Norwegian Cruise Line Holdings Ltd.
NCLH · Water Transportation · 459.1M shares · +19%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $231M (gross $350M, SBC $119M)
Reference price $18.06 · est. market cap ~$8.3B — last insider purchase, 2026-06-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Major global cruise operator, profitable on a net basis but with very thin liquidity and large newbuild-driven cash outflows.
Strengths
- Profitable with ROE ~19% (56th pct); resilient upscale demographic and three differentiated brands
- Section 883 tax exemption and strong repeat-booking demand with a long newbuild growth pipeline
Risks
- FCF -$1.17B (0.8th pct), cash runway ~0.7 quarters (10th pct) and current ratio 0.21
- Heavy leverage and capex commitments leave little liquidity cushion
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-1169.9M)
- Weak liquidityCurrent ratio 0.21 (<1)
- Chronic dilutionShare count +19%/yr over 4y (dilution, book value/share -54%)
- Insider buyingInsider buying — 10 open-market buy(s) by 7 insider(s) (cluster of 7 insiders, ~$29M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
19.2%
Return on assets
1.9%
Revenue growth (QoQ)
3.5%
Net-income growth
-53.5%
Current ratio
0.2×
Free cash flow
-$1.2B
EBITDA
$2.7B
Tangible book value
$1.6B
Cash & investments
$210M
Cash runway
1q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-02 | PAGLIUCA STEPHEN G | Buy | 685K | $18.06 |
| 2026-06-01 | PAGLIUCA STEPHEN G | Buy | 695K | $18.16 |
| 2026-05-22 | CHIDSEY JOHN | Buy | 153K | $16.37 |
| 2026-05-20 | COHEN JONATHAN Z | Buy | 30K | $15.83 |
| 2026-05-19 | Cil Jose E. | Buy | 10K | $14.91 |
| 2026-05-18 | Cil Jose E. | Buy | 5.0K | $15.25 |
| 2026-05-11 | MacDonald Brian P | Buy | 15K | $16.54 |
| 2026-05-07 | Byng-Thorne Zillah | Buy | 25K | $17.67 |
| 2026-05-07 | Lansberry Kevin Allen | Buy | 11K | $17.28 |
| 2026-05-07 | Byng-Thorne Zillah | Buy | 4.5K | $17.83 |
| 2026-04-13 | MacDonald Brian P | Grant | 8.9K | — |
| 2026-04-13 | Cruz Alex | Grant | 8.9K | — |
| 2026-04-13 | PAGLIUCA STEPHEN G | Grant | 8.9K | — |
| 2026-04-13 | Lansberry Kevin Allen | Grant | 8.9K | — |
| 2026-04-13 | COHEN JONATHAN Z | Grant | 8.9K | — |
| 2026-03-26 | CHIDSEY JOHN | Grant | 967K | — |
| 2026-03-06 | Montague Jason | Grant | 55K | $20.05 |
| 2026-03-06 | Farkas Daniel S | Grant | 45K | $20.05 |
| 2026-03-06 | Ashby Faye L. | Grant | 30K | $20.05 |
| 2026-03-06 | Kazlauskas Marc | Grant | 55K | $20.05 |
| 2026-03-06 | Dahlgren Patrik | Grant | 55K | $20.05 |
| 2026-03-06 | Kempa Mark | Grant | 48K | $20.05 |
| 2026-03-01 | Kempa Mark | Tax withheld | 46K | $24.79 |
| 2026-03-01 | Kempa Mark | Tax withheld | 8.7K | $24.79 |
| 2026-03-01 | Kempa Mark | Tax withheld | 7.2K | $24.79 |
| 2026-03-01 | Kempa Mark | Tax withheld | 6.9K | $24.79 |
| 2026-03-01 | Montague Jason | Tax withheld | 4.3K | $24.79 |
| 2026-03-01 | Farkas Daniel S | Tax withheld | 8.7K | $24.79 |
| 2026-03-01 | Farkas Daniel S | Tax withheld | 46K | $24.79 |
| 2026-03-01 | Farkas Daniel S | Tax withheld | 7.0K | $24.79 |
| 2026-03-01 | Farkas Daniel S | Tax withheld | 6.5K | $24.79 |
| 2026-03-01 | Dahlgren Patrik | Tax withheld | 30K | $24.79 |
| 2026-03-01 | Dahlgren Patrik | Tax withheld | 5.9K | $24.79 |
| 2026-03-01 | Dahlgren Patrik | Tax withheld | 7.0K | $24.79 |
| 2026-03-01 | Dahlgren Patrik | Tax withheld | 6.9K | $24.79 |
| 2026-03-01 | Ashby Faye L. | Tax withheld | 3.5K | $24.79 |
| 2026-03-01 | Ashby Faye L. | Tax withheld | 2.5K | $24.79 |
| 2026-03-01 | Ashby Faye L. | Tax withheld | 2.2K | $24.79 |
| 2026-02-24 | Kempa Mark | Grant | 132K | — |
| 2026-02-24 | Dahlgren Patrik | Grant | 90K | — |
| 2026-02-24 | Farkas Daniel S | Grant | 132K | — |
| 2026-01-02 | Byng-Thorne Zillah | Grant | 8.8K | — |
| 2026-01-02 | Jojo Linda P | Grant | 13K | — |
| 2026-01-02 | Landry Mary E. | Grant | 8.8K | — |
| 2026-01-02 | CHIDSEY JOHN | Grant | 13K | — |
