Hyatt vs Norwegian Cruise Line
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KIRA’s take AI analyst
I put Hyatt and Norwegian Cruise Line side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Hyatt
H
3/9
Revenue growthFCF marginNet debt / EBITDA
Norwegian Cruise Line
NCLH
6/9
5-year growthNet marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | H FY25 | NCLH FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.6B | $7.1B |
| 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 | — | 9.4x |
| Piotroski F-score | 4 | 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.