Norwegian Cruise Line Holdings Ltd (NCLH)

Operating return on assets (Operating ROA)

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Operating income (ttm)	US$ in thousands	1,487,560	1,397,149	1,229,257	1,149,283	921,956	516,657	-160,430	-829,777	-1,520,296	-1,926,199	-2,461,536	-2,669,838	-2,552,348	-2,412,356	-2,241,033	-2,231,340	-3,484,134	-2,737,878	-1,708,371	-804,279
Total assets	US$ in thousands	19,969,800	19,786,000	20,113,800	19,825,200	19,493,000	19,251,800	18,648,200	18,350,700	18,557,700	18,950,900	19,113,200	19,255,500	18,729,800	18,730,000	18,526,600	18,973,800	18,399,300	17,402,000	17,528,100	16,462,500
Operating ROA		7.45%	7.06%	6.11%	5.80%	4.73%	2.68%	-0.86%	-4.52%	-8.19%	-10.16%	-12.88%	-13.87%	-13.63%	-12.88%	-12.10%	-11.76%	-18.94%	-15.73%	-9.75%	-4.89%

December 31, 2024 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $1,487,560K ÷ $19,969,800K
= 7.45%

The operating return on assets (operating ROA) for Norwegian Cruise Line Holdings Ltd has shown a consistently negative trend from March 2020 to September 2022, indicating that the company was not efficiently generating profits from its assets during this period. However, the operating ROA started to improve from March 2023 onward, turning positive in the later quarters of 2023 and continuing to increase into 2024. This is a positive sign as it shows that the company's operational efficiency in utilizing its assets to generate profits has been improving over time. The increasing trend in the operating ROA implies that Norwegian Cruise Line Holdings Ltd has been able to generate higher returns relative to its asset base, which can be indicative of improved operational performance and potentially better financial health for the company.