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Norwegian Cruise Line HoldingsNCLH -0.62%80 Debt-to-Equity is 5.84 as of Jun. 2026, which is 91% above its 10-year median of 3.05. GuruFocus rates NCLH with a GF Score™ of 80/100 and a GF Value™ of $21.68 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 723 Travel & Leisure companies, Norwegian Cruise Line Holdings ranks worse than 96.13% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Norwegian Cruise Line Holdings's Debt-to-Equity or its related term are showing as below:
NCLH'
s Debt-to-Equity Range Over the Past 10 Years
Min: -131.9 Med: 3.05 Max: 903.85
Current: 5.84
During the past 13 years, the highest Debt-to-Equity Ratio of Norwegian Cruise Line Holdings was 903.85. The lowest was -131.90. And the median was 3.05.
NCLH's Debt-to-Equity is ranked worse than 96.13% of 723
companies
in the Travel & Leisure industry
Industry Median: 0.43
vs NCLH: 5.84
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Norwegian Cruise Line Holdings Debt-to-Equity Related Terms
Norwegian Cruise Line Holdings Debt-to-Equity Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Norwegian Cruise Line Holdings Debt-to-Equity Chart
NCLH vs GBTG, MMYT, TNL: Debt-to-Equity Comparison
For the Travel Services subindustry, Norwegian Cruise Line Holdings's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Norwegian Cruise Line Holdings Debt-to-Equity vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Norwegian Cruise Line Holdings's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Norwegian Cruise Line Holdings's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Norwegian Cruise Line Holdings (NCLH) has a Debt-to-Equity of 5.84 as of Jun. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Norwegian Cruise Line Holdings and its competitors. This is 91% above median its historical median of 3.05. According to the industry distribution chart, Norwegian Cruise Line Holdings ranks #695 out of 723 companies in the Travel & Leisure industry, placing it in the top 96.1%.
Is Norwegian Cruise Line Holdings' Debt-to-Equity too high?
Norwegian Cruise Line Holdings' current Debt-to-Equity of 5.84 is 91% above median its 10-year median of 3.05. The Travel & Leisure industry median Debt-to-Equity is 0.43. Norwegian Cruise Line Holdings' value of 5.84 is 1258.1% above this industry median. Based on the distribution chart, Norwegian Cruise Line Holdings ranks #695 out of 723 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, Norwegian Cruise Line Holdings has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Norwegian Cruise Line Holdings' Debt-to-Equity compare to GBTG and MMYT?
According to the Travel & Leisure industry distribution chart, Norwegian Cruise Line Holdings ranks #695 out of 723 companies for Debt-to-Equity. This places Norwegian Cruise Line Holdings in the lower half of its industry. The industry median Debt-to-Equity is 0.43. Norwegian Cruise Line Holdings' value of 5.84 is 1258.1% above this benchmark. While the company's 10-year median is 3.05 vs. the industry median of 0.43, Norwegian Cruise Line Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for a Travel & Leisure company?
The median Debt-to-Equity among Travel & Leisure companies is 0.43, based on 723 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Norwegian Cruise Line Holdings's current Debt-to-Equity of 5.84 is 1258.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Norwegian Cruise Line Holdings and its competitors. For the Travel & Leisure industry, the median Debt-to-Equity is 0.43 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Norwegian Cruise Line Holdings's current Debt-to-Equity is 5.84, which is 91% above median its own 10-year median of 3.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Norwegian Cruise Line Holdings stock overvalued right now?
Based on GuruFocus' analysis, Norwegian Cruise Line Holdings (NCLH) is currently considered Modestly Undervalued. The stock's GF Value™ is $21.68, compared to a current price of $19.25 — trading 11.2% below its estimated fair value. The current Debt-to-Equity is 5.84, which is 91% above median its 10-year median of 3.05 and 1258.1% above the Travel & Leisure industry median of 0.43. Norwegian Cruise Line Holdings' overall GF Score™ is 80/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Norwegian Cruise Line Holdings (NCLH), the current Debt-to-Equity is 5.84 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Norwegian Cruise Line Holdings (NCLH) Overvalued in 2026?
Based on GuruFocus' analysis, Norwegian Cruise Line Holdings stock appears to be undervalued.
The current stock price of $19.25 is trading 11.2% below its estimated GF Value™ of $21.68.
GuruFocus considers Norwegian Cruise Line Holdings to be Modestly Undervalued.
Key valuation signals for NCLH:
Debt-to-Equity: 5.84 (91% above median its 10-year median of 3.05)
GF Value™: $21.68 vs. price of $19.25 (11.2% below fair value)
Industry Position: 1258.1% above the Travel & Leisure median (#695 of 723)
No single metric tells the full story. See the NCLH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Norwegian Cruise Line is the world's third-largest publicly traded cruise company by berths (around 75,000). It operates 35 ships across three brands—Norwegian, Oceania, and Regent Seven Seas—offering both freestyle and luxury cruising. The company redeployed its entire fleet as of May 2022. With 16 passenger vessels on order among its brands through 2037, representing 43,000 incremental berths, Norwegian is increasing capacity faster than its peers, expanding its brand globally. Norwegian sails to around 700 global destinations.
80GF Score
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