---
title: Norwegian Cruise Line Holdings (NCLH) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/nclh
ticker: NCLH
as_of: 2026-10-17
sector: Consumer Cyclical
industry: Travel Services
---
# Norwegian Cruise Line Holdings (NCLH)

Norwegian Cruise Line Holdings (NCLH) closed at $15.05 on Oct 16, 2026, undervalued by 19% vs its model value of $18.49 (from its peers' median P/E).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $15.05 (Oct 16, 2026) |
| Model value (from its peers' median P/E) | $18.49 |
| Price vs model | undervalued by 19% vs model |
| Range of that model | $14.71 – $24.39 |
| Market value | $6.9B |
| P/E (fiscal 2025) | 16.4 |
| Net margin (fiscal 2025) | 4.3% |
| Free cash flow (fiscal 2025) | -$1.2B |
| Dividend yield (trailing twelve months) | 0.00% |
| Beta | 1.96 |
| Cost of capital (WACC) | 8.02% |
| Business classification | Cyclical (Low/slowing growth (~7% recent), Decelerated from ~50% 5y CAGR, Thin margins (4.3% net margin), Highly cyclical earnings, High leverage (D/E 6.6x), Negative free cash flow) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Worst performing this year | #27 | −32.6% | https://sweetvaluelab.com/lists/worst-performing-this-year |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $0.00 | $0.00 | $26.87 |
| DCF · Perpetuity growth · 10y | cross check | $0.00 | $0.00 | $27.91 |
| DCF · EBITDA exit · 5y | cross check | $67.12 | $34.58 | $105.55 |
| DCF · EBITDA exit · 10y | cross check | $56.54 | $24.08 | $100.39 |
| P/E · peers | cross check | $18.49 | $14.71 | $24.39 |
| P/E · own history | cross check | $25.97 | $15.87 | $55.34 |
| PEG | sanity check | $25.62 | $25.62 | $25.62 |
| EV/EBITDA · peers | cross check | $41.95 | $32.99 | $61.86 |
| EV/Revenue · peers | cross check | $44.45 | $16.62 | $77.95 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Jun 1, 2026 | PAGLIUCA STEPHEN G | Director | Open-market buy | 695,000 | $12.6M |
| Jun 2, 2026 | PAGLIUCA STEPHEN G | Director | Open-market buy | 685,000 | $12.4M |
| May 22, 2026 | CHIDSEY JOHN | President and CEO | Open-market buy | 153,000 | $2.5M |
| May 20, 2026 | COHEN JONATHAN Z | Director | Open-market buy | 30,000 | $474,900 |
| May 18, 2026 | Cil Jose E. | Director | Open-market buy | 5,000 | $76,250 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 15, 2026 | 8-K | 1.01 Entry into a Material Agreement; 1.02 Termination of a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1513761/000110465926116254/tm2627514d1_8k.htm |
| Sep 30, 2026 | 8-K | 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/1513761/000110465926112116/tm2626633d1_8k.htm |
| Aug 12, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/1513761/000110465926094888/nclh-20260611x8ka.htm |
| Aug 3, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/1513761/000110465926089803/tm2621753d1_s8.htm |
| Aug 3, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1513761/000110465926089657/nclh-20260630x10q.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| John Rogers | 2026-06-30 | 15,430,947 | $325.7M |
| Klarman | 2026-06-30 | 7,730,000 | $163.2M |
| Samantha McLemore | 2026-06-30 | 6,029,642 | $127.3M |

3 tracked managers in all.

## About

Norwegian Cruise Line Holdings Ltd. (NCLH), along with its subsidiary companies, operates as a major global cruise enterprise. Its operations span North America, Europe, the Asia-Pacific region, and other international markets. The company manages a portfolio of three distinct cruise brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. NCLH offers an extensive range of voyages, from brief three-day excursions to lengthy 180-day expeditions. These itineraries explore a comprehensive list of destinations worldwide, including Scandinavia, Russia, the Mediterranean, and the Greek Isles; the Alaskan wilderness, Canada and New England; Hawaii, Asia, Tahiti, and the South Pacific; Australia and New Zealand; Africa, India, and South America; as well as the Panama Canal and the Caribbean. As of December 31, 2021, the company commanded a fleet of 28 ships, providing appro…

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Source: https://sweetvaluelab.com/stocks/nclh (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.