NCLH

Norwegian Cruise Line Holdings Ltd.

Ticker: NCLHIndustrialsTransportation & UtilitiesS&P 500
HQ MIAMI, FLCIK 1513761FY end 12-31Book / share $5.53Shares 465M
Revenue (FY)
$9.83B+3.67%
TTM $10.15B
Op. margin
15.88%+0.42%
TTM 15.09%
Net income
$423.25M-53.50%
TTM $760.77M
Operating cash
$2.09B+1.95%
TTM $2.11B
Free cash flow
$-1.17B-239.46%
TTM $-1.19B
Return on equity
19.15%-44.71%
TTM 29.57%
Debt / equity
6.61-2.58%
TTM 5.84
Shares outstanding
477.7M-7.24%
TTM 465.4M

The business

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) operates as a leading global cruise company with a portfolio of three distinct brands serving premium leisure travelers. The company's website is located at https://www.nclhltd.com.

The company operates Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, each targeting specific customer segments within the upscale travel market. Norwegian Cruise Line caters to a broad range of travelers with diverse onboard amenities including multiple dining venues, entertainment options, and accommodations ranging from studio staterooms to luxury suites. Oceania Cruises emphasizes destination-focused itineraries and award-winning onboard dining experiences. Regent Seven Seas Cruises offers an all-inclusive luxury experience featuring unlimited shore excursions, premium beverages, specialty dining, and complimentary gratuities.

As of December 31, 2025, the company operates a fleet of 34 ships with approximately 71,400 berths. The company has committed to significant fleet expansion, with 17 additional ships on order scheduled for delivery between 2026 and 2037, including Prima Class, Sonata Class, and Prestige Class vessels. The company also operates two private destinations: Great Stirrup Cay in The Bahamas and Harvest Caye in Belize.

Revenue derives from two primary sources: passenger ticket revenue and onboard and other revenue. Ticket prices vary based on itinerary, voyage length, stateroom category, and seasonal timing. Onboard revenue includes casino operations, specialty dining, shore excursions, retail, spa services, and communication services, with certain concessions managed through third-party partners.

The company serves approximately 700 ports worldwide across diverse destinations including Europe, Asia, Australia, the Caribbean, Alaska, and Hawaii. The business model emphasizes yield optimization, operational excellence, and disciplined capacity growth. The company's target demographic consists of seasoned travelers and premium families seeking upscale cruise experiences, a customer base historically demonstrating resilience during economic downturns and strong repeat booking patterns.

Norwegian Cruise Line Holdings was formed in 2011, with its initial public offering completed in 2013. The company acquired Prestige Cruises International in 2014, which operates the Oceania Cruises and Regent Seven Seas Cruises brands.

Sector
Industrials
Industry
Transportation & Utilities
HQ
MIAMI, FL
FY end
12-31
CIK
1513761
SIC
4400
Financial performance · annual
20132025
$-5.97B$-1.57B$2.82B$7.22B$11.62B2013201420152016201720182019202020212022202320242025TTMTTMTTM

Ownership

Who holds Norwegian Cruise Line Holdings Ltd. — across funds, superinvestors and bonds · N-PORT 2026Q2 · 13F 2026-06-30

161
funds hold it
1 of 35
superinvestors hold it
$1.63B
fund-held value
17.5%
of shares held by funds

Top fund holders

Fund% of fundValue
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%$307.92M
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.02%$251.16M
VANGUARD SMALL-CAP INDEX FUND
VB · VANGUARD INDEX FUNDS
0.12%$222.33M
Invesco S&P 500 Equal Weight ETF
RSP · Invesco Exchange-Traded Fund Trust
0.17%$150.00M
Ariel Fund
ARGFX · Ariel Investment Trust
3.44%$99.50M

Superinvestors in Norwegian Cruise Line Holdings Ltd.

Seth KlarmanINCREASED +112.9%
Baupost Group
3.0%

Share of each manager's reported 13F portfolio.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

Could not be determined for this company: bond issues.

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15 years of Norwegian Cruise Line Holdings Ltd.'s financials

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