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Side-by-side financial comparison of EPAM Systems (EPAM) 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 $1.4B, roughly 1.6× EPAM Systems). EPAM Systems runs the higher net margin — 7.8% vs 0.6%, a 7.1% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs 6.4%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $21.5M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs 1.2%).
EPAM Systems, Inc. is an American company that specializes in software engineering services, digital platform engineering, and digital product design, operating out of Newtown, Pennsylvania. EPAM is a founding member of the MACH Alliance.
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.
EPAM vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $2.2B |
| Net Profit | $109.4M | $14.3M |
| Gross Margin | 30.1% | 41.0% |
| Operating Margin | 10.6% | 8.3% |
| Net Margin | 7.8% | 0.6% |
| Revenue YoY | 12.8% | 6.4% |
| Net Profit YoY | 5.9% | -94.4% |
| EPS (diluted) | $1.97 | $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 | $1.4B | $2.2B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $1.3B | $2.1B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.1B | $2.4B | ||
| Q1 24 | $1.2B | $2.2B |
| Q4 25 | $109.4M | $14.3M | ||
| Q3 25 | $106.8M | $419.3M | ||
| Q2 25 | $88.0M | $30.0M | ||
| Q1 25 | $73.5M | $-40.3M | ||
| Q4 24 | $103.3M | $254.5M | ||
| Q3 24 | $136.3M | $474.9M | ||
| Q2 24 | $98.6M | $163.4M | ||
| Q1 24 | $116.2M | $17.4M |
| Q4 25 | 30.1% | 41.0% | ||
| Q3 25 | 29.5% | 47.1% | ||
| Q2 25 | 28.8% | 42.1% | ||
| Q1 25 | 26.9% | 38.7% | ||
| Q4 24 | 30.4% | 38.0% | ||
| Q3 24 | 34.6% | 45.2% | ||
| Q2 24 | 29.3% | 38.7% | ||
| Q1 24 | 28.4% | 36.7% |
| Q4 25 | 10.6% | 8.3% | ||
| Q3 25 | 10.4% | 25.5% | ||
| Q2 25 | 9.3% | 16.8% | ||
| Q1 25 | 7.6% | 9.4% | ||
| Q4 24 | 10.9% | 10.2% | ||
| Q3 24 | 15.2% | 24.6% | ||
| Q2 24 | 10.5% | 14.4% | ||
| Q1 24 | 9.5% | 10.0% |
| Q4 25 | 7.8% | 0.6% | ||
| Q3 25 | 7.7% | 14.3% | ||
| Q2 25 | 6.5% | 1.2% | ||
| Q1 25 | 5.6% | -1.9% | ||
| Q4 24 | 8.3% | 12.1% | ||
| Q3 24 | 11.7% | 16.9% | ||
| Q2 24 | 8.6% | 6.9% | ||
| Q1 24 | 10.0% | 0.8% |
| Q4 25 | $1.97 | $0.08 | ||
| Q3 25 | $1.91 | $0.86 | ||
| Q2 25 | $1.56 | $0.07 | ||
| Q1 25 | $1.28 | $-0.09 | ||
| Q4 24 | $1.80 | $0.55 | ||
| Q3 24 | $2.37 | $0.95 | ||
| Q2 24 | $1.70 | $0.35 | ||
| Q1 24 | $1.97 | $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 | $1.3B | $209.9M |
| Total DebtLower is stronger | — | $13.7B |
| Stockholders' EquityBook value | $3.7B | $2.2B |
| Total Assets | $4.9B | $22.5B |
| Debt / EquityLower = less leverage | — | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $209.9M | ||
| Q3 25 | $1.2B | $166.8M | ||
| Q2 25 | $1.0B | $184.0M | ||
| Q1 25 | $1.2B | $184.4M | ||
| Q4 24 | $1.3B | $190.8M | ||
| Q3 24 | $2.1B | $332.5M | ||
| Q2 24 | $1.8B | $594.1M | ||
| Q1 24 | $2.0B | $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 | $3.7B | $2.2B | ||
| Q3 25 | $3.7B | $2.2B | ||
| Q2 25 | $3.7B | $1.6B | ||
| Q1 25 | $3.6B | $1.4B | ||
| Q4 24 | $3.6B | $1.4B | ||
| Q3 24 | $3.6B | $1.1B | ||
| Q2 24 | $3.4B | $693.1M | ||
| Q1 24 | $3.5B | $362.1M |
| Q4 25 | $4.9B | $22.5B | ||
| Q3 25 | $4.8B | $22.2B | ||
| Q2 25 | $4.7B | $21.6B | ||
| Q1 25 | $4.7B | $21.4B | ||
| Q4 24 | $4.8B | $20.0B | ||
| Q3 24 | $4.5B | $19.8B | ||
| Q2 24 | $4.2B | $20.1B | ||
| Q1 24 | $4.4B | $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 | $282.9M | $459.1M |
| Free Cash FlowOCF − Capex | $268.1M | $21.5M |
| FCF MarginFCF / Revenue | 19.0% | 1.0% |
| Capex IntensityCapex / Revenue | 1.1% | 19.5% |
| Cash ConversionOCF / Net Profit | 2.59× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $459.1M | ||
| Q3 25 | $294.7M | $236.6M | ||
| Q2 25 | $53.2M | $714.9M | ||
| Q1 25 | $24.2M | $679.2M | ||
| Q4 24 | $130.3M | $399.3M | ||
| Q3 24 | $242.0M | $172.5M | ||
| Q2 24 | $57.0M | $670.9M | ||
| Q1 24 | $129.9M | $807.2M |
| Q4 25 | $268.1M | $21.5M | ||
| Q3 25 | $286.4M | $-726.5M | ||
| Q2 25 | $43.4M | $381.2M | ||
| Q1 25 | $14.8M | $-846.0M | ||
| Q4 24 | $114.5M | $155.8M | ||
| Q3 24 | $237.0M | $-195.5M | ||
| Q2 24 | $52.3M | $330.2M | ||
| Q1 24 | $123.2M | $548.3M |
| Q4 25 | 19.0% | 1.0% | ||
| Q3 25 | 20.5% | -24.7% | ||
| Q2 25 | 3.2% | 15.1% | ||
| Q1 25 | 1.1% | -39.8% | ||
| Q4 24 | 9.2% | 7.4% | ||
| Q3 24 | 20.3% | -7.0% | ||
| Q2 24 | 4.6% | 13.9% | ||
| Q1 24 | 10.6% | 25.0% |
| Q4 25 | 1.1% | 19.5% | ||
| Q3 25 | 0.6% | 32.8% | ||
| Q2 25 | 0.7% | 13.3% | ||
| Q1 25 | 0.7% | 71.7% | ||
| Q4 24 | 1.3% | 11.5% | ||
| Q3 24 | 0.4% | 13.1% | ||
| Q2 24 | 0.4% | 14.4% | ||
| Q1 24 | 0.6% | 11.8% |
| Q4 25 | 2.59× | 32.21× | ||
| Q3 25 | 2.76× | 0.56× | ||
| Q2 25 | 0.60× | 23.83× | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 1.26× | 1.57× | ||
| Q3 24 | 1.77× | 0.36× | ||
| Q2 24 | 0.58× | 4.10× | ||
| Q1 24 | 1.12× | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
