Norwegian Cruise Line Holdings annual debt-to-equity ratio
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Norwegian Cruise Line Holdings Debt-to-Equity Ratio Growth & History (NCLH)
Norwegian Cruise Line Holdings's debt-to-equity ratio was 7.03 for fiscal 2025.
View full Norwegian Cruise Line Holdings company overviewNorwegian Cruise Line Holdings annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 7.03 | −2.73 | −27.99% |
| 2024 | 2024-12-31 | 9.76 | −39.19 | −80.06% |
| 2023 | 2023-12-31 | 48.96 | −158.79 | −76.43% |
| 2022 | 2022-12-31 | 207.74 | 202.34 | +3742.59% |
| 2021 | 2021-12-31 | 5.41 | 2.65 | +96.01% |
| 2020 | 2020-12-31 | 2.76 | 1.68 | +154.98% |
| 2019 | 2019-12-31 | 1.08 | −0.01 | −0.64% |
| 2018 | 2018-12-31 | 1.09 | −0.01 | −0.76% |
| 2017 | 2017-12-31 | 1.10 | −0.31 | −22.20% |
| 2016 | 2016-12-31 | 1.41 | −0.28 | −16.66% |
| 2015 | 2015-12-31 | 1.69 | −0.04 | −2.07% |
| 2014 | 2014-12-31 | 1.73 | 0.54 | +45.36% |
| 2013 | 2013-12-31 | 1.19 | −0.30 | −19.95% |
| 2012 | 2012-12-31 | 1.49 | — | — |
Norwegian Cruise Line Holdings quarterly debt-to-equity ratio
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| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 6.38 | −3.14 | −32.99% |
| Q1 2026 | 2026-03-31 | 6.80 | −3.91 | −36.49% |
| Q4 2025 | 2025-12-31 | 7.03 | −2.73 | −27.99% |
| Q3 2025 | 2025-09-30 | 7.18 | −5.49 | −43.33% |
| Q2 2025 | 2025-06-30 | 9.52 | −11.31 | −54.29% |
| Q1 2025 | 2025-03-31 | 10.71 | −30.07 | −73.74% |
| Q4 2024 | 2024-12-31 | 9.76 | −39.19 | −80.06% |
| Q3 2024 | 2024-09-30 | 12.68 | −21.14 | −62.51% |
| Q2 2024 | 2024-06-30 | 20.82 | −901.07 | −97.74% |
| Q1 2024 | 2024-03-31 | 40.78 | — | — |
| Q4 2023 | 2023-12-31 | 48.96 | −158.79 | −76.43% |
| Q3 2023 | 2023-09-30 | 33.81 | −3.43 | −9.22% |
| Q2 2023 | 2023-06-30 | 921.90 | 906.23 | +5782.93% |
| Q4 2022 | 2022-12-31 | 207.74 | 202.34 | +3742.59% |
| Q3 2022 | 2022-09-30 | 37.25 | 32.63 | +707.37% |
| Q2 2022 | 2022-06-30 | 15.67 | 12.26 | +359.32% |
| Q1 2022 | 2022-03-31 | 9.60 | 6.76 | +237.84% |
| Q4 2021 | 2021-12-31 | 5.41 | 2.65 | +96.01% |
| Q3 2021 | 2021-09-30 | 4.61 | 1.85 | +67.08% |
| Q2 2021 | 2021-06-30 | 3.41 | 0.95 | +38.43% |
| Q1 2021 | 2021-03-31 | 2.84 | 0.84 | +42.04% |
| Q4 2020 | 2020-12-31 | 2.76 | 1.68 | +154.98% |
| Q3 2020 | 2020-09-30 | 2.76 | 1.82 | +193.41% |
| Q2 2020 | 2020-06-30 | 2.46 | 1.49 | +153.47% |
| Q1 2020 | 2020-03-31 | 2.00 | 0.96 | +91.41% |
| Q4 2019 | 2019-12-31 | 1.08 | −0.01 | −0.64% |
| Q3 2019 | 2019-09-30 | 0.94 | −0.01 | −0.73% |
| Q2 2019 | 2019-06-30 | 0.97 | −0.11 | −10.08% |
| Q1 2019 | 2019-03-31 | 1.05 | 0.06 | +5.62% |
| Q4 2018 | 2018-12-31 | 1.09 | −0.01 | −0.76% |
| Q3 2018 | 2018-09-30 | 0.95 | −0.14 | −12.56% |
| Q2 2018 | 2018-06-30 | 1.08 | −0.14 | −11.27% |
| Q1 2018 | 2018-03-31 | 0.99 | −0.23 | −18.91% |
| Q4 2017 | 2017-12-31 | 1.10 | −0.31 | −22.20% |
| Q3 2017 | 2017-09-30 | 1.08 | −0.20 | −15.43% |
| Q2 2017 | 2017-06-30 | 1.22 | −0.23 | −15.95% |
| Q1 2017 | 2017-03-31 | 1.22 | −0.22 | −15.47% |
| Q4 2016 | 2016-12-31 | 1.41 | −0.28 | −16.66% |
| Q3 2016 | 2016-09-30 | 1.28 | −0.02 | −1.43% |
| Q2 2016 | 2016-06-30 | 1.45 | 0.07 | +4.73% |
| Q1 2016 | 2016-03-31 | 1.44 | −0.10 | −6.62% |
| Q4 2015 | 2015-12-31 | 1.69 | −0.04 | −2.07% |
| Q3 2015 | 2015-09-30 | 1.30 | 0.23 | +21.67% |
| Q2 2015 | 2015-06-30 | 1.38 | 0.23 | +20.09% |
| Q1 2015 | 2015-03-31 | 1.55 | 0.31 | +25.44% |
| Q4 2014 | 2014-12-31 | 1.73 | 0.54 | +45.36% |
| Q3 2014 | 2014-09-30 | 1.07 | −0.04 | −3.61% |
| Q2 2014 | 2014-06-30 | 1.15 | −0.09 | −7.04% |
| Q1 2014 | 2014-03-31 | 1.23 | 0.21 | +21.00% |
| Q4 2013 | 2013-12-31 | 1.19 | −0.30 | −19.95% |
| Q3 2013 | 2013-09-30 | 1.11 | — | — |
| Q2 2013 | 2013-06-30 | 1.24 | — | — |
| Q1 2013 | 2013-03-31 | 1.02 | — | — |
| Q4 2012 | 2012-12-31 | 1.49 | — | — |
Norwegian Cruise Line Holdings debt-to-equity ratio trends
Over the last five fiscal years, Norwegian Cruise Line Holdings's debt-to-equity ratio increased from 2.76 to 7.03, a change of 4.27. The latest reported quarter, Q2 2026, shows 6.38.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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