Norwegian Cruise Line
NCLH NYSE Hotels, Resorts & Cruise Lines Financials FY2016–FY2025
Norwegian Cruise Line's revenue rose 3.7% to $9.8 billion in fiscal 2025. Its operating margin was 15.9%, up from 15.5% a year earlier. Free cash flow was −$1.2 billion, against $839 million a year earlier. The diluted share count fell 7.2%.
Revenue
Total sales reported in the income statement.
$9.8B
3.7%
vs prior year
Operating margin
Operating income as a share of revenue.
15.9%
0.4 pts
Net income
Profit after all expenses, interest and tax.
$423M
53.5%
Free cash flow
Cash from operations minus capital spending.
−$1.2B
239.5%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.8%
0.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$7.0B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
9.3x
On $1.62 EPS (TTM)
About these figures. Norwegian Cruise Line's short-term investments (US$240 million at the end of 2021) matured in 2022 and weren't replaced, so they count as zero from 2022. Total debt is Norwegian Cruise Line's long-term debt including its current portion; in 2020 the SEC data's plain long-term debt tag held only part of it.
What Norwegian Cruise Line does
No business description yet.
- Legal name
- Norwegian Cruise Line Holdings Ltd.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001104659-26-022067
0001513761
Revenue and margins
Norwegian Cruise Line had $9.8B of revenue in fiscal 2025, up 3.7% on the year before.
FY16
Revenue $4.9B
FY17
Revenue $5.4B
FY18
Revenue $6.1B
FY19
Revenue $6.5B
FY20
Revenue $1.3B
FY21
Revenue $648M
FY22
Revenue $4.8B
FY23
Revenue $8.5B
FY24
Revenue $9.5B
FY25
Revenue $9.8B
Q3 '23
Revenue $2.5B
Q4 '23
Revenue $2.0B
Q1 '24
Revenue $2.2B
Q2 '24
Revenue $2.4B
Q3 '24
Revenue $2.8B
Q4 '24
Revenue $2.1B
Q1 '25
Revenue $2.1B
Q2 '25
Revenue $2.5B
Q3 '25
Revenue $2.9B
Q4 '25
Revenue $2.2B
Q1 '26
Revenue $2.3B
Q2 '26
Revenue $2.6B
FY16
Gross —
Operating 19.0%
Net 13.0%
FCF 3.5%
FY17
Gross —
Operating 19.4%
Net 14.1%
FCF 4.2%
FY18
Gross —
Operating 20.1%
Net 15.8%
FCF 8.4%
FY19
Gross 43.3%
Operating 18.2%
Net 14.4%
FCF 2.9%
FY20
Gross −32.3%
Operating −272.2%
Net −313.5%
FCF −273.7%
FY21
Gross −148.2%
Operating −393.9%
Net −695.5%
FCF −497.1%
FY22
Gross 11.9%
Operating −32.0%
Net −46.9%
FCF −32.5%
FY23
Gross 36.0%
Operating 10.9%
Net 1.9%
FCF −8.7%
FY24
Gross 40.0%
Operating 15.5%
Net 9.6%
FCF 8.9%
FY25
Gross 42.6%
Operating 15.9%
Net 4.3%
FCF −11.9%
Gross
Operating
Net
FCF
Q3 '23
Gross 41.5%
Operating 20.6%
Net 13.6%
FCF −36.2%
Q4 '23
Gross 33.5%
Operating 6.3%
Net −5.4%
FCF −19.6%
Q1 '24
Gross 36.7%
Operating 10.0%
Net 0.8%
FCF 25.0%
Q2 '24
Gross 38.7%
Operating 14.4%
Net 6.9%
FCF 13.9%
Q3 '24
Gross 45.2%
Operating 24.6%
Net 16.9%
FCF −7.0%
Q4 '24
Gross 38.0%
Operating 10.2%
Net 12.1%
FCF 7.4%
Q1 '25
Gross 38.7%
Operating 9.4%
Net −1.9%
FCF −39.8%
Q2 '25
Gross 42.1%
Operating 16.8%
Net 1.2%
FCF 15.1%
Q3 '25
Gross 47.1%
Operating 25.5%
Net 14.3%
FCF −24.7%
Q4 '25
Gross 41.0%
Operating 8.3%
Net 0.6%
FCF 1.0%
Q1 '26
Gross 40.9%
Operating 10.0%
Net 4.5%
FCF −26.8%
Q2 '26
Gross 39.9%
Operating 13.8%
Net 8.4%
FCF 5.5%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −11.6% a year. Loss periods are shown in red.
