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Norwegian Cruise Line Valuation Multiples

Discover revenue and EBITDA valuation multiples for Norwegian Cruise Line and similar public comparables like Carnival plc, Salamis Tours, and Lindblad Expeditions.

Norwegian Cruise Line Overview

About Norwegian Cruise Line

Norwegian Cruise Line is the world's third-largest publicly traded cruise company by berths (around 70,000). It operates 33 ships across three brands—Norwegian, Oceania, and Regent Seven Seas—offering both freestyle and luxury cruising. The company redeployed its entire fleet as of May 2022. With 12 passenger vessels on order among its brands through 2036, representing 37,500 incremental berths, Norwegian is increasing capacity faster than its peers, expanding its brand globally. Norwegian sails to around 700 global destinations.


Founded

2011

HQ

United States of America
Employees

5.2K+

Sectors

Cruises

Financials

LTM Revenue $9.8B

LTM EBITDA $2.6B

EV

$23.6B

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Norwegian Cruise Line Financials

Norwegian Cruise Line has a last 12-month revenue (LTM) of $9.8B and a last 12-month EBITDA of $2.6B.

In the most recent fiscal year, Norwegian Cruise Line achieved revenue of $9.5B and an EBITDA of $2.5B.

Norwegian Cruise Line expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Norwegian Cruise Line P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $9.8B XXX $9.5B XXX XXX XXX
Gross Profit $4.0B XXX $3.8B XXX XXX XXX
Gross Margin 41% XXX 40% XXX XXX XXX
EBITDA $2.6B XXX $2.5B XXX XXX XXX
EBITDA Margin 26% XXX 26% XXX XXX XXX
EBIT $1.6B XXX $1.5B XXX XXX XXX
EBIT Margin 16% XXX 15% XXX XXX XXX
Net Profit $978M XXX $910M XXX XXX XXX
Net Margin 10% XXX 10% XXX XXX XXX
Net Debt XXX XXX $12.9B XXX XXX XXX

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Norwegian Cruise Line Stock Performance

As of July 11, 2025, Norwegian Cruise Line's stock price is $22.

Norwegian Cruise Line has current market cap of $9.8B, and EV of $23.6B.

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Norwegian Cruise Line Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$23.6B $9.8B XXX XXX XXX XXX $1.93

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Norwegian Cruise Line Valuation Multiples

As of July 11, 2025, Norwegian Cruise Line has market cap of $9.8B and EV of $23.6B.

Norwegian Cruise Line's trades at 2.5x EV/Revenue multiple, and 9.5x EV/EBITDA.

Equity research analysts estimate Norwegian Cruise Line's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Norwegian Cruise Line has a P/E ratio of 10.0x.

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Norwegian Cruise Line Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $9.8B XXX $9.8B XXX XXX XXX
EV (current) $23.6B XXX $23.6B XXX XXX XXX
EV/Revenue 2.4x XXX 2.5x XXX XXX XXX
EV/EBITDA 9.1x XXX 9.5x XXX XXX XXX
EV/EBIT 14.9x XXX 16.1x XXX XXX XXX
EV/Gross Profit 5.9x XXX n/a XXX XXX XXX
P/E 10.0x XXX 10.8x XXX XXX XXX
EV/FCF 885.5x XXX 28.2x XXX XXX XXX

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Norwegian Cruise Line Margins & Growth Rates

Norwegian Cruise Line's last 12 month revenue growth is 8%

Norwegian Cruise Line's revenue per employee in the last FY averaged $1.8M, while opex per employee averaged $0.4M for the same period.

Norwegian Cruise Line's rule of 40 is 29% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Norwegian Cruise Line's rule of X is 47% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Norwegian Cruise Line Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 8% XXX 8% XXX XXX XXX
EBITDA Margin 26% XXX 26% XXX XXX XXX
EBITDA Growth 12% XXX 24% XXX XXX XXX
Rule of 40 29% XXX 34% XXX XXX XXX
Bessemer Rule of X XXX XXX 47% XXX XXX XXX
Revenue per Employee XXX XXX $1.8M XXX XXX XXX
Opex per Employee XXX XXX $0.4M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 25% XXX XXX XXX

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Norwegian Cruise Line Public Comps

See public comps and valuation multiples for Cruises comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Kiriacoulis Mediterranean XXX XXX XXX XXX XXX XXX
EIH XXX XXX XXX XXX XXX XXX
Salamis Tours XXX XXX XXX XXX XXX XXX
Carnival plc XXX XXX XXX XXX XXX XXX
Lindblad Expeditions XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Norwegian Cruise Line M&A and Investment Activity

Norwegian Cruise Line acquired  XXX companies to date.

Last acquisition by Norwegian Cruise Line was  XXXXXXXX, XXXXX XXXXX XXXXXX . Norwegian Cruise Line acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Norwegian Cruise Line

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Norwegian Cruise Line

When was Norwegian Cruise Line founded? Norwegian Cruise Line was founded in 2011.
Where is Norwegian Cruise Line headquartered? Norwegian Cruise Line is headquartered in United States of America.
How many employees does Norwegian Cruise Line have? As of today, Norwegian Cruise Line has 5.2K+ employees.
Who is the CEO of Norwegian Cruise Line? Norwegian Cruise Line's CEO is Mr. Harry Sommer.
Is Norwegian Cruise Line publicy listed? Yes, Norwegian Cruise Line is a public company listed on NYS.
What is the stock symbol of Norwegian Cruise Line? Norwegian Cruise Line trades under NCLH ticker.
When did Norwegian Cruise Line go public? Norwegian Cruise Line went public in 2013.
Who are competitors of Norwegian Cruise Line? Similar companies to Norwegian Cruise Line include e.g. Kiriacoulis Mediterranean, EIH, Salamis Tours, Carnival plc.
What is the current market cap of Norwegian Cruise Line? Norwegian Cruise Line's current market cap is $9.8B
What is the current revenue of Norwegian Cruise Line? Norwegian Cruise Line's last 12 months revenue is $9.8B.
What is the current revenue growth of Norwegian Cruise Line? Norwegian Cruise Line revenue growth (NTM/LTM) is 8%.
What is the current EV/Revenue multiple of Norwegian Cruise Line? Current revenue multiple of Norwegian Cruise Line is 2.4x.
Is Norwegian Cruise Line profitable? Yes, Norwegian Cruise Line is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Norwegian Cruise Line? Norwegian Cruise Line's last 12 months EBITDA is $2.6B.
What is Norwegian Cruise Line's EBITDA margin? Norwegian Cruise Line's last 12 months EBITDA margin is 26%.
What is the current EV/EBITDA multiple of Norwegian Cruise Line? Current EBITDA multiple of Norwegian Cruise Line is 9.1x.
What is the current FCF of Norwegian Cruise Line? Norwegian Cruise Line's last 12 months FCF is $26.7M.
What is Norwegian Cruise Line's FCF margin? Norwegian Cruise Line's last 12 months FCF margin is 0%.
What is the current EV/FCF multiple of Norwegian Cruise Line? Current FCF multiple of Norwegian Cruise Line is 885.5x.

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