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Side-by-side financial comparison of KeyCorp (KEY) 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 $2.0B, roughly 1.1× KeyCorp). KeyCorp runs the higher net margin — 25.4% vs 0.6%, a 24.8% gap on every dollar of revenue. On growth, KeyCorp posted the faster year-over-year revenue change (131.8% vs 6.4%). KeyCorp produced more free cash flow last quarter ($2.1B vs $21.5M). Over the past eight quarters, KeyCorp's revenue compounded faster (14.4% CAGR vs 1.2%).
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
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.
KEY vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $2.2B |
| Net Profit | $510.0M | $14.3M |
| Gross Margin | — | 41.0% |
| Operating Margin | 32.3% | 8.3% |
| Net Margin | 25.4% | 0.6% |
| Revenue YoY | 131.8% | 6.4% |
| Net Profit YoY | 309.0% | -94.4% |
| EPS (diluted) | $0.43 | $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 | $2.0B | $2.2B | ||
| Q3 25 | $1.9B | $2.9B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $1.8B | $2.1B | ||
| Q4 24 | $865.0M | $2.1B | ||
| Q3 24 | $695.0M | $2.8B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $1.5B | $2.2B |
| Q4 25 | $510.0M | $14.3M | ||
| Q3 25 | $489.0M | $419.3M | ||
| Q2 25 | $425.0M | $30.0M | ||
| Q1 25 | $405.0M | $-40.3M | ||
| Q4 24 | $-244.0M | $254.5M | ||
| Q3 24 | $-410.0M | $474.9M | ||
| Q2 24 | $274.0M | $163.4M | ||
| Q1 24 | $219.0M | $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 | 32.3% | 8.3% | ||
| Q3 25 | 31.8% | 25.5% | ||
| Q2 25 | 29.3% | 16.8% | ||
| Q1 25 | 29.0% | 9.4% | ||
| Q4 24 | -92.6% | 10.2% | ||
| Q3 24 | -72.8% | 24.6% | ||
| Q2 24 | 22.0% | 14.4% | ||
| Q1 24 | 18.1% | 10.0% |
| Q4 25 | 25.4% | 0.6% | ||
| Q3 25 | 25.8% | 14.3% | ||
| Q2 25 | 23.1% | 1.2% | ||
| Q1 25 | 22.8% | -1.9% | ||
| Q4 24 | -54.7% | 12.1% | ||
| Q3 24 | -59.0% | 16.9% | ||
| Q2 24 | 18.0% | 6.9% | ||
| Q1 24 | 14.3% | 0.8% |
| Q4 25 | $0.43 | $0.08 | ||
| Q3 25 | $0.41 | $0.86 | ||
| Q2 25 | $0.35 | $0.07 | ||
| Q1 25 | $0.33 | $-0.09 | ||
| Q4 24 | $-0.30 | $0.55 | ||
| Q3 24 | $-0.47 | $0.95 | ||
| Q2 24 | $0.25 | $0.35 | ||
| Q1 24 | $0.20 | $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 | $10.2B | $209.9M |
| Total DebtLower is stronger | $9.9B | $13.7B |
| Stockholders' EquityBook value | $20.4B | $2.2B |
| Total Assets | $184.4B | $22.5B |
| Debt / EquityLower = less leverage | 0.49× | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.2B | $209.9M | ||
| Q3 25 | $13.3B | $166.8M | ||
| Q2 25 | $11.6B | $184.0M | ||
| Q1 25 | $15.3B | $184.4M | ||
| Q4 24 | $17.5B | $190.8M | ||
| Q3 24 | $22.8B | $332.5M | ||
