Norwegian Cruise Line Holdings Ltd (NCLH) - Net Assets
Based on the latest financial reports, Norwegian Cruise Line Holdings Ltd (NCLH) has net assets worth $2.21 Billion USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($22.54 Billion) and total liabilities ($20.33 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check financial resilience of Norwegian Cruise Line Holdings Ltd to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $2.21 Billion |
| % of Total Assets | 9.8% |
| Annual Growth Rate | 2.29% |
| 5-Year Change | -9.16% |
| 10-Year Change | -51.3% |
| Growth Volatility | 108.3 |
Norwegian Cruise Line Holdings Ltd - Net Assets Trend (2004–2025)
This chart illustrates how Norwegian Cruise Line Holdings Ltd's net assets have evolved over time, based on quarterly financial data. Also explore Norwegian Cruise Line Holdings Ltd total assets for the complete picture of this company's asset base.
Annual Net Assets for Norwegian Cruise Line Holdings Ltd (2004–2025)
The table below shows the annual net assets of Norwegian Cruise Line Holdings Ltd from 2004 to 2025. For live valuation and market cap data, see Norwegian Cruise Line Holdings Ltd (NCLH) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $2.21 Billion | +55.03% |
| 2024-12-31 | $1.43 Billion | +373.87% |
| 2023-12-31 | $300.81 Million | +338.55% |
| 2022-12-31 | $68.59 Million | -97.18% |
| 2021-12-31 | $2.43 Billion | -44.13% |
| 2020-12-31 | $4.35 Billion | -33.17% |
| 2019-12-31 | $6.52 Billion | +9.27% |
| 2018-12-31 | $5.96 Billion | +3.71% |
| 2017-12-31 | $5.75 Billion | +26.71% |
| 2016-12-31 | $4.54 Billion | +20.02% |
| 2015-12-31 | $3.78 Billion | +7.45% |
| 2014-12-31 | $3.52 Billion | +33.73% |
| 2013-12-31 | $2.63 Billion | +30.34% |
| 2012-12-31 | $2.02 Billion | +9.45% |
| 2011-12-31 | $1.84 Billion | +6.51% |
| 2010-12-31 | $1.73 Billion | +1.59% |
| 2009-12-31 | $1.70 Billion | +9.99% |
| 2008-12-31 | $1.55 Billion | +25.44% |
| 2007-12-31 | $1.24 Billion | -15.09% |
| 2006-12-31 | $1.46 Billion | +3.70% |
| 2005-12-31 | $1.40 Billion | +2.16% |
| 2004-12-31 | $1.37 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Norwegian Cruise Line Holdings Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 544928600000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $455.00K | 0.02% |
| Other Comprehensive Income | $-451.37 Million | -20.42% |
| Other Components | $8.23 Billion | 372.30% |
| Total Equity | $2.21 Billion | 100.00% |
Norwegian Cruise Line Holdings Ltd Competitors by Market Cap
The table below lists competitors of Norwegian Cruise Line Holdings Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
AKZO NOBEL SPONS.ADRS 1/3
F:AKUP
|
$8.57 Billion |
|
GMéxico Transportes S.A.B. de C.V
MX:GMXT
|
$8.58 Billion |
|
Korea Investment Holdings Co
KO:071050
|
$8.58 Billion |
|
Krka d. d
WAR:KRK
|
$8.59 Billion |
|
ALD SA
PA:AYV
|
$8.57 Billion |
|
New Oriental Education & Technology
NYSE:EDU
|
$8.57 Billion |
|
Huadong Medicine Co Ltd
SHE:000963
|
$8.56 Billion |
|
Moog Inc
NYSE:MOG-A
|
$8.54 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Norwegian Cruise Line Holdings Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,425,439,000 to 2,209,888,000, a change of 784,449,000 (55.0%).
- Net income of 423,246,000 contributed positively to equity growth.
- Share repurchases of 23,826,000 reduced equity.
- New share issuances of 144,956,000 increased equity.
- Other comprehensive income increased equity by 55,674,000.
