Airbnb vs Norwegian Cruise Line
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KIRAβs take AI analyst
I put Airbnb and Norwegian Cruise Line side by side, using each oneβs latest annual report. Here is what stands out:
- 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 Airbnbβs earnings: a P/E of 38.9x against 9.4x for Norwegian Cruise Line.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Airbnb
ABNB
6/9
Revenue growthGross marginOperating marginNet marginReturn on equityNet debt / EBITDA
Norwegian Cruise Line
NCLH
3/9
5-year growthPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | ABNB FY25 | NCLH FY25 |
|---|---|---|
| Size | ||
| Market cap | $102.1B | $7.1B |
| Revenue | $12.2B | $9.8B |
| Free cash flow | β | β$1.2B |
| Net income | $2.5B | $423M |
| Growth | ||
| Revenue growth | 10.3% | 3.7% |
| 5-year growth | 29.4% | 50.3% |
| Share count change | β3.4% | β7.2% |
| Profitability | ||
| Gross margin | 83.0% | 42.6% |
| Operating margin | 20.8% | 15.9% |
| Net margin | 20.5% | 4.3% |
| FCF margin | β | β11.9% |
| Return on capital | β | 9.8% |
| Return on equity | 30.2% | 23.3% |
| Balance sheet | ||
| Net debt | β$9.0B | $14.8B |
| Net debt / EBITDA | β3.5x | 5.4x |
| Dividends and buybacks | $3.8B | $0.0M |
| Valuation & quality | ||
| P/E | 38.9x | 9.4x |
| Piotroski F-score | 6 | 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.