NCLH Norwegian Cruise Line Holdings Ltd. Ordinary Shares
NYSE · Hotels, Restaurants & Leisure · View on SEC EDGAR ↗ 10-K/10-Q Aug 3, 2026
$15.10
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$13.6352w low
$25.1352w high
Market Cap (MRQ)
$6.93B
P/E (TTM)
9.2
EPS (TTM)
$1.65
Revenue (TTM)
$10.15B
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52W Range
$14–$25
Analyst Rating
HOLD
Price Target
$19
P/E
9.2
ROE
36.7%
Net Profit Margin
7.5%
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NCLH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$15.10
Market Cap (MRQ)
$6.93B
P/E (TTM)
9.2
EPS (TTM)
$1.65
Revenue (TTM)
$10.15B
ROE (TTM)
36.7%
52W Range
$14–$25
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About Norwegian Cruise Line Holdings Ltd. Ordinary Shares Company overview from Wikipedia
Norwegian Cruise Line Holdings Ltd. (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
History
NCLH was incorporated on February 21, 2011, as a Bermuda exempted company in anticipation of a planned initial public offering (IPO). At the time, Norwegian Cruise Line was owned by a consortium of Genting Hong Kong, Apollo Management and TPG Capital. Following the completion of the IPO in January 2013 and its debut on the Nasdaq, Norwegian Cruise Line and NCLH underwent a corporate reorganisation that gave NCLH full ownership of Norwegian Cruise Line, while Norwegian Cruise Line's previous owners exchanged their stakes for shares in NCLH.
Immediately after the initial public offering, public shareholders controlled 13.3% of NCLH, while Genting Hong Kong owned a 43.4% stake, Apollo 32.5%, and TPG 10.8%. In the following years, those three sponsors progressively reduced their stakes through a series of secondary public offerings. By the end of 2014, nearly half of NCLH's shares were publicly owned, with Genting, Apollo and TPG controlling 25%, 24% and 7%, respectively. One year later, combined ownership among the three firms had been cut nearly in half, with Apollo now holding the largest individual stake (15.8%), followed by Genting (11.1%) and TPG (2.4%). Eventually, on December 3, 2018, Apollo and Genting sold off their remaining stakes in the company, marking the end of a relationship that lasted more than a decade.
In September 2014, NCLH announced that it had purchased Prestige Cruise Holdings, the parent company of Oceania Cruises and Regent Seven Seas Cruises in cash and stock for a total transaction consideration of $3.025 billion, including the assumption of debt.
On January 9, 2015, Kevin Sheehan, President and CEO, was succeeded by Frank Del Rio, co-founder of Oceania Cruises.
On December 14, 2015, NCLH was added to the Nasdaq-100 index. However, it later switched its listing from NASDAQ to the New York Stock Exchange on December 19, 2017, and it was removed from the index.
In June 2018, NCLH's Chairman Walter Revell stepped down, and was replaced by Miami Beach developer Russell Galbut.
As of 2018, it is the third-largest cruise operator in the world, collectively controlling 9.5% of the cruise market by passengers and 12.6% by revenue across its three subsidiaries.
On February 12, 2026, NCLH announced that its Board of Directors has appointed John W. Chidsey, a director of NCLH, as President and Chief Executive Officer, effective immediately.
COVID-19 pandemic
On March 14, 2020, the U.S. Centers for Disease Control and Prevention issued a No Sail Order for cruise ships. Concurrently Norwegian Cruise Line Holdings implemented a suspension of all cruise voyages across its three brands, with all 28 ships in port or at anchor and all passengers disembarked by March 28, 2020. This suspension had subsequently been extended through June 30, 2020.
On May 5, 2020, in a filing with the U.S. Securities and Exchange Commission, Norwegian Cruise Line Holdings said there is "substantial doubt" about its ability to continue as a "going concern" as it faces a liquidity crunch over the next twelve months.
Remarkably, by the next day, NCLH was able to secure over $2.2 billion of additional liquidity in oversubscribed capital markets transactions, but at a price: (1) $400 million in common stock at $11 per share; (2) $675 million in senior secured notes due 2024 at a 12.25% interest rate; (3) $750 million in exchangeable notes due 2024 at 6% interest rate, and exchangeable at any time into common shares at $13.75; and (4) $400 million private investment from a global private equity firm. On May 7, 2020, NCLH CEO declared that the company has secured enough liquidity to get through potentially 18 months of zero revenues and may resume cruising later in 2020.
Although revenue plummeted 99% year to date, and with a net loss of $715 million in the second quarter, not to mention cruises canceled until at least November, CEO Frank Del Rio commented that he expects relaunch to take 6+ months once cruising fully begins again.
The "no-sail" order from the CDC was extended through December 31, 2020.
Subsidiaries
NCLH fully owns three subsidiary cruise lines or brands:
Norwegian Cruise Line
Oceania Cruises
Regent Seven Seas Cruises
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
sectorConsumer Discretionary
industryHotels, Restaurants & Leisure
employees44,500
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$9.83B2013-12-31 → 2025-12-31
EPS$0.922013-12-31 → 2025-12-31
Free Cash Flow$-1.17B2013-12-31 → 2025-12-31
Net margin7.5%2013-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | NCLH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 9.25Y avg ≈17.1 | ≈17.1 | 16.0 | Undervalued | |
