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Norwegian Cruise Line
(NCLH ↗)
nclhltd.com ↗
The company behind Norwegian, Oceania, and Regent Seven Seas cruises. Its ships are full again and it's back to profit — but it's still carrying $14.6B of debt from the years they sat empty. A recovery, with a weight attached.
Updated · FY2025 · March 2026
6
Chapters
~13
Min read
$9.8B / yr revenue · ~45K employees · public since 2013
🌶️🌶️🌶️
Spice: Serrano (4/5)
More filled = spicier (more aggressive), not "better." Tap a row to see what it means.
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0 of 6
1
Growth
~2 min
Ships Full Again
Five years ago its fleet sat empty at anchor. Today the boats are packed and the money's flowing.
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2
Financial Health
~3 min
Profitable, and Still Burning Cash
It made $423M in profit and $2.1B in operating cash. So why is its free cash flow negative?
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3
Moat
~2 min
Three Brands, One Ocean
Norwegian isn't one cruise line — it's three, stacked from mass-market to ultra-luxury.
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4
Management
~2 min
The Captain Bought In
The CEO spent $2.5M of his own money on the stock — and several directors bought alongside him.
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5
Behind the Numbers
~2 min
Momentum vs. the Debt
Bulls see a recovery with room to run. Skeptics see a mountain of debt. Read both.
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6
Risk
~2 min
Can the Recovery Outrun the Debt?
Full ships and a CEO buying — against $14.6B of debt and an economy that can turn. Which wins?
↻ Next update · Aug 4
est. Aug 4, 2026 · Q2 FY2026 · Norwegian Cruise Line Holdings Investor Relations ↗
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You're reading the 6 opening chapters. After that, every time Norwegian Cruise Line files a new report, the chapters get updated here.