FY16
Net income $633M
FY17
Net income $760M
FY18
Net income $955M
FY19
Net income $930M
FY20
Net income −$4.0B
FY21
Net income −$4.5B
FY22
Net income −$2.3B
FY23
Net income $166M
FY24
Net income $910M
FY25
Net income $423M
Q3 '23
Net income $346M
Q4 '23
Net income −$107M
Q1 '24
Net income $17.4M
Q2 '24
Net income $163M
Q3 '24
Net income $475M
Q4 '24
Net income $255M
Q1 '25
Net income −$40.3M
Q2 '25
Net income $30.0M
Q3 '25
Net income $419M
Q4 '25
Net income $14.3M
Q1 '26
Net income $105M
Q2 '26
Net income $223M
FY16
Diluted EPS $2.78
FY17
Diluted EPS $3.31
FY18
Diluted EPS $4.25
FY19
Diluted EPS $4.30
FY20
Diluted EPS −$15.75
FY21
Diluted EPS −$12.33
FY22
Diluted EPS −$5.41
FY23
Diluted EPS $0.39
FY24
Diluted EPS $1.89
FY25
Diluted EPS $0.92
Q3 '23
Diluted EPS $0.71
Q4 '23
Diluted EPS −$0.23
Q1 '24
Diluted EPS $0.04
Q2 '24
Diluted EPS $0.35
Q3 '24
Diluted EPS $0.95
Q4 '24
Diluted EPS $0.52
Q1 '25
Diluted EPS −$0.09
Q2 '25
Diluted EPS $0.07
Q3 '25
Diluted EPS $0.86
Q4 '25
Diluted EPS $0.05
Q1 '26
Diluted EPS $0.23
Q2 '26
Diluted EPS $0.48
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 8.8%
Return on equity 15.2%
Return on assets 5.0%
FY17
Return on capital 9.1%
Return on equity 14.8%
Return on assets 5.6%
FY18
Return on capital 9.8%
Return on equity 16.3%
Return on assets 6.5%
FY19
Return on capital 9.3%
Return on equity 14.9%
Return on assets 5.8%
FY20
Return on capital −21.0%
Return on equity −73.8%
Return on assets −22.9%
FY21
Return on capital −15.2%
Return on equity −132.8%
Return on assets −24.3%
FY22
Return on capital −9.3%
Return on equity −181.5%
Return on assets −12.2%
FY23
Return on capital 6.8%
Return on equity —
Return on assets 0.9%
FY24
Return on capital 10.1%
Return on equity —
Return on assets 4.6%
FY25
Return on capital 9.8%
Return on equity 23.3%
Return on assets 2.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$1.2B in fiscal 2025, −11.9% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $172M
FY17
Free cash flow $229M
FY18
Free cash flow $508M
FY19
Free cash flow $185M
FY20
Free cash flow −$3.5B
FY21
Free cash flow −$3.2B
FY22
Free cash flow −$1.6B
FY23
Free cash flow −$745M
FY24
Free cash flow $839M
FY25
Free cash flow −$1.2B
Q3 '23
Free cash flow −$918M
Q4 '23
Free cash flow −$389M
Q1 '24
Free cash flow $548M
Q2 '24
Free cash flow $330M
Q3 '24
Free cash flow −$196M
Q4 '24
Free cash flow $156M
Q1 '25
Free cash flow −$846M
Q2 '25
Free cash flow $381M
Q3 '25
Free cash flow −$727M
Q4 '25
Free cash flow $21.5M
Q1 '26
Free cash flow −$625M
Q2 '26
Free cash flow $145M
FY16
Cash from operations $1.3B
Capital spending $1.1B
FY17
Cash from operations $1.6B
Capital spending $1.4B
FY18
Cash from operations $2.1B
Capital spending $1.6B
FY19
Cash from operations $1.8B
Capital spending $1.6B
FY20
Cash from operations −$2.6B
Capital spending $947M
FY21
Cash from operations −$2.5B
Capital spending $753M
FY22
Cash from operations $210M
Capital spending $1.8B
FY23
Cash from operations $2.0B
Capital spending $2.8B
FY24
Cash from operations $2.0B
Capital spending $1.2B
FY25
Cash from operations $2.1B
Capital spending $3.3B
Cash from operations
Capital spending
Q3 '23
Cash from operations $210M
Capital spending $1.1B
Q4 '23
Cash from operations $259M
Capital spending $648M
Q1 '24
Cash from operations $807M
Capital spending $259M
Q2 '24
Cash from operations $671M
Capital spending $341M
Q3 '24
Cash from operations $173M
Capital spending $368M
Q4 '24
Cash from operations $399M
Capital spending $243M
Q1 '25
Cash from operations $679M
Capital spending $1.5B
Q2 '25
Cash from operations $715M
Capital spending $334M
Q3 '25
Cash from operations $237M
Capital spending $963M
Q4 '25
Cash from operations $459M
Capital spending $438M
Q1 '26
Cash from operations $812M
Capital spending $1.4B
Q2 '26
Cash from operations $603M
Capital spending $458M
Cash from operations
Capital spending
Dividends, buybacks and share count
Norwegian Cruise Line returned $0.0M to shareholders in fiscal 2025. The diluted share count fell 7.2%.
