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Side-by-side financial comparison of Jefferies Financial Group Inc. (JEF) 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 $1.7B, roughly 1.3× Jefferies Financial Group Inc.). Jefferies Financial Group Inc. runs the higher net margin — 12.6% vs 0.6%, a 12.0% gap on every dollar of revenue. Jefferies Financial Group Inc. produced more free cash flow last quarter ($1.9B vs $21.5M).
Jefferies Financial Group Inc. is an American financial services company based in New York City. It is listed on the New York Stock Exchange and is a part of the Fortune 1000.
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.
JEF vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.7B | $2.2B |
| Net Profit | $211.3M | $14.3M |
| Gross Margin | 95.7% | 41.0% |
| Operating Margin | 15.2% | 8.3% |
| Net Margin | 12.6% | 0.6% |
| Revenue YoY | — | 6.4% |
| Net Profit YoY | — | -94.4% |
| EPS (diluted) | $0.85 | $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 | $1.7B | $2.2B | ||
| Q3 25 | $1.5B | $2.9B | ||
| Q2 25 | $1.2B | $2.5B | ||
| Q1 25 | $1.1B | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.0B | $2.4B | ||
| Q1 24 | $971.2M | $2.2B |
| Q4 25 | $211.3M | $14.3M | ||
| Q3 25 | $242.5M | $419.3M | ||
| Q2 25 | $91.4M | $30.0M | ||
| Q1 25 | $136.8M | $-40.3M | ||
| Q4 24 | — | $254.5M | ||
| Q3 24 | $181.0M | $474.9M | ||
| Q2 24 | $154.7M | $163.4M | ||
| Q1 24 | $156.4M | $17.4M |
| Q4 25 | 95.7% | 41.0% | ||
| Q3 25 | 97.7% | 47.1% | ||
| Q2 25 | 96.5% | 42.1% | ||
| Q1 25 | 96.4% | 38.7% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | 96.9% | 45.2% | ||
| Q2 24 | 96.4% | 38.7% | ||
| Q1 24 | 96.4% | 36.7% |
| Q4 25 | 15.2% | 8.3% | ||
| Q3 25 | 22.1% | 25.5% | ||
| Q2 25 | 11.0% | 16.8% | ||
| Q1 25 | 13.2% | 9.4% | ||
| Q4 24 | — | 10.2% | ||
| Q3 24 | 20.7% | 24.6% | ||
| Q2 24 | 22.0% | 14.4% | ||
| Q1 24 | 22.7% | 10.0% |
| Q4 25 | 12.6% | 0.6% | ||
| Q3 25 | 16.1% | 14.3% | ||
| Q2 25 | 7.4% | 1.2% | ||
| Q1 25 | 12.0% | -1.9% | ||
| Q4 24 | — | 12.1% | ||
| Q3 24 | 14.8% | 16.9% | ||
| Q2 24 | 14.9% | 6.9% | ||
| Q1 24 | 16.1% | 0.8% |
| Q4 25 | $0.85 | $0.08 | ||
| Q3 25 | $1.01 | $0.86 | ||
| Q2 25 | $0.40 | $0.07 | ||
| Q1 25 | $0.57 | $-0.09 | ||
| Q4 24 | — | $0.55 | ||
| Q3 24 | $0.75 | $0.95 | ||
| Q2 24 | $0.64 | $0.35 | ||
| Q1 24 | $0.66 | $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 | $14.0B | $209.9M |
| Total DebtLower is stronger | $15.9B | $13.7B |
| Stockholders' EquityBook value | $10.6B | $2.2B |
| Total Assets | $76.0B | $22.5B |
| Debt / EquityLower = less leverage | 1.50× | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.0B | $209.9M | ||
| Q3 25 | $11.5B | $166.8M | ||
| Q2 25 | $11.3B | $184.0M | ||
| Q1 25 | $11.2B | $184.4M | ||
| Q4 24 | — | $190.8M | ||
| Q3 24 | $10.6B | $332.5M | ||
| Q2 24 | $10.8B | $594.1M | ||
| Q1 24 | $7.6B | $559.8M |
| Q4 25 | $15.9B | $13.7B | ||
