Expedia Group vs Norwegian Cruise Line
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The short version
- 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 18.0x against 9.3x for Norwegian Cruise Line.
| Latest fiscal year | EXPE · FY25 | NCLH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.4B | $7.0B |
| 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 | 18.0x | 9.3x |
| Piotroski F-score | 8 | 7 |
Revenue
FY16
EXPE $8.8B
NCLH $4.9B
FY17
EXPE $10.1B
NCLH $5.4B
FY18
EXPE $11.2B
NCLH $6.1B
FY19
EXPE $12.1B
NCLH $6.5B
FY20
EXPE $5.2B
NCLH $1.3B
FY21
EXPE $8.6B
NCLH $648M
FY22
EXPE $11.7B
NCLH $4.8B
FY23
EXPE $12.8B
NCLH $8.5B
FY24
EXPE $13.7B
NCLH $9.5B
FY25
EXPE $14.7B
NCLH $9.8B
EXPE
NCLH
Operating margin
FY16
EXPE 5.3%
NCLH 19.0%
FY17
EXPE 6.2%
NCLH 19.4%
FY18
EXPE 6.4%
NCLH 20.1%
FY19
EXPE 7.5%
NCLH 18.2%
FY20
EXPE −52.3%
NCLH −272.2%
FY21
EXPE 2.2%
NCLH −393.9%
FY22
EXPE 9.3%
NCLH −32.0%
FY23
EXPE 8.1%
NCLH 10.9%
FY24
EXPE 9.6%
NCLH 15.5%
FY25
EXPE 12.7%
NCLH 15.9%
EXPE
NCLH
Free cash flow
FY16
EXPE $800M
NCLH $172M
FY17
EXPE $1.1B
NCLH $229M
FY18
EXPE $1.1B
NCLH $508M
FY19
EXPE $1.6B
NCLH $185M
FY20
EXPE −$4.6B
NCLH −$3.5B
FY21
EXPE $3.1B
NCLH −$3.2B
FY22
EXPE $2.8B
NCLH −$1.6B
FY23
EXPE $1.8B
NCLH −$745M
FY24
EXPE $2.3B
NCLH $839M
FY25
EXPE $3.1B
NCLH −$1.2B
EXPE
NCLH
Return on capital
FY16
EXPE 6.5%
NCLH 8.8%
FY17
EXPE 7.9%
NCLH 9.1%
FY18
EXPE 8.4%
NCLH 9.8%
FY19
EXPE 9.9%
NCLH 9.3%
FY20
EXPE −29.7%
NCLH −21.0%
FY21
EXPE 1.9%
NCLH −15.2%
FY22
EXPE 10.2%
NCLH −9.3%
FY23
EXPE 13.2%
NCLH 6.8%
FY24
EXPE 22.4%
NCLH 10.1%
FY25
EXPE 40.5%
NCLH 9.8%
EXPE
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.