Key facts, as of
As of October 8, 2026, Norwegian Cruise Line (NCLH) trades at $15.05, down 37.0% over the past year. Its 52-week range runs from $13.63 to $25.13; the price is 40.1% below that high. It is 76.6% below its all-time high of $64.27, reached in November 2015. Over the 10 years to the end of September 2026, with dividends reinvested, it returned −61.1%, against +312.9% for the S&P 500 (SPY). It sits 22.2% below its 200-day average of $19.34, the usual sign of a long-term downtrend. Its 30-day volatility is 35.4% annualized, which we rate high risk. It has a trailing P/E of 9.3.
Cite: Portfolio Terminal, "Norwegian Cruise Line (NCLH) stock analysis", 2026-10-08. https://portfolio-terminal.com/analyse/nclh
Where it trades today
trading 12% of the way up its 52-week range
How the price has moved
How far it is from its record
Norwegian Cruise Line (NCLH) is 76.6% below its all-time high of $64.27, reached in November 2015. Over the 10 years to the end of September 2026, with dividends reinvested, it returned −61.1%, against +312.9% for the S&P 500 (SPY).
What to weigh before acting
What Matters Now
- Demand sensitivity, pricing power, and how exposed the business is to macro slowdowns matter more than headline growth alone.
- NCLH trades at 9.3x earnings versus 20.0x for the sector, which means the rerating case depends on proving the discount is too harsh.
- Recent realized volatility is running around 35.4%, above the sector norm of 26.0%, so position sizing matters more than usual.
- Relative performance versus AMZN, TSLA, HD matters here because leadership inside consumer cyclical rarely stays static for long.
Portfolio Use Case
- NCLH is more useful for investors comparing conviction names inside consumer cyclical than for someone looking for a passive “set and forget” holding.
- This name works better as a satellite or higher-conviction growth position because it can amplify market swings in both directions.
- It is best monitored alongside valuation discipline, because strong narratives in consumer cyclical can stay expensive longer than expected.
What Would Change the View
- Volatility is already above the sector norm, so even a correct long-term thesis can be painful if the position size is too aggressive.
- There is little income cushion here, so total return depends mainly on price appreciation and execution staying on track.
- The view would need revisiting if peers such as AMZN, TSLA, HD start winning the marginal flow or posting cleaner operating momentum.
Methodology
- Price, market cap, beta, yield, and liquidity fields for NCLH come from Yahoo Finance quote and summary data.
- 30-day volatility is calculated from recent daily returns and annualized using a 252-trading-day convention.
- Sector context uses stored benchmark averages for Consumer Cyclical so each page compares the ticker against a stable peer baseline rather than against the whole market.
- Peer comparisons use the Portfolio Terminal coverage set and highlight nearby listed alternatives such as AMZN, TSLA, HD.
Sources
- Yahoo Finance quote dataopen →
Live quote, valuation, beta, yield, and volume fields used for NCLH. Last refresh: Oct 8, 2026, 10:10 AM.
- Portfolio Terminal methodologyopen →
Explains how analytics, refresh cadence, and portfolio interpretation work across the product.
- Peer set and coverage context
Comparative context for this page is anchored around nearby tracked names such as AMZN, TSLA, HD.
What Norwegian Cruise Line does
Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. It offers itineraries to destinations, such as Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, and Alaska; and inter-island itinerary in Hawaii. The company also provides features, amenities, and activities, including various accommodations, dining venues, bars and lounges, spas, casino and retail shopping areas, and entertainment choices; shore excursions at each port of call, and air transportation and hotel packages for stays before or after a voyage. It offers its products and…
What analysts expect
NCLH carries a buy consensus from 25 analysts, with an average price target of $20.08 versus $15.05 today (+33.4%). Targets are estimates and can move quickly after earnings.
Consensus aggregated by Yahoo Finance. Targets are estimates, not forecasts.