| Q2 24 | $15.5B | $594.1M | ||
| Q1 24 | $13.2B | $559.8M |
| Q4 25 | $9.9B | $13.7B | ||
| Q3 25 | $10.9B | $13.6B | ||
| Q2 25 | $12.1B | $12.6B | ||
| Q1 25 | $12.4B | $12.9B | ||
| Q4 24 | $12.1B | $11.8B | ||
| Q3 24 | $15.7B | $11.8B | ||
| Q2 24 | $16.9B | $11.9B | ||
| Q1 24 | $20.8B | $12.0B |
| Q4 25 | $20.4B | $2.2B | ||
| Q3 25 | $20.1B | $2.2B | ||
| Q2 25 | $19.5B | $1.6B | ||
| Q1 25 | $19.0B | $1.4B | ||
| Q4 24 | $18.2B | $1.4B | ||
| Q3 24 | $16.9B | $1.1B | ||
| Q2 24 | $14.8B | $693.1M | ||
| Q1 24 | $14.5B | $362.1M |
| Q4 25 | $184.4B | $22.5B | ||
| Q3 25 | $187.4B | $22.2B | ||
| Q2 25 | $185.5B | $21.6B | ||
| Q1 25 | $188.7B | $21.4B | ||
| Q4 24 | $187.2B | $20.0B | ||
| Q3 24 | $189.8B | $19.8B | ||
| Q2 24 | $187.4B | $20.1B | ||
| Q1 24 | $187.5B | $19.8B |
| Q4 25 | 0.49× | 6.21× | ||
| Q3 25 | 0.54× | 6.22× | ||
| Q2 25 | 0.62× | 8.05× | ||
| Q1 25 | 0.65× | 9.09× | ||
| Q4 24 | 0.67× | 8.26× | ||
| Q3 24 | 0.93× | 10.35× | ||
| Q2 24 | 1.14× | 17.19× | ||
| Q1 24 | 1.43× | 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 | $2.2B | $459.1M |
| Free Cash FlowOCF − Capex | $2.1B | $21.5M |
| FCF MarginFCF / Revenue | 104.8% | 1.0% |
| Capex IntensityCapex / Revenue | 5.3% | 19.5% |
| Cash ConversionOCF / Net Profit | 4.33× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $3.5B | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.2B | $459.1M | ||
| Q3 25 | $396.0M | $236.6M | ||
| Q2 25 | $1.2B | $714.9M | ||
| Q1 25 | $-140.0M | $679.2M | ||
| Q4 24 | $664.0M | $399.3M | ||
| Q3 24 | $-1.2B | $172.5M | ||
| Q2 24 | $-217.0M | $670.9M | ||
| Q1 24 | $359.0M | $807.2M |
| Q4 25 | $2.1B | $21.5M | ||
| Q3 25 | $367.0M | $-726.5M | ||
| Q2 25 | $1.2B | $381.2M | ||
| Q1 25 | $-150.0M | $-846.0M | ||
| Q4 24 | $599.0M | $155.8M | ||
| Q3 24 | $-1.2B | $-195.5M | ||
| Q2 24 | $-230.0M | $330.2M | ||
| Q1 24 | $347.0M | $548.3M |
| Q4 25 | 104.8% | 1.0% | ||
| Q3 25 | 19.4% | -24.7% | ||
| Q2 25 | 65.8% | 15.1% | ||
| Q1 25 | -8.5% | -39.8% | ||
| Q4 24 | 69.2% | 7.4% | ||
| Q3 24 | -175.8% | -7.0% | ||
| Q2 24 | -15.1% | 13.9% | ||
| Q1 24 | 22.6% | 25.0% |
| Q4 25 | 5.3% | 19.5% | ||
| Q3 25 | 1.5% | 32.8% | ||
| Q2 25 | 1.3% | 13.3% | ||
| Q1 25 | 0.6% | 71.7% | ||
| Q4 24 | 7.5% | 11.5% | ||
| Q3 24 | 2.4% | 13.1% | ||
| Q2 24 | 0.9% | 14.4% | ||
| Q1 24 | 0.8% | 11.8% |
| Q4 25 | 4.33× | 32.21× | ||
| Q3 25 | 0.81× | 0.56× | ||
| Q2 25 | 2.90× | 23.83× | ||
| Q1 25 | -0.35× | — | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 0.36× | ||
| Q2 24 | -0.79× | 4.10× | ||
| Q1 24 | 1.64× | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KEY
Segment breakdown not available.
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
