Question 1

What is Norwegian Cruise Line's P/B ratio?

Accepted Answer

Norwegian Cruise Line (NCLH) P/B ratio is 3.6× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Norwegian Cruise Line?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Norwegian Cruise Line specifically, the relevant sector benchmark is the current sector median of 4.2×.

Question 5

Is Norwegian Cruise Line's P/B ratio high or low?

Accepted Answer

Norwegian Cruise Line's P/B ratio of 3.6× is below its own 5-year average of 44.0× and below the sector median of 4.2×. That places the current reading at the 24th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Norwegian Cruise Line's historical P/B ratio range?

Accepted Answer

In the available daily series, Norwegian Cruise Line (NCLH) P/B ratio has ranged from a low of 0.5× in 2020 to a high of 558.0× in 2023. The 5-year average is 44.0× and the 5-year median is 6.1×.

Question 7

What was Norwegian Cruise Line's P/B ratio in 2025?

Accepted Answer

Norwegian Cruise Line (NCLH) P/B ratio at the end of 2025 was 4.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Norwegian Cruise Line's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$10.16B	$2.21B	4.6×	-3.3×	Dec 31, 2025
2024	$11.31B	$1.43B	7.9×	-20.4×	Dec 31, 2024
2023	$8.53B	$300.81M	28.3×	-46.9×	Dec 31, 2023
2022	$5.16B	$68.59M	75.2×	+71.9×	Dec 31, 2022
2021	$8.12B	$2.43B	3.3×	+1.6×	Dec 31, 2021
2020	$7.47B	$4.35B	1.7×	-0.2×	Dec 31, 2020
2019	$12.54B	$6.52B	1.9×	+0.4×	Dec 31, 2019
2018	$9.39B	$5.96B	1.6×	-0.5×	Dec 31, 2018
2017	$12.18B	$5.75B	2.1×	-0.0×	Dec 31, 2017
2016	$9.66B	$4.54B	2.1×	-1.4×	Dec 31, 2016
2015	$13.41B	$3.78B	3.5×	+0.7×	Dec 31, 2015
2014	$9.95B	$3.52B	2.8×	-0.0×	Dec 31, 2014
2013	$7.48B	$2.61B	2.9×	+0.7×	Dec 31, 2013
2012	$4.44B	$2.02B	2.2×	-0.5×	Dec 31, 2012
2011	$4.97B	$1.84B	2.7×	-0.2×	Dec 31, 2011
2010	$4.97B	$1.73B	2.9×	-0.0×	Dec 31, 2010
2009	$4.97B	$1.70B	2.9×	—	Dec 31, 2009


V.F. (VFC)	3.5×
Carnival Corporation (CCL)	3.3×
Genuine Parts (GPC)	3.3×
Lululemon Athletica (LULU)	3.1×
Ball (BALL)	2.8×
PDD Holdings (PDD)	2.3×
GameStop (GME)	2.0×
XPeng (XPEV)	2.0×
Alibaba (BABA)	1.9×
Li Auto (LI)	1.8×
PulteGroup (PHM)	1.7×
Amcor (AMCR)	1.7×
D.R. Horton (DHI)	1.7×
Toll Brothers (TOL)	1.6×
Lucid Group (LCID)	1.5×
Sonoco Products (SON)	1.5×
Leggett & Platt (LEG)	1.3×
International Paper (IP)	1.3×
Lennar (LEN)	1.3×
Weyco Group (WEYS)	1.2×
Ford Motor (F)	1.2×
LKQ (LKQ)	1.2×
Smurfit Westrock (SW)	1.1×
General Motors (GM)	1.1×
Mohawk Industries (MHK)	0.7×

P/B Ratio for Norwegian Cruise Line (NCLH)

P/B Ratio daily chart for Norwegian Cruise Line (NCLH)

Historical P/B Ratio for Norwegian Cruise Line (NCLH) from 2009 to 2025

About P/B Ratio at Norwegian Cruise Line (NCLH)

Norwegian Cruise Line P/B Ratio by Year

Norwegian Cruise Line P/B Ratio 2025: 4.6×

Norwegian Cruise Line P/B Ratio 2024: 7.9×

Norwegian Cruise Line P/B Ratio 2023: 28.3×

Norwegian Cruise Line P/B Ratio 2022: 75.2×

Norwegian Cruise Line P/B Ratio 2021: 3.3×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Norwegian Cruise Line (NCLH) Key Financials

P/B Ratio daily chart for Norwegian Cruise Line (NCLH)

Historical P/B Ratio for Norwegian Cruise Line (NCLH) from 2009 to 2025

About P/B Ratio at Norwegian Cruise Line (NCLH)

Norwegian Cruise Line P/B Ratio by Year

Norwegian Cruise Line P/B Ratio 2025: 4.6×

Norwegian Cruise Line P/B Ratio 2024: 7.9×

Norwegian Cruise Line P/B Ratio 2023: 28.3×

Norwegian Cruise Line P/B Ratio 2022: 75.2×

Norwegian Cruise Line P/B Ratio 2021: 3.3×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Norwegian Cruise Line's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Norwegian Cruise Line?

+Is Norwegian Cruise Line's P/B ratio high or low?

+What is Norwegian Cruise Line's historical P/B ratio range?

+What was Norwegian Cruise Line's P/B ratio in 2025?

+Why does Norwegian Cruise Line's P/B ratio change over time?

Norwegian Cruise Line (NCLH) Key Financials