Ticker League

FCF Margin for Norwegian Cruise Line (NCLH)

As of · Reported

Metric

TTM

-9.5%

YoY change

−20.75pp

Trough year (2021)

-497.1%

Peak year (2024)

8.8%

FCF Margin history chart for Norwegian Cruise Line (NCLH) from 2004 to 2025

Latest: -11.9%

FCF Margin change chart for Norwegian Cruise Line (NCLH) from 2004 to 2025

Latest: −20.75pp

FCF Margin history table for Norwegian Cruise Line (NCLH) from 2004 to 2025

  • 2025-11.9%-20.75pp
  • 20248.8%+17.56pp
  • 2023-8.7%+23.78pp
  • 2022-32.5%+464.56pp
  • 2021-497.1%-223.38pp
  • 2020-273.7%-276.54pp
  • 20192.9%-5.53pp
  • 20188.4%+4.44pp
  • 20174.0%+0.93pp
  • 20163.0%+4.90pp
  • 2015-1.9%+11.44pp
  • 2014-13.3%+3.00pp
  • 2013-16.3%-20.49pp
  • 20124.2%-3.60pp
  • 20117.8%+35.52pp
  • 2010-27.8%-21.77pp
  • 2009-6.0%+2.88pp
  • 2008-8.9%+16.28pp
  • 2007-25.2%+8.34pp
  • 2006-33.5%-1.19pp
  • 2005-32.3%+12.13pp
  • 2004-44.4%—

FCF Margin values are taken from Norwegian Cruise Line's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About FCF Margin at Norwegian Cruise Line (NCLH)

According to Norwegian Cruise Line's latest reported financial statements, the company's latest reported free cash flow margin is -9.5%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.

Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .

Norwegian Cruise Line (NCLH) most recent annual free cash flow margin stands at -11.90% (2025) – contracted 20.8 percentage points year-over-year.

The record annual free cash flow margin stands at 8.85%, reached in 2024; the historical low of -497.06% was recorded in 2021.

Norwegian Cruise Line FCF Margin by Year

Norwegian Cruise Line FCF Margin 2025: -11.9%

Norwegian Cruise Line free cash flow margin in 2025 was -11.90%, contracted 20.8 percentage points from 2024.

Norwegian Cruise Line FCF Margin 2024: 8.8%

2024's free cash flow margin for Norwegian Cruise Line came in at 8.85%, expanded 17.6 percentage points from 2023. This figure represents the highest annual value in the available history.

Norwegian Cruise Line FCF Margin 2023: -8.7%

Norwegian Cruise Line posted free cash flow margin of -8.71% in 2023, expanded 23.8 percentage points from 2022.

Norwegian Cruise Line FCF Margin 2022: -32.5%

In 2022, Norwegian Cruise Line reported free cash flow margin of -32.49%, expanded 464.6 percentage points from 2021.

Norwegian Cruise Line FCF Margin 2021: -497.1%

Norwegian Cruise Line free cash flow margin in 2021 was -497.06%.

See more financial history for Norwegian Cruise Line (NCLH).

Sector peers by FCF Margin

Consumer Cyclical peers of Norwegian Cruise Line (NCLH), ranked by their latest free cash flow margin

Frequently asked questions

Norwegian Cruise Line (NCLH) Key Financials

Charts, filings, and peer comparison for every metric

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Capital Return

No dividends or stock splits on record for this company.