{"schemaVersion":1,"research":true,"symbol":"nclh","name":"Norwegian Cruise Line Holdings","topic":"moat","path":"/stock/nclh/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:53:16.913Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"NCLH has differentiated brands, repeat guests and realized ticket-pricing improvement in 2025, but these strengths do not demonstrate a durable moat. Refundable bookings provide limited customer dependence, and disclosed commercial execution missteps left bookings below the optimal range entering 2026. First-half 2026 revenue growth accompanied lower operating income, reinforcing evidence of fragile pricing and cost protection without establishing permanent competitive deterioration.","advantages":[{"mechanism":"intangible_assets","claim":"Brand identities, protected trade names and differentiated cruise experiences provide a current marketing advantage, supported by disclosed repeat business and 2025 pricing improvement. The demonstrated advantage is too fragile to establish an economic moat.","durability":"Trademark ownership and the conditional perpetual Regent license preserve brand identity, but legal protection does not establish persistent customer preference or pricing premiums. Great Stirrup Cay enhancements offer potential additional differentiation; their anticipated demand benefits were not demonstrated in the supplied results.","risks":"Broad vacation substitution, price and itinerary competition, refundable reservations and execution missteps weaken customer dependence. Higher operating costs and substantial fleet commitments increase the consequences of weak capacity absorption.","invalidation":"The limited brand advantage would be undermined by falling repeat demand, sustained comparable-voyage price reductions or persistent booking weakness despite product investment. Conversely, several years of maintained comparable-voyage premiums, repeat demand and successful capacity absorption through weaker demand conditions would challenge the no-moat conclusion.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Competitive Strengths / Norwegian product differentiation","excerpt":"​ Norwegian’s ships cater to a variety of travelers with up to 20 dining options on select ships; various attractions, including the world’s first hybrid rollercoaster and waterslide at sea; a wide array of entertainment options; full-service spas at sea; and a diverse range of accommodations, including luxury suites in The Haven, studio staterooms designed and priced for solo travelers and everything in between."},{"id":"e2","sourceId":"filing-1","location":"Business / Intellectual property / Norwegian trademarks","excerpt":"Under the Norwegian brand, we own a number of registered trademarks relating to, among other things, the names “NORWEGIAN CRUISE LINE,” “FEEL FREE” and “IT’S DIFFERENT OUT HERE” (the trademark application for this mark has been filed and is pending), the names of our ships (except where trademark applications for these have been filed and are pending), incentive programs and specialty services rendered on our ships and specialty accommodations such as “THE HAVEN BY NORWEGIAN.”"},{"id":"e3","sourceId":"filing-1","location":"Business / Intellectual property / Regent trademark license","excerpt":"The amended trademark license agreement allows Regent to use the Regent trade name, in conjunction with cruises, in perpetuity, subject to the terms and conditions in the agreement."},{"id":"e4","sourceId":"filing-5","location":"Business / Marketing / Past guests and repeat business","excerpt":"Past guests create a cost-effective means of attracting business, particularly to our new ships and itineraries as they are familiar with our brands, products and services and often return to cruise with us."},{"id":"e5","sourceId":"filing-1","location":"MD&A / 2025 compared with 2024 / Revenue and pricing","excerpt":"​ Year Ended December 31, 2025 (“2025”) Compared to Year Ended December 31, 2024 (“2024”) Revenue Total revenue increased 3.7% to $9.8 billion in 2025 compared to $9.5 billion in 2024 primarily due to an increase in Capacity Days and an increase in passenger ticket pricing and onboard spending."