FY16
Dividends $0.0M
Buybacks $50.0M
FY17
Dividends $0.0M
Buybacks $0.0M
FY18
Dividends $0.0M
Buybacks $665M
FY19
Dividends $0.0M
Buybacks $350M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.0M
FY25
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $0.0M
Buybacks $0.0M
Q1 '24
Dividends $0.0M
Buybacks $0.0M
Q2 '24
Dividends $0.0M
Buybacks $0.0M
Q3 '24
Dividends $0.0M
Buybacks $0.0M
Q4 '24
Dividends $0.0M
Buybacks $0.0M
Q1 '25
Dividends $0.0M
Buybacks $0.0M
Q2 '25
Dividends $0.0M
Buybacks $0.0M
Q3 '25
Dividends $0.0M
Buybacks $0.0M
Q4 '25
Dividends $0.0M
Buybacks $0.0M
Q1 '26
Dividends $0.0M
Buybacks $0.0M
Q2 '26
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.23B
FY17
Diluted shares 0.23B
FY18
Diluted shares 0.22B
FY19
Diluted shares 0.22B
FY20
Diluted shares 0.25B
FY21
Diluted shares 0.37B
FY22
Diluted shares 0.42B
FY23
Diluted shares 0.43B
FY24
Diluted shares 0.52B
FY25
Diluted shares 0.48B
Value Norwegian Cruise Line yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$14.8B and divides by 477.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 9.3x · peers 39.1x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Norwegian Cruise Line can carry it.
FY16
Cash $128M
Debt $6.4B
FY17
Cash $176M
Debt $6.4B
FY18
Cash $164M
Debt $6.6B
FY19
Cash $253M
Debt $6.8B
FY20
Cash $3.3B
Debt $12.2B
FY21
Cash $1.7B
Debt $12.6B
FY22
Cash $947M
Debt $13.9B
FY23
Cash $402M
Debt $14.4B
FY24
Cash $191M
Debt $13.4B
FY25
Cash $210M
Debt $15.0B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.7B | $947M | $402M | $191M | $210M |
| Debt incl. finance leases | $12.6B | $13.9B | $14.4B | $13.4B | $15.0B |
| Net debt / EBITDA | — | — | 7.7x | 5.4x | 5.4x |
| Debt / equity | 5.2x | — | — | 9.4x | 6.8x |
| Interest coverage | −1.2x | −1.9x | 1.3x | 1.9x | 1.6x |
| Current ratio | 0.9x | 0.4x | 0.2x | 0.2x | 0.2x |
| Quick ratio | 0.9x | 0.3x | 0.2x | 0.2x | 0.2x |
| Total assets | $18.7B | $18.6B | $19.5B | $20.0B | $22.5B |
| Total liabilities | $16.3B | $18.5B | $19.2B | $18.5B | $20.3B |
| Shareholders' equity | $2.4B | $68.6M | $301M | $1.4B | $2.2B |
| Net debt (− = net cash) | $10.9B | $12.9B | $14.0B | $13.2B | $14.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$29.4M
9 insiders
Sold, 12 months
$0.1M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 2, 2026 | Stephen G PagliucaDirector | Bought | 685,000 | $18.06 | $12.4M | Form 4 |
| Jun 1, 2026 | Stephen G PagliucaDirector | Bought | 695,000 | $18.16 | $12.6M | Form 4 |
| May 22, 2026 | John ChidseyPresident and CEO, Director | Bought | 153,000 | $16.37 | $2.5M | Form 4 |
| May 20, 2026 | Jonathan Z CohenDirector | Bought | 30,000 | $15.83 | $0.5M | Form 4 |
| May 19, 2026 | Jose E. CilDirector | Bought | 10,000 | $14.91 | $0.1M | Form 4 |
| May 18, 2026 | Jose E. CilDirector | Bought | 5,000 | $15.25 | $0.1M | Form 4 |
| May 11, 2026 | Brian P MacDonaldDirector | Bought | 15,000 | $16.54 | $0.2M | Form 4 |
| May 7, 2026 | Kevin Allen LansberryDirector | Bought | 11,400 | $17.28 | $0.2M | Form 4 |
