NCLH vs RCL: Norwegian Cruise Line Holdings and Royal Caribbean Cruises compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Royal Caribbean Cruises is the larger company, worth $70.8B, about 10.8 times Norwegian Cruise Line Holdings.
- Royal Caribbean Cruises grew revenue faster over the last year (+6.5% vs +4.9%).
- Royal Caribbean Cruises keeps more of each dollar of revenue as operating profit (27.3% vs 15.1%).
- On earnings, Norwegian Cruise Line Holdings is the cheaper stock (11.6x vs 16.1x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NCLH | RCL |
|---|---|---|
| Market cap | $6.6B | $70.8B |
| Share price | $15.57 | $282.26 |
| Revenue (last fiscal year) | $9.8B | $17.9B |
| Free cash flow (last fiscal year) | -$1.2B | $1.2B |
| Revenue growth, last year | +4.9% | +6.5% |
| Revenue growth per year, last 5 fiscal years | +97.3% | +85.0% |
| Operating margin | 15.1% | 27.3% |
| Net margin | 7.5% | 23.5% |
| Return on equity | 29.6% | 43.0% |
| P/E (trailing) | 11.6x | 16.1x |
| Price / free cash flow | — | 57.3x |
| EV / EBITDA | 11.2x | 12.9x |
| FCF growth the price implies | — | 18.8% |
| Dividend yield | — | 1.6% |
| Debt / equity | 8.33x | 3.34x |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 7 |
| Insider purchases, last 12 months | 6 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Norwegian Cruise Line Holdings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $648M | -$3.2B | -393.9% |
| 2022 | $4.8B | -$1.6B | -32.0% |
| 2023 | $8.5B | -$745M | 10.9% |
| 2024 | $9.5B | $839M | 15.5% |
| 2025 | $9.8B | -$1.2B | 15.9% |
Royal Caribbean Cruises
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.5B | -$4.1B | -252.6% |
| 2022 | $8.8B | -$2.2B | -8.7% |
| 2023 | $13.9B | $580M | 20.7% |
| 2024 | $16.5B | $2.0B | 24.9% |
| 2025 | $17.9B | $1.2B | 27.4% |
Where the revenue comes from
Norwegian Cruise Line Holdings · by products, 2025
Passenger ticket$6.7B68%
Onboard and other$3.1B32%
Royal Caribbean Cruises · by products, 2025
Cruise itinerary$17.1B95%
Other Revenues$864M5%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NCLH in InvestinglyQuestions
Which is bigger, Norwegian Cruise Line Holdings or Royal Caribbean Cruises?
Royal Caribbean Cruises (RCL), at $70.8B against $6.6B.
Is NCLH or RCL cheaper?
By trailing P/E, Norwegian Cruise Line Holdings (11.6x) is cheaper than Royal Caribbean Cruises (16.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, NCLH or RCL?
Royal Caribbean Cruises: revenue grew +6.5% over the last year, against +4.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.