vs
Side-by-side financial comparison of Air Products (APD) and Norwegian Cruise Line Holdings (NCLH). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $2.2B, roughly 1.4× Norwegian Cruise Line Holdings). Air Products runs the higher net margin — 21.9% vs 0.6%, a 21.2% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs 5.8%). Norwegian Cruise Line Holdings produced more free cash flow last quarter ($21.5M vs $-350.5M). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs 1.2%).
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasificati...
Norwegian Cruise Line (NCL) is an American cruise line founded in Norway in 1966, headquartered in Miami-Dade County, Florida, and incorporated in the Bahamas. It is the fourth-largest cruise line in the world by passengers, controlling about 8.6% of the total worldwide share of the cruise market by passengers as of 2021. It is wholly owned by parent company Norwegian Cruise Line Holdings.
APD vs NCLH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $2.2B |
| Net Profit | $678.2M | $14.3M |
| Gross Margin | 32.1% | 41.0% |
| Operating Margin | 23.7% | 8.3% |
| Net Margin | 21.9% | 0.6% |
| Revenue YoY | 5.8% | 6.4% |
| Net Profit YoY | 9.8% | -94.4% |
| EPS (diluted) | $3.04 | $0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.1B | $2.2B | ||
| Q3 25 | $3.2B | $2.9B | ||
| Q2 25 | $3.0B | $2.5B | ||
| Q1 25 | $2.9B | $2.1B | ||
| Q4 24 | $2.9B | $2.1B | ||
| Q3 24 | $3.2B | $2.8B | ||
| Q2 24 | $3.0B | $2.4B | ||
| Q1 24 | $2.9B | $2.2B |
| Q4 25 | $678.2M | $14.3M | ||
| Q3 25 | $4.9M | $419.3M | ||
| Q2 25 | $713.8M | $30.0M | ||
| Q1 25 | $-1.7B | $-40.3M | ||
| Q4 24 | $617.4M | $254.5M | ||
| Q3 24 | $1.9B | $474.9M | ||
| Q2 24 | $696.6M | $163.4M | ||
| Q1 24 | $572.4M | $17.4M |
| Q4 25 | 32.1% | 41.0% | ||
| Q3 25 | 32.3% | 47.1% | ||
| Q2 25 | 32.5% | 42.1% | ||
| Q1 25 | 29.6% | 38.7% | ||
| Q4 24 | 31.2% | 38.0% | ||
| Q3 24 | 34.0% | 45.2% | ||
| Q2 24 | 32.8% | 38.7% | ||
| Q1 24 | 32.0% | 36.7% |
| Q4 25 | 23.7% | 8.3% | ||
| Q3 25 | 0.5% | 25.5% | ||
| Q2 25 | 26.2% | 16.8% | ||
| Q1 25 | -79.8% | 9.4% | ||
| Q4 24 | 22.0% | 10.2% | ||
| Q3 24 | 76.1% | 24.6% | ||
| Q2 24 | 24.7% | 14.4% | ||
| Q1 24 | 21.7% | 10.0% |
| Q4 25 | 21.9% | 0.6% | ||
| Q3 25 | 0.2% | 14.3% | ||
| Q2 25 | 23.6% | 1.2% | ||
| Q1 25 | -59.3% | -1.9% | ||
| Q4 24 | 21.1% | 12.1% | ||
| Q3 24 | 61.2% | 16.9% | ||
| Q2 24 | 23.3% | 6.9% | ||
| Q1 24 | 19.5% | 0.8% |
| Q4 25 | $3.04 | $0.08 | ||
| Q3 25 | $0.03 | $0.86 | ||
| Q2 25 | $3.20 | $0.07 | ||
| Q1 25 | $-7.77 | $-0.09 | ||
| Q4 24 | $2.77 | $0.55 | ||
| Q3 24 | $8.75 | $0.95 | ||
| Q2 24 | $3.13 | $0.35 | ||
| Q1 24 | $2.57 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $209.9M |
| Total DebtLower is stronger | — | $13.7B |
