NCLH vs RCL
Norwegian Cruise Line Holdings Ltd. and Royal Caribbean Cruises Ltd., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | NCLH | RCL |
|---|---|---|
| Revenue | $9.8B | $17.9B |
| Net income | $423.2M | $4.3B |
| Gross margin | 42.6% | 49.4% |
| Net margin | 4.3% | 23.8% |
| Return on equity | 23.3% | 48.5% |
| Diluted EPS | $0.92 | $15.61 |
| Dividend / share | — | $3.50 |
| Payout ratio | — | 19.3% |
| Free cash flow | $-1.2B | $1.2B |
| Equity | $2.2B | $10.0B |
| Net debt / equity | 6.12× | 2.04× |
| Current ratio | 0.21× | 0.18× |
| Revenue CAGR 5y | 50.3% | 52.0% |
| Profit CAGR 5y | — | — |
RCL bills 1.8× the revenue of NCLH, and keeps more of each dollar of revenue as profit (23.8% 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.
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Revenue by year
10 years side by side
| Fiscal year | NCLH | RCL |
|---|---|---|
| FY2025 | $9.8B | $17.9B |
| FY2024 | $9.5B | $16.5B |
| FY2023 | $8.5B | $13.9B |
| FY2022 | $4.8B | $8.8B |
| FY2021 | $648.0M | $1.5B |
| FY2020 | $1.3B | $2.2B |
| FY2019 | $6.5B | $11.0B |
| FY2018 | $6.1B | $9.5B |
| FY2017 | $5.4B | $8.8B |
| FY2016 | $4.9B | $8.5B |
Net income by year
Bottom line
| Fiscal year | NCLH | RCL |
|---|---|---|
| FY2025 | $423.2M | $4.3B |
| FY2024 | $910.3M | $2.9B |
| FY2023 | $166.2M | $1.7B |
| FY2022 | $-2.3B | $-2.2B |
| FY2021 | $-4.5B | $-5.3B |
| FY2020 | $-4.0B | $-5.8B |
| FY2019 | $930.2M | $1.9B |
| FY2018 | $954.8M | $1.8B |
| FY2017 | $759.9M | $1.6B |
| FY2016 | $633.1M | $1.3B |
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The companies