},{"id":"e6","sourceId":"filing-1","location":"Risk Factors / Competition / Alternative vacation offerings","excerpt":"We face competition not only from other cruise lines, but also from a wide range of alternative vacation offerings, including hotels, resorts, short-term lodging providers, theme parks and packaged travel experiences."},{"id":"e7","sourceId":"filing-1","location":"Risk Factors / Competition / Pricing and other competitive factors","excerpt":"Competition within the cruise industry is driven by factors such as pricing, itinerary and destination offerings, ship features, service levels, marketing and travel advisor relationships."},{"id":"e8","sourceId":"filing-1","location":"MD&A / Business outlook / Booking position and execution missteps","excerpt":"The Company enters 2026 against a pressured backdrop as it is slightly below the optimal booking range following certain execution missteps in aligning our commercial strategy with our deployment."},{"id":"e9","sourceId":"filing-1","location":"Financial statement notes / Revenue recognition / Deposit cancellation terms","excerpt":"Deposits are generally cancellable and refundable prior to sailing, but may be subject to penalties, depending on the timing of cancellation."},{"id":"e10","sourceId":"filing-2","location":"Consolidated Statements of Operations / Three and six months ended June 30, 2026 and 2025","excerpt":"Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Revenue ​ ​ ​ ​ ​ ​ ​ ​ Passenger ticket ​ $ 1,729,838 ​ $ 1,708,985 ​ $ 3,272,159 ​ $ 3,127,669 Onboard and other ​ 910,706 ​ 808,512 ​ 1,699,606 ​ 1,517,381 Total revenue ​ 2,640,544 ​ 2,517,497 ​ 4,971,765 ​ 4,645,050 Cruise operating expense ​ ​ ​ ​ ​ ​ ​ ​ Commissions, transportation and other ​ 484,668 ​ 487,835 ​ 882,273 ​ 883,178 Onboard and other ​ 191,446 ​ 187,684 ​ 343,314 ​ 326,542 Payroll and related ​ 394,573 ​ 346,133 ​ 774,789 ​ 680,637 Fuel ​ 219,384 ​ 157,377 ​ 388,310 ​ 332,391 Food ​ 87,322 ​ 81,323 ​ 168,004 ​ 156,911 Other ​ 209,415 ​ 196,495 ​ 407,999 ​ 381,126 Total cruise operating expense ​ 1,586,808 ​ 1,456,847 ​ 2,964,689 ​ 2,760,785 Other operating expense ​ ​ ​ ​ ​ ​ ​ ​ Marketing, general and administrative ​ 419,204 ​ 393,054 ​ 878,885 ​ 784,430 Depreciation and amortization ​ 271,205 ​ 243,760 ​ 531,921 ​ 475,057 Total other operating expense ​ 690,409 ​ 636,814 ​ 1,410,806 ​ 1,259,487 Operating income ​ 363,327 ​ 423,836 ​ 596,270 ​ 624,778 Non-operating income (expense) ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ (170,887) ​ (236,782) ​ (336,874) ​ (454,654) Other income (expense), net ​ 33,517 ​ (156,425) ​ 74,220 ​ (180,930) Total non-operating income (expense) ​ (137,370) ​ (393,207) ​ (262,654) ​ (635,584) Net income (loss) before income taxes ​ 225,957 ​ 30,629 ​ 333,616 ​ (10,806) Income tax benefit (expense) ​ (3,404) ​ (637) ​ (6,397) ​ 503 Net income (loss) ​ $ 222,553 ​ $ 29,992 ​ $ 327,219 ​ $ (10,303) Weighted-average shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 459,133,954 ​ 446,586,784 ​ 457,901,116 ​ 443,882,011 Diluted ​ 463,932,441 ​ 448,033,138 ​ 465,388,927 ​ 443,882,011 Earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.48 ​ $ 0.07 ​ $ 0.71 ​ $ (0.02) Diluted ​ $ 0.48 ​ $ 0.07 ​ $ 0.71 ​ $ (0.02) ​ The accompanying notes are an integral part of these consolidated financial statements."},{"id":"e11","sourceId":"filing-2","location":"MD&A / Liquidity and Capital Resources / Debt and ship construction cash requirements","excerpt":"Material Cash Requirements As of June 30, 2026, our material cash requirements for debt and ship construction were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remainder of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2027 ​ ​ ​ 2028 ​ ​ ​ 2029 ​ ​ ​ 2030 ​ ​ ​ 2031 ​ ​ ​ Thereafter ​ ​ ​ Total Long-term debt (1) ​ $ 792,057 ​ $ 1,702,053 ​ $ 1,894,473 ​ $ 1,855,675 ​ $ 4,323,725 ​ $ 2,159,171 ​ $ 5,731,550 ​ $ 18,458,704 Ship construction contracts (2) ​ 1,004,238 ​ ​ 2,473,240 ​ ​ 1,467,973 ​ ​ 1,276,800 ​ ​ 3,238,843 ​ ​ 203,123 ​ ​ 8,984,137 ​ 18,648,354 Total ​ $ 1,796,295 ​ $ 4,175,293 ​ $ 3,362,446 ​ $ 3,132,475 ​ $ 7,562,568 ​ $ 2,362,294 ​ $ 14,715,687 ​ $ 37,107,058 (1) Includes principal as well as estimated interest payments with Term Secured Overnight Financing Rate (“SOFR”) held constant as of June 30, 2026."},{"id":"e12","sourceId":"filing-2","location":"MD&A / Business outlook / Expected private-island opening and demand benefits","excerpt":"As we look ahead, the full amenities at the Company’s private island, Great Stirrup Cay, will be open to the public beginning September 4, including the pier and the new Great Tides Waterpark, the Great Life Lagoon and the nearby Splash Harbor, which we expect will improve demand to Caribbean itineraries over time."},{"id":"e13","sourceId":"filing-1","location":"Financial statement notes / Revenue recognition / Escalating cancellation penalties","excerpt":"The inception of substantive cancellation penalties generally coincides with dates that final payment is due, and penalties generally increase as the voyage sail date approaches."},{"id":"e14","sourceId":"filing-2","location":"Financial statement notes / Revenue / Refundable contract liabilities","excerpt":"Of the amounts included within contract liabilities as of June 30, 2026, approximately 40% were refundable in accordance with our cancellation policies."},{"id":"e15","sourceId":"filing-1","location":"MD&A / 2025 compared with 2024 / Cruise operating expense","excerpt":"Expense Total cruise operating expense decreased 0.9% in 2025 compared to 2024 primarily related to a reduction in air costs largely due to changes in itinerary mix and fuel cost offset by delivery of Norwegian Aqua in March 2025 and Oceania Allura in July 2025."},{"id":"e16","sourceId":"filing-3","location":"Appendix B / Net leverage and adjusted ROIC reconciliations / Debt growth and software write-off","excerpt":"​ 2026 Proxy Statement / B-3​ TABLE OF CONTENTS APPENDIX B — NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS Net Leverage was calculated as follows (in thousands): ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ 2025 ​ ​ 2024 ​ ​ Long-term debt ​ ​ ​ $ 13,730,277 ​ ​ ​ ​ $ 11,776,721 ​ ​ ​ Current portion of long-term debt ​ ​ ​ ​ 875,899 ​ ​ ​ ​ ​ 1,323,769 ​ ​ ​ Total Debt ​ ​ ​ ​ 14,606,176 ​ ​ ​ ​ ​ 13,100,490 ​ ​ ​ Less: Cash and cash equivalents ​ ​ ​ ​ 209,893 ​ ​ ​ ​ ​ 190,765 ​ ​ ​ Net Debt ​ ​ ​ $ 14,396,283 ​ ​ ​ ​ $ 12,909,725 ​ ​ ​ Adjusted EBITDA for the twelve months ended ​ ​ ​ $ 2,730,226 ​ ​ ​ ​ $ 2,450,804 ​ ​ ​ Net Leverage ​ ​ ​ ​ 5.3x ​ ​ ​ ​ ​ 5.3x ​ ​ B-4 / TABLE OF CONTENTS APPENDIX B — NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS​ Adjusted ROIC was calculated as follows (in thousands): ​ ​ ​ ​ December 31, 2025 ​ ​ Adjusted EBITDA ​ ​ ​ $ 2,730,226 ​ ​ ​ Less: Depreciation and Amortization ​ ​ ​ ​ 1,078,755 ​ ​ ​ Add IT Write-off(1) ​ ​ ​ ​ 95,101 ​ ​ ​ Total ​ ​ ​ ​ 1,746,572 ​ ​ ​ Total long-term debt plus shareholders’ equity ​ ​ ​ ​ 15,759,967 ​ ​ ​ Adjusted Return on Invested Capital ​ ​ ​ ​ 11.1% ​ ​ ​ (1) Losses related to the write-off of an internal use-software project, which are included in depreciation and amortization expense."},{"id":"e17","sourceId":"filing-2","location":"MD&A / Fleet Optimization Strategy / Executed Seven Seas Navigator charter agreement","excerpt":"In 2026, we further executed this strategy by entering into a nine‑year bareboat charter agreement for Seven Seas Navigator, scheduled to commence in late 2027 and also inclusive of a purchase option."},{"id":"e18","sourceId":"filing-2","location":"MD&A / Liquidity and Capital Resources / Committed export-credit facilities","excerpt":"As of June 30, 2026, we have committed undrawn export-credit backed facilities of approximately $10.9 billion, which funds approximately 80% of our ship construction contracts, with the exception of the two Sonata Class Ships on order for Oceania Cruises with currently scheduled delivery in 2032 and 2035 and the two additional ships on order for Norwegian Cruise Line with currently scheduled delivery in 2034 and 2036."},{"id":"e19","sourceId":"filing-3","location":"Executive Compensation / Approved CEO equity award","excerpt":"The approved award was delivered in a mix of a target number of 1,172,638 PSUs with an intended approximate grant date value of $28.8 million, which represent 60% of the total intended value of the one-time equity award, and 967,254 RSUs with an intended grant date value of $19.2 million, which represent 40% of the total intended value of the one-time equity award."},{"id":"e20","sourceId":"filing-3","location":"Executive Compensation / CEO four-year TSR vesting condition","excerpt":"The PSUs will be eligible to “cliff vest” at the end of a four-year performance period beginning in 2026, but only if applicable absolute total shareholder return compounded annual growth rate (“TSR CAGR”) targets are achieved."},{"id":"e21","sourceId":"filing-3","location":"Pay Versus Performance / Adjusted EPS incentive exclusions","excerpt":"Adjusted EPS as used in connection with our short-term incentives is a non-GAAP financial metric calculated in the same manner as Adjusted EPS in our Annual Report on Form 10-K less the following: (i) fuel rates, (ii) foreign exchange rates, (iii) significant acquisitions and joint ventures, and (iv) other one-time adjustments in our Compensation Committee’s discretion."},{"id":"e22","sourceId":"filing-3","location":"Corporate Governance / Independent board committees","excerpt":"Each of our Board’s committees is currently led by, and composed solely of, independent directors."},{"id":"e23","sourceId":"filing-3","location":"Corporate Governance / Combined chairperson and CEO role and lead independent director","excerpt":"Chidsey ​ ​ ​ Chairperson of the Board, President and Chief Executive Officer ​ ​ • Alex Cruz* ​ ​ ​ Lead Independent Director ​ ​ • José E."},{"id":"e24","sourceId":"filing-1","location":"Risk Factors / Constitutional provisions affecting takeover attempts","excerpt":"NCLH’s bye-laws contain provisions that may delay, defer, prevent or render more difficult a takeover attempt that its shareholders consider to be in their best interests."},{"id":"e25","sourceId":"filing-3","location":"Corporate Governance / Actual 2025 board and committee attendance","excerpt":"Each of our directors attended more than 75% of the aggregate of all meetings of our Board and of any committees on which he or she served during 2025."},{"id":"e26","sourceId":"filing-3","location":"Executive Compensation / Business achievements / Norwegian Luna debut and expected future delivery","excerpt":"Norwegian Luna debuted in March 2026, with delivery of Seven Seas Prestige expected later this year."},{"id":"e27","sourceId":"filing-1","location":"Risk Factors / Port availability / Previously realized adverse effects","excerpt":"Limitations on the availability of ports of call or on the availability of shore excursions and other service providers at such ports have adversely affected our business, financial condition and results of operations in the past and could do so in the future."}],"changes":["Changed the previous uncertain verdict to none: the wider passages establish limited booking friction and actual commercial execution weakness alongside broad vacation substitution. The conclusion does not rest solely on missing competitor comparisons or lower margins.","Corrected the previous statement that customer repeat demand was missing: the 2023 annual report discloses returning past guests, although it provides no repeat rate or recent cohort evidence.","Added assessments of actual approved compensation, governance arrangements, fleet commitments and executed charter agreements from the supplied proxy and quarterly disclosures."],"limitations":["No competing company is identified as a competitor in the supplied passages; competitor arrays are empty. Companies mentioned in executive biographies, financing arrangements or licensing disclosures are not established competitors.","Brand recognition, repeat business and expected destination benefits are issuer disclosures. No comparable-voyage pricing premiums, competitor cost comparisons or quantified customer retention series are supplied.","The private-island opening and benefits remained prospective in the August 3, 2026 filing; the calendar passing the expected opening date does not establish completion or commercial success.","The supplied proxy establishes approved CEO awards and vesting conditions, but not achievement of those future conditions. Actual beneficial ownership and compliance with ownership requirements are not provided.","Source dates are filing dates, retaining dateKind filed. Interim operating results are seasonal and do not establish full-year outcomes.","Contractual pricing discretion is assessed indirectly from realized pricing changes and booking terms; explicit repricing rights for already-booked voyages are not supplied."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Protected brands and differentiated experiences support a limited current advantage, but broad vacation alternatives and price-based competition constrain its strength. No network effect, relative cost advantage or protected efficient scale is demonstrated.","evidenceIds":["e1","e2","e3","e6","e7"]},{"criterion":"durability","grade":1,"rationale":"Long-lived trademark rights support continuity of identity, but refundable bookings and realized commercial missteps show that brand ownership does not ensure durable demand protection.","evidenceIds":["e3","e8","e9"]},{"criterion":"customer_dependency","grade":1,"rationale":"Returning guests demonstrate preference, not dependence. Cancellation penalties create temporary friction near sailing, while generally refundable deposits and alternative vacation options limit enduring switching costs.","evidenceIds":["e4","e6","e9","e13","e14"]},{"criterion":"erosion_resilience","grade":1,"rationale":"2025 pricing and operating-cost improvements provide positive evidence, but subsequent booking missteps, lower first-half operating income despite revenue growth and previously realized port-access harm show fragile protection. These outcomes do not prove permanent erosion.","evidenceIds":["e5","e15","e8","e10","e27"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"The company explicitly attributes part of 2025 revenue growth to higher passenger ticket pricing and onboard spending. This establishes a positive realized outcome, but the increase is unquantified and the subsequent booking weakness limits evidence of sustained power. Aggregate 2026 ticket revenue does not isolate price from capacity or mix.","evidenceIds":["e5","e8","e10"]},{"criterion":"retention","grade":2,"rationale":"The historical disclosure explicitly describes past guests returning and supporting cost-effective acquisition. This supports repeat demand, with weaker recent evidence because no repeat rate or cohort trend is supplied and bookings remain substantially refundable.","evidenceIds":["e4","e9","e14"]},{"criterion":"margin_resilience","grade":1,"rationale":"2025 revenue and pricing improved while cruise operating expense declined, partly from itinerary-related air costs and fuel. Resilience subsequently weakened: first-half 2026 revenue rose to $4.972 billion from $4.645 billion while operating income fell to $596.3 million from $624.8 million, with higher payroll, fuel and other costs. This is weak recent cost absorption, not proof that prices fell.","evidenceIds":["e5","e15","e10"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Observed ticket-pricing changes support discretion over new bookings, and escalating cancellation penalties protect some committed revenue. Customer refund rights limit commitment, however, and the passages do not establish unrestricted ability to change contracted fares.","evidenceIds":["e5","e9","e13","e14"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":1,"rationale":"Executed older-vessel charter agreements and committed construction financing show concrete capital management. Against these actions, 2025 debt increased while net leverage remained 5.3x, a software project incurred a $95.1 million write-off, and June 2026 non-cancelable construction payments totaled $18.65 billion. The evidence supports fragile discipline; financing availability does not demonstrate attractive investment returns.","evidenceIds":["e16","e17","e18","e11"]},{"criterion":"incentive_alignment","grade":2,"rationale":"The approved CEO award allocates 60% of intended value to performance equity eligible for four-year TSR-based vesting and 40% to time-based equity. This creates actual alignment mechanisms, but future vesting is unproven, and annual incentive EPS excludes several items with additional committee discretion. Actual management ownership is unavailable.","evidenceIds":["e19","e20","e21"]},{"criterion":"execution","grade":2,"rationale":"Realized 2025 pricing growth, the March 2026 ship debut and an executed fleet charter demonstrate delivery. Booking missteps and weaker first-half operating income counterbalance those achievements. This assessment uses operating outcomes indirectly and does not attribute the entire record to the newly appointed CEO.","evidenceIds":["e5","e26","e17","e8","e10"]},{"criterion":"governance","grade":2,"rationale":"Independent committees, a lead independent director and