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Side-by-side financial comparison of Cushman & Wakefield Ltd. (CWK) and Norwegian Cruise Line Holdings (NCLH). Click either name above to swap in a different company.
Cushman & Wakefield Ltd. is the larger business by last-quarter revenue ($2.9B vs $2.2B, roughly 1.3× Norwegian Cruise Line Holdings). Norwegian Cruise Line Holdings runs the higher net margin — 0.6% vs -0.8%, a 1.4% gap on every dollar of revenue. On growth, Cushman & Wakefield Ltd. posted the faster year-over-year revenue change (10.8% vs 6.4%). Cushman & Wakefield Ltd. produced more free cash flow last quarter ($234.3M vs $21.5M). Over the past eight quarters, Cushman & Wakefield Ltd.'s revenue compounded faster (15.5% CAGR vs 1.2%).
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
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.
CWK vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $2.2B |
| Net Profit | $-22.4M | $14.3M |
| Gross Margin | — | 41.0% |
| Operating Margin | 6.1% | 8.3% |
| Net Margin | -0.8% | 0.6% |
| Revenue YoY | 10.8% | 6.4% |
| Net Profit YoY | -119.8% | -94.4% |
| EPS (diluted) | $-0.10 | $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 | $2.9B | $2.2B | ||
| Q3 25 | $2.6B | $2.9B | ||
| Q2 25 | $2.5B | $2.5B | ||
| Q1 25 | $2.3B | $2.1B | ||
| Q4 24 | $2.6B | $2.1B | ||
| Q3 24 | $2.3B | $2.8B | ||
| Q2 24 | $2.3B | $2.4B | ||
| Q1 24 | $2.2B | $2.2B |
| Q4 25 | $-22.4M | $14.3M | ||
| Q3 25 | $51.4M | $419.3M | ||
| Q2 25 | $57.3M | $30.0M | ||
| Q1 25 | $1.9M | $-40.3M | ||
| Q4 24 | $112.9M | $254.5M | ||
| Q3 24 | $33.7M | $474.9M | ||
| Q2 24 | $13.5M | $163.4M | ||
| Q1 24 | $-28.8M | $17.4M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 47.1% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 38.7% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 38.7% | ||
| Q1 24 | — | 36.7% |
| Q4 25 | 6.1% | 8.3% | ||
| Q3 25 | 4.1% | 25.5% | ||
| Q2 25 | 4.9% | 16.8% | ||
| Q1 25 | 2.0% | 9.4% | ||
| Q4 24 | 6.6% | 10.2% | ||
| Q3 24 | 3.2% | 24.6% | ||
| Q2 24 | 3.1% | 14.4% | ||
| Q1 24 | 0.9% | 10.0% |
| Q4 25 | -0.8% | 0.6% | ||
| Q3 25 | 2.0% | 14.3% | ||
| Q2 25 | 2.3% | 1.2% | ||
| Q1 25 | 0.1% | -1.9% | ||
| Q4 24 | 4.3% | 12.1% | ||
| Q3 24 | 1.4% | 16.9% | ||
| Q2 24 | 0.6% | 6.9% | ||
| Q1 24 | -1.3% | 0.8% |
| Q4 25 | $-0.10 | $0.08 | ||
| Q3 25 | $0.22 | $0.86 | ||
| Q2 25 | $0.25 | $0.07 | ||
| Q1 25 | $0.01 | $-0.09 | ||
| Q4 24 | $0.49 | $0.55 | ||
| Q3 24 | $0.14 | $0.95 | ||
| Q2 24 | $0.06 | $0.35 | ||
| Q1 24 | $-0.13 | $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 | $784.2M | $209.9M |
| Total DebtLower is stronger | $2.7B | $13.7B |
| Stockholders' EquityBook value | $2.0B | $2.2B |
| Total Assets | $7.7B | $22.5B |
| Debt / EquityLower = less leverage | 1.40× | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.2M | $209.9M | ||