| P/S (TTM) | 0.75Y avg ≈3.5 | ≈3.5 | 5.9 | Undervalued | |
| P/B (MRQ) | 2.75Y avg ≈23.9 | ≈23.9 | 11.0 | Undervalued | |
| Price / FCF (TTM) | -5.85Y avg ≈-2.5 | ≈-2.5 | · | · | |
| Price / Cash Flow (TTM) | 3.35Y avg ≈7.1 | ≈7.1 | 21.8 | Undervalued | |
| Price / Tangible Book (MRQ) | 3.35Y avg ≈8.5 | ≈8.5 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | NCLH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 15.1%5Y avg ≈-76.7% | ≈-76.7% | 25.7% | Weak | |
| EBITDA Margin (TTM) | 27.1%5Y avg ≈-43.5% | ≈-43.5% | 26.7% | Weak | |
| Pretax Margin (TTM) | 7.6%5Y avg ≈-145.4% | ≈-145.4% | 21.7% | Weak | |
| Net Profit Margin (TTM) | 7.5%5Y avg ≈-145.3% | ≈-145.3% | 14.6% | Weak | |
| ROA (TTM) | 3.3%5Y avg ≈-5.8% | ≈-5.8% | 5.5% | Weak | |
| ROE (TTM) | 36.7%5Y avg ≈-200.1% | ≈-200.1% | 37.2% | Weak | |
| ROIC | 69.7%5Y avg ≈-370.9% | ≈-370.9% | 20.5% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | NCLH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 0.25Y avg ≈0.4 | ≈0.4 | 0.7 | Low liquidity | |
| Quick Ratio | 0.15Y avg ≈0.3 | ≈0.3 | 0.6 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | NCLH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 3.7%5Y avg ≈137.8% | ≈137.8% | · | · | |
| Revenue CAGR 3Y | 26.6%5Y avg ≈86.5% | ≈86.5% | · | · | |
| Revenue CAGR 5Y | 50.3% | · | · | · | |
| EPS YoY | -51.3% | · | · | · | |
| Net Income YoY | -53.5% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | NCLH | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.55Y avg ≈0.3 | ≈0.3 | 0.5 | Weak | |
| Inventory Turnover | 39.25Y avg ≈32.0 | ≈32.0 | · | · | |
| Receivables Turnover | 38.35Y avg ≈22.4 | ≈22.4 | 7.4 | Top tier | |
| Revenue / Employee | ≈$220.8K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
9.7%
Next Report
Nov 02, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 29, 2026 | $0.48 | $0.40 | 20.4% |
| March 31, 2026 | $0.23 | $0.15 | 58.3% | |
| Dec. 31, 2025 | $0.28 | $0.27 | 5.3% | |
| Sept. 30, 2025 | $1.20 | $1.18 | 1.6% | |
| June 30, 2025 | $0.51 | $0.53 | -3.1% | |
| March 31, 2025 | $0.07 | $0.09 | -24.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.83B | $9.48B | $8.55B | $4.84B | $648M | $1.28B | $6.46B | $6.06B | $5.40B | · | · | · | |
| Cost of Revenue | $5.64B | $5.69B | $5.47B | $4.27B | $1.61B | $1.69B | $3.66B | · | · | · | · | · | |
| SG&A Expense | $1.55B | $1.43B | $1.34B | $1.38B | $891M | $745M | $975M | $898M | $774M | · | · | · | |
| Operating Expenses | $2.63B | $2.33B | $2.15B | $2.13B | $1.59B | $3.07B | $1.62B | $1.46B | $1.28B | · | · | · | |
| Operating Income | $1.56B | $1.47B | $931M | $-1.55B | $-2.55B | $-3.48B | $1.18B | $1.22B | $1.05B | · | · | · | |
| Interest Expense | · | · | $728M | $802M | $2.10B | $482M | $273M | $270M | $268M | · | · | · | |
| Other Non-op | $-179M | $54M | $-40M | $77M | $124M | $-34M | $6M | $21M | $-10M | · | · | · | |
| Pretax Income | $429M | $773M | $163M | $-2.28B | $-4.50B | $-4.00B | $911M | $969M | $771M | · | · | · | |
| Income Tax | $5M | $-137M | $-3M | $-7M | $5M | $12M | $-19M | $14M | $11M | · | · | · | |
| Net Income | $423M | $910M | $166M | $-2.27B | $-4.51B | $-4.01B | $930M | $955M | $760M | · | · | · | |
| EPS (Basic) | $0.94 | $2.09 | $0.39 | $-5.41 | $-12.33 | $-15.75 | $4.33 | $4.28 | $3.33 | · | · | · | |
| EPS (Diluted) | $0.92 | $1.89 | $0.39 | $-5.41 | $-12.33 | $-15.75 | $4.30 | $4.25 | $3.31 | · | · | · | |
| Shares (Basic) | 448,542,442 | 435,278,605 | 424,424,962 | 419,773,195 | 365,449,967 | 254,728,932 | 214,929,977 | 223,001,739 | 228,040,825 | · | · | · | |
| Shares (Diluted) | 477,742,311 | 515,030,548 | 427,400,849 | 419,773,195 | 365,449,967 | 254,728,932 | 216,475,076 | 224,419,205 | 229,418,326 | · | · | · | |
| EBITDA | $2.72B | $2.44B | $1.81B | $-742M | $-1.79B | $-2.74B | $1.83B | · | · | · | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $210M | $191M | $402M | $947M | $1.51B | $3.30B | $253M | $164M | $176M | $128M | · | · | |
| Short-term Investments | · | · | · | · | $240M | · | · | · | · | · | · | · | |
| Receivables | $292M | $221M | $280M | $326M | $1.17B | $21M | $75M | $55M | · | · | · | · | |
| Inventory | $138M | $150M | $158M | $149M | $118M | $82M | $95M | $90M | · | · | · | · | |
| Prepaid Expense | $499M | $448M | $473M | $451M | $269M | $154M | $307M | $241M | · | · | · | · | |
| Current Assets | $1.14B | $1.01B | $1.31B | $1.87B | $3.30B | $3.56B | $730M | $550M | · | · | · | · | |
| PP&E (Net) | $19.07B | $16.81B | $16.43B | $14.52B | $13.53B | $13.41B | $13.14B | $12.12B | · | · | · | · | |
| PP&E (Gross) | $27.35B | $24.17B | $22.97B | $20.28B | $18.59B | $17.84B | $17.12B | $15.53B | · | · | · | · | |
| Accum. Depreciation | $8.28B | $7.36B | $6.53B | $5.76B | $5.06B | $4.43B | $3.98B | $3.41B | · | · | · | · | |
| Goodwill | $136M | $136M | $98M | $98M | $98M | $98M | $1.39B | $1.39B | · | · | · | · | |
| Intangibles | $501M | $501M | $501M | $501M | $501M | $501M | $818M | $818M | · | · | · | · | |
| Other Non-current Assets | $1.70B | $1.51B | $1.15B | $1.57B | $1.30B | $832M | $613M | $330M | · | · | · | · | |
| Total Assets | $22.54B | $19.97B | $19.49B | $18.56B | $18.73B | $18.40B | $16.68B | $15.21B | · | · | · | · | |
| Accounts Payable | $170M | $171M | $174M | $229M | $233M | $83M | $101M | $160M | · | · | · | · | |
| Current Liabilities | $5.45B | $5.78B | $6.04B | $5.05B | $3.73B | $1.91B | $3.58B | $3.15B | · | · | · | · | |
| Capital Leases | $898M | $789M | $645M | $588M | $671M | $185M | · | · | · | · | · | · | |
| Other Non-current Liabilities | $1.15B | $987M | $839M | $804M | $997M | $450M | $529M | $282M | · | · | · | · | |
