Hyatt vs Norwegian Cruise Line
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The short version
- Norwegian Cruise Line is the larger business, with $9.8B of revenue in fiscal 2025 against $7.1B for Hyatt.
- Hyatt grew revenue faster (6.8%, against 3.7%).
- Hyatt turned more of its sales into free cash flow (2.2% FCF margin, against −11.9%).
- Norwegian Cruise Line earned a higher return on the capital invested in it (9.8%, against 3.0%).
| Latest fiscal year | H · FY25 | NCLH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.7B | $7.0B |
| Revenue | $7.1B | $9.8B |
| Free cash flow | $159M | −$1.2B |
| Net income | −$52.0M | $423M |
| Growth | ||
| Revenue growth | 6.8% | 3.7% |
| 5-year growth | 28.0% | 50.3% |
| Share count change | −6.8% | −7.2% |
| Profitability | ||
| Gross margin | — | 42.6% |
| Operating margin | — | 15.9% |
| Net margin | −0.7% | 4.3% |
| FCF margin | 2.2% | −11.9% |
| Return on capital | 3.0% | 9.8% |
| Return on equity | −1.5% | 23.3% |
| Balance sheet | ||
| Net debt | $3.5B | $14.8B |
| Net debt / EBITDA | 4.8x | 5.4x |
| Dividends and buybacks | $350M | $0.0M |
| Valuation & quality | ||
| P/E | — | 9.3x |
| Piotroski F-score | 4 | 7 |
Revenue
FY16
H $4.4B
NCLH $4.9B
FY17
H $4.7B
NCLH $5.4B
FY18
H $4.5B
NCLH $6.1B
FY19
H $5.0B
NCLH $6.5B
FY20
H $2.1B
NCLH $1.3B
FY21
H $3.0B
NCLH $648M
FY22
H $5.9B
NCLH $4.8B
FY23
H $6.7B
NCLH $8.5B
FY24
H $6.6B
NCLH $9.5B
FY25
H $7.1B
NCLH $9.8B
H
NCLH
Operating margin
FY16
H —
NCLH 19.0%
FY17
H —
NCLH 19.4%
FY18
H —
NCLH 20.1%
FY19
H —
NCLH 18.2%
FY20
H —
NCLH −272.2%
FY21
H —
NCLH −393.9%
FY22
H —
NCLH −32.0%
FY23
H —
NCLH 10.9%
FY24
H —
NCLH 15.5%
FY25
H —
NCLH 15.9%
H
NCLH
Free cash flow
FY16
H $251M
NCLH $172M
FY17
H $289M
NCLH $229M
FY18
H $44.0M
NCLH $508M
FY19
H $27.0M
NCLH $185M
FY20
H −$733M
NCLH −$3.5B
FY21
H $204M
NCLH −$3.2B
FY22
H $473M
NCLH −$1.6B
FY23
H $602M
NCLH −$745M
FY24
H $463M
NCLH $839M
FY25
H $159M
NCLH −$1.2B
H
NCLH
Return on capital
FY16
H 5.2%
NCLH 8.8%
FY17
H 8.8%
NCLH 9.1%
FY18
H 17.7%
NCLH 9.8%
FY19
H 17.7%
NCLH 9.3%
FY20
H −14.2%
NCLH −21.0%
FY21
H 1.9%
NCLH −15.2%
FY22
H 8.5%
NCLH −9.3%
FY23
H 5.7%
NCLH 6.8%
FY24
H 24.2%
NCLH 10.1%
FY25
H 3.0%
NCLH 9.8%
H
NCLH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.