Airbnb vs Norwegian Cruise Line
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The short version
- Airbnb is the larger business, with $12.2B of revenue in fiscal 2025 against $9.8B for Norwegian Cruise Line.
- Airbnb grew revenue faster (10.3%, against 3.7%).
- Airbnb kept more of each dollar of sales as operating profit (20.8% operating margin, against 15.9%).
- Investors pay more for each dollar of Airbnb’s earnings: a P/E of 39.1x against 9.3x for Norwegian Cruise Line.
| Latest fiscal year | ABNB · FY25 | NCLH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $102.7B | $7.0B |
| Revenue | $12.2B | $9.8B |
| Free cash flow | — | −$1.2B |
| Net income | $2.5B | $423M |
| Growth | ||
| Revenue growth | 10.3% | 3.7% |
| 5-year growth | 29.4% | 50.3% |
| Share count change | −3.4% | −7.2% |
| Profitability | ||
| Gross margin | 83.0% | 42.6% |
| Operating margin | 20.8% | 15.9% |
| Net margin | 20.5% | 4.3% |
| FCF margin | — | −11.9% |
| Return on capital | — | 9.8% |
| Return on equity | 30.2% | 23.3% |
| Balance sheet | ||
| Net debt | −$9.0B | $14.8B |
| Net debt / EBITDA | −3.5x | 5.4x |
| Dividends and buybacks | $3.8B | $0.0M |
| Valuation & quality | ||
| P/E | 39.1x | 9.3x |
| Piotroski F-score | 6 | 7 |
FY16
ABNB —
NCLH $4.9B
FY17
ABNB —
NCLH $5.4B
FY18
ABNB —
NCLH $6.1B
FY19
ABNB $4.8B
NCLH $6.5B
FY20
ABNB $3.4B
NCLH $1.3B
FY21
ABNB $6.0B
NCLH $648M
FY22
ABNB $8.4B
NCLH $4.8B
FY23
ABNB $9.9B
NCLH $8.5B
FY24
ABNB $11.1B
NCLH $9.5B
FY25
ABNB $12.2B
NCLH $9.8B
ABNB
NCLH
FY16
ABNB —
NCLH 19.0%
FY17
ABNB —
NCLH 19.4%
FY18
ABNB —
NCLH 20.1%
FY19
ABNB −10.4%
NCLH 18.2%
FY20
ABNB −106.3%
NCLH −272.2%
FY21
ABNB 7.2%
NCLH −393.9%
FY22
ABNB 21.5%
NCLH −32.0%
FY23
ABNB 15.3%
NCLH 10.9%
FY24
ABNB 23.0%
NCLH 15.5%
FY25
ABNB 20.8%
NCLH 15.9%
ABNB
NCLH
FY16
ABNB —
NCLH $172M
FY17
ABNB —
NCLH $229M
FY18
ABNB —
NCLH $508M
FY19
ABNB $97.3M
NCLH $185M
FY20
ABNB −$777M
NCLH −$3.5B
FY21
ABNB $2.3B
NCLH −$3.2B
FY22
ABNB $3.4B
NCLH −$1.6B
FY23
ABNB —
NCLH −$745M
FY24
ABNB —
NCLH $839M
FY25
ABNB —
NCLH −$1.2B
ABNB
NCLH
FY16
ABNB —
NCLH 8.8%
FY17
ABNB —
NCLH 9.1%
FY18
ABNB —
NCLH 9.8%
FY19
ABNB —
NCLH 9.3%
FY20
ABNB —
NCLH −21.0%
FY21
ABNB —
NCLH −15.2%
FY22
ABNB —
NCLH −9.3%
FY23
ABNB —
NCLH 6.8%
FY24
ABNB —
NCLH 10.1%
FY25
ABNB —
NCLH 9.8%
ABNB
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.