| Total Liabilities | $20.33B | $18.54B | $19.19B | $18.49B | $16.30B | $14.05B | $10.17B | $9.24B | · | · | · | · | |
| Long-term Debt | · | · | · | · | · | $1.55B | · | · | · | · | · | · | |
| Common Stock | $455.0K | $440.0K | $425.0K | $421.0K | $417.0K | $316.0K | $237.0K | $235.0K | · | · | · | · | |
| Retained Earnings | $-5.57B | $-5.99B | $-6.90B | $-7.07B | $-4.80B | $-295M | $3.83B | $2.90B | · | · | · | · | |
| Treasury Stock | · | · | · | · | · | · | $1.25B | $904M | · | · | · | · | |
| AOCI | $-451M | $-507M | $-508M | $-477M | $-285M | $-240M | $-295M | $-162M | $27M | $-314M | · | · | |
| Stockholders' Equity | $2.21B | $1.43B | $301M | $69M | $2.43B | $4.35B | $6.52B | $5.96B | $5.75B | $4.54B | · | · | |
| Liabilities + Equity | $22.54B | $19.97B | $19.49B | $18.56B | $18.73B | $18.40B | $16.68B | $15.21B | · | · | · | · | |
| Shares Outstanding | 455,257,489 | 439,861,281 | 425,546,570 | 421,413,565 | 416,891,915 | 315,636,032 | 213,082,411 | 217,650,644 | · | · | · | · |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.16B | $974M | $883M | $810M | $759M | $740M | $647M | $567M | $521M | · | · | · | |
| Stock-based Comp | $88M | $92M | $119M | $114M | $124M | $111M | $95M | $116M | $87M | · | · | · | |
| Deferred Tax | $4M | $-156M | $-132.0K | $-1M | $2M | $13M | $-26M | $2M | $8M | · | · | · | |
| Amort. of Intangibles | · | · | · | · | · | $10M | $18M | $26M | $31M | · | · | · | |
| Other Non-cash | $412M | $230M | $837M | $1.56B | $1.15B | $593M | $176M | · | · | · | · | · | |
| Operating Cash Flow | $2.09B | $2.05B | $2.01B | $210M | $-2.47B | $-2.56B | $1.82B | $2.08B | $1.60B | · | · | · | |
| CapEx | $3.26B | $1.21B | $2.75B | $1.78B | $753M | $947M | $1.64B | $1.57B | $1.37B | · | · | · | |
| Investing Cash Flow | $-3.26B | $-1.23B | $-2.90B | $-1.76B | $-1.00B | $-975M | $-1.68B | $-1.50B | $-1.40B | · | · | · | |
| Debt Issued | $9.74B | $1.30B | $4.32B | $3.00B | $2.60B | $6.08B | $4.12B | $1.90B | $1.82B | · | · | · | |
| Net Debt Issued | $1.56B | $-870M | $565M | $1.23B | $488M | $5.18B | $316M | · | · | · | · | · | |
| Stock Issued | $145M | · | · | · | $2.67B | $1.54B | · | · | · | · | · | · | |
| Stock Repurchased | · | · | · | · | · | · | $350M | $665M | · | · | · | · | |
| Net Stock Activity | $145M | · | · | · | $2.67B | $1.54B | $-350M | · | · | · | · | · | |
| Financing Cash Flow | $1.19B | $-1.03B | $347M | $986M | $1.68B | $6.58B | $-53M | $-585M | $-149M | · | · | · | |
| Net Change in Cash | $19M | $-212M | $-545M | $-560M | $-1.79B | $3.05B | $89M | $-12M | $48M | · | · | · | |
| Free Cash Flow | $-1.17B | $839M | $-745M | $-1.57B | $-3.22B | $-3.50B | $185M | · | · | · | · | · | |
| Levered FCF | · | · | $-1.49B | $-2.37B | $-5.32B | $-3.60B | $-93M | · | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 15.9% | 15.5% | 10.9% | -32.0% | -393.9% | -272.2% | 18.2% | · | · | · | · | · | |
| Net Margin | 4.3% | 9.6% | 1.9% | -46.9% | -695.5% | -313.5% | 14.4% | · | · | · | · | · | |
| Pretax Margin | 4.4% | 8.2% | 1.9% | -47.0% | -694.7% | -312.5% | 14.1% | · | · | · | · | · | |
| EBITDA Margin | 27.7% | 25.7% | 21.2% | -15.3% | -276.8% | -214.4% | 28.2% | · | · | · | · | · | |
| ROA | 2.0% | 4.6% | 0.87% | -12.2% | -24.3% | -22.9% | 5.8% | · | · | · | · | · | |
| ROE | 22.4% | 71.1% | 44.9% | -969.3% | -169.6% | -95.1% | 14.5% | · | · | · | · | · | |
| ROIC | 69.7% | 121.1% | 315.2% | -2255.6% | -105.0% | -80.3% | 18.5% | · | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.2 | 0.2 | 0.4 | 0.9 | 1.9 | 0.2 | · | · | · | · | · | |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.3 | 0.8 | 1.7 | 0.1 | · | · | · | · | · | |
| Interest Coverage | · | · | 1.3 | -1.9 | -1.2 | -37.4 | 4.3 | · | · | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.4 | 0.3 | 0.0 | 0.1 | 0.4 | · | · | · | · | · | |
| Inventory Turnover | 39.2 | 37.0 | 35.7 | 32.0 | 16.0 | · | · | · | · | · | · | · | |
| Receivables Turnover | 38.3 | 37.8 | 28.2 | 6.5 | 1.1 | 26.8 | 99.1 | · | · | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $4.85 | $3.24 | $0.71 | $0.16 | $5.84 | $13.79 | $30.58 | · | · | · | · | · | |
| Revenue / Share | $20.57 | $18.41 | $20.00 | $11.54 | $1.77 | $5.02 | $29.85 | · | · | · | · | · | |
| Cash Flow / Share | $4.37 | $3.98 | $4.69 | $0.50 | $-6.75 | $-10.04 | $8.42 | · | · | · | · | · | |
| Cash / Share | $0.46 | $0.43 | $0.95 | $2.25 | $3.61 | $10.46 | $1.19 | · | · | · | · | · | |
| EPS (TTM) | $0.92 | $1.89 | $0.39 | $-5.41 | $-12.33 | $-15.75 | $4.30 | $4.25 | $3.31 | $1.19 | $1.19 | $1.19 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.7% | 10.9% | 76.5% | 647.5% | -49.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 26.6% | 144.6% | 88.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 50.3% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -51.3% | 384.6% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -53.5% | 447.8% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $9.83B | $9.48B | $8.55B | $4.84B | $648M | $1.28B | $6.46B | $6.06B | $5.40B | $2.71B | $2.71B | $2.71B | |
| Net Income TTM | $423M | $910M | $166M | $-2.27B | $-4.51B | $-4.01B | $930M | $955M | $760M | $117M | $117M | $117M | |
| Market Cap | $10.16B | $11.32B | $8.53B | $5.16B | $8.65B | $8.03B | $12.45B | · | · | · | · | · | |
| P/E | 24.3 | 13.6 | 51.4 | -2.3 | -1.7 | -1.6 | 13.6 | 10.0 | 16.1 | 35.7 | 49.2 | 39.3 | |
| P/S | 1.0 | 1.2 | 1.0 | 1.1 | 13.3 | 6.3 | 1.9 | · | · | · | · | · | |
| P/B | 4.6 | 7.9 | 28.4 | 75.2 | 3.6 | 1.8 | 1.9 | · | · | · | · | · | |
