Munger Mode rating: 1 out of 5 — Strong Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have no trouble understanding this business, which is precisely why we don't want to own it. Norwegian Cruise Line Holdings operates 35 ships with roughly 75,000 berths across three brands: Norwegian Cruise Line (the contemporary, mass-market flagship), Oceania Cruises (upper-premium), and Regent Seven Seas (luxury, all-inclusive). Per the June 30, 2026 10-Q, first-half revenue was $4.97 billion — $3.27 billion from passenger tickets and $1.70 billion from onboard spending (drinks, casinos, shore excursions, spas). About 84% of revenue comes from U.S.-sourced guests. The company has 16 additional ships on order for delivery from 2026 through 2037, several of which only become effective upon obtaining financing — a phrase that tells you a great deal about how this industry operates.
Recent filings analysed: 8-K/A (2026-08-12), 10-Q (2026-08-03), 8-K (2026-07-30), 8-K (2026-06-16).
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