CCL vs NCLH
Carnival Corp. Ltd. and Norwegian Cruise Line Holdings Ltd., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | CCL | NCLH |
|---|---|---|
| Revenue | $26.6B | $9.8B |
| Net income | $2.8B | $423.2M |
| Gross margin | · | 42.6% |
| Net margin | 10.4% | 4.3% |
| Return on equity | 25.6% | 23.3% |
| Diluted EPS | $2.02 | $0.92 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | $2.6B | $-1.2B |
| Equity | $12.3B | $2.2B |
| Net debt / equity | 2.01× | 6.12× |
| Current ratio | 0.32× | 0.21× |
| Revenue CAGR 5y | 36.6% | 50.3% |
| Profit CAGR 5y | · | · |
CCL bills 2.7× the revenue of NCLH, and keeps more of each dollar of revenue as profit (10.4% against 4.3%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | CCL | NCLH |
|---|---|---|
| FY2025 | $26.6B | $9.8B |
| FY2024 | $25.0B | $9.5B |
| FY2023 | $21.6B | $8.5B |
| FY2022 | $12.2B | $4.8B |
| FY2021 | $1.9B | $648.0M |
| FY2020 | $5.6B | $1.3B |
| FY2019 | $20.8B | $6.5B |
| FY2018 | $18.9B | $6.1B |
| FY2017 | $17.5B | $5.4B |
| FY2016 | $16.4B | $4.9B |
Bottom line
| Fiscal year | CCL | NCLH |
|---|---|---|
| FY2025 | $2.8B | $423.2M |
| FY2024 | $1.9B | $910.3M |
| FY2023 | $-74.0M | $166.2M |
| FY2022 | $-6.1B | $-2.3B |
| FY2021 | $-9.5B | $-4.5B |
| FY2020 | $-10.2B | $-4.0B |
| FY2019 | $3.0B | $930.2M |
| FY2018 | $3.2B | $954.8M |
| FY2017 | $2.6B | $759.9M |
| FY2016 | $2.8B | $633.1M |
12 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$16,794,408,000 | CCL |
| FY2024 | +$15,541,349,000 | CCL |
| FY2023 | +$13,043,076,000 | CCL |
| FY2022 | +$7,324,240,000 | CCL |
| FY2021 | +$1,260,014,000 | CCL |
| FY2020 | +$4,315,092,000 | CCL |
| FY2019 | +$14,362,624,000 | CCL |
| FY2018 | +$12,825,874,000 | CCL |
| FY2017 | +$12,113,825,000 | CCL |
| FY2016 | +$11,514,660,000 | CCL |
| FY2015 | +$11,368,952,000 | CCL |
| FY2014 | +$12,758,119,000 | CCL |
CCL has reported the higher revenue in every one of these 12 fiscal years. The gap has widened since the earliest year compared.
12 of 18 comparable fiscal years — a year missing data on either side is not counted.
12 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +6.1 pp | CCL |
| FY2024 | −1.9 pp | NCLH |
| FY2023 | −2.3 pp | NCLH |
| FY2022 | −3.2 pp | NCLH |
| FY2021 | +197.5 pp | CCL |
| FY2020 | +130.6 pp | CCL |
| FY2019 | −0.0 pp | NCLH |
| FY2018 | +0.9 pp | CCL |
| FY2017 | +0.8 pp | CCL |
| FY2016 | +4.0 pp | CCL |
| FY2015 | +1.4 pp | CCL |
| FY2014 | −3.3 pp | NCLH |
The higher net margin has changed hands between CCL and NCLH over this period.
12 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NCLH's net margin has been more volatile than CCL's over the 12 comparable fiscal years — 205.8 percentage points of standard deviation against 144.9.
12 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between CCL and NCLH over these 12 fiscal years — CCL led in 7 and NCLH in 5.
12 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NCLH's return on equity has been more volatile than CCL's over the 15 comparable fiscal years — 71.6 percentage points of standard deviation against 27.4.
15 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between CCL and NCLH over these 15 fiscal years — CCL led in 5 and NCLH in 10.
15 of 19 comparable fiscal years — a year missing data on either side is not counted.