| P / Tangible Book | 6.5 | 14.3 | · | · | 4.7 | 2.1 | · | · | · | · | · | · | |
| P / Cash Flow | 4.9 | 5.5 | 4.3 | 24.6 | -3.5 | -3.1 | 6.8 | · | · | · | · | · | |
| P / FCF | -8.7 | 13.5 | -11.5 | -3.3 | -2.7 | -2.3 | 67.1 | · | · | · | · | · | |
| Earnings Yield | 4.1% | 7.3% | 1.9% | -44.2% | -59.5% | -61.9% | 7.4% | 10.0% | 6.2% | 2.8% | 2.0% | 2.5% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.64B | $2.33B | $2.24B | $2.94B | $2.52B | $2.13B | $2.11B | $2.81B | $2.37B | $2.19B | $1.99B | $2.54B | $2.21B | $1.82B | $1.52B | $1.62B | |
| Cost of Revenue | $1.59B | $1.38B | $1.32B | $1.55B | $1.46B | $1.30B | $1.31B | $1.54B | $1.45B | $1.39B | $1.32B | $1.48B | $1.38B | $1.28B | $1.22B | $1.24B | |
| SG&A Expense | $419M | $460M | $381M | $383M | $393M | $391M | $361M | $358M | $354M | $362M | $328M | $325M | $352M | $336M | $379M | $375M | |
| Operating Expenses | $690M | $720M | $734M | $634M | $637M | $623M | $587M | $576M | $576M | $585M | $540M | $530M | $549M | $531M | $581M | $562M | |
| Operating Income | $363M | $233M | $187M | $749M | $424M | $201M | $215M | $691M | $342M | $218M | $124M | $523M | $273M | $11M | $-281M | $-185M | |
| Interest Expense | · | · | · | · | · | · | · | · | $16M | $17M | · | $18M | $17M | $17M | · | $17M | |
| Other Non-op | $34M | $41M | $-11M | $13M | $-156M | $-25M | $68M | $-34M | $2M | $18M | $-35M | $12M | $-8M | $-9M | $-24M | $31M | |
| Pretax Income | $226M | $108M | $6M | $434M | $31M | $-41M | $108M | $482M | $165M | $18M | $-108M | $354M | $87M | $-169M | $-482M | $-306M | |
| Income Tax | $3M | $3M | $-8M | $14M | $637.0K | $-1M | $-147M | $7M | $2M | $1M | $-2M | $8M | $694.0K | $-10M | $385.0K | $-11M | |
| Net Income | $223M | $105M | $14M | $419M | $30M | $-40M | $255M | $475M | $163M | $17M | $-106M | $346M | $86M | $-159M | $-482M | $-295M | |
| EPS (Basic) | $0.48 | $0.23 | $0.03 | $0.93 | $0.07 | $-0.09 | $0.59 | $1.08 | $0.38 | $0.04 | $-0.24 | $0.81 | $0.20 | $-0.38 | $-1.14 | $-0.70 | |
| EPS (Diluted) | $0.48 | $0.23 | $0.08 | $0.86 | $0.07 | $-0.09 | $0.55 | $0.95 | $0.35 | $0.04 | $-0.14 | $0.71 | $0.20 | $-0.38 | $-1.14 | $-0.70 | |
| Shares (Basic) | 459,133,954 | 456,654,579 | · | 450,996,955 | 446,586,784 | 441,147,186 | · | 439,697,135 | 434,807,434 | 426,803,519 | · | 425,398,415 | 424,178,775 | 422,655,215 | · | 420,798,538 | |
| Shares (Diluted) | 463,932,441 | 466,145,101 | · | 495,727,378 | 448,033,138 | 441,147,186 | · | 514,878,919 | 513,589,734 | 431,019,206 | · | 511,585,445 | 461,075,240 | 422,655,215 | · | 420,798,538 | |
| EBITDA | $363M | $514M | · | $749M | $424M | $451M | · | $691M | $342M | $463M | · | $523M | $273M | $221M | · | $-185M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $218M | $185M | $210M | $167M | $184M | $184M | $191M | $333M | $594M | $560M | · | $682M | $899M | $701M | · | $1.19B | |
| Receivables | $277M | $277M | $292M | $253M | $266M | $271M | $221M | $201M | $209M | $282M | · | $239M | $219M | $259M | · | $393M | |
| Inventory | $161M | $163M | $138M | $156M | $161M | $156M | $150M | $145M | $150M | $158M | · | $166M | $154M | $146M | · | $156M | |
| Prepaid Expense | $610M | $683M | $499M | $466M | $562M | $535M | $448M | $501M | $629M | $590M | · | $524M | $576M | $539M | · | $422M | |
| Current Assets | $1.27B | $1.31B | $1.14B | $1.04B | $1.17B | $1.15B | $1.01B | $1.18B | $1.58B | $1.59B | · | $1.61B | $1.85B | $1.64B | · | $2.16B | |
| PP&E (Net) | $20.44B | $20.19B | $19.07B | $18.94B | $18.25B | $18.11B | $16.81B | $16.74B | $16.63B | $16.46B | · | $15.97B | $15.05B | $14.51B | · | $14.51B | |
| PP&E (Gross) | · | · | $27.35B | · | · | · | $24.17B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $8.28B | · | · | · | $7.36B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $136M | $136M | $136M | $136M | $136M | $136M | $136M | $136M | $136M | $98M | · | $98M | $98M | $98M | · | $98M | |
| Intangibles | $501M | $501M | $501M | $501M | $501M | $501M | $501M | $501M | $501M | $501M | · | $501M | $501M | $501M | · | $501M | |
| Other Non-current Assets | $1.67B | $1.66B | $1.70B | $1.60B | $1.54B | $1.46B | $1.51B | $1.23B | $1.26B | $1.17B | · | $1.07B | $1.15B | $1.60B | · | $1.68B | |
| Total Assets | $24.01B | $23.79B | $22.54B | $22.21B | $21.60B | $21.35B | $19.97B | $19.79B | $20.11B | $19.83B | · | $19.25B | $18.65B | $18.35B | · | $18.95B | |
| Accounts Payable | $233M | $185M | $170M | $193M | $169M | $162M | $171M | $173M | $182M | $205M | · | $158M | $148M | $203M | · | $141M | |
| Current Liabilities | $6.32B | $6.22B | $5.45B | $5.35B | $6.39B | $6.09B | $5.78B | $6.04B | $6.63B | $6.60B | · | $5.40B | $5.82B | $5.70B | · | $4.66B | |
| Capital Leases | $908M | $894M | $898M | $796M | $798M | $782M | $789M | $652M | $652M | $648M | · | $583M | $597M | $603M | · | $697M | |
| Other Non-current Liabilities | $1.22B | $1.17B | $1.15B | $1.03B | $1.01B | $971M | $987M | $860M | $874M | $859M | · | $776M | $820M | $830M | · | $995M | |
| Total Liabilities | $21.44B | $21.36B | $20.33B | $20.02B | $20.03B | $19.94B | $18.54B | $18.65B | $19.42B | $19.46B | · | $18.81B | $18.63B | $18.45B | · | $18.55B | |
| Common Stock | $459.0K | $459.0K | $455.0K | $455.0K | $447.0K | $443.0K | $440.0K | $440.0K | $440.0K | $429.0K | · | $425.0K | $425.0K | $424.0K | · | $421.0K | |
| Retained Earnings | $-5.24B | $-5.46B | $-5.57B | $-5.58B | $-6.00B | $-6.03B | $-5.99B | $-6.24B | $-6.72B | $-6.88B | · | $-6.79B | $-7.14B | $-7.23B | · | $-6.58B | |
| AOCI | $-432M | $-328M | $-451M | $-430M | $-439M | $-472M | $-507M | $-520M | $-466M | $-464M | · | $-456M | $-507M | $-505M | · | $-605M | |