| Stockholders' EquityBook value | $15.4B | $2.2B |
| Total Assets | $41.2B | $22.5B |
| Debt / EquityLower = less leverage | — | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $209.9M | ||
| Q3 25 | $1.9B | $166.8M | ||
| Q2 25 | $2.3B | $184.0M | ||
| Q1 25 | $1.6B | $184.4M | ||
| Q4 24 | $2.0B | $190.8M | ||
| Q3 24 | $3.0B | $332.5M | ||
| Q2 24 | $2.4B | $594.1M | ||
| Q1 24 | $2.6B | $559.8M |
| Q4 25 | — | $13.7B | ||
| Q3 25 | — | $13.6B | ||
| Q2 25 | — | $12.6B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.9B | ||
| Q1 24 | — | $12.0B |
| Q4 25 | $15.4B | $2.2B | ||
| Q3 25 | $15.0B | $2.2B | ||
| Q2 25 | $15.5B | $1.6B | ||
| Q1 25 | $14.7B | $1.4B | ||
| Q4 24 | $16.7B | $1.4B | ||
| Q3 24 | $17.0B | $1.1B | ||
| Q2 24 | $15.1B | $693.1M | ||
| Q1 24 | $14.9B | $362.1M |
| Q4 25 | $41.2B | $22.5B | ||
| Q3 25 | $41.1B | $22.2B | ||
| Q2 25 | $41.7B | $21.6B | ||
| Q1 25 | $38.9B | $21.4B | ||
| Q4 24 | $40.0B | $20.0B | ||
| Q3 24 | $39.6B | $19.8B | ||
| Q2 24 | $37.0B | $20.1B | ||
| Q1 24 | $35.9B | $19.8B |
| Q4 25 | — | 6.21× | ||
| Q3 25 | — | 6.22× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | 9.09× | ||
| Q4 24 | — | 8.26× | ||
| Q3 24 | — | 10.35× | ||
| Q2 24 | — | 17.19× | ||
| Q1 24 | — | 33.16× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $900.7M | $459.1M |
| Free Cash FlowOCF − Capex | $-350.5M | $21.5M |
| FCF MarginFCF / Revenue | -11.3% | 1.0% |
| Capex IntensityCapex / Revenue | 40.3% | 19.5% |
| Cash ConversionOCF / Net Profit | 1.33× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $459.1M | ||
| Q3 25 | — | $236.6M | ||
| Q2 25 | $855.8M | $714.9M | ||
| Q1 25 | $328.1M | $679.2M | ||
| Q4 24 | $811.7M | $399.3M | ||
| Q3 24 | — | $172.5M | ||
| Q2 24 | $1.3B | $670.9M | ||
| Q1 24 | $801.7M | $807.2M |
| Q4 25 | $-350.5M | $21.5M | ||
| Q3 25 | — | $-726.5M | ||
| Q2 25 | $-640.0M | $381.2M | ||
| Q1 25 | $-1.6B | $-846.0M | ||
| Q4 24 | $-1.3B | $155.8M | ||
| Q3 24 | — | $-195.5M | ||
| Q2 24 | $-345.2M | $330.2M | ||
| Q1 24 | $-867.7M | $548.3M |
| Q4 25 | -11.3% | 1.0% | ||
| Q3 25 | — | -24.7% | ||
| Q2 25 | -21.2% | 15.1% | ||
| Q1 25 | -53.6% | -39.8% | ||
| Q4 24 | -44.5% | 7.4% | ||
| Q3 24 | — | -7.0% | ||
| Q2 24 | -11.6% | 13.9% | ||
| Q1 24 | -29.6% | 25.0% |
| Q4 25 | 40.3% | 19.5% | ||
| Q3 25 | 47.9% | 32.8% | ||
| Q2 25 | 49.5% | 13.3% | ||
| Q1 25 | 64.9% | 71.7% | ||
| Q4 24 | 72.2% | 11.5% | ||
| Q3 24 | 65.1% | 13.1% | ||
| Q2 24 | 53.8% | 14.4% | ||
| Q1 24 | 57.0% | 11.8% |
| Q4 25 | 1.33× | 32.21× | ||
| Q3 25 | — | 0.56× | ||
| Q2 25 | 1.20× | 23.83× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 1.57× | ||
| Q3 24 | — | 0.36× | ||
| Q2 24 | 1.81× | 4.10× | ||
| Q1 24 | 1.40× | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