| Q3 25 | $634.4M | $166.8M | ||
| Q2 25 | $618.2M | $184.0M | ||
| Q1 25 | $623.2M | $184.4M | ||
| Q4 24 | $793.3M | $190.8M | ||
| Q3 24 | $775.4M | $332.5M | ||
| Q2 24 | $567.3M | $594.1M | ||
| Q1 24 | $553.5M | $559.8M |
| Q4 25 | $2.7B | $13.7B | ||
| Q3 25 | $2.8B | $13.6B | ||
| Q2 25 | $3.0B | $12.6B | ||
| Q1 25 | $3.0B | $12.9B | ||
| Q4 24 | $3.0B | $11.8B | ||
| Q3 24 | $3.1B | $11.8B | ||
| Q2 24 | $3.1B | $11.9B | ||
| Q1 24 | $3.2B | $12.0B |
| Q4 25 | $2.0B | $2.2B | ||
| Q3 25 | $2.0B | $2.2B | ||
| Q2 25 | $1.9B | $1.6B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | $1.8B | $1.4B | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $1.6B | $693.1M | ||
| Q1 24 | $1.6B | $362.1M |
| Q4 25 | $7.7B | $22.5B | ||
| Q3 25 | $7.7B | $22.2B | ||
| Q2 25 | $7.6B | $21.6B | ||
| Q1 25 | $7.4B | $21.4B | ||
| Q4 24 | $7.5B | $20.0B | ||
| Q3 24 | $7.5B | $19.8B | ||
| Q2 24 | $7.3B | $20.1B | ||
| Q1 24 | $7.5B | $19.8B |
| Q4 25 | 1.40× | 6.21× | ||
| Q3 25 | 1.45× | 6.22× | ||
| Q2 25 | 1.57× | 8.05× | ||
| Q1 25 | 1.70× | 9.09× | ||
| Q4 24 | 1.73× | 8.26× | ||
| Q3 24 | 1.81× | 10.35× | ||
| Q2 24 | 1.91× | 17.19× | ||
| Q1 24 | 1.96× | 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 | $257.3M | $459.1M |
| Free Cash FlowOCF − Capex | $234.3M | $21.5M |
| FCF MarginFCF / Revenue | 8.0% | 1.0% |
| Capex IntensityCapex / Revenue | 0.8% | 19.5% |
| Cash ConversionOCF / Net Profit | — | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $293.0M | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $257.3M | $459.1M | ||
| Q3 25 | $235.5M | $236.6M | ||
| Q2 25 | $9.6M | $714.9M | ||
| Q1 25 | $-162.0M | $679.2M | ||
| Q4 24 | $115.2M | $399.3M | ||
| Q3 24 | $196.1M | $172.5M | ||
| Q2 24 | $21.8M | $670.9M | ||
| Q1 24 | $-125.1M | $807.2M |
| Q4 25 | $234.3M | $21.5M | ||
| Q3 25 | $225.0M | $-726.5M | ||
| Q2 25 | $300.0K | $381.2M | ||
| Q1 25 | $-166.6M | $-846.0M | ||
| Q4 24 | $105.9M | $155.8M | ||
| Q3 24 | $186.7M | $-195.5M | ||
| Q2 24 | $10.0M | $330.2M | ||
| Q1 24 | $-135.6M | $548.3M |
| Q4 25 | 8.0% | 1.0% | ||
| Q3 25 | 8.6% | -24.7% | ||
| Q2 25 | 0.0% | 15.1% | ||
| Q1 25 | -7.3% | -39.8% | ||
| Q4 24 | 4.0% | 7.4% | ||
| Q3 24 | 8.0% | -7.0% | ||
| Q2 24 | 0.4% | 13.9% | ||
| Q1 24 | -6.2% | 25.0% |
| Q4 25 | 0.8% | 19.5% | ||
| Q3 25 | 0.4% | 32.8% | ||
| Q2 25 | 0.4% | 13.3% | ||
| Q1 25 | 0.2% | 71.7% | ||
| Q4 24 | 0.4% | 11.5% | ||
| Q3 24 | 0.4% | 13.1% | ||
| Q2 24 | 0.5% | 14.4% | ||
| Q1 24 | 0.5% | 11.8% |
| Q4 25 | — | 32.21× | ||
| Q3 25 | 4.58× | 0.56× | ||
| Q2 25 | 0.17× | 23.83× | ||
| Q1 25 | -85.26× | — | ||
| Q4 24 | 1.02× | 1.57× | ||
| Q3 24 | 5.82× | 0.36× | ||
| Q2 24 | 1.61× | 4.10× | ||
| Q1 24 | — | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
