Norwegian Cruise Line Holdings Ltd.

NCLH

Quality scores

Data as of Sep 5, 2026

3 / 9

Weak

3/9 — WEAK fundamentals (a sign of low quality).

PassROA > 0 — ROA last year = 1.88 %
FailFCF > 0 — FCF last year = -1,169.86 mill.
FailFCF > net income (accrual quality) — FCF -1,169.86 vs. net income 423.25 (mill.)
FailRising ROA — ROA 1.88 % vs. prior year 4.56 %

FailLower long-term leverage — long-term debt/assets 0.61 vs. prior 0.59
PassRising current ratio (more liquidity) — Current ratio 0.21 vs. prior 0.17
FailNo dilution (shares do not grow) — Shares 455.26 mill. vs. prior 439.86 mill.

Z-Score (original)

0.30

Distress zone

Z''-Score (non-manufacturing)

1.77

Grey zone

Ratio	Value
X1 — Working capital / Total assets	-0.19
X2 — Retained earnings / Total assets	-0.25
X3 — EBIT / Total assets	0.07
X4 — Market cap / Total liabilities	0.35
X4 — Book equity / Total liabilities	0.11
X5 — Sales / Total assets	0.44