Demand and volumepositive · 5 filings
“Additional modifications will be needed to fully enable the use of green methanol.”10-Q · Aug 3, 2026 ↗
Norwegian Cruise Line Holdings Ltd.
NCLH
Market read
Norwegian Cruise Line Holdings Ltd.'s move is being confirmed by its market group.
No new filing conclusion is available. 7 of 36 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
Company-5.2% todayVolume comparison unavailable
Market group7 of 36 activeAirline Operators · inactive
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- At least 24 of 36 durable members become active together.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as ULCC begins moving with the group.
Invalidation: The live read weakens if participation falls to 12 of 36 members or fewer.
Research brief
The story so far
No new filing conclusion is available. 7 of 36 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- At least 24 of 36 durable members become active together.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as ULCC begins moving with the group.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations599
Usable filing statements51
Verified relationships11
Evidence supporting the case
- Operating cash flow covered net income at 4.94x in the latest annual period.
Evidence challenging the case
- Net margin changed -5.3 percentage points in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 3 filings.
Questions before a position
- P/E is 21% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 70% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 8, 2026
15.406m-25.7%12m-40.0%24m-12.6%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$648.0M-49.4%$-12.33+43.5%
2022-12-31$4.8B+647.5%$-5.41+14.9%
2023-12-31$8.5B+76.5%$0.39+1.8%
2024-12-31$9.5B+10.9%$1.89+20.5%
2025-12-31$9.8B+3.7%$0.92-7.2%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesnegative · 3 filings
“Excluding these losses, interest expense decreased primarily as a result of lower average rates, partially offset by higher debt outstanding in connection with the delivery of ships.”10-K · Mar 2, 2026 ↗
Foreign exchangemixed · 1 filings
“he change from December 31, 2025 to June 30, 2026 was primarily due to the delivery of Norwegian Luna, partially offset by additional foreign exchange forwards.”10-Q · Aug 3, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.7× · EV/sales 0.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
14.77-5.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 9 Sept, 15:15 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for NCLH. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for NCLH. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind NCLH
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
CARAvis Budget Group, Inc.distributorMar 2, 2026 ▾
“He led the Vehicle Services Division, overseeing brands such as Avis Rent A Car, Budget Rent A Car Systems, PHH, and Wright Express, as well as the Financial Services Division, which included Jackson Hewitt.”
APOApollo Global Management, Inc.investeeMar 2, 2026 ▾
“Montague helped build the business plan for the launch of Oceania Cruises in 2002, including oversight for the purchase of its initial three R-class vessels, was involved with the equity investment by Apollo Global Management, LLC and acquisition of Regent Se…”
Depended on by
PENNPENN Entertainment, Inc.partnerApr 29, 2026 ▾
“We seek to grow our customer database and PENN Play loyalty program through our iCasino and OSB businesses, the development of new properties, the expansion of existing properties and other business lines, and through partnerships with third-party partners, s…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
NCLH is currently a Participant in the organic co-movement group Airline Operators. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.