| Q3 25 | $16.0B | $13.6B | ||
| Q2 25 | $15.4B | $12.6B | ||
| Q1 25 | $14.8B | $12.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | $12.9B | $11.8B | ||
| Q2 24 | $12.7B | $11.9B | ||
| Q1 24 | $9.9B | $12.0B |
| Q4 25 | $10.6B | $2.2B | ||
| Q3 25 | $10.4B | $2.2B | ||
| Q2 25 | $10.3B | $1.6B | ||
| Q1 25 | $10.2B | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $10.0B | $1.1B | ||
| Q2 24 | $9.9B | $693.1M | ||
| Q1 24 | $9.8B | $362.1M |
| Q4 25 | $76.0B | $22.5B | ||
| Q3 25 | $69.3B | $22.2B | ||
| Q2 25 | $67.3B | $21.6B | ||
| Q1 25 | $70.2B | $21.4B | ||
| Q4 24 | — | $20.0B | ||
| Q3 24 | $63.3B | $19.8B | ||
| Q2 24 | $63.0B | $20.1B | ||
| Q1 24 | $60.9B | $19.8B |
| Q4 25 | 1.50× | 6.21× | ||
| Q3 25 | 1.53× | 6.22× | ||
| Q2 25 | 1.49× | 8.05× | ||
| Q1 25 | 1.45× | 9.09× | ||
| Q4 24 | — | 8.26× | ||
| Q3 24 | 1.29× | 10.35× | ||
| Q2 24 | 1.28× | 17.19× | ||
| Q1 24 | 1.01× | 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 | $2.0B | $459.1M |
| Free Cash FlowOCF − Capex | $1.9B | $21.5M |
| FCF MarginFCF / Revenue | 114.2% | 1.0% |
| Capex IntensityCapex / Revenue | 3.4% | 19.5% |
| Cash ConversionOCF / Net Profit | 9.30× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.7B | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $459.1M | ||
| Q3 25 | $184.2M | $236.6M | ||
| Q2 25 | $-978.3M | $714.9M | ||
| Q1 25 | $-2.7B | $679.2M | ||
| Q4 24 | — | $399.3M | ||
| Q3 24 | — | $172.5M | ||
| Q2 24 | — | $670.9M | ||
| Q1 24 | $-1.3B | $807.2M |
| Q4 25 | $1.9B | $21.5M | ||
| Q3 25 | $126.0M | $-726.5M | ||
| Q2 25 | $-1.0B | $381.2M | ||
| Q1 25 | $-2.7B | $-846.0M | ||
| Q4 24 | — | $155.8M | ||
| Q3 24 | — | $-195.5M | ||
| Q2 24 | — | $330.2M | ||
| Q1 24 | $-1.4B | $548.3M |
| Q4 25 | 114.2% | 1.0% | ||
| Q3 25 | 8.4% | -24.7% | ||
| Q2 25 | -83.3% | 15.1% | ||
| Q1 25 | -237.2% | -39.8% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | -7.0% | ||
| Q2 24 | — | 13.9% | ||
| Q1 24 | -139.4% | 25.0% |
| Q4 25 | 3.4% | 19.5% | ||
| Q3 25 | 3.9% | 32.8% | ||
| Q2 25 | 3.6% | 13.3% | ||
| Q1 25 | 4.3% | 71.7% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | 9.9% | 11.8% |
| Q4 25 | 9.30× | 32.21× | ||
| Q3 25 | 0.76× | 0.56× | ||
| Q2 25 | -10.70× | 23.83× | ||
| Q1 25 | -19.48× | — | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 0.36× | ||
| Q2 24 | — | 4.10× | ||
| Q1 24 | -8.04× | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JEF
| Investment Banking Underwriting | $555.6M | 33% |
| Principal Transactions Revenue | $378.3M | 23% |
| Commissions And Other Fees | $356.0M | 21% |
| Other | $177.8M | 11% |
| Internet Connection And Boadband Revenue | $57.0M | 3% |
| Other Sources Of Revenue Miscellaneous | $53.3M | 3% |
| Real Estate | $50.7M | 3% |
| Strategic Affiliates Revenue | $13.8M | 1% |
| Asset Management1 | $12.1M | 1% |
| Fixed Income Services | $1.6M | 0% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
