NORWEGIAN CRUISE LINE HOLDINGS LTD.
In the published model solve dated 2026-Q2, anchored at $16.72, NORWEGIAN CRUISE LINE HOLDINGS LTD. (NCLH) is priced for -3.5% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 3, 2026 from SEC EDGAR filings.
Norwegian Cruise Line Holdings is a leveraged cyclical, and the standard ratios understate two things: the cash collected before a voyage ever sails, and the value of a young fleet that does not show up in an earnings multiple. At $20.48 (as of June 27, 2026) the price pays about 15x company-wide operating income, which implies only about 1% operating growth per year, an undemanding bar. The most recent quarter beat on the top line, with revenue up 10% to $2.33 billion and adjusted EBITDA up 18
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619 institutional managers reported holding NCLH in 13F filings for the quarter ended 2026-03-31. Together they hold about 93% of the company; the top 10 hold 50%. 90 opened new positions that quarter. Held by Vanguard Group, BlackRock, UBS, among others. On the short side, 83.3M shares were sold short as of the 2026-06-15 count, about 18% of shares outstanding (4.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
NCLH's share count grew 23.4% over the past five years. It pays no dividend.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at NCLH over the trailing three years: 2024: 3 buys totaling $745k; 2025: 7 buys totaling $1.76M; 2026: 3 buys totaling $27.97M. 17 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
NCLH's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-09 | -15.5% | -12.5% |
| 2023-11-09 | -3.9% | +37.2% |
| 2024-02-29 | +17.4% | -17.7% |
| 2024-05-08 | -15.7% | +16.5% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
NCLH's latest 8-K filings: 2026-07-30 (items 2.02, 9.01); 2026-06-16 (items 5.02, 5.07, 9.01); 2026-05-29 (items 8.01); 2026-05-04 (items 2.02, 9.01); 2026-03-27 (items 1.01, 5.02, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 3, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.