| May 7, 2026 | Zillah Byng-ThorneDirector | Bought | 29,467 | $17.69 | $0.5M | Form 4 |
| Dec 12, 2025 | Faye L. AshbySVP & Chief Accounting Officer | Sold | 5,250 | $21.00 | $0.1M | Form 4 |
| Nov 25, 2025 | Patrik DahlgrenEVP, Chief Vessel Ops & NO | Bought | 5,550 | $17.94 | $0.1M | Form 4 |
| Nov 7, 2025 | Harry C CurtisDirector | Bought | 5,000 | $19.25 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 9 | 7 / 9 | 7 / 9 |
| Accruals ratio | −9.7% | −5.8% | −7.8% |
| Altman Z'' | −2.41 | −1.97 | −1.48 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
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| Norwegian Cruise Line NCLH | $7.0B | 3.7% | 15.9% | −11.9% | 9.8% | 9.3x | 7 | |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $4.9B | $5.4B | $6.1B | $6.5B | $1.3B | $648M | $4.8B | $8.5B | $9.5B | $9.8B |
| Gross profit | — | — | — | $2.8B | −$413M | −$960M | $577M | $3.1B | $3.8B | $4.2B |
| Operating income | $926M | $1.0B | $1.2B | $1.2B | −$3.5B | −$2.6B | −$1.6B | $931M | $1.5B | $1.6B |
| Interest expense | $277M | $268M | $270M | $273M | $482M | $2.1B | $802M | $728M | $773M | $952M |
| Pretax income | $640M | $771M | $969M | $911M | −$4.0B | −$4.5B | −$2.3B | $163M | $773M | $429M |
| Income tax | $7.2M | $10.7M | $14.5M | −$18.9M | $12.5M | $5.3M | −$6.8M | −$3.0M | −$137M | $5.5M |
| Net income | $633M | $760M | $955M | $930M | −$4.0B | −$4.5B | −$2.3B | $166M | $910M | $423M |
| Diluted EPS | $2.78 | $3.31 | $4.25 | $4.30 | −$15.75 | −$12.33 | −$5.41 | $0.39 | $1.89 | $0.92 |
| Diluted shares | 0.23B | 0.23B | 0.22B | 0.22B | 0.25B | 0.37B | 0.42B | 0.43B | 0.52B | 0.48B |
| Cash flow | ||||||||||
| Cash from operations | $1.3B | $1.6B | $2.1B | $1.8B | −$2.6B | −$2.5B | $210M | $2.0B | $2.0B | $2.1B |
| Capital expenditure | $1.1B | $1.4B | $1.6B | $1.6B | $947M | $753M | $1.8B | $2.8B | $1.2B | $3.3B |
| Free cash flow | $172M | $229M | $508M | $185M | −$3.5B | −$3.2B | −$1.6B | −$745M | $839M | −$1.2B |
| Depreciation and amortization | $446M | $522M | $567M | $647M | $740M | $759M | $810M | $883M | $974M | $1.2B |
| Stock-based compensation | $66.4M | $87.0M | $116M | $95.1M | $111M | $124M | $114M | $119M | $91.8M | $88.4M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $27.3M | $0.0M |
| Share buybacks | $50.0M | $0.0M | $665M | $350M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $50.0M | $0.0M | $665M | $350M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $128M | $176M | $164M | $253M | $3.3B | $1.7B | $947M | $402M | $191M | $210M |
| Total debt | $6.4B | $6.4B | $6.6B | $6.8B | $12.2B | $12.6B | $13.9B | $14.4B | $13.4B | $15.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $15.2M | $9.8M | $5.7M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $411M | $518M | $550M | $730M | $3.6B | $3.3B | $1.9B | $1.3B | $1.0B | $1.1B |
| Current liabilities | $2.3B | $2.5B | $3.2B | $3.6B | $1.9B | $3.7B | $5.1B | $6.0B | $5.8B | $5.5B |
| Inventory | $66.3M | $82.1M | $90.2M | $95.4M | $82.4M | $118M | $149M | $158M | $150M | $138M |
