# NORWEGIAN CRUISE LINE HOLDINGS LTD. (NCLH) · Edgar & Edgarette company card

> Norwegian Cruise Line Holdings (NCLH) grew revenue 3.7% in FY2025 to $9.8 billion, operating margin 15.9% against a 18.9% median for water transportation, equity 9.8% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1513761 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/NCLH) · [JSON](https://www.pops4.com/boards/company/NCLH.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $9.8B |
| Revenue growth, 1 year | 3.7% |
| Revenue growth per year | 97.3% |
| Operating margin | 15.9% (prior year 15.5%) |
| Net margin | 4.3% |
| Operating cash flow | $2.1B |
| Capital spending | $3.3B |
| Free cash flow | −$1.2B |
| Cash | $210M |
| Long-term debt | $15.0B |
| Total assets | $22.5B |
| Total equity | $2.2B |
| Equity ÷ assets | 9.8% |
| Return on equity | 19.2% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -1.48 (distress zone)
- Piotroski F: 6 of 9 (solid)
- Beneish M: -2.59 (below the −1.78 line)
- Health Harbor boat: Weathered boat · two warning signs · free cash flow was negative: capital spending outran operating cash (-$1.2B in FY2025); revenue is hard to predict: its 80% range is ±29%
- Cash Compass: Cash cow later · growing fast, and already turning revenue into cash

## Edgarette's reading

Exposure: revenue $9.8B (FY2025), total debt $15.0B. Experience: revenue up 3.7% on the year, up 97.3% a year over 4 years; operating margin 15.9%, up from 15.5%. Soundness: equity 9.8% of assets, return on equity 19.2%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $8.2B and $14.8B next year (method v4.1: its own 3-year record of growth weighed at 40% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $6.6B to $18.4B. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, water transportation): operating margin 15.9% against a 18.9% median; growth 3.7% against 1.8%.

Range logged 2026-09-27, receipt 3bc9fc8e76797588, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 5, latest 2026-10-29 ([filing](https://www.sec.gov/Archives/edgar/data/1513761/000110465926119841/0001104659-26-119841-index.htm))

## Recent filings

- 8-K · filed 2026-10-30 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1513761/000110465926120680/0001104659-26-120680-index.htm)
- 10-Q · filed 2026-10-29 · [filing](https://www.sec.gov/Archives/edgar/data/1513761/000110465926120217/0001104659-26-120217-index.htm)
- 8-K · filed 2026-10-29 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1513761/000117184326006957/0001171843-26-006957-index.htm)
- 8-K · filed 2026-10-29 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1513761/000110465926119841/0001104659-26-119841-index.htm)
- 8-K · filed 2026-10-15 · 1.01 Entry into a Material Definitive Agreement; 1.02 Termination of a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1513761/000110465926116254/0001104659-26-116254-index.htm)
- 8-K · filed 2026-09-30 · 7.01 Regulation FD Disclosure · [filing](https://www.sec.gov/Archives/edgar/data/1513761/000110465926112116/0001104659-26-112116-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001513761.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1513761

## Cite

POPS4, Edgar & Edgarette: NORWEGIAN CRUISE LINE HOLDINGS LTD. (NCLH) company card, from the company's own SEC filings, accessed 2026-11-12, https://www.pops4.com/boards/company/NCLH. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.