NCLH vs TNL: Norwegian Cruise Line Holdings and Travel + Leisure compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Norwegian Cruise Line Holdings is the larger company, worth $6.6B, about 1.6 times Travel + Leisure.
- Norwegian Cruise Line Holdings grew revenue faster over the last year (+4.9% vs +4.4%).
- Norwegian Cruise Line Holdings keeps more of each dollar of revenue as operating profit (15.1% vs 13.7%).
- On earnings, Norwegian Cruise Line Holdings is the cheaper stock (11.6x vs 18.0x).
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 | TNL |
|---|---|---|
| Market cap | $6.6B | $4.0B |
| Share price | $15.57 | $62.90 |
| Revenue (last fiscal year) | $9.8B | $4.0B |
| Free cash flow (last fiscal year) | -$1.2B | $523M |
| Revenue growth, last year | +4.9% | +4.4% |
| Revenue growth per year, last 5 fiscal years | +97.3% | +6.4% |
| Operating margin | 15.1% | 13.7% |
| Net margin | 7.5% | 5.8% |
| Return on equity | 29.6% | — |
| P/E (trailing) | 11.6x | 18.0x |
| Price / free cash flow | — | 7.71x |
| EV / EBITDA | 11.2x | 13.3x |
| FCF growth the price implies | — | -7.7% |
| Dividend yield | — | 3.7% |
| Debt / equity | 8.33x | — |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 3 |
| Insider purchases, last 12 months | 6 | 1 |
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% |
Travel + Leisure
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.1B | $511M | 19.7% |
| 2022 | $3.6B | $390M | 18.3% |
| 2023 | $3.8B | $276M | 19.2% |
| 2024 | $3.9B | $383M | 19.0% |
| 2025 | $4.0B | $523M | 13.8% |
Where the revenue comes from
Norwegian Cruise Line Holdings · by products, 2025
Passenger ticket$6.7B68%
Onboard and other$3.1B32%
Travel + Leisure · by segments, 2025
Vacation Ownership$3.4B84%
Travel and Membership$662M16%
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 Travel + Leisure?
Norwegian Cruise Line Holdings (NCLH), at $6.6B against $4.0B.
Is NCLH or TNL cheaper?
By trailing P/E, Norwegian Cruise Line Holdings (11.6x) is cheaper than Travel + Leisure (18.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, NCLH or TNL?
Norwegian Cruise Line Holdings: revenue grew +4.9% over the last year, against +4.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.