- Other factors increased equity by 184,399,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $423.25 Million | +19.15% |
| Share Repurchases | $23.83 Million | -1.08% |
| Share Issuances | $144.96 Million | +6.56% |
| Other Comprehensive Income | $55.67 Million | +2.52% |
| Other Changes | $184.40 Million | +8.34% |
| Total Change | $- | 55.03% |
Book Value vs Market Value Analysis
This analysis compares Norwegian Cruise Line Holdings Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 3.91x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has increased from 2.78x to 3.91x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-12-31 | $6.76 | $18.81 | x |
| 2005-12-31 | $6.90 | $18.81 | x |
| 2006-12-31 | $7.16 | $18.81 | x |
| 2007-12-31 | $6.08 | $18.81 | x |
| 2008-12-31 | $7.62 | $18.81 | x |
| 2009-12-31 | $8.38 | $18.81 | x |
| 2010-12-31 | $8.52 | $18.81 | x |
| 2011-12-31 | $9.07 | $18.81 | x |
| 2012-12-31 | $10.07 | $18.81 | x |
| 2013-12-31 | $12.47 | $18.81 | x |
| 2014-12-31 | $16.60 | $18.81 | x |
| 2015-12-31 | $16.44 | $18.81 | x |
| 2016-12-31 | $19.92 | $18.81 | x |
| 2017-12-31 | $25.05 | $18.81 | x |
| 2018-12-31 | $26.57 | $18.81 | x |
| 2019-12-31 | $30.10 | $18.81 | x |
| 2020-12-31 | $17.09 | $18.81 | x |
| 2021-12-31 | $6.66 | $18.81 | x |
| 2022-12-31 | $0.16 | $18.81 | x |
| 2023-12-31 | $0.70 | $18.81 | x |
| 2024-12-31 | $2.77 | $18.81 | x |
| 2025-12-31 | $4.81 | $18.81 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Norwegian Cruise Line Holdings Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 19.15%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 4.31%
- • Asset Turnover: 0.44x
- • Equity Multiplier: 10.20x
- Recent ROE (19.15%) is above the historical average (-153.92%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | -0.63% | -0.65% | 0.38x | 2.54x | $-146.06 Million |
| 2005 | 1.16% | 1.00% | 0.40x | 2.86x | $-124.08 Million |
| 2006 | -9.00% | -6.62% | 0.43x | 3.18x | $-276.41 Million |
| 2007 | -18.37% | -10.45% | 0.43x | 4.07x | $-350.51 Million |
| 2008 | -13.67% | -10.06% | 0.42x | 3.26x | $-366.78 Million |
| 2009 | 3.93% | 3.61% | 0.39x | 2.82x | $-103.50 Million |
| 2010 | 1.33% | 1.14% | 0.36x | 3.21x | $-150.18 Million |
| 2011 | 6.88% | 5.72% | 0.40x | 3.02x | $-57.59 Million |
| 2012 | 8.35% | 7.40% | 0.38x | 2.94x | $-33.32 Million |
| 2013 | 3.90% | 3.96% | 0.39x | 2.55x | $-159.18 Million |
| 2014 | 9.62% | 10.82% | 0.27x | 3.29x | $-13.53 Million |
| 2015 | 11.30% | 9.83% | 0.35x | 3.24x | $49.05 Million |
| 2016 | 13.95% | 12.99% | 0.38x | 2.86x | $179.31 Million |
| 2017 | 13.22% | 14.08% | 0.38x | 2.45x | $184.90 Million |
| 2018 | 16.01% | 15.77% | 0.40x | 2.55x | $358.54 Million |
| 2019 | 14.28% | 14.39% | 0.39x | 2.56x | $278.67 Million |
| 2020 | -92.15% | -313.50% | 0.07x | 4.23x | $-4.45 Billion |
| 2021 | -185.25% | -695.48% | 0.03x | 7.70x | $-4.75 Billion |
| 2022 | -3309.34% | -46.86% | 0.26x | 270.56x | $-2.28 Billion |
| 2023 | 55.24% | 1.94% | 0.44x | 64.80x | $136.10 Million |
| 2024 | 63.86% | 9.60% | 0.47x | 14.01x | $767.71 Million |
| 2025 | 19.15% | 4.31% | 0.44x | 10.20x | $202.26 Million |
Industry Comparison
This section compares Norwegian Cruise Line Holdings Ltd's net assets metrics with peer companies in the Travel Services industry.
Industry Context
- Industry: Travel Services
- Average net assets among peers: $2,714,372,553
- Average return on equity (ROE) among peers: -27.26%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Norwegian Cruise Line Holdings Ltd (NCLH) | $2.21 Billion | -0.63% | 9.20x | $8.57 Billion |
| Airbnb Inc (ABNB) | $4.78 Billion | -7.37% | 1.87x | $60.00 Billion |
| Ambitions Enterprise Management Co. L.L.C Class A Ordinary Shares (AHMA) | $6.37 Million | 14.92% | 0.57x | $12.72 Million |
| Booking Holdings Inc (BKNG) | $110.67 Million | -284.75% | 0.76x | $134.32 Billion |
| Carnival Corporation (CCL) | $3.61 Billion | 18.48% | 0.51x | $33.03 Billion |
| Carnival Plc ADS (CUK) | $16.97 Billion | 13.27% | 0.68x | $3.89 Billion |
| Despegar.com Corp (DESP) | $-94.41 Million | 0.00% | 0.00x | $1.63 Billion |
| Expedia Group Inc. (EXPE) | $231.00 Million | 0.00% | 0.69x | $29.30 Billion |
| Global Business Travel Group Inc (GBTG) | $1.49 Billion | -31.26% | 1.68x | $2.83 Billion |
| Inspirato Inc (ISPO) | $-74.99 Million | 0.00% | 0.00x | $54.21 Million |
| Lindblad Expeditions Holdings Inc (LIND) | $118.98 Million | 4.09% | 2.43x | $1.03 Billion |
About Norwegian Cruise Line Holdings Ltd
Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. It offers itineraries to destinations, such as Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, and Alaska; and inter-island itinerary in Hawaii. The company also provides features, amenities,… Read more