2,845	-2,191	-1,493
Net Working Capital (NWC)	-4,949	-4,771	-4,859	-5,052	-5,008	-4,726	-3,791	-3,970	-4,055	-3,182	-2,505
Net Nonoperating Expense (NNE)	181	253	206	175	189	194	165	184	167	286	166
Net Nonoperating Obligations (NNO)	13,809	12,910	13,073	12,844	13,190	13,657	13,193	12,221	12,430	12,675	12,719
Total Depreciation and Amortization (D&A)	251	247	239	243	245	233	225	215	211	217	202
Debt-free, Cash-free Net Working Capital to Revenue	-42.60%	-38.37%	-37.82%	-45.35%	-42.87%	-39.57%	-39.99%	-52.26%	-57.70%	-64.78%	-70.29%
Debt-free Net Working Capital to Revenue	-40.64%	-36.36%	-34.26%	-38.81%	-36.60%	-34.86%	-31.56%	-39.71%	-46.30%	-45.23%	-39.16%
Net Working Capital to Revenue	-52.56%	-50.33%	-51.93%	-55.60%	-56.15%	-55.27%	-46.90%	-55.43%	-66.00%	-65.69%	-65.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.09)	$0.59	$1.08	$0.38	$0.04	($0.24)	$0.81	$0.20	($0.38)	($1.14)	($0.70)
Adjusted Weighted Average Basic Shares Outstanding	441.15M	435.28M	439.70M	434.81M	426.80M	424.42M	425.40M	424.18M	422.66M	419.77M	420.80M
Adjusted Diluted Earnings per Share	($0.09)	$0.55	$0.95	$0.35	$0.04	($0.14)	$0.71	$0.20	($0.38)	($1.14)	($0.70)
Adjusted Weighted Average Diluted Shares Outstanding	441.15M	515.03M	514.88M	513.59M	431.02M	427.40M	511.59M	461.08M	422.66M	419.77M	420.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	446.81M	439.94M	439.71M	439.69M	429.04M	425.66M	425.42M	425.42M	424.17M	421.93M	421.40M
Normalized Net Operating Profit after Tax (NOPAT)	141	150	681	338	206	87	511	270	7.50	-197	-130
Normalized NOPAT Margin	6.61%	7.13%	24.27%	14.26%	9.42%	4.38%	20.15%	12.26%	0.41%	-12.95%	-8.03%
Pre Tax Income Margin	-1.95%	5.11%	17.17%	6.95%	0.84%	-5.45%	13.97%	3.94%	-9.30%	-31.74%	-18.95%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.81	1.61	3.75	1.92	1.08	0.45	2.95	1.49	0.01	-1.72	-1.01
NOPAT to Interest Expense	0.65	2.89	3.89	1.90	0.95	0.44	2.82	1.52	0.04	-1.11	-0.85
EBIT Less CapEx to Interest Expense	-6.19	0.23	1.65	0.02	-0.10	-2.83	-3.27	-2.66	-1.38	-2.60	-9.56
NOPAT Less CapEx to Interest Expense	-6.35	1.51	1.79	-0.01	-0.24	-2.84	-3.41	-2.62	-1.34	-1.99	-9.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Norwegian Cruise Line's Financials

When does Norwegian Cruise Line's fiscal year end?

According to the most recent income statement we have on file, Norwegian Cruise Line's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Norwegian Cruise Line's net income changed over the last 9 years?

Norwegian Cruise Line's net income appears to be on an upward trend, with a most recent value of $910.26 million in 2024, rising from $427.14 million in 2015. The previous period was $166.18 million in 2023. View Norwegian Cruise Line's forecast to see where analysts expect Norwegian Cruise Line to go next.

What is Norwegian Cruise Line's operating income?

Norwegian Cruise Line's total operating income in 2024 was $1.47 billion, based on the following breakdown:

Total Gross Profit: $3.79 billion
Total Operating Expenses: $2.33 billion

How has Norwegian Cruise Line revenue changed over the last 9 years?

Over the last 9 years, Norwegian Cruise Line's total revenue changed from $4.35 billion in 2015 to $9.48 billion in 2024, a change of 118.2%.

How much debt does Norwegian Cruise Line have?

Norwegian Cruise Line's total liabilities were at $18.54 billion at the end of 2024, a 3.4% decrease from 2023, and a 118.6% increase since 2015.

How much cash does Norwegian Cruise Line have?

In the past 9 years, Norwegian Cruise Line's cash and equivalents has ranged from $115.94 million in 2015 to $3.30 billion in 2020, and is currently $190.77 million as of their latest financial filing in 2024.

How has Norwegian Cruise Line's book value per share changed over the last 9 years?

Over the last 9 years, Norwegian Cruise Line's book value per share changed from 16.48 in 2015 to 3.24 in 2024, a change of -80.3%.

Related Companies

This page (NYSE:NCLH) was last updated on 5/29/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Norwegian Cruise Line (NCLH) Financials

Frequently Asked Questions About Norwegian Cruise Line's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Norwegian Cruise Line (NCLH) Financials

Annual Income Statements for Norwegian Cruise Line

Quarterly Income Statements for Norwegian Cruise Line

Annual Cash Flow Statements for Norwegian Cruise Line

Quarterly Cash Flow Statements for Norwegian Cruise Line

Annual Balance Sheets for Norwegian Cruise Line

Quarterly Balance Sheets for Norwegian Cruise Line

Annual Metrics And Ratios for Norwegian Cruise Line

Quarterly Metrics And Ratios for Norwegian Cruise Line

Frequently Asked Questions About Norwegian Cruise Line's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools