Norwegian Cruise Line Holdings
Norwegian Cruise Line Holdings returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 9.27% | 9.32% | — | 36.73% | 3.34% | 1.6 pp |
| FY 2026 Q1 | Mar 31, 2026 | 9.6% | 9.7% | — | 29.53% | 2.52% | 1.9 pp |
| FY 2025 Q4 | Dec 31, 2025 | 9.96% | 9.98% | — | 23.29% | 1.99% | 2.3 pp |
| FY 2025 Q3 | Sep 30, 2025 | — | 10.38% | — | 39.87% | 3.16% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | 10.67% | — | 63.57% | 3.45% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | 10.17% | — | 95.87% | 4.14% | — |
| FY 2024 Q4 | Dec 31, 2024 | — | 10.61% | — | 105.46% | 4.61% | — |
| FY 2024 Q3 | Sep 30, 2024 | 9.75% | 9.97% | — | 69.79% | 2.81% | 2 pp |
| FY 2024 Q2 | Jun 30, 2024 | 9.17% | 9.18% | — | 118.63% | 2.17% | 1.5 pp |
| FY 2024 Q1 | Mar 31, 2024 | 8.59% | 8.8% | — | 261.18% | 1.8% | 0.9 pp |
| FY 2023 Q4 | Dec 31, 2023 | — | 6.91% | — | 89.97% | 0.87% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | 3.74% | — | -50.05% | -1.1% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | -1.36% | — | -185.62% | -4.51% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | -6.15% | — | -205.46% | -7.69% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | -10.89% | — | -181.5% | -12.18% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | -13.02% | — | -204.7% | -17.83% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | -16.18% | — | -169.25% | -20.78% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | -16.56% | — | -139.99% | -21.55% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | -16.21% | — | -132.81% | -24.28% | — |
| FY 2021 Q3 | Sep 30, 2021 | — | -15.64% | — | -105.37% | -20.33% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | -14.32% | — | -87% | -19.44% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | -14.55% | — | -80.02% | -19.76% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | -23.55% | — | -73.83% | -22.87% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | -19.83% | — | -60.85% | -18.91% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | -12.5% | — | -38.61% | -12.09% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | -6.23% | — | -20.8% | -6.63% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | 9.37% | — | 14.91% | 5.83% | — |
| FY 2019 Q3 | Sep 30, 2019 | — | 9.58% | — | 15.45% | 6.17% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | 10.05% | — | 16.61% | 6.28% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | 10.2% | — | 16.8% | 6.41% | — |
| FY 2018 Q4 | Dec 31, 2018 | 9.94% | 10.3% | 40.66% | 16.3% | 6.52% | 2.2 pp |
| FY 2018 Q3 | Sep 30, 2018 | 9.7% | 9.89% | 19.25% | — | 6.08% | 2 pp |
| FY 2018 Q2 | Jun 30, 2018 | 9.26% | 9.55% | 18.19% | — | 5.67% | 1.6 pp |
| FY 2018 Q1 | Mar 31, 2018 | 9.71% | 9.98% | 16.14% | — | 5.81% | 2 pp |
| FY 2017 Q4 | Dec 31, 2017 | 9.12% | 9.42% | 11.1% | 14.77% | 5.61% | 1.4 pp |
| FY 2017 Q3 | Sep 30, 2017 | 8.99% | 9.18% | 15.06% | — | 5.39% | 1.3 pp |
| FY 2017 Q2 | Jun 30, 2017 | 8.6% | 8.88% | 18.52% | — | 5.02% | 0.9 pp |
| FY 2017 Q1 | Mar 31, 2017 | 8.73% | 8.92% | 27.36% | — | 4.88% | 1 pp |
| FY 2016 Q4 | Dec 31, 2016 | 8.77% | 9% | 29.98% | 15.22% | 5.02% | 1.1 pp |
| FY 2016 Q3 | Sep 30, 2016 | 8.71% | 8.94% | 18.71% | — | 4.85% | 1 pp |
| FY 2016 Q2 | Jun 30, 2016 | 7.78% | 8% | 18.94% | — | 4.13% | 0.1 pp |
| FY 2016 Q1 | Mar 31, 2016 | 7.87% | 8.08% | 37.89% | — | — | 0.2 pp |
| FY 2015 Q4 | Dec 31, 2015 | 7.03% | 7.25% | — | 11.7% | 3.58% | -0.7 pp |
| FY 2015 Q3 | Sep 30, 2015 | 7.87% | 8.2% | — | 10.73% | 3.8% | 0.2 pp |
| FY 2015 Q2 | Jun 30, 2015 | 7.05% | 7.38% | 1.82% | 9.73% | 3.29% | -0.6 pp |
| FY 2015 Q1 | Mar 31, 2015 | 6.12% | 6.42% | 1.27% | 8.69% | 2.81% | -1.6 pp |
| FY 2014 Q4 | Dec 31, 2014 | — | 6.68% | — | 11.04% | 3.71% | — |
| FY 2014 Q3 | Sep 30, 2014 | — | 8.93% | — | 14.8% | 5.72% | — |
| FY 2014 Q2 | Jun 30, 2014 | 8.38% | 8.65% | — | 14.68% | 5.32% | 0.7 pp |
| FY 2014 Q1 | Mar 31, 2014 | 7.8% | 7.96% | — | 9.96% | 3.75% | 0.1 pp |
| FY 2013 Q4 | Dec 31, 2013 | — | — | — | — | — | — |
| FY 2013 Q3 | Sep 30, 2013 | — | — | — | — | — | — |
| FY 2013 Q2 | Jun 30, 2013 | — | — | — | — | — | — |
| FY 2013 Q1 | Mar 31, 2013 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · NCLH, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.