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Side-by-side financial comparison of Keysight Technologies (KEYS) 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 $1.4B, roughly 1.6× Keysight Technologies). Keysight Technologies runs the higher net margin — 16.4% vs 0.6%, a 15.8% gap on every dollar of revenue. On growth, Keysight Technologies posted the faster year-over-year revenue change (10.3% vs 6.4%). Keysight Technologies produced more free cash flow last quarter ($187.0M vs $21.5M). Over the past eight quarters, Keysight Technologies's revenue compounded faster (6.2% CAGR vs 1.2%).
Keysight Technologies, Inc. is an American company that manufactures electronics test and measurement equipment and software. The company was formed as a spin-off of Agilent Technologies, which inherited and rebranded the test and measurement product lines developed and produced, from the late 1960s to the turn of the millennium, by Hewlett-Packard's Test and Measurement division. Its name is a portmanteau of key and insight.
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.
KEYS vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $2.2B |
| Net Profit | $233.0M | $14.3M |
| Gross Margin | 61.2% | 41.0% |
| Operating Margin | 15.3% | 8.3% |
| Net Margin | 16.4% | 0.6% |
| Revenue YoY | 10.3% | 6.4% |
| Net Profit YoY | 419.2% | -94.4% |
| EPS (diluted) | $1.35 | $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 | $1.4B | $2.2B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $1.3B | $2.5B | ||
| Q1 25 | $1.3B | $2.1B | ||
| Q4 24 | $1.3B | $2.1B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.2B | $2.4B | ||
| Q1 24 | $1.3B | $2.2B |
| Q4 25 | $233.0M | $14.3M | ||
| Q3 25 | $191.0M | $419.3M | ||
| Q2 25 | $257.0M | $30.0M | ||
| Q1 25 | $169.0M | $-40.3M | ||
| Q4 24 | $-73.0M | $254.5M | ||
| Q3 24 | $389.0M | $474.9M | ||
| Q2 24 | $126.0M | $163.4M | ||
| Q1 24 | $172.0M | $17.4M |
| Q4 25 | 61.2% | 41.0% | ||
| Q3 25 | 61.7% | 47.1% | ||
| Q2 25 | 62.3% | 42.1% | ||
| Q1 25 | 63.2% | 38.7% | ||
| Q4 24 | 62.3% | 38.0% | ||
| Q3 24 | 62.0% | 45.2% | ||
| Q2 24 | 62.7% | 38.7% | ||
| Q1 24 | 64.6% | 36.7% |
| Q4 25 | 15.3% | 8.3% | ||
| Q3 25 | 17.3% | 25.5% | ||
| Q2 25 | 15.8% | 16.8% | ||
| Q1 25 | 16.8% | 9.4% | ||
| Q4 24 | 17.9% | 10.2% | ||
| Q3 24 | 16.8% | 24.6% | ||
| Q2 24 | 14.6% | 14.4% | ||
| Q1 24 | 17.6% | 10.0% |
| Q4 25 | 16.4% | 0.6% | ||
| Q3 25 | 14.1% | 14.3% | ||
| Q2 25 | 19.7% | 1.2% | ||
| Q1 25 | 13.0% | -1.9% | ||
| Q4 24 | -5.7% | 12.1% | ||
| Q3 24 | 32.0% | 16.9% | ||
| Q2 24 | 10.4% | 6.9% | ||
| Q1 24 | 13.7% | 0.8% |
| Q4 25 | $1.35 | $0.08 | ||
| Q3 25 | $1.10 | $0.86 | ||
| Q2 25 | $1.49 | $0.07 | ||
| Q1 25 | $0.97 | $-0.09 | ||
| Q4 24 | $-0.41 | $0.55 | ||
| Q3 24 | $2.22 | $0.95 | ||
| Q2 24 | $0.72 | $0.35 | ||
| Q1 24 | $0.98 | $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 | $1.9B | $209.9M |
| Total DebtLower is stronger | $2.5B | $13.7B |
| Stockholders' EquityBook value | $5.9B | $2.2B |
| Total Assets | $11.3B | $22.5B |
| Debt / EquityLower = less leverage | 0.43× | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $209.9M | ||
| Q3 25 | $2.6B | $166.8M | ||
| Q2 25 | $3.1B | $184.0M | ||
| Q1 25 | $2.1B | $184.4M | ||
| Q4 24 | $1.8B | $190.8M | ||
| Q3 24 | $1.6B | $332.5M | ||
| Q2 24 | $1.7B | $594.1M | ||
| Q1 24 | $1.7B | $559.8M |
| Q4 25 | $2.5B | $13.7B | ||
| Q3 25 | $2.5B | $13.6B | ||
| Q2 25 | $2.5B | $12.6B | ||
| Q1 25 | $1.8B | $12.9B | ||
| Q4 24 | $1.8B | $11.8B | ||
| Q3 24 | $1.8B | $11.8B | ||
| Q2 24 | $1.8B | $11.9B | ||
| Q1 24 | $1.8B | $12.0B |
| Q4 25 | $5.9B | $2.2B | ||
| Q3 25 | $5.7B | $2.2B | ||
| Q2 25 | $5.5B | $1.6B | ||
| Q1 25 | $5.2B | $1.4B | ||
| Q4 24 | $5.1B | $1.4B | ||
| Q3 24 | $5.2B | $1.1B | ||
| Q2 24 | $4.9B | $693.1M | ||
| Q1 24 | $4.8B | $362.1M |
| Q4 25 | $11.3B | $22.5B | ||
| Q3 25 | $10.7B | $22.2B | ||
| Q2 25 | $10.5B | $21.6B | ||
| Q1 25 | $9.4B | $