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Side-by-side financial comparison of Elanco Animal Health Inc (ELAN) and Norwegian Cruise Line Holdings (NCLH). Click either name above to swap in a different company.
Norwegian Cruise Line Holdings is the larger business by last-quarter revenue ($2.2B vs $1.1B, roughly 2.0× Elanco Animal Health Inc). Norwegian Cruise Line Holdings runs the higher net margin — 0.6% vs -24.1%, a 24.8% gap on every dollar of revenue. On growth, Elanco Animal Health Inc posted the faster year-over-year revenue change (12.2% vs 6.4%). Elanco Animal Health Inc produced more free cash flow last quarter ($46.0M vs $21.5M). Over the past eight quarters, Norwegian Cruise Line Holdings's revenue compounded faster (1.2% CAGR vs -2.6%).
Elanco Animal Health Incorporated is an American pharmaceutical company which produces medicines and vaccinations for pets and livestock. Until 2019, the company was a subsidiary of Eli Lilly and Company, before being divested. It is the third-largest animal health company in the world.
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.
ELAN vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $2.2B |
| Net Profit | $-276.0M | $14.3M |
| Gross Margin | 51.5% | 41.0% |
| Operating Margin | -22.6% | 8.3% |
| Net Margin | -24.1% | 0.6% |
| Revenue YoY | 12.2% | 6.4% |
| Net Profit YoY | -3350.0% | -94.4% |
| EPS (diluted) | $-0.55 | $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 | $1.1B | $2.2B | ||
| Q3 25 | $1.1B | $2.9B | ||
| Q2 25 | $1.2B | $2.5B | ||
| Q1 25 | $1.2B | $2.1B | ||
| Q4 24 | $1.0B | $2.1B | ||
| Q3 24 | $1.0B | $2.8B | ||
| Q2 24 | $1.2B | $2.4B | ||
| Q1 24 | $1.2B | $2.2B |
| Q4 25 | $-276.0M | $14.3M | ||
| Q3 25 | $-34.0M | $419.3M | ||
| Q2 25 | $11.0M | $30.0M | ||
| Q1 25 | $67.0M | $-40.3M | ||
| Q4 24 | $-8.0M | $254.5M | ||
| Q3 24 | $364.0M | $474.9M | ||
| Q2 24 | $-50.0M | $163.4M | ||
| Q1 24 | $32.0M | $17.4M |
| Q4 25 | 51.5% | 41.0% | ||
| Q3 25 | 53.4% | 47.1% | ||
| Q2 25 | 57.5% | 42.1% | ||
| Q1 25 | 57.3% | 38.7% | ||
| Q4 24 | 50.9% | 38.0% | ||
| Q3 24 | 52.2% | 45.2% | ||
| Q2 24 | 58.2% | 38.7% | ||
| Q1 24 | 57.3% | 36.7% |
| Q4 25 | -22.6% | 8.3% | ||
| Q3 25 | -4.4% | 25.5% | ||
| Q2 25 | 2.0% | 16.8% | ||
| Q1 25 | 5.0% | 9.4% | ||
| Q4 24 | -5.0% | 10.2% | ||
| Q3 24 | 54.3% | 24.6% | ||
| Q2 24 | -2.7% | 14.4% | ||
| Q1 24 | 1.0% | 10.0% |
| Q4 25 | -24.1% | 0.6% | ||
| Q3 25 | -3.0% | 14.3% | ||
| Q2 25 | 0.9% | 1.2% | ||
| Q1 25 | 5.6% | -1.9% | ||
| Q4 24 | -0.8% | 12.1% | ||
| Q3 24 | 35.3% | 16.9% | ||
| Q2 24 | -4.2% | 6.9% | ||
| Q1 24 | 2.7% | 0.8% |
| Q4 25 | $-0.55 | $0.08 | ||
| Q3 25 | $-0.07 | $0.86 | ||
| Q2 25 | $0.02 | $0.07 | ||
| Q1 25 | $0.13 | $-0.09 | ||
| Q4 24 | $-0.01 | $0.55 | ||
| Q3 24 | $0.73 | $0.95 | ||
| Q2 24 | $-0.10 | $0.35 | ||
| Q1 24 | $0.06 | $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 | $545.0M | $209.9M |
| Total DebtLower is stronger | $3.9B | $13.7B |
| Stockholders' EquityBook value | $6.5B | $2.2B |
| Total Assets | $13.4B | $22.5B |
