Expedia Group vs Norwegian Cruise Line
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KIRA’s take AI analyst
I put Expedia Group and Norwegian Cruise Line side by side, using each one’s latest annual report. Here is what stands out:
- Expedia Group is the larger business, with $14.7B of revenue in fiscal 2025 against $9.8B for Norwegian Cruise Line.
- Expedia Group grew revenue faster (7.6%, against 3.7%).
- Norwegian Cruise Line kept more of each dollar of sales as operating profit (15.9% operating margin, against 12.7%).
- Expedia Group turned more of its sales into free cash flow (21.1% FCF margin, against −11.9%).
- Expedia Group earned a higher return on the capital invested in it (40.5%, against 9.8%).
- Investors pay more for each dollar of Expedia Group’s earnings: a P/E of 17.7x against 9.4x for Norwegian Cruise Line.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Expedia Group
EXPE
7/10
Revenue growthNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
Norwegian Cruise Line
NCLH
3/10
5-year growthOperating marginShare count change
Side by side
Best in the row
| Latest fiscal year | EXPE FY25 | NCLH FY25 |
|---|---|---|
| Size | ||
| Market cap | $34.8B | $7.1B |
| Revenue | $14.7B | $9.8B |
| Free cash flow | $3.1B | −$1.2B |
| Net income | $1.3B | $423M |
| Growth | ||
| Revenue growth | 7.6% | 3.7% |
| 5-year growth | 23.2% | 50.3% |
| Share count change | −4.3% | −7.2% |
| Profitability | ||
| Gross margin | — | 42.6% |
| Operating margin | 12.7% | 15.9% |
| Net margin | 8.8% | 4.3% |
| FCF margin | 21.1% | −11.9% |
| Return on capital | 40.5% | 9.8% |
| Return on equity | 91.1% | 23.3% |
| Balance sheet | ||
| Net debt | $428M | $14.8B |
| Net debt / EBITDA | 0.2x | 5.4x |
| Dividends and buybacks | $2.1B | $0.0M |
| Valuation & quality | ||
| P/E | 17.7x | 9.4x |
| Piotroski F-score | 8 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.