| 2026-01-02 | David Stella | Grant | 13K | — |
| 2026-01-02 | Curtis Harry C | Grant | 8.8K | — |
| 2026-01-02 | Cil Jose E. | Grant | 13K | — |
| 2026-01-02 | Abrams David M. | Grant | 8.8K | — |
| 2025-12-12 | Ashby Faye L. | Sell | 5.2K | $21.00 |
| 2025-11-25 | Dahlgren Patrik | Buy | 5.5K | $17.94 |
| 2025-11-07 | Curtis Harry C | Buy | 5.0K | $19.25 |
| 2025-11-06 | Sommer Harry | Buy | 25K | $18.52 |
| 2025-11-06 | David Stella | Buy | 7.0K | $18.59 |
| 2025-11-06 | Byng-Thorne Zillah | Buy | 29K | $18.11 |
| 2025-11-06 | Kempa Mark | Buy | 11K | $18.53 |
| 2025-11-06 | Montague Jason | Buy | 13K | $18.81 |
| 2025-05-07 | Jojo Linda P | Grant | 7.7K | — |
| 2025-03-03 | Kempa Mark | Grant | 52K | — |
| 2025-03-03 | Montague Jason | Grant | 52K | — |
| 2025-03-03 | Ashby Faye L. | Grant | 27K | — |
| 2025-03-03 | Herrera David | Grant | 52K | — |
| 2025-03-03 | Sommer Harry | Grant | 216K | — |
| 2025-03-03 | Dahlgren Patrik | Grant | 52K | — |
| 2025-03-03 | Farkas Daniel S | Grant | 49K | — |
| 2025-03-01 | Farkas Daniel S | Tax withheld | 34K | $22.72 |
| 2025-03-01 | Farkas Daniel S | Tax withheld | 8.7K | $22.72 |
| 2025-03-01 | Farkas Daniel S | Tax withheld | 7.0K | $22.72 |
| 2025-03-01 | Sommer Harry | Tax withheld | 8.7K | $22.72 |
| 2025-03-01 | Dahlgren Patrik | Tax withheld | 3.7K | $22.72 |
| 2025-03-01 | Dahlgren Patrik | Tax withheld | 4.3K | $22.72 |
| 2025-03-01 | Herrera David | Tax withheld | 2.5K | $22.72 |
| 2025-03-01 | Herrera David | Tax withheld | 3.2K | $22.72 |
| 2025-03-01 | Herrera David | Tax withheld | 241 | $22.72 |
| 2025-03-01 | Herrera David | Tax withheld | 3.5K | $22.72 |
| 2025-03-01 | Kempa Mark | Tax withheld | 34K | $22.72 |
| 2025-03-01 | Kempa Mark | Tax withheld | 8.7K | $22.72 |
| 2025-03-01 | Kempa Mark | Tax withheld | 7.2K | $22.72 |
| 2025-03-01 | Ashby Faye L. | Tax withheld | 2.1K | $22.72 |
| 2025-03-01 | Ashby Faye L. | Tax withheld | 3.4K | $22.72 |
| 2025-03-01 | Ashby Faye L. | Tax withheld | 2.5K | $22.72 |
| 2025-03-01 | Sommer Harry | Tax withheld | 34K | $22.72 |
| 2025-03-01 | Sommer Harry | Tax withheld | 9.5K | $22.72 |
| 2025-03-01 | Sommer Harry | Tax withheld | 20K | $22.72 |
| 2025-02-05 | CHIDSEY JOHN | Grant | 6.5K | — |
| 2025-01-02 | Byng-Thorne Zillah | Grant | 7.7K | — |
| 2025-01-02 | David Stella | Grant | 12K | — |
| 2025-01-02 | Landry Mary E. | Grant | 7.7K | — |
| 2025-01-02 | Cil Jose E. | Grant | 12K | — |
| 2025-01-02 | Curtis Harry C | Grant | 7.7K | — |
| 2025-01-02 | Abrams David M. | Grant | 12K | — |
| 2024-12-31 | Sommer Harry | Grant | 103K | — |
| 2024-12-31 | Kempa Mark | Grant | 103K | — |
| 2024-12-31 | Farkas Daniel S | Grant | 103K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-29 | Other | filing ↗ |
| 2026-05-04 | ResultsExhibits | filing ↗ |
| 2026-03-27 | Material agreementExec/director changeReg FDExhibits | filing ↗ |
| 2026-03-27 | Exec/director changeExhibits | filing ↗ |
| 2026-03-16 | Other | filing ↗ |
| 2026-03-02 | ResultsExhibits | filing ↗ |
| 2026-02-12 | ResultsExec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-11 | 0001104659-26-074589 ↗ |
| 8-K | 2026-05-29 | 2026-05-29 | 0001104659-26-068271 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001104659-26-054833 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001171843-26-002957 ↗ |
| 8-K | 2026-03-27 | 2026-03-26 | 0001104659-26-035746 ↗ |
| 8-K | 2026-03-27 | 2026-03-26 | 0001104659-26-035686 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001104659-26-027944 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001104659-26-022067 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001171843-26-001220 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0001171843-26-000788 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001171843-25-006936 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001104659-25-106057 ↗ |