actual director attendance support functioning oversight. The combined chairperson and CEO role and existing takeover-deterrent provisions offset those safeguards. The passages establish structures and participation, not exceptional oversight effectiveness.","evidenceIds":["e22","e23","e24","e25"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"f6b7b4c63d0398d6370094e3e160981c84de96fdd55dfd5e0ca14a2599616df7","updatedAt":"2026-10-18T14:53:16.913Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1513761/000110465926022067/nclh-20251231x10k.htm","publishedAt":"2026-03-02","sha256":"e8318d37a68cc2d4f2d740f651e0bbd3c753bf7a48a9cb5fac5f921925faad21","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1513761/000110465926089657/nclh-20260630x10q.htm","publishedAt":"2026-08-03","sha256":"24a8a650298aeb65d2e8ce8d2140586e80139848b8a5618dc79c2b063976ba9d","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1513761/000110465926052146/tm261503-1_def14a.htm","publishedAt":"2026-04-30","sha256":"b69b4a22c2913aee8d352bad56a1a8bf1f88b99a968367ee0aff3615deea5642","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1513761/000155837025001743/nclh-20241231x10k.htm","publishedAt":"2025-02-27","sha256":"4b14eda09573d36602bebb5f77843956f9c5da9a70d9ac3a8eec754b2ea5b65f","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1513761/000155837024001935/nclh-20231231x10k.htm","publishedAt":"2024-02-28","sha256":"f104c4cbacb2b6efdaafef70924fe83b29c1a8f63c4baaefe2fc009c0d0a9588","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1513761/000110465926054833/nclh-20260331x10q.htm","publishedAt":"2026-05-04","sha256":"24d166dbb1999fb6f5f6a074ad7ce81dc69113b8076ad3cbfef8c03e727e0729","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:9a0152b47bc5e9aec642dc17c4a9b3c7cf8f01b9e303274e72dbe0048ef6faec","usage":{"input_tokens":90666,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3575,"reasoning_output_tokens":166},"basisSupplement":{"previousHash":"de5fcff31e1d125c5494c380788dcbe3e8a34f0790853560840f0498f51720bb","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":-148.15921948930998,"operating_margin":-393.8893741531453,"roic":null,"fcf_margin":-497.05580058828434,"sbc_revenue":19.14809887867948},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":11.90550316283218,"operating_margin":-32.03620740912019,"roic":null,"fcf_margin":-32.49205162931276,"sbc_revenue":2.344521611310222},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":36.039349589540215,"operating_margin":10.88794473494735,"roic":null,"fcf_margin":-8.709410750317781,"sbc_revenue":1.3911234766531257},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":39.99044901547536,"operating_margin":15.463712746386971,"roic":null,"fcf_margin":8.849175987597011,"sbc_revenue":0.968189651707642},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":42.61907698243884,"operating_margin":15.882507128908077,"roic":9.960364463673471,"fcf_margin":-11.903831579495773,"sbc_revenue":0.899437013665199},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1513761/000110465926022067/nclh-20251231x10k.htm","publishedAt":"2026-03-02","sha256":"e8318d37a68cc2d4f2d740f651e0bbd3c753bf7a48a9cb5fac5f921925faad21","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1513761/000110465926089657/nclh-20260630x10q.htm","publishedAt":"2026-08-03","sha256":"24a8a650298aeb65d2e8ce8d2140586e80139848b8a5618dc79c2b063976ba9d","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1513761/000110465926052146/tm261503-1_def14a.htm","publishedAt":"2026-04-30","sha256":"b69b4a22c2913aee8d352bad56a1a8bf1f88b99a968367ee0aff3615deea5642","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1513761/000155837025001743/nclh-20241231x10k.htm","publishedAt":"2025-02-27","sha256":"4b14eda09573d36602bebb5f77843956f9c5da9a70d9ac3a8eec754b2ea5b65f","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1513761/000155837024001935/nclh-20231231x10k.htm","publishedAt":"2024-02-28","sha256":"f104c4cbacb2b6efdaafef70924fe83b29c1a8f63c4baaefe2fc009c0d0a9588","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1513761/000110465926054833/nclh-20260331x10q.htm","publishedAt":"2026-05-04","sha256":"24d166dbb1999fb6f5f6a074ad7ce81dc69113b8076ad3cbfef8c03e727e0729","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"none","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}