vs
Side-by-side financial comparison of Garmin (GRMN) 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× Garmin). Garmin runs the higher net margin — 24.9% vs 0.6%, a 24.2% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (16.6% vs 6.4%). Garmin produced more free cash flow last quarter ($429.6M vs $21.5M). Over the past eight quarters, Garmin's revenue compounded faster (24.0% CAGR vs 1.2%).
Garmin Ltd. is an American multinational technology company based in Olathe, Kansas. The company designs, develops, manufactures, markets, and distributes GPS-enabled products and other navigation, communication, sensor-based, and information products to the automotive, aviation, marine, outdoors, and sport markets.
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.
GRMN vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.2B |
| Net Profit | $528.7M | $14.3M |
| Gross Margin | 59.2% | 41.0% |
| Operating Margin | 28.9% | 8.3% |
| Net Margin | 24.9% | 0.6% |
| Revenue YoY | 16.6% | 6.4% |
| Net Profit YoY | 21.3% | -94.4% |
| EPS (diluted) | $2.72 | $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 | $1.8B | $2.9B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $1.5B | $2.1B | ||
| Q4 24 | $1.8B | $2.1B | ||
| Q3 24 | $1.6B | $2.8B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $1.4B | $2.2B |
| Q4 25 | $528.7M | $14.3M | ||
| Q3 25 | $401.6M | $419.3M | ||
| Q2 25 | $400.8M | $30.0M | ||
| Q1 25 | $332.8M | $-40.3M | ||
| Q4 24 | $435.7M | $254.5M | ||
| Q3 24 | $399.1M | $474.9M | ||
| Q2 24 | $300.6M | $163.4M | ||
| Q1 24 | $276.0M | $17.4M |
| Q4 25 | 59.2% | 41.0% | ||
| Q3 25 | 59.1% | 47.1% | ||
| Q2 25 | 58.8% | 42.1% | ||
| Q1 25 | 57.6% | 38.7% | ||
| Q4 24 | 59.3% | 38.0% | ||
| Q3 24 | 60.0% | 45.2% | ||
| Q2 24 | 57.3% | 38.7% | ||
| Q1 24 | 58.1% | 36.7% |
| Q4 25 | 28.9% | 8.3% | ||
| Q3 25 | 25.8% | 25.5% | ||
| Q2 25 | 26.0% | 16.8% | ||
| Q1 25 | 21.7% | 9.4% | ||
| Q4 24 | 28.3% | 10.2% | ||
| Q3 24 | 27.6% | 24.6% | ||
| Q2 24 | 22.7% | 14.4% | ||
| Q1 24 | 21.6% | 10.0% |
| Q4 25 | 24.9% | 0.6% | ||
| Q3 25 | 22.7% | 14.3% | ||
| Q2 25 | 22.1% | 1.2% | ||
| Q1 25 | 21.7% | -1.9% | ||
| Q4 24 | 23.9% | 12.1% | ||
| Q3 24 | 25.2% | 16.9% | ||
| Q2 24 | 20.0% | 6.9% | ||
| Q1 24 | 20.0% | 0.8% |
| Q4 25 | $2.72 | $0.08 | ||
| Q3 25 | $2.08 | $0.86 | ||
| Q2 25 | $2.07 | $0.07 | ||
| Q1 25 | $1.72 | $-0.09 | ||
| Q4 24 | $2.24 | $0.55 | ||
| Q3 24 | $2.07 | $0.95 | ||
| Q2 24 | $1.56 | $0.35 | ||
| Q1 24 | $1.43 | $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 | $2.3B | $209.9M |
| Total DebtLower is stronger | — | $13.7B |
| Stockholders' EquityBook value | $9.0B | $2.2B |
| Total Assets | $11.0B | $22.5B |
| Debt / EquityLower = less leverage | — | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $209.9M | ||
| Q3 25 | $2.1B | $166.8M | ||
| Q2 25 | $2.1B | $184.0M | ||
| Q1 25 | $2.2B | $184.4M | ||
| Q4 24 | $2.1B | $190.8M | ||
| Q3 24 | $2.0B | $332.5M | ||
| Q2 24 | $1.9B | $594.1M | ||
| Q1 24 | $1.9B | $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 | $9.0B | $2.2B | ||
| Q3 25 | $8.5B | $2.2B | ||
| Q2 25 | $8.1B | $1.6B | ||
| Q1 25 | $8.2B | $1.4B | ||
| Q4 24 | $7.8B | $1.4B | ||
| Q3 24 | $7.5B | $1.1B | ||
| Q2 24 | $7.0B | $693.1M | ||
| Q1 24 | $7.2B | $362.1M |
| Q4 25 | $11.0B | $22.5B | ||
| Q3 25 | $10.5B | $22.2B | ||
| Q2 25 | $10.3B | $21.6B | ||
| Q1 25 | $9.8B | $21.4B | ||
| Q4 24 | $9.6B | $20.0B | ||
| Q3 24 | $9.3B | $19.8B | ||
| Q2 24 | $8.9B | $20.1B | ||
| Q1 24 | $8.6B | $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 | $553.8M | $459.1M |
| Free Cash FlowOCF − Capex | $429.6M | $21.5M |
| FCF MarginFCF / Revenue | 20.2% | 1.0% |
| Capex IntensityCapex / Revenue | 5.8% | 19.5% |
| Cash ConversionOCF / Net Profit | 1.05× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $1.4B | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $553.8M | $459.1M | ||
| Q3 25 | $485.6M | $236.6M | ||
| Q2 25 | $173.2M | $714.9M | ||
| Q1 25 | $420.8M | $679.2M | ||
| Q4 24 | $483.9M | $399.3M | ||
| Q3 24 | $258.0M | $172.5M | ||
| Q2 24 | $255.3M | $670.9M | ||
| Q1 24 | $435.3M | $807.2M |
| Q4 25 | $429.6M | $21.5M | ||
| Q3 25 | $425.1M | $-726.5M | ||
| Q2 25 | $127.5M | $381.2M | ||
| Q1 25 | $380.7M | $-846.0M | ||
| Q4 24 | $399.2M | $155.8M | ||
| Q3 24 | $219.4M | $-195.5M | ||
| Q2 24 | $218.2M | $330.2M | ||
| Q1 24 | $402.1M | $548.3M |
| Q4 25 | 20.2% | 1.0% | ||
| Q3 25 | 24.0% | -24.7% | ||
| Q2 25 | 7.0% | 15.1% | ||
| Q1 25 | 24.8% | -39.8% | ||
| Q4 24 | 21.9% | 7.4% | ||
| Q3 24 | 13.8% | -7.0% | ||
| Q2 24 | 14.5% | 13.9% | ||
| Q1 24 | 29.1% | 25.0% |
| Q4 25 | 5.8% | 19.5% | ||
| Q3 25 | 3.4% | 32.8% | ||
| Q2 25 | 2.5% | 13.3% | ||
| Q1 25 | 2.6% | 71.7% | ||
| Q4 24 | 4.6% | 11.5% | ||
| Q3 24 | 2.4% | 13.1% | ||
| Q2 24 | 2.5% | 14.4% | ||
| Q1 24 | 2.4% | 11.8% |
| Q4 25 | 1.05× | 32.21× | ||
| Q3 25 | 1.21× | 0.56× | ||
| Q2 25 | 0.43× | 23.83× | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.11× | 1.57× | ||
| Q3 24 | 0.65× | 0.36× | ||
| Q2 24 | 0.85× | 4.10× | ||
| Q1 24 | 1.58× | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