| Debt / EquityLower = less leverage | 0.60× | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $545.0M | $209.9M | ||
| Q3 25 | $505.0M | $166.8M | ||
| Q2 25 | $539.0M | $184.0M | ||
| Q1 25 | $487.0M | $184.4M | ||
| Q4 24 | $468.0M | $190.8M | ||
| Q3 24 | $490.0M | $332.5M | ||
| Q2 24 | $416.0M | $594.1M | ||
| Q1 24 | $345.0M | $559.8M |
| Q4 25 | $3.9B | $13.7B | ||
| Q3 25 | $4.0B | $13.6B | ||
| Q2 25 | $4.1B | $12.6B | ||
| Q1 25 | $4.4B | $12.9B | ||
| Q4 24 | $4.3B | $11.8B | ||
| Q3 24 | $4.4B | $11.8B | ||
| Q2 24 | $5.7B | $11.9B | ||
| Q1 24 | $5.8B | $12.0B |
| Q4 25 | $6.5B | $2.2B | ||
| Q3 25 | $6.7B | $2.2B | ||
| Q2 25 | $6.8B | $1.6B | ||
| Q1 25 | $6.4B | $1.4B | ||
| Q4 24 | $6.1B | $1.4B | ||
| Q3 24 | $6.5B | $1.1B | ||
| Q2 24 | $5.9B | $693.1M | ||
| Q1 24 | $6.1B | $362.1M |
| Q4 25 | $13.4B | $22.5B | ||
| Q3 25 | $13.6B | $22.2B | ||
| Q2 25 | $13.7B | $21.6B | ||
| Q1 25 | $12.9B | $21.4B | ||
| Q4 24 | $12.6B | $20.0B | ||
| Q3 24 | $13.3B | $19.8B | ||
| Q2 24 | $13.8B | $20.1B | ||
| Q1 24 | $14.0B | $19.8B |
| Q4 25 | 0.60× | 6.21× | ||
| Q3 25 | 0.59× | 6.22× | ||
| Q2 25 | 0.61× | 8.05× | ||
| Q1 25 | 0.69× | 9.09× | ||
| Q4 24 | 0.70× | 8.26× | ||
| Q3 24 | 0.67× | 10.35× | ||
| Q2 24 | 0.96× | 17.19× | ||
| Q1 24 | 0.95× | 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 | $108.0M | $459.1M |
| Free Cash FlowOCF − Capex | $46.0M | $21.5M |
| FCF MarginFCF / Revenue | 4.0% | 1.0% |
| Capex IntensityCapex / Revenue | 5.4% | 19.5% |
| Cash ConversionOCF / Net Profit | — | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $284.0M | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.0M | $459.1M | ||
| Q3 25 | $219.0M | $236.6M | ||
| Q2 25 | $237.0M | $714.9M | ||
| Q1 25 | $-4.0M | $679.2M | ||
| Q4 24 | $177.0M | $399.3M | ||
| Q3 24 | $162.0M | $172.5M | ||
| Q2 24 | $200.0M | $670.9M | ||
| Q1 24 | $2.0M | $807.2M |
| Q4 25 | $46.0M | $21.5M | ||
| Q3 25 | $127.0M | $-726.5M | ||
| Q2 25 | $180.0M | $381.2M | ||
| Q1 25 | $-69.0M | $-846.0M | ||
| Q4 24 | $130.0M | $155.8M | ||
| Q3 24 | $120.0M | $-195.5M | ||
| Q2 24 | $166.0M | $330.2M | ||
| Q1 24 | $-22.0M | $548.3M |
| Q4 25 | 4.0% | 1.0% | ||
| Q3 25 | 11.2% | -24.7% | ||
| Q2 25 | 14.5% | 15.1% | ||
| Q1 25 | -5.8% | -39.8% | ||
| Q4 24 | 12.7% | 7.4% | ||
| Q3 24 | 11.7% | -7.0% | ||
| Q2 24 | 14.0% | 13.9% | ||
| Q1 24 | -1.8% | 25.0% |
| Q4 25 | 5.4% | 19.5% | ||
| Q3 25 | 8.1% | 32.8% | ||
| Q2 25 | 4.6% | 13.3% | ||
| Q1 25 | 5.4% | 71.7% | ||
| Q4 24 | 4.6% | 11.5% | ||
| Q3 24 | 4.1% | 13.1% | ||
| Q2 24 | 2.9% | 14.4% | ||
| Q1 24 | 2.0% | 11.8% |
| Q4 25 | — | 32.21× | ||
| Q3 25 | — | 0.56× | ||
| Q2 25 | 21.55× | 23.83× | ||
| Q1 25 | -0.06× | — | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | 0.45× | 0.36× | ||
| Q2 24 | — | 4.10× | ||
| Q1 24 | 0.06× | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ELAN
| Pet Health | $489.0M | 43% |
| Cattle | $296.0M | 26% |
| Poultry | $237.0M | 21% |
| Swine | $107.0M | 9% |
| Contract Manufacturing | $15.0M | 1% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
