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Side-by-side financial comparison of GRAPHIC PACKAGING HOLDING CO (GPK) 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 $2.1B, roughly 1.1× GRAPHIC PACKAGING HOLDING CO). GRAPHIC PACKAGING HOLDING CO runs the higher net margin — 3.4% vs 0.6%, a 2.8% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs 0.2%). Over the past eight quarters, Norwegian Cruise Line Holdings's revenue compounded faster (1.2% CAGR vs -3.5%).
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
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.
GPK vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.2B |
| Net Profit | $71.0M | $14.3M |
| Gross Margin | 14.1% | 41.0% |
| Operating Margin | 7.4% | 8.3% |
| Net Margin | 3.4% | 0.6% |
| Revenue YoY | 0.2% | 6.4% |
| Net Profit YoY | -48.6% | -94.4% |
| EPS (diluted) | $0.24 | $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 | $2.1B | $2.2B | ||
| Q3 25 | $2.2B | $2.9B | ||
| Q2 25 | $2.2B | $2.5B | ||
| Q1 25 | $2.1B | $2.1B | ||
| Q4 24 | $2.1B | $2.1B | ||
| Q3 24 | $2.2B | $2.8B | ||
| Q2 24 | $2.2B | $2.4B | ||
| Q1 24 | $2.3B | $2.2B |
| Q4 25 | $71.0M | $14.3M | ||
| Q3 25 | $142.0M | $419.3M | ||
| Q2 25 | $104.0M | $30.0M | ||
| Q1 25 | $127.0M | $-40.3M | ||
| Q4 24 | $138.0M | $254.5M | ||
| Q3 24 | $165.0M | $474.9M | ||
| Q2 24 | $190.0M | $163.4M | ||
| Q1 24 | $165.0M | $17.4M |
| Q4 25 | 14.1% | 41.0% | ||
| Q3 25 | 19.6% | 47.1% | ||
| Q2 25 | 18.7% | 42.1% | ||
| Q1 25 | 20.6% | 38.7% | ||
| Q4 24 | 21.4% | 38.0% | ||
| Q3 24 | 22.3% | 45.2% | ||
| Q2 24 | 21.2% | 38.7% | ||
| Q1 24 | 23.0% | 36.7% |
| Q4 25 | 7.4% | 8.3% | ||
| Q3 25 | 10.7% | 25.5% | ||
| Q2 25 | 8.8% | 16.8% | ||
| Q1 25 | 10.5% | 9.4% | ||
| Q4 24 | 11.4% | 10.2% | ||
| Q3 24 | 12.6% | 24.6% | ||
| Q2 24 | 14.5% | 14.4% | ||
| Q1 24 | 12.4% | 10.0% |
| Q4 25 | 3.4% | 0.6% | ||
| Q3 25 | 6.5% | 14.3% | ||
| Q2 25 | 4.7% | 1.2% | ||
| Q1 25 | 6.0% | -1.9% | ||
| Q4 24 | 6.6% | 12.1% | ||
| Q3 24 | 7.5% | 16.9% | ||
| Q2 24 | 8.5% | 6.9% | ||
| Q1 24 | 7.3% | 0.8% |
| Q4 25 | $0.24 | $0.08 | ||
| Q3 25 | $0.48 | $0.86 | ||
| Q2 25 | $0.34 | $0.07 | ||
| Q1 25 | $0.42 | $-0.09 | ||
| Q4 24 | $0.46 | $0.55 | ||
| Q3 24 | $0.55 | $0.95 | ||
| Q2 24 | $0.62 | $0.35 | ||
| Q1 24 | $0.53 | $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 | $261.0M | $209.9M |
| Total DebtLower is stronger | $5.0B | $13.7B |
| Stockholders' EquityBook value | $3.3B | $2.2B |
| Total Assets | $11.8B | $22.5B |
| Debt / EquityLower = less leverage | 1.51× | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $261.0M | $209.9M | ||