| Stockholders' Equity | $2.57B | $2.43B | $2.21B | $2.19B | $1.57B | $1.42B | $1.43B | $1.14B | $693M | $362M | $301M | $439M | $15M | $-100M | $69M | $400M | |
| Liabilities + Equity | $24.01B | $23.79B | $22.54B | $22.21B | $21.60B | $21.35B | $19.97B | $19.79B | $20.11B | $19.83B | · | $19.25B | $18.65B | $18.35B | · | $18.95B | |
| Shares Outstanding | 459,158,514 | 459,099,810 | 455,257,489 | 455,252,151 | 446,814,009 | 443,439,387 | 439,861,281 | 439,702,246 | 439,686,822 | 429,025,827 | · | 425,424,934 | 425,155,523 | 424,158,982 | · | 421,393,338 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $294M | $281M | $374M | $273M | $264M | $251M | $247M | $239M | $243M | $245M | $233M | $225M | $215M | $211M | $217M | $202M | |
| Stock-based Comp | $23M | $23M | $24M | $18M | $26M | $20M | $26M | $21M | $23M | $22M | $23M | $24M | $45M | $28M | $25M | $26M | |
| Restructuring | $7M | $10M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $402M | · | · | · | $449M | · | · | · | $523M | · | · | · | $424M | · | · | |
| Operating Cash Flow | $603M | $811M | $459M | $237M | $715M | $679M | $399M | $173M | $671M | $807M | $259M | $210M | $1.03B | $503M | $237M | $82M | |
| CapEx | $458M | $1.44B | $438M | $963M | $334M | $1.53B | $243M | $368M | $341M | $259M | $648M | $1.13B | $737M | $238M | $155M | $1.30B | |
| Investing Cash Flow | $-459M | $-1.44B | $-433M | $-963M | $-336M | $-1.53B | $-244M | $-365M | $-366M | $-255M | $-691M | $-1.21B | $-756M | $-236M | $-164M | $-1.51B | |
| Debt Issued | $495M | $1.26B | $512M | $4.77B | $774M | $3.68B | $610M | $427M | $169M | $92M | $1.33B | $951M | $708M | $1.33B | $0 | $930M | |
| Net Debt Issued | · | $652M | · | · | · | $956M | · | · | · | $-333M | · | · | · | $-491M | · | · | |
| Stock Issued | · | · | $-316.0K | $81M | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-111M | $604M | $17M | $710M | $-379M | $847M | $-297M | $-69M | $-271M | $-395M | $152M | $787M | $-79M | $-513M | $-312M | $712M | |
| Net Change in Cash | $33M | $-25M | $43M | $-17M | $-344.0K | $-6M | $-142M | $-262M | $34M | $157M | $-279M | $-218M | $199M | $-246M | $-240M | $-717M | |
| Free Cash Flow | · | $-625M | · | · | · | $-846M | · | · | · | $548M | · | · | · | $266M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $532M | · | · | · | $250M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 13.8% | 10.0% | · | 25.5% | 16.8% | 9.4% | · | 24.6% | 14.4% | 10.0% | · | 20.6% | 12.4% | 0.59% | · | -11.5% | |
| Net Margin | 8.4% | 4.5% | · | 14.3% | 1.2% | -1.9% | · | 16.9% | 6.9% | 0.79% | · | 13.6% | 3.9% | -8.7% | · | -18.3% | |
| Pretax Margin | 8.6% | 4.6% | · | 14.8% | 1.2% | -1.9% | · | 17.2% | 7.0% | 0.84% | · | 14.0% | 3.9% | -9.3% | · | -18.9% | |
| EBITDA Margin | 13.8% | 22.1% | · | 25.5% | 16.8% | 21.2% | · | 24.6% | 14.4% | 21.1% | · | 20.6% | 12.4% | 12.2% | · | -11.5% | |
| ROA | 0.98% | 0.46% | · | 2.0% | 0.14% | -0.20% | · | 2.4% | 0.84% | 0.09% | · | 1.8% | 0.46% | -0.85% | · | -1.6% | |
| ROE | 10.8% | 5.4% | · | 25.2% | 2.6% | -4.5% | · | 60.4% | 46.2% | 13.2% | · | 82.5% | 18.8% | -22.6% | · | -18.0% | |
| ROIC | 13.9% | 9.3% | · | 33.0% | 26.4% | 13.8% | · | 60.0% | 48.8% | 57.0% | · | 116.5% | 1776.3% | -10.1% | · | -44.7% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.5 | |
| Quick Ratio | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | |
| Interest Coverage | · | · | · | · | · | · | · | · | 21.3 | 12.6 | · | 29.9 | 15.8 | 0.6 | · | -10.6 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 9.9 | 8.7 | · | 10.3 | 9.4 | 8.3 | · | 9.9 | 9.6 | 9.1 | · | 9.2 | 9.0 | 8.9 | · | 9.4 | |
| Receivables Turnover | 9.7 | 8.5 | · | 13.0 | 10.6 | 7.7 | · | 12.7 | 11.1 | 8.1 | · | 8.0 | 5.4 | 4.5 | · | 2.3 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $5.60 | $5.30 | · | $4.82 | $3.51 | $3.19 | · | $2.58 | $1.58 | $0.84 | · | $1.03 | $0.04 | $-0.23 | · | $0.95 | |
| Revenue / Share | $5.69 | $5.00 | · | $5.93 | $5.62 | $4.82 | · | $5.45 | $4.62 | $5.08 | · | $4.96 | $4.78 | $4.31 | · | $3.84 | |
| Cash Flow / Share | · | $1.74 | · | · | · | $1.54 | · | · | · | $1.87 | · | · | · | $1.19 | · | · | |
| Cash / Share | $0.47 | $0.40 | · | $0.37 | $0.41 | $0.42 | · | $0.76 | $1.35 | $1.30 | · | $1.60 | $2.11 | $1.65 | · | $2.82 | |
| EPS (TTM) | $1.65 | $1.24 | · | $1.39 | $1.48 | $1.76 | · | $1.20 | $0.96 | $0.81 | · | $-0.61 | $-2.02 | $-3.44 | · | $-8.21 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $10.15B | $10.03B | · | $9.69B | $9.56B | $9.42B | · | $9.36B | $9.09B | $8.92B | · | $8.08B | $7.16B | $6.14B | · | $3.81B | |
| Net Income TTM | $761M | $568M | · | $664M | $719M | $853M | · | $549M | $420M | $343M | · | $-210M | $-851M | $-1.45B | · | $-3.36B | |
| Market Cap | $9.69B | $8.59B | · | $11.21B | $9.06B | $8.41B | · | $9.02B | $8.26B | $8.98B | · | $7.01B | $9.26B | $5.70B | · | $4.79B | |
| P/E | 12.8 | 15.1 | · | 17.7 | 13.7 | 10.8 | · | 17.1 | 19.6 | 25.8 | · | -27.0 | -10.8 | -3.9 | · | -1.4 | |
| P/S | 1.0 | 0.9 | · | 1.2 | 0.9 | 0.9 | · | 1.0 | 0.9 | 1.0 | · | 0.9 | 1.3 | 0.9 | · | 1.3 | |
| P/B | 3.8 | 3.5 | · | 5.1 | 5.8 | 5.9 | · | 7.9 | 11.9 | 24.8 | · | 16.0 | 608.1 | -57.3 | · | 12.0 | |
| P / Tangible Book | 5.0 | 4.8 | · | 7.2 | 9.7 | 10.8 | · | 18.1 | 145.3 | · | · | · | · | · | · | · | |
| P / Cash Flow | · | 10.6 | · | · | · | 12.4 | · | · | · | 11.1 | · | · | · | 11.3 | · | · | |
| Earnings Yield | 7.8% | 6.6% | · | 5.6% | 7.3% | 9.3% | · | 5.9% | 5.1% | 3.9% | · | -3.7% | -9.3% | -25.6% | · | -72.3% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $9.83B | $9.48B | $8.55B | $4.84B | $648M |