| Property and equipment, net | $10.1B | $11.0B | $12.1B | $13.1B | $13.4B | $13.5B | $14.5B | $16.4B | $16.8B | $19.1B |
| Total assets | $13.0B | $14.1B | $15.2B | $16.7B | $18.4B | $18.7B | $18.6B | $19.5B | $20.0B | $22.5B |
| Total liabilities | $8.4B | $8.3B | $9.2B | $10.2B | $14.0B | $16.3B | $18.5B | $19.2B | $18.5B | $20.3B |
| Shareholders' equity | $4.5B | $5.7B | $6.0B | $6.5B | $4.4B | $2.4B | $68.6M | $301M | $1.4B | $2.2B |
| Margins | ||||||||||
| Gross margin | — | — | — | 43.3% | −32.3% | −148.2% | 11.9% | 36.0% | 40.0% | 42.6% |
| Operating margin | 19.0% | 19.4% | 20.1% | 18.2% | −272.2% | −393.9% | −32.0% | 10.9% | 15.5% | 15.9% |
| EBITDA margin | 28.1% | 29.1% | 29.5% | 28.2% | −214.4% | −276.8% | −15.3% | 21.2% | 25.7% | 27.7% |
| Net margin | 13.0% | 14.1% | 15.8% | 14.4% | −313.5% | −695.5% | −46.9% | 1.9% | 9.6% | 4.3% |
| FCF margin | 3.5% | 4.2% | 8.4% | 2.9% | −273.7% | −497.1% | −32.5% | −8.7% | 8.9% | −11.9% |
| Returns | ||||||||||
| Return on capital | 8.8% | 9.1% | 9.8% | 9.3% | −21.0% | −15.2% | −9.3% | 6.8% | 10.1% | 9.8% |
| Return on capital employed | 9.0% | 9.4% | 10.3% | 9.4% | −23.6% | −16.2% | −10.9% | 6.9% | 10.6% | 10.0% |
| Return on equity | 15.2% | 14.8% | 16.3% | 14.9% | −73.8% | −132.8% | −181.5% | — | — | 23.3% |
| Return on assets | 5.0% | 5.6% | 6.5% | 5.8% | −22.9% | −24.3% | −12.2% | 0.9% | 4.6% | 2.0% |
| Growth | ||||||||||
| Revenue growth | 12.2% | 10.7% | 12.2% | 6.7% | −80.2% | −49.4% | 647.5% | 76.5% | 10.9% | 3.7% |
| Net income growth | 48.2% | 20.0% | 25.7% | −2.6% | −531.4% | — | — | — | 447.8% | −53.5% |
| EPS growth | 49.5% | 19.1% | 28.4% | 1.2% | −466.3% | — | — | — | 384.6% | −51.3% |
| FCF growth | — | 33.2% | 122.0% | −63.5% | −1,989.0% | — | — | — | — | −239.5% |
| Share count change | −1.0% | 0.7% | −2.2% | −3.5% | 17.7% | 43.5% | 14.9% | 1.8% | 20.5% | −7.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 4.6x | 4.0x | 3.6x | 3.6x | — | — | — | 7.7x | 5.4x | 5.4x |
| Debt / equity | 1.4x | 1.1x | 1.1x | 1.0x | 2.8x | 5.2x | — | — | 9.4x | 6.8x |
| Interest coverage | 3.3x | 3.9x | 4.5x | 4.3x | −7.2x | −1.2x | −1.9x | 1.3x | 1.9x | 1.6x |
| Current ratio | 0.2x | 0.2x | 0.2x | 0.2x | 1.9x | 0.9x | 0.4x | 0.2x | 0.2x | 0.2x |
| Quick ratio | 0.2x | 0.2x | 0.2x | 0.2x | 1.8x | 0.9x | 0.3x | 0.2x | 0.2x | 0.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 22.4% | 25.4% | 25.9% | 25.3% | 74.0% | 116.2% | 36.8% | 32.2% | 12.8% | 33.2% |
| Stock comp / revenue | 1.4% | 1.6% | 1.9% | 1.5% | 8.7% | 19.2% | 2.3% | 1.4% | 1.0% | 0.9% |
| Payouts / FCF | 29.1% | 0.0% | 130.8% | 188.7% | — | — | — | — | 0.0% | — |
| Quality scores | ||||||||||
| Piotroski F-score | 8.0 | 7.0 | 7.0 | 6.0 | 2.0 | 2.0 | 5.0 | 6.0 | 7.0 | 7.0 |
| Altman Z'' | 0.4 | 0.8 | 0.7 | 0.8 | −0.4 | −1.7 | −2.9 | −2.4 | −2.0 | −1.5 |
| Accruals ratio | −5.0% | −6.2% | −7.7% | −5.6% | −8.3% | −11.0% | −13.3% | −9.7% | −5.8% | −7.8% |
Source: SEC EDGAR XBRL filings (CIK 0001513761). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.