Norwegian Cruise Line Holdings Ltd.

NCLHNYSEConsumer Cyclical● Active

$18.73

$-0.03(-0.13%)

Market Cap$8.6B

P/E Ratio—

52W High$27.18

52W Low$14.53

Avg Volume22.7M

Open$18.47

Beta1.91

Free Cash Flow Financials Revenue

Norwegian Cruise Line Holdings Ltd. (NCLH) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NCLH · free cash flow · updated Jun 8, 2026

Core FCF metrics

NCLH · FCF · TTM · margin & CAGR

Free cash flow was −$1.17B for FY2025 (fiscal year ending 2025-12-31), down 239.5% year-over-year The FCF margin was -11.9%.

FY2025 Free Cash Flow−$1.17B▼ -239.5% YoY

Trailing 12M (TTM)−$949.1Mtrailing 4 quarters sum

FCF Margin-11.9%−$1.17B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NCLH · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.09B(3.26B)−$1.17B▼ 239.5%-11.9%

FY2024$2.05B(1.21B)$838.9M▲ +212.7%8.8%

FY2023$2.01B(2.75B)−$744.6M▲ +52.7%-8.7%

FY2022$210.0M(1.78B)−$1.57B▲ +51.1%-32.5%

FY2021−$2.47B(753M)−$3.22B▲ +8.0%-497.1%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NCLH · P/FCF · FCF yield · FCF per share

Norwegian Cruise Line Holdings Ltd. (NCLH) reported negative free cash flow of −$1.17B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NCLH · cash flow statement · operating / investing / financing

For FY2025, Norwegian Cruise Line Holdings Ltd. generated $2.09B in operating cash flow and spent 3.26B in capital expenditures, yielding −$1.17B in free cash flow.

Operating Activities

+$2.09B

Cash from core business operations

2025-12-31

Investing Activities

−$3.26B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$1.19B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.09B) − |CapEx| (3.26B) = FCF (−$1.17B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Cyclical)

NCLH vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Norwegian Cruise Line Holdings Ltd.YOU

NCLH

−$1.17B-239.5%-11.9%

Loss

Toyota Motor Corporation

Alibaba Group Holding Limited

BABA

−$50.72B-164.9%-5.0%

Loss

Consumer Cyclical · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Norwegian Cruise Line Holdings Ltd. (NCLH) reported free cash flow of −$1.17B for FY2025 (fiscal year ending 2025-12-31), down 239.5% year-over-year. The FCF margin was -11.9%.

Based on available data, Norwegian Cruise Line Holdings Ltd. has maintained positive free cash flow for at least 7 fiscal year(s). FCF peaked at $838.9M in FY2024.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NCLH free cash flow · 8 questions

Norwegian Cruise Line Holdings Ltd. free cash flow was −$1.17B for FY2025, down 239.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$949.1M.

NCLH free cash flowNCLH FCFNCLH FCF 2025NCLH free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Norwegian Cruise Line Holdings Ltd. · Norwegian Cruise Line Holdings Ltd. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026