| Operating Margin % | 15.9% | 15.5% | 10.9% | -32.0% | -393.9% |
| Net Income | $423M | $910M | $166M | $-2.27B | $-4.51B |
| Diluted EPS | $0.92 | $1.89 | $0.39 | $-5.41 | $-12.33 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.2 | 0.2 | 0.4 | 0.9 |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.3 | 0.8 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-1.17B | $839M | $-745M | $-1.57B | $-3.22B |
Institutional owners (13F) 739 filers · $11.7B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
739
Value held
$11.7B
New positions
102
Exited positions
81
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 102 (-20 vs prior Q) | 81 (-14 vs prior Q) | 212 (0 vs prior Q) | 228 (+26 vs prior Q) | +43.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $1,179,526,582 | 52,846,173 | 10.10% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $632,721,164 | 29,972,580 | 5.42% | Shares |
| BlackRock, Inc. | $619,300,674 | 29,336,839 | 5.30% | Shares |
| UBS Group AG | $492,525,284 | 23,331,373 | 4.22% | Shares |
| GOLDMAN SACHS GROUP INC | $399,162,052 | 18,908,671 | 3.42% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $394,050,617 | 18,666,538 | 3.37% | Shares |
| STATE STREET CORP | $359,055,684 | 17,008,796 | 3.07% | Shares |
| BARCLAYS PLC | $352,642,951 | 16,705,019 | 3.02% | Shares |
| ARIEL INVESTMENTS, LLC | $325,747,291 | 15,430,947 | 2.79% | Shares |
| AMERIPRISE FINANCIAL INC | $316,716,751 | 15,011,544 | 2.71% | Shares |
| Elliott Investment Management L.P. | $310,021,460 | 14,686,000 | 2.65% | Shares |
| Capital International Investors | $296,348,534 | 14,038,301 | 2.54% | Shares |
| Invesco Ltd. | $278,103,899 | 13,174,036 | 2.38% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $255,577,708 | 12,129,137 | 2.19% | Shares |
| MIZUHO MARKETS AMERICAS LLC | $240,337,350 | 11,385,000 | 2.06% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $211,219,115 | 10,002,632 | 1.81% | Shares |
| Nearwater Capital Markets, Ltd | $199,806,150 | 9,465,000 | 1.71% | Shares |
| MORGAN STANLEY | $164,511,348 | 7,793,052 | 1.41% | Shares |
| Hound Partners, LLC | $141,326,658 | 6,694,773 | 1.21% | Shares |
| CITADEL ADVISORS LLC | $140,218,995 | 6,642,302 | 1.20% | Shares |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC | $136,448,601 | 6,463,695 | 1.17% | Shares |
| Forest Avenue Capital Management LP | $129,893,440 | 6,153,171 | 1.11% | Shares |
| Patient Capital Management, LLC | $127,285,750 | 6,029,642 | 1.09% | Shares |
| BANK OF AMERICA CORP /DE/ | $106,172,069 | 5,029,468 | 0.91% | Shares |
| Greenhouse Funds LLLP | $99,917,092 | 4,733,164 | 0.86% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $98,587,922 | 4,670,200 | 0.84% | Put option |
| JPMORGAN CHASE & CO | $92,525,328 | 4,200,693 | 0.79% | Shares |
| WELLS FARGO & COMPANY/MN | $90,966,824 | 4,309,182 | 0.78% | Shares |
| ING GROEP NV | $90,964,003 | 4,309,048 | 0.78% | Shares |
| Squarepoint Ops LLC | $89,549,021 | 4,242,019 | 0.77% | Shares |
| NORTHERN TRUST CORP | $88,621,005 | 4,198,058 | 0.76% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $87,957,116 | 4,166,609 | 0.75% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $82,089,507 | 3,888,655 | 0.70% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $81,643,747 | 3,867,551 | 0.70% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $76,582,858 | 3,627,800 | 0.66% | Call option |
| California Public Employees Retirement System | $75,820,829 | 3,591,702 | 0.65% | Shares |
| CITADEL ADVISORS LLC | $69,793,882 | 3,306,200 | 0.60% | Call option |
| JANE STREET GROUP, LLC | $69,266,132 | 3,281,200 | 0.59% | Call option |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. | $68,460,236 | 3,243,024 | 0.59% | Shares |
| Candlestick Capital Management LP | $68,156,702 | 2,767,223 | 0.58% | Shares |
| ALLIANCEBERNSTEIN L.P. | $66,493,123 | 3,555,782 | 0.57% | Shares |
| CITIGROUP INC | $66,201,467 | 3,136,024 | 0.57% | Shares |
| TUDOR INVESTMENT CORP ET AL | $65,612,244 | 3,108,112 | 0.56% | Shares |
| NOMURA HOLDINGS INC | $63,413,976 | 3,003,978 | 0.54% | Shares |
| TWO SIGMA INVESTMENTS, LP | $58,653,269 | 2,778,459 | 0.50% | Shares |
| AMERICAN CENTURY COMPANIES INC | $57,172,825 | 2,708,329 | 0.49% | Shares |
| Columbus Hill Capital Management, L.P. | $56,165,287 | 2,660,601 | 0.48% | Shares |
| Holocene Advisors, LP | $55,317,615 | 2,620,446 | 0.47% | Shares |
| CITADEL ADVISORS LLC | $55,308,200 | 2,620,000 | 0.47% | Put option |
| VANGUARD FIDUCIARY TRUST CO | $54,370,367 | 2,575,574 | 0.47% | Shares |
Activists & 5%+ owners 19 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| J. Michael Chu, Scott A. Dahnke, LC9 Managers Ltd., LC9 Skipper, L.P. ×2 filings | March 9, 2021 | · | Initial filing | Board campaign | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 6, 2018 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | March 6, 2018 | · | Initial filing | · | SEC |
| Star NCLC Holdings Ltd., Genting Hong Kong Limited ×15 filings | March 5, 2018 | · | Initial filing | Capital structure | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Nov. 22, 2017 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 18, 2017 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 11, 2016 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 21, 2015 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 31, 2015 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 18, 2015 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | May 28, 2015 | · | Initial filing | · | SEC |
