Norwegian Cruise Line (NCLH) Financials

$16.24 -0.06 (-0.37%)

As of 03:10 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	427	633	760	955	930	-4,013	-4,507	-2,270	166	910
Consolidated Net Income / (Loss)	427	633	760	955	930	-4,013	-4,507	-2,270	166	910
Net Income / (Loss) Continuing Operations	427	633	760	955	930	-4,013	-4,507	-2,270	166	910
Total Pre-Tax Income	434	640	771	969	911	-4,000	-4,501	-2,277	163	773
Total Operating Income	702	925	1,049	1,219	1,178	-3,484	-2,552	-1,552	931	1,466
Total Gross Profit	1,690	2,024	2,333	2,678	2,799	-413	-960	577	3,081	3,791
Total Revenue	4,345	4,874	5,396	6,055	6,462	1,280	648	4,844	8,550	9,480
Operating Revenue	4,345	4,874	5,396	6,055	6,462	1,280	648	4,844	8,550	9,480
Total Cost of Revenue	2,655	2,850	3,064	3,377	3,663	1,693	1,608	4,267	5,469	5,689
Operating Cost of Revenue	2,243	2,850	3,064	3,377	3,663	1,693	1,608	4,267	5,469	5,689
Total Operating Expenses	987	1,099	1,284	1,459	1,621	3,071	1,592	2,128	2,150	2,325
Selling, General & Admin Expense	555	666	774	898	975	745	891	1,379	1,342	1,435
Depreciation Expense	432	432	510	561	646	718	701	749	809	890
Total Other Income / (Expense), net	-269	-285	-278	-250	-267	-516	-1,949	-725	-768	-693
Interest Expense	222	277	268	270	273	482	2,073	802	728	747
Other Income / (Expense), net	-47	-8.30	-10	21	6.16	-34	124	77	-40	54
Income Tax Expense	6.77	7.22	11	14	-19	12	5.27	-6.79	-3.00	-137
Basic Earnings per Share	$1.89	$2.79	$3.33	$4.28	$4.33	($15.75)	($12.33)	($5.41)	$0.39	$2.09
Weighted Average Basic Shares Outstanding	226.59M	227.12M	228.04M	223.00M	214.93M	254.73M	365.45M	419.77M	424.42M	435.28M
Diluted Earnings per Share	$1.86	$2.78	$3.31	$4.25	$4.30	($15.75)	($12.33)	($5.41)	$0.39	$1.89
Weighted Average Diluted Shares Outstanding	230.04M	227.85M	229.42M	224.42M	216.48M	254.73M	365.45M	419.77M	427.40M	515.03M
Weighted Average Basic & Diluted Shares Outstanding	226M	227.32M	228.20M	217.73M	213.20M	315.74M	417.09M	421.93M	425.66M	439.94M

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-717	-240	-246	199	-218	-279	157	34	-262	-142
Net Cash From Operating Activities	82	237	503	1,033	210	259	807	671	173	399
Net Cash From Continuing Operating Activities	82	237	503	1,033	210	259	807	671	173	399
Net Income / (Loss) Continuing Operations	-295	-482	-159	86	346	-106	17	163	475	255
Consolidated Net Income / (Loss)	-295	-482	-159	86	346	-106	17	163	475	255
Depreciation Expense	202	217	211	215	225	233	245	243	239	247
Non-Cash Adjustments To Reconcile Net Income	23	40	33	41	22	37	43	21	37	-3.91
Changes in Operating Assets and Liabilities, net	152	463	419	691	-382	95	502	243	-578	-98
Net Cash From Investing Activities	-1,510	-164	-236	-756	-1,214	-691	-255	-366	-365	-244
Net Cash From Continuing Investing Activities	-1,510	-164	-236	-756	-1,214	-691	-255	-366	-365	-244
Purchase of Property, Plant & Equipment	-1,302	-155	-238	-737	-1,129	-648	-259	-341	-368	-243
Purchase of Investments	-214	-10	-	-	-95	-44	-	-	-	-1.79
Other Investing Activities, net	5.75	1.10	1.32	4.05	9.31	1.48	3.61	2.35	3.21	1.51
Net Cash From Financing Activities	712	-312	-513	-79	787	152	-395	-271	-69	-297
Net Cash From Continuing Financing Activities	712	-312	-513	-79	787	152	-395	-271	-69	-297
Repayment of Debt	-213	-311	-1,835	-773	-167	-1,180	-465	-440	-496	-904
Issuance of Debt	930	-	1,331	708	951	1,334	92	169	427	610
Other Financing Activities, net	-8.22	-0.78	-11	-14	-0.05	-1.59	-22	-0.01	-0.02	-3.28

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

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

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

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

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

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

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%.

Remove Ads

Related Companies

This page (NYSE:NCLH) was last updated on 4/15/2025 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