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Norwegian Cruise Line Valuation Multiples
Discover revenue and EBITDA valuation multiples for Norwegian Cruise Line and similar public comparables like EIH, Bonheur, Lindblad Expeditions, Havila Kystruten and more.
Norwegian Cruise Line Overview
About Norwegian Cruise Line
Norwegian Cruise Line is the world's third-largest publicly traded cruise company by berths (around 71,000). It operates 34 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 13 passenger vessels on order among its brands through 2036, representing 38,400 incremental berths, Norwegian is increasing capacity faster than its peers, expanding its brand globally. Norwegian sails to around 700 global destinations.
Founded
2011
HQ
Employees
5.2K
Website
Sectors
Financials (LTM)
EV
$24B
Norwegian Cruise Line Financials
Norwegian Cruise Line reported last 12-month revenue of $10B and EBITDA of $3B.
In the same LTM period, Norwegian Cruise Line generated $3B in EBITDA and $1B in net income.
Revenue (LTM)
Norwegian Cruise Line P&L
In the most recent fiscal year, Norwegian Cruise Line reported revenue of $10B and EBITDA of $3B.
Norwegian Cruise Line expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $10B | XXX | $10B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $4B | XXX | XXX | XXX |
| Gross Margin | — | XXX | 43% | XXX | XXX | XXX |
| EBITDA | $3B | XXX | $3B | XXX | XXX | XXX |
| EBITDA Margin | 28% | XXX | 28% | XXX | XXX | XXX |
| EBIT Margin | 17% | XXX | 17% | XXX | XXX | XXX |
| Net Profit | $1B | XXX | $1B | XXX | XXX | XXX |
| Net Margin | 11% | XXX | 11% | XXX | XXX | XXX |
| Net Debt | — | — | $14B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Norwegian Cruise Line Stock Performance
Norwegian Cruise Line has current market cap of $10B, and enterprise value of $24B.
Market Cap Evolution
Norwegian Cruise Line's stock price is $22.18.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $24B | $10B | 0.0% | XXX | XXX | XXX | $2.29 |
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Norwegian Cruise Line trades at 2.4x EV/Revenue multiple, and 8.8x EV/EBITDA.
EV / Revenue (LTM)
Norwegian Cruise Line Financial Valuation Multiples
As of March 22, 2026, Norwegian Cruise Line has market cap of $10B and EV of $24B.
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 9.6x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $10B | XXX | $10B | XXX | XXX | XXX |
| EV (current) | $24B | XXX | $24B | XXX | XXX | XXX |
| EV/Revenue | 2.4x | XXX | 2.5x | XXX | XXX | XXX |
| EV/EBITDA | 8.8x | XXX | 9.0x | XXX | XXX | XXX |
| EV/EBIT | 14.6x | XXX | 14.9x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 5.8x | XXX | XXX | XXX |
| P/E | 9.6x | XXX | 9.7x | XXX | XXX | XXX |
| EV/FCF | (25.2x) | XXX | (22.1x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Norwegian Cruise Line Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Norwegian Cruise Line Margins & Growth Rates
Norwegian Cruise Line's revenue in the last 12 month grew by 8%.
Norwegian Cruise Line's revenue per employee in the last FY averaged $1.9M.
Norwegian Cruise Line's rule of 40 is 35% (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 to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Norwegian Cruise Line Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 8% | XXX | 8% | XXX | XXX | XXX |
| EBITDA Margin | 28% | XXX | 28% | XXX | XXX | XXX |
| EBITDA Growth | 8% | XXX | 7% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 35% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 47% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.9M | XXX | XXX | XXX |
| G&A Expenses to Revenue | 15% | XXX | — | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 27% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Norwegian Cruise Line Public Comps
See public comps and valuation multiples for other Cruises comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| EIH | XXX | XXX | XXX | XXX | XXX | XXX |
| Bonheur | XXX | XXX | XXX | XXX | XXX | XXX |
| Lindblad Expeditions | XXX | XXX | XXX | XXX | XXX | XXX |
| Havila Kystruten | XXX | XXX | XXX | XXX | XXX | XXX |
| Bestone.com | 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 Activity
Norwegian Cruise Line acquired XXX companies to date.
Last acquisition by Norwegian Cruise Line was on XXXXXXXX, XXXXX. Norwegian Cruise Line acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Norwegian Cruise Line
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialNorwegian Cruise Line Investment Activity
Norwegian Cruise Line invested in XXX companies to date.
Norwegian Cruise Line made its latest investment on XXXXXXXX, XXXXX. Norwegian Cruise Line invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Norwegian Cruise Line
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout 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. |
| How many employees does Norwegian Cruise Line have? | As of today, Norwegian Cruise Line has over 5K employees. |
| Who is the CEO of Norwegian Cruise Line? | Norwegian Cruise Line's CEO is John W. Chidsey. |
| Is Norwegian Cruise Line publicly listed? | Yes, Norwegian Cruise Line is a public company listed on NYSE. |
| 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? | Norwegian Cruise Line main competitors are EIH, Bonheur, Lindblad Expeditions, Havila Kystruten. |
| What is the current market cap of Norwegian Cruise Line? | Norwegian Cruise Line's current market cap is $10B. |
| What is the current revenue of Norwegian Cruise Line? | Norwegian Cruise Line's last 12 months revenue is $10B. |
| 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 $3B. |
| What is Norwegian Cruise Line's EBITDA margin? | Norwegian Cruise Line's last 12 months EBITDA margin is 28%. |
| What is the current EV/EBITDA multiple of Norwegian Cruise Line? | Current EBITDA multiple of Norwegian Cruise Line is 8.8x. |
| What is the current FCF of Norwegian Cruise Line? | Norwegian Cruise Line's last 12 months FCF is ($969M). |
| What is Norwegian Cruise Line's FCF margin? | Norwegian Cruise Line's last 12 months FCF margin is (10%). |
| What is the current EV/FCF multiple of Norwegian Cruise Line? | Current FCF multiple of Norwegian Cruise Line is (25.2x). |
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