NCLH · CIK 0001513761 · FY2025 live · 2025-12-31
Norwegian Cruise Line Holdings Ltd.
View as
Model
Z″
FY2025
−1.48
Zone
Distress
vs FY2024
+0.49
Market DD
—
1y PD
—
−1.48
Classic Z −0.28
Z″ −1.48 · distress below 1.10, grey to 2.60, safe above.
Z″ factor contributions
X1 Working capital / assets
Short-term liquidity. Carries more weight in Z″ than in classic Z.
−0.19X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−0.25X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
0.07X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names keep turnover from dragging the score.
0.11
Two-year path
Z″ plus liquidity (working capital / assets) and earnings (EBIT / assets) over the last 2 annual filings.
Pro unlocks the five-year path See plans.
Meridian Rank
37
0–100 · Z″ family
Book standing
23
Year change
71
Market PD
—
O-score
29
Events on this name
Same published rows as Today.
No published events on this print.
Overview
rule-v1
Norwegian Cruise Line Holdings Ltd. is on Z″ at −1.48 (distress) for FY2025, from an SEC 10-K. Working capital / assets is the line that sets the print; retained earnings / assets is the runner-up. Versus FY2024 the live print is still distress (+0.49 from −1.97). No market tape loaded. Z″ omits sales/assets so asset-light names keep turnover from dragging the score. X4 is book equity on every name.
Book screen Distress; market PD —. Market PD has not been priced on this name.
MD&A excerpt
Management reports a return to positive operating income as load factors and net yields recovered, against a still-elevated post-pandemic debt stack. The MD&A emphasizes a de-levering path via free cash flow and a pause on growth capex beyond committed newbuilds. Liquidity includes cash and committed export-credit facilities tied to the ship pipeline.
Market DD · naive Merton
No market tape yet.
Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.
Sector peers
Closest Z″ scores · 19th percentile in Industrials.
- FORRDistressFORRESTER RESEARCH, INC.−1.42
- AALDistressAmerican Airlines Group Inc.−1.56
- RMNIDistressRimini Street, Inc.−1.39
- IBATFDistressINTERNATIONAL BATTERY METALS LTD.−1.38
- SDADistressSunCar Technology Group Inc.−1.32
- GETYDistressGetty Images Holdings, Inc.−1.64
- CTEVDistressClaritev Corp−1.67
- THRYDistressThryv Holdings, Inc.−1.68
Filing line items
Current assets
$1.1B
Total assets
$22.5B
Current liabilities
$5.5B
Total liabilities
$20.3B
Working capital
−$4.3B
Retained earnings
−$5.6B
EBIT
$1.6B
Total sales
$0
Book equity
$2.2B
Accession 0001104659-26-022067. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Z″ is the live score. View as is a display overlay. X4 is book equity. Pulled 14 Sept 2026.