NORWEGIAN CRUISE LINE HOLDINGS LTD.
NCLH · Industrials · $8.8B mkt cap · FY2025 filings · No moat ·
Doesn't clear the bar
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $648M to $9.8B, increasing; diluted EPS -12.33 to 0.92, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.
Median gross margin 36.0% over 7y, variable.
Median ROIC 8.6%, above the 12% hurdle in 0% of years.
Net debt/EBITDA 5.3x, no material interest expense disclosed.
Owner earnings changed -4.4%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $166M
- $4.06
- $4.06
- $19.37
- 378% above value if growth stopped today
What today’s price assumes: owner earnings growing ~37%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY
Missing a usable price or zero-growth estimate: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
16 years of fundamentals
The business, in plain English
NORWEGIAN CRUISE LINE HOLDINGS LTD. booked $9.8B of revenue in FY2025 in the Industrials sector and kept 42.6% of it as gross profit — a solid-margin business by that measure. After every other cost, 4.3% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $2.2B (FY2011) to $9.8B (FY2025) — about 11.2% a year compounded over 14 years.
It earned 9.3% on invested capital in the latest filed year, FY2025. Across the full 15-year measurable filed record, median ROIC was 7.2%. Over the v3 recent window (10 measurable filed years), median ROIC was 8.6%. The Returns on Capital filter above scores it 16/100.
The balance sheet carried $14.6B of total debt in FY2025 against $423M of owner earnings — roughly 34.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 40/100.
Put together: Business Trend is the strongest of the five filters (80/100) and Capital Allocation the weakest (2/100), which is how NCLH lands at 34/100 — a None moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in NCLH’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Aug 19, 2026.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
No reported Form 4 rows were captured for NCLH; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.
A filing source-event date will appear when a Form 4 row is captured.
Retrieved .
Industrials context
#304 of 446 scored Industrials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #302UEIC UNIVERSAL ELECTRONICS INC.34.1 out of 100, No moatNo moat
- #303QXO QXO, Inc.34.1 out of 100, No moatNo moat
- #305MMCP MAG MILE CAPITAL, INC.34.1 out of 100, No moatNo moat
- #306SYM SYMBOTIC INC.33.9 out of 100, No moatNo moat
Compare NCLH with its nearest peers →All Industrials companies on the Index →
Common questions about NCLH
- Does NORWEGIAN CRUISE LINE HOLDINGS LTD. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores NORWEGIAN CRUISE LINE HOLDINGS LTD. (NCLH) 34.1 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 80, pricing power 33, returns on capital 16, balance-sheet safety 40, capital allocation 2.
- Is NCLH trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $4.06 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $19.37, that is 378% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has NCLH's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 34.1 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.