vs
Side-by-side financial comparison of FLOWERS FOODS INC (FLO) 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 $1.2B, roughly 1.8× FLOWERS FOODS INC). On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs -75.8%). Over the past eight quarters, Norwegian Cruise Line Holdings's revenue compounded faster (1.2% CAGR vs -11.6%).
Flowers Foods, headquartered in Thomasville, Georgia, is a producer and marketer of packaged bakery foods in the United States. The company operates 44 bakeries across 19 states that produce a variety of products, including bread, buns, rolls, snack cakes, pastries, and tortillas. As of February 2013, Flowers Foods had grown to be the "second-largest baking company in the United States."
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.
FLO vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.2B |
| Net Profit | — | $14.3M |
| Gross Margin | — | 41.0% |
| Operating Margin | — | 8.3% |
| Net Margin | — | 0.6% |
| Revenue YoY | -75.8% | 6.4% |
| Net Profit YoY | — | -94.4% |
| EPS (diluted) | — | $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 | $1.2B | $2.2B | ||
| Q3 25 | $1.2B | $2.9B | ||
| Q2 25 | $1.6B | $2.5B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.6B | $2.4B | ||
| Q1 24 | — | $2.2B |
| Q4 25 | $39.5M | $14.3M | ||
| Q3 25 | $58.4M | $419.3M | ||
| Q2 25 | $53.0M | $30.0M | ||
| Q1 25 | — | $-40.3M | ||
| Q4 24 | $65.0M | $254.5M | ||
| Q3 24 | $67.0M | $474.9M | ||
| Q2 24 | $73.0M | $163.4M | ||
| Q1 24 | — | $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 | 5.4% | 8.3% | ||
| Q3 25 | 7.5% | 25.5% | ||
| Q2 25 | 5.5% | 16.8% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | 7.6% | 10.2% | ||
| Q3 24 | 7.8% | 24.6% | ||
| Q2 24 | 6.4% | 14.4% | ||
| Q1 24 | — | 10.0% |
| Q4 25 | 3.2% | 0.6% | ||
| Q3 25 | 4.7% | 14.3% | ||
| Q2 25 | 3.4% | 1.2% | ||
| Q1 25 | — | -1.9% | ||
| Q4 24 | 5.5% | 12.1% | ||
| Q3 24 | 5.5% | 16.9% | ||
| Q2 24 | 4.6% | 6.9% | ||
| Q1 24 | — | 0.8% |
| Q4 25 | $0.19 | $0.08 | ||
| Q3 25 | $0.28 | $0.86 | ||
| Q2 25 | $0.25 | $0.07 | ||
| Q1 25 | — | $-0.09 | ||
| Q4 24 | $0.31 | $0.55 | ||
| Q3 24 | $0.32 | $0.95 | ||
| Q2 24 | $0.34 | $0.35 | ||
| Q1 24 | — | $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 | $12.1M | $209.9M |
| Total DebtLower is stronger | — | $13.7B |
| Stockholders' EquityBook value | — | $2.2B |
| Total Assets | $4.2B | $22.5B |
| Debt / EquityLower = less leverage | — | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.7M | $209.9M | ||
| Q3 25 | $11.0M | $166.8M | ||
| Q2 25 | $7.3M | $184.0M | ||
| Q1 25 | — | $184.4M | ||
| Q4 24 | $15.0M | $190.8M | ||
| Q3 24 | $6.9M | $332.5M | ||
| Q2 24 | $15.8M | $594.1M | ||
| Q1 24 | — | $559.8M |
| Q4 25 | $1.8B | $13.7B | ||
| Q3 25 | $1.7B | $13.6B | ||
| Q2 25 | $1.8B | $12.6B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | $1.1B | $11.8B | ||
| Q3 24 | $1.1B | $11.8B | ||
| Q2 24 | $1.0B | $11.9B | ||
| Q1 24 | — | $12.0B |
| Q4 25 | $1.4B | $2.2B | ||
| Q3 25 | $1.4B | $2.2B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.4B | $693.1M | ||
| Q1 24 | — | $362.1M |
| Q4 25 | $4.3B | $22.5B | ||
| Q3 25 | $4.3B | $22.2B | ||
| Q2 25 | $4.3B | $21.6B | ||
| Q1 25 | — | $21.4B | ||
| Q4 24 | $3.4B | $20.0B | ||
| Q3 24 | $3.4B | $19.8B | ||
| Q2 24 | $3.4B | $20.1B | ||
| Q1 24 | — | $19.8B |
| Q4 25 | 1.25× | 6.21× | ||
| Q3 25 | 1.23× | 6.22× | ||
| Q2 25 | 1.26× | 8.05× | ||
| Q1 25 | — | 9.09× | ||
| Q4 24 | 0.75× | 8.26× | ||
| Q3 24 | 0.77× | 10.35× | ||
| Q2 24 | 0.76× | 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 | $125.4M | $459.1M |
| Free Cash FlowOCF − Capex | — | $21.5M |
| FCF MarginFCF / Revenue | — | 1.0% |
| Capex IntensityCapex / Revenue | — | 19.5% |
| Cash ConversionOCF / Net Profit | — | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.4M | $459.1M | ||
| Q3 25 | $130.8M | $236.6M | ||
| Q2 25 | $135.6M | $714.9M | ||
| Q1 25 | — | $679.2M | ||
| Q4 24 | $113.9M | $399.3M | ||
| Q3 24 | $63.3M | $172.5M | ||
| Q2 24 | $105.1M | $670.9M | ||
| Q1 24 | — | $807.2M |
| Q4 25 | $30.4M | $21.5M | ||
| Q3 25 | $100.0M | $-726.5M | ||
| Q2 25 | $110.1M | $381.2M | ||
| Q1 25 | — | $-846.0M | ||
| Q4 24 | $88.6M | $155.8M | ||
| Q3 24 | $35.4M | $-195.5M | ||
| Q2 24 | $71.8M | $330.2M | ||
| Q1 24 | — | $548.3M |
| Q4 25 | 2.5% | 1.0% | ||
| Q3 25 | 8.0% | -24.7% | ||
| Q2 25 | 7.1% | 15.1% | ||
| Q1 25 | — | -39.8% | ||
| Q4 24 | 7.4% | 7.4% | ||
| Q3 24 | 2.9% | -7.0% | ||
| Q2 24 | 4.6% | 13.9% | ||
| Q1 24 | — | 25.0% |
| Q4 25 | 2.0% | 19.5% | ||
| Q3 25 | 2.5% | 32.8% | ||
| Q2 25 | 1.6% | 13.3% | ||
| Q1 25 | — | 71.7% | ||
| Q4 24 | 2.1% | 11.5% | ||
| Q3 24 | 2.3% | 13.1% | ||
| Q2 24 | 2.1% | 14.4% | ||
| Q1 24 | — | 11.8% |
| Q4 25 | 1.38× | 32.21× | ||
| Q3 25 | 2.24× | 0.56× | ||
| Q2 25 | 2.56× | 23.83× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.75× | 1.57× | ||
| Q3 24 | 0.94× | 0.36× | ||
| Q2 24 | 1.44× | 4.10× | ||
| Q1 24 | — | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLO
Segment breakdown not available.
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
