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Norwegian Cruise Line Holdings Ltd. NCLH Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$2.3B+9.6%
Gross profit$953.3M+15.8%
Operating income$232.9M+15.9%
Net income$104.7M+360%
EPS (diluted)$0.23+356%

Balance sheet

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Cash & equivalents$185.0M+0.4%
Total debt$15.2B+8.3%
Total equity$2.4B+71.6%
Total assets$23.8B+11.4%

Cash flow

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Operating cash flow$811.5M+19.5%
CapEx$1.4B-5.8%
Free cash flow-$625.2M+26.1%

Valuation

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Market cap$9.38B+2.1%
Enterprise value$24.39B+6.1%
P/E16.5×+5.7×
P/S0.9×0.0×

Profitability

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Gross margin43%+2.6pp
Operating margin15.9%+0.5pp
Net margin5.7%-3.4pp
FCF margin-4.7%—

Returns & leverage

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Return on equity29.5%-66.3pp
Debt / equity6.2×-3.7×
Current ratio0.2×0.0×

Where this comes from

Calculated from Norwegian Cruise Line Holdings Ltd.’s reported figures.

$15.2Btotal debt−$185.0Mcash and equivalents=$15B

The official record: Norwegian Cruise Line Holdings Ltd.’s 10-Q, filed May 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Norwegian Cruise Line Holdings Ltd.'s net debt?
Norwegian Cruise Line Holdings Ltd. (NCLH) reported net debt of $15B in Q1 2026.
How has Norwegian Cruise Line Holdings Ltd.'s net debt changed year-over-year?
Norwegian Cruise Line Holdings Ltd.'s net debt increased by 8.4% year-over-year, from $13.84B to $15B.
What is the long-term trend for Norwegian Cruise Line Holdings Ltd.'s net debt?
Over 5 years (2020 to 2025), Norwegian Cruise Line Holdings Ltd.'s net debt has grown at a 11.9% compound annual growth rate (CAGR), from $8.72B to $15.33B.
What does net debt mean?
Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.