What are Norwegian Cruise Line Holdings Ltd.'s profit margins?

Norwegian Cruise Line Holdings Ltd. (NCLH) runs a 43.0% gross margin and a 15.9% operating margin, with a 5.7% net margin.

Where do Norwegian Cruise Line Holdings Ltd.'s ratios come from?

Every ratio is computed from Norwegian Cruise Line Holdings Ltd.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Norwegian Cruise Line Holdings Ltd. NCLH Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	43%+2.6pp	42.6%+2.6pp	42%+2.9pp	41.4%+3.5pp	40.5%+3.0pp
Operating margin	15.9%+0.5pp	15.9%+0.4pp	16.4%+1.7pp	16%+2.7pp	15.4%+2.6pp
Net margin	5.7%-3.4pp	4.3%-5.3pp	6.8%—	7.5%—	9.1%—
Returns
Return on equity	29.5%-66.3pp	23.3%-82.2pp	39.9%—	63.6%—	95.9%—
Return on invested capital	9.7%-0.3pp	9.6%-0.3pp	10.3%+0.5pp	10.7%+1.3pp	10%+1.3pp
Efficiency
Asset turnover	0.4×0.0×	0.5×0.0×	0.5×0.0×	0.5×0.0×	0.5×0.0×
Liquidity
Current ratio	0.2×0.0×	0.2×0.0×	0.2×0.0×	0.2×-0.1×	0.2×-0.1×
Leverage
Debt-to-equity	6.2×-3.7×	7×-2.7×	6.6×-5.2×	8.8×-10.6×	9.9×-28.2×
Net debt / EBITDA	5.4×-0.3×	5.6×0.0×	5.5×-0.1×	5.4×-0.6×	5.7×-0.7×
Per Share
Book value per share	$5.22+62.4%	$4.63+67.1%	$4.42+101%	$3.50+160%	$3.21+282%
Valuation
Market capitalization	$8.52B+2.1%	$10.16B-10.2%	$11.21B+25.7%	$8.67B+8.1%	$8.34B-6.6%
Price / earnings	15×+5.2×	24×+11.6×	16.9×—	12.1×—	9.8×—
Price / sales	0.8×0.0×	1×-0.2×	1.2×+0.2×	0.9×0.0×	0.9×-0.1×
Price / book	3.5×-2.4×	4.6×-3.3×	5.1×-2.7×	5.5×-6.0×	5.9×-18.8×
EV / EBITDA	8.4×-0.7×	9.4×-0.9×	9.8×+0.3×	8.8×-0.9×	9.1×-1.6×

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Questions, answered.

What are Norwegian Cruise Line Holdings Ltd.'s profit margins?: Norwegian Cruise Line Holdings Ltd. (NCLH) runs a 43.0% gross margin and a 15.9% operating margin, with a 5.7% net margin.
Where do Norwegian Cruise Line Holdings Ltd.'s ratios come from?: Every ratio is computed from Norwegian Cruise Line Holdings Ltd.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.