How the business is doing
NCLH generated $10.15B in trailing revenue (4.9% year over year), with a 7.5% net margin, and -$1.68B of free cash flow, against $15.76B of net debt.
The numbers, year by year
| Fiscal year | Revenue | Gross profit | Operating income | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| 2025 | $9.83B | $4.19B | $1.56B | $423.25M | $0.94 | -$1.17B |
| 2024 | $9.48B | $3.79B | $1.47B | $910.26M | $2.09 | $838.87M |
| 2023 | $8.55B | $3.08B | $930.91M | $166.18M | $0.39 | -$744.65M |
| 2022 | $4.84B | $576.67M | -$1.55B | -$2.27B | -$5.41 | -$1.57B |
When it reports next
Estimates aggregated by Yahoo Finance. Dates move and estimates change until the report lands.
Which ETFs hold it
NCLH is in 5 of the 30 ETFs we track. It weighs most in XLY: 0.18% of the fund, holding #45 of 47.
Famous investors who hold it
NCLH is in the latest 13F of 1 of the 15 famous investors we follow. Seth Klarman (Baupost Group) holds the most of it: 3.01% of the portfolio, position #12 of 23, as of Q2 2026.
How it sits in consumer cyclical
Discretionary spending sector sensitive to economic cycles, including retail and automotive.
The companies it competes with
NCLH beside the consumer cyclical names it is usually measured against.
AMZNAmazon.com Inc.$259.92$2.80TWhat the chart is saying
In a downtrend, below both moving averages.
downtrend- Price is 8.7% below its 50-day average and 22.2% below its 200-day.
- RSI at 48 is neither stretched nor washed out.
- The nearest ceiling is $17.54 (+16.5%).
A description of the chart, not advice. Indicators describe what the price has done; none of them knows what it does next.
Questions people ask about it
Is NCLH a good investment in 2026?
Norwegian Cruise Line trades at a P/E ratio of 9.3, with high volatility (35.4% annualized). The stock is in a consolidation phase.
What is the risk level of NCLH?
Based on 30-day volatility of 35.4%, NCLH has HIGH risk. Beta of 1.96 indicates higher sensitivity to market movements than average.
Does NCLH pay dividends?
Norwegian Cruise Line currently does not pay a regular dividend.
How far is NCLH from its all-time high?
Norwegian Cruise Line is 76.6% below its all-time high of $64.27, reached in November 2015. Over the 10 years to the end of September 2026, with dividends reinvested, it returned −61.1%, against +312.9% for the S&P 500 (SPY).
Which ETFs hold NCLH?
5 of the 30 popular ETFs we track hold Norwegian Cruise Line. The largest weights: XLY (0.18%), VOO (0.01%), VTI (0.01%), SPY (<0.01%) and IVV (<0.01%). Measured on each issuer's full holdings file, dated August 31 to September 24, 2026.
How much of VOO is NCLH?
0.01%, as of August 31, 2026: NCLH is holding #493 of 505 in Vanguard's file for VOO. $1,000 in VOO puts about $0.11 in Norwegian Cruise Line.
Which famous investors own NCLH?
Seth Klarman (3.01% of Baupost Group's 13F), according to their latest Form 13F filings with the SEC (Q2 2026). A 13F lists US long positions 45 days after the quarter ends, so it can be out of date.
What is the analyst price target for NCLH?
The average analyst price target for Norwegian Cruise Line (NCLH) is $20.08 based on 25 analyst estimates, about 33.4% above the current price of $15.05. The published range runs from $13.00 to $32.00.
How much revenue does NCLH generate?
Norwegian Cruise Line reported $10.15B in trailing twelve-month revenue. Revenue growth is running at 4.9% year over year. Net margin sits at 7.5%. Figures are aggregated from company filings by Yahoo Finance and refresh on an hourly cadence.
Compare NCLH with anything
Five years side by side: what $10,000 became, how far each fell, whether they move together.