Norwegian Cruise Line Holdings (WBO:NCLH) Scaled Net Operating Assets: 0.78 (As of Mar. 2026)


WBO:NCLH Norwegian Cruise Line Holdings Ltd WBO:NCLH
70 GF Score
Price €17.24
GF Value €18.61
Valuation Fairly Valued
! 7 Warning Signs
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What is Norwegian Cruise Line Holdings Scaled Net Operating Assets?

Norwegian Cruise Line Holdings WBO:NCLH -1.90% 70 Scaled Net Operating Assets is 0.78 as of Mar. 2026. GuruFocus rates WBO:NCLH with a GF Score™ of 70/100 and a GF Value™ of €18.61 (Fairly Valued). The stock has 7 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Norwegian Cruise Line Holdings's operating assets for the quarter that ended in Mar. 2026 was €20,422 Mil. Norwegian Cruise Line Holdings's operating liabilities for the quarter that ended in Mar. 2026 was €5,370 Mil. Norwegian Cruise Line Holdings's Total Assets for the quarter that ended in Dec. 2025 was €19,250 Mil. Therefore, Norwegian Cruise Line Holdings's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.78.


Norwegian Cruise Line Holdings Scaled Net Operating Assets Historical Data

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The historical data trend for Norwegian Cruise Line Holdings's Scaled Net Operating Assets can be seen below:

* 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 Scaled Net Operating Assets Chart

Norwegian Cruise Line Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.77 0.73 0.73 0.77 0.74

Norwegian Cruise Line Holdings Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.74 0.67 0.75 0.75 0.78

WBO:NCLH vs MMYT, GBTG, TNL: Scaled Net Operating Assets Comparison

For the Travel Services subindustry, Norwegian Cruise Line Holdings's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Norwegian Cruise Line Holdings's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Norwegian Cruise Line Holdings's Scaled Net Operating Assets falls into.


WBO:NCLH
70GF Score
Norwegian Cruise Line Holdings Ltd WBO:NCLH
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Norwegian Cruise Line Holdings Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Norwegian Cruise Line Holdings's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(19071.107-4889.437)/19071.17
=0.74

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=19250.356 - 179.249
=19071.107

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=17363.112 - 11725.657 - 748.018
=4889.437

Norwegian Cruise Line Holdings's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(20422.482-5370.383)/19250.356
=0.78

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=20582.548 - 160.066
=20422.482

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=18479.347 - 12092.175 - 1016.789
=5370.383

* 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.

What does a Scaled Net Operating Assets of 0.78 mean?
Norwegian Cruise Line Holdings (WBO:NCLH) has a Scaled Net Operating Assets of 0.78 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Norwegian Cruise Line Holdings and its competitors.
Is Norwegian Cruise Line Holdings' Scaled Net Operating Assets too high?
Norwegian Cruise Line Holdings' current Scaled Net Operating Assets is 0.78. Overall, Norwegian Cruise Line Holdings has a GF Score™ of 70/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Norwegian Cruise Line Holdings' Scaled Net Operating Assets compare to MMYT and GBTG?
Norwegian Cruise Line Holdings' Scaled Net Operating Assets of 0.78 can be compared against companies in the Travel & Leisure industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Travel & Leisure company?
A good Scaled Net Operating Assets depends on the Travel & Leisure industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Norwegian Cruise Line Holdings and its competitors. Norwegian Cruise Line Holdings's current Scaled Net Operating Assets is 0.78. 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 (WBO:NCLH) is currently considered Fairly Valued. The stock's GF Value™ is €18.61, compared to a current price of €17.24 — trading 7.4% below its estimated fair value. The current Scaled Net Operating Assets is 0.78. Norwegian Cruise Line Holdings' overall GF Score™ is 70/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Norwegian Cruise Line Holdings (WBO:NCLH), the current Scaled Net Operating Assets is 0.78 as of Mar. 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 (WBO:NCLH) Overvalued in 2026?

Based on GuruFocus' analysis, Norwegian Cruise Line Holdings stock appears to be undervalued. The current stock price of €17.24 is trading 7.4% below its estimated GF Value™ of €18.61. GuruFocus considers Norwegian Cruise Line Holdings to be Fairly Valued.

Key valuation signals for WBO:NCLH:

  • Scaled Net Operating Assets: 0.78
  • GF Value™: €18.61 vs. price of €17.24 (7.4% below fair value)
  • GF Score™: 70/100 with 7 warning signs

No single metric tells the full story. See the WBO:NCLH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Norwegian Cruise Line Holdings Business Description

Address 7665 Corporate Center Drive, Miami, FL, USA, 33126
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.
70GF Score

Get the complete analysis for WBO:NCLH

Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€17.24
Price
€18.61
GF Value