| TPG Group Holdings (SBS) Advisors, Inc., David Bonderman, James G. Coulter ×4 filings | March 12, 2015 | · | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Nov. 24, 2014 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Sept. 5, 2014 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | March 13, 2014 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 31, 2013 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 11, 2013 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 16, 2013 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 4, 2013 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 41 insiders · 22 officers · 22 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John Chidsey | President and CEO | May 22, 2026 P | 1,139,940 | 1 | 0 | $2,504,610 |
| Harry Sommer | Pres. & CEO of NCLH | Nov. 6, 2025 P | 720,728 | 1 | 0 | $463,000 |
| Frank J Del Rio | Former Pres. & CEO | June 30, 2023 F | 1,360,127 | 0 | 0 | $0 |
| Howard J Sherman | Pres. & CEO Oceania Cruises | Aug. 18, 2022 S | 140,609 | 0 | 0 | $0 |
| Robert Binder | Vice Chair, Pres. & CEO OC | Sept. 9, 2021 S | 137,426 | 0 | 0 | $0 |
| Andrew Stuart | Pres. & CEO of NCL | Nov. 12, 2019 M | 326,309 | 0 | 0 | $0 |
| Kevin M Sheehan | President & CEO | Nov. 12, 2014 C | 605,979 | 0 | 0 | $0 |
| Mark Kempa | EVP & CFO | March 6, 2026 A | 480,514 | 1 | 0 | $197,067 |
| Wendy A. Beck | EVP & CFO | March 1, 2018 F | 283,654 | 0 | 0 | $0 |
| Marc Kazlauskas | President, Norwegian Cruise Line | March 6, 2026 A | 54,862 | 0 | 0 | $0 |
| Kunal Kamlani | Pres & COO of Prestige Cruises | Nov. 19, 2014 A | 164,066 | 0 | 0 | $0 |
| Andrew H Madsen | Pres & COO NCL (Bahamas) Ltd. | Oct. 31, 2014 A | · | 0 | 0 | $0 |
| Patrik Dahlgren | EVP, Chief Vessel Ops & Newbuild Officer | March 6, 2026 A | 240,528 | 1 | 0 | $99,567 |
| Faye L. Ashby | SVP & Chief Accounting Officer | March 6, 2026 A | 152,082 | 0 | 1 | $-110,250 |
| Jason Montague | Chief Luxury Officer | March 6, 2026 A | 102,940 | 1 | 0 | $252,054 |
| Daniel S Farkas | EVP GC, CDO & Sec'y | March 6, 2026 A | 424,037 | 0 | 0 | $0 |
| David Herrera | Pres. NCL | March 1, 2025 F | 262,445 | 0 | 0 | $0 |
| Andrea Demarco | Pres. RSSC | Nov. 6, 2024 S | 97,304 | 0 | 0 | $0 |
| Frank A. Del Rio | Pres. Oceania Cruises | March 1, 2024 F | 80,170 | 0 | 0 | $0 |
| Robin T. Lindsay | EVP, Vessel Operations | March 1, 2023 F | 423,611 | 0 | 0 | $0 |
| Robert Becker | Senior Vice President | Nov. 12, 2014 C | 41,270 | 0 | 0 | $0 |
| Maria Miller | Senior Vice President | Nov. 12, 2014 C | 102,038 | 0 | 0 | $0 |
| Jonathan Z Cohen | Director | May 20, 2026 P | 38,912 | 1 | 0 | $474,900 |
| Jose E. Cil | Director | May 19, 2026 P | 74,295 | 2 | 0 | $225,350 |
| Brian P Macdonald | Director | May 11, 2026 P | 23,912 | 1 | 0 | $248,100 |
| Kevin Allen Lansberry | Director | May 7, 2026 P | 20,312 | 1 | 0 | $196,992 |
| Zillah Byng-Thorne | Director | May 7, 2026 P | 25,742 | 3 | 0 | $1,046,729 |
| Alex Cruz | Director | April 13, 2026 A | 21,657 | 0 | 0 | $0 |
| Stephen G Pagliuca | Director | April 13, 2026 A | 8,912 | 0 | 0 | $0 |
| Harry C Curtis | Director | Jan. 2, 2026 A | 59,104 | 1 | 0 | $96,250 |
| Mary E. Landry | Director | Jan. 2, 2026 A | 66,653 | 0 | 0 | $0 |
| Stella David | Director | Jan. 2, 2026 A | 116,643 | 1 | 0 | $129,870 |
| David M. Abrams | Director | Jan. 2, 2026 A | 92,740 | 0 | 0 | $0 |
| Linda P Jojo | Director | Jan. 2, 2026 A | 20,871 | 0 | 0 | $0 |
| Russell W Galbut | Director | Jan. 2, 2024 A | 93,761 | 0 | 0 | $0 |
| Adam M Aron | Director | Jan. 3, 2023 A | 44,152 | 0 | 0 | $0 |
| SCOTT ARNOLD DAHNKE | Director | March 9, 2021 D | · | 0 | 0 | $0 |
| Chad A Leat | Director | Jan. 4, 2021 A | 32,671 | 0 | 0 | $0 |
| Pamela Thomas-Graham | Director | Jan. 4, 2021 A | 14,318 | 0 | 0 | $0 |
| Walter L Revell | Director | Jan. 2, 2018 A | 20,289 | 0 | 0 | $0 |
| Robert F Salerno | Director | Jan. 4, 2016 A | 8,698 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 74 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| RSPD · Invesco Exchange-Traded Fund Trust | 2.16% | 372,131 SH | Oct. 23, 2026 | Daily |
| SPHB · Invesco Exchange-Traded Fund Trust … | 0.92% | 478,468 SH | Oct. 23, 2026 | Daily |
| HIBL · Direxion Shares ETF Trust | 0.89% | 36,070 NS | July 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.63% | 439,453 NS | July 31, 2026 | N-PORT |
| VCR · VANGUARD WORLD FUND | 0.23% | 734,874 SH | Aug. 19, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.21% | 13,216,430 SH | Oct. 23, 2026 | Daily |
| GTOS · Invesco Actively Managed Exchange-T… | 0.16% | 216,000 | Oct. 23, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.16% | 1,301,375 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.13% | 3,031,942 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.12% | 10,531,378 SH | Aug. 19, 2026 | Daily |
| WANT · Direxion Shares ETF Trust | 0.12% | 1,308 NS | July 31, 2026 | N-PORT |
| IYC · iShares Trust | 0.12% | 91,471 SH | Sept. 11, 2026 | Daily |
| ESML · iShares Trust | 0.11% | 209,465 SH | Sept. 11, 2026 | Daily |
| RXI · iShares Trust | 0.11% | 18,194 SH | Sept. 11, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.10% | 808,024 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.10% | 67,104 SH | Sept. 11, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.10% | 3,342,910 SH | Aug. 19, 2026 | Daily |
| SMMD · iShares Trust | 0.09% | 244,287 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.08% | 130,840 SH | Oct. 23, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.07% | 19,792 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 34,119 SH | Oct. 23, 2026 | Daily |
