CCL

Norwegian Cruise Line Holdings (NCLH) expects capital spending to decline by nearly $1B annually starting in 2028 as ship deliveries slow. However, the company faces substantial challenges with $15B in debt, net leverage exceeding 6x by end-2026, and $4.29B in principal repayments through 2029.

While $225M in identified savings and potential 2027 revenue recovery could support deleveraging, operating performance remains uncertain with expected 5% net yield declines in 2026. Peers Royal Caribbean and Carnival show stronger financial flexibility with lower leverage ratios.

Carnival Corporation is targeting higher revenues and yields in fiscal 2027 with only 0.5% year-over-year capacity growth, supported by strong advance bookings at record pricing levels. The company faces headwinds from increased Caribbean competition and a 0.4-point loyalty program accounting impact, while maintaining a Zacks Rank #3 (Hold) rating with a forward P/E of 10.48, below industry average.