| Q3 25 | $120.0M | $166.8M | ||
| Q2 25 | $120.0M | $184.0M | ||
| Q1 25 | $129.0M | $184.4M | ||
| Q4 24 | $157.0M | $190.8M | ||
| Q3 24 | $126.0M | $332.5M | ||
| Q2 24 | $125.0M | $594.1M | ||
| Q1 24 | $136.0M | $559.8M |
| Q4 25 | $5.0B | $13.7B | ||
| Q3 25 | $5.5B | $13.6B | ||
| Q2 25 | $5.4B | $12.6B | ||
| Q1 25 | $5.7B | $12.9B | ||
| Q4 24 | $5.1B | $11.8B | ||
| Q3 24 | $5.4B | $11.8B | ||
| Q2 24 | $4.9B | $11.9B | ||
| Q1 24 | $4.9B | $12.0B |
| Q4 25 | $3.3B | $2.2B | ||
| Q3 25 | $3.3B | $2.2B | ||
| Q2 25 | $3.2B | $1.6B | ||
| Q1 25 | $3.2B | $1.4B | ||
| Q4 24 | $3.0B | $1.4B | ||
| Q3 24 | $3.0B | $1.1B | ||
| Q2 24 | $2.8B | $693.1M | ||
| Q1 24 | $2.9B | $362.1M |
| Q4 25 | $11.8B | $22.5B | ||
| Q3 25 | $11.9B | $22.2B | ||
| Q2 25 | $11.8B | $21.6B | ||
| Q1 25 | $11.5B | $21.4B | ||
| Q4 24 | $11.1B | $20.0B | ||
| Q3 24 | $11.2B | $19.8B | ||
| Q2 24 | $10.8B | $20.1B | ||
| Q1 24 | $11.3B | $19.8B |
| Q4 25 | 1.51× | 6.21× | ||
| Q3 25 | 1.67× | 6.22× | ||
| Q2 25 | 1.68× | 8.05× | ||
| Q1 25 | 1.80× | 9.09× | ||
| Q4 24 | 1.71× | 8.26× | ||
| Q3 24 | 1.79× | 10.35× | ||
| Q2 24 | 1.75× | 17.19× | ||
| Q1 24 | 1.73× | 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 | $521.0M | $459.1M |
| Free Cash FlowOCF − Capex | — | $21.5M |
| FCF MarginFCF / Revenue | — | 1.0% |
| Capex IntensityCapex / Revenue | — | 19.5% |
| Cash ConversionOCF / Net Profit | 7.34× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $521.0M | $459.1M | ||
| Q3 25 | $227.0M | $236.6M | ||
| Q2 25 | $267.0M | $714.9M | ||
| Q1 25 | $-174.0M | $679.2M | ||
| Q4 24 | $489.0M | $399.3M | ||
| Q3 24 | $187.0M | $172.5M | ||
| Q2 24 | $161.0M | $670.9M | ||
| Q1 24 | $3.0M | $807.2M |
| Q4 25 | — | $21.5M | ||
| Q3 25 | — | $-726.5M | ||
| Q2 25 | — | $381.2M | ||
| Q1 25 | — | $-846.0M | ||
| Q4 24 | — | $155.8M | ||
| Q3 24 | — | $-195.5M | ||
| Q2 24 | — | $330.2M | ||
| Q1 24 | — | $548.3M |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | -24.7% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | -39.8% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | -7.0% | ||
| Q2 24 | — | 13.9% | ||
| Q1 24 | — | 25.0% |
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 32.8% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | — | 71.7% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | — | 11.8% |
| Q4 25 | 7.34× | 32.21× | ||
| Q3 25 | 1.60× | 0.56× | ||
| Q2 25 | 2.57× | 23.83× | ||
| Q1 25 | -1.37× | — | ||
| Q4 24 | 3.54× | 1.57× | ||
| Q3 24 | 1.13× | 0.36× | ||
| Q2 24 | 0.85× | 4.10× | ||
| Q1 24 | 0.02× | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