| IWS · iShares Trust | 0.07% | 678,392 SH | Sept. 11, 2026 | Daily |
| WSML · iShares Trust | 0.06% | 27,560 SH | Sept. 11, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.05% | 345,641 SH | Oct. 23, 2026 | Daily |
| IWR · iShares Trust | 0.05% | 1,868,769 SH | Sept. 11, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.04% | 1,019,627 NS | July 31, 2026 | N-PORT |
| XOEF · iShares Trust | 0.04% | 576 SH | Sept. 11, 2026 | Daily |
| GTO · Invesco Actively Managed Exchange-T… | 0.04% | 1,237,000 | Oct. 23, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.04% | 23,968 SH | Oct. 23, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.04% | 63,570 NS | July 31, 2026 | N-PORT |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.03% | 275,799 SH | Aug. 19, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.02% | 143,942 NS | July 31, 2026 | N-PORT |
| VOO · VANGUARD INDEX FUNDS | 0.02% | 11,926,268 SH | Aug. 19, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.02% | 189,717 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.02% | 103,254 SH | Aug. 19, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.02% | 164,678 NS | July 31, 2026 | N-PORT |
| NEAR · iShares U.S. ETF Trust | 0.02% | 1,030,000 SH | Sept. 11, 2026 | Daily |
| IWD · iShares Trust | 0.02% | 1,013,482 SH | Sept. 11, 2026 | Daily |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.02% | 16,773 SH | Oct. 23, 2026 | Daily |
| XYLG · Global X Funds | 0.01% | 511 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.01% | 36 NS | July 31, 2026 | N-PORT |
| XRMI · Global X Funds | 0.01% | 370 NS | July 31, 2026 | N-PORT |
| XCLR · Global X Funds | 0.01% | 26 NS | July 31, 2026 | N-PORT |
| CATH · Global X Funds | 0.01% | 9,383 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.01% | 23,074 NS | July 31, 2026 | N-PORT |
| CHRI · Global X Funds | 0.01% | 57 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.01% | 1,733 NS | July 31, 2026 | N-PORT |
| TOPC · iShares Trust | 0.01% | 266 SH | Sept. 11, 2026 | Daily |
| XVV · iShares Trust | 0.01% | 5,417 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.01% | 132,366 NS | July 31, 2026 | N-PORT |
| PBP · Invesco Exchange-Traded Fund Trust | 0.01% | 2,754 SH | Oct. 23, 2026 | Daily |
| IVW · iShares Trust | 0.01% | 547,307 SH | Sept. 11, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.01% | 3,192 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.01% | 5,755,724 SH | Sept. 11, 2026 | Daily |
| IUSG · iShares Trust | 0.01% | 227,891 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 14,589,266 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 374,020 SH | Aug. 19, 2026 | Daily |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.01% | 46,905 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.01% | 76,019 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 38,368 SH | Aug. 19, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.01% | 35,893 NS | July 31, 2026 | N-PORT |
| IVE · iShares Trust | 0.01% | 329,608 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.01% | 19,868 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.01% | 607,414 SH | Sept. 11, 2026 | Daily |
| IUSV · iShares Trust | 0.01% | 174,929 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.01% | 308,751 SH | Sept. 11, 2026 | Daily |
| PHDG · Invesco Actively Managed Exchange-T… | 0.01% | 365 SH | Oct. 23, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 118,600 SH | Sept. 11, 2026 | Daily |
| VGHY · VANGUARD FIXED INCOME SECURITIES FU… | · | · | July 15, 2026 | Daily |
| VCRB · VANGUARD MALVERN FUNDS | · | · | July 15, 2026 | Daily |
| VPLS · VANGUARD MALVERN FUNDS | · | · | July 15, 2026 | Daily |
| VSDB · VANGUARD MALVERN FUNDS | · | · | July 15, 2026 | Daily |
| ISCB · iShares Trust | · | 19,689 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 50,647 SH | Sept. 11, 2026 | Daily |
NCLH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 34 analysts
BUY
Median target
$18.50
+22.5%
6 17.6%
Strong Buy
8 23.5%
Buy
19 55.9%
Hold
1 2.9%
Sell
0 0.0%
Strong Sell
12-Month Price Target
24 analysts · 2026-10-22Mean target $18.71 +23.9%
Now
Current price $15.10
Low$13.00
Mean$18.71
High$26.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NCLH | $10.16B | 24.3 | 3.7% | 4.3% | 22.4% | · |
| RCL | · | 17.9 | 8.8% | 23.8% | 48.5% | · |
| CCL | · | 12.8 | 6.4% | 10.4% | 24.8% | · |
| EXPE | $33.14B | 28.9 | 7.6% | 8.8% | 91.1% | · |
| H | · | -291.5 | 6.8% | -0.73% | -1.5% | · |
| NAVN | $3.00B | -3.0 | 30.8% | -56.7% | 204117.9% | 71.3% |
| WH | · | 30.2 | 1.5% | 13.5% | 37.2% | · |
| CHH | $4.38B | 12.1 | 0.75% | 23.2% | 477.4% | · |
| TNL | $4.45B | 20.5 | 4.1% | 5.7% | -24.7% | · |
| VAC | $1.97B | -6.5 | 1.3% | -6.1% | -13.9% | · |
| HGV | $3.72B | 50.3 | 1.3% | 1.6% | 5.3% | · |
Latest News Recent headlines mentioning this company
NCLH Crosses Above Average Analyst Target
Nasdaq ·
Legendary Value Investor Seth Klarman is Buying Norwegian Cruise Line (NCLH)
Yahoo Finance ·
Is the Cheapest Cruise Line Stock Finally Too Cheap to Ignore?
Nasdaq ·
Is Norwegian Cruise Line Holdings Ltd. (NCLH) A Good Stock To Buy Now?
Yahoo Finance ·
Norwegian Cruise Line Just Got a Wall Street Beatdown: Four Firms Slash Price Targets After Yield Reset
Yahoo Finance ·
Norwegian Cruise Line cuts 2026 profit forecast, Q1 2026 earnings
Yahoo Finance ·
Norwegian Cruise Cuts Outlook On Gulf Disruptions, Fuel Shock
ZeroHedge ·
Why Norwegian Cruise Line Stock Popped on Friday
Yahoo Finance ·
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Source: SEC 10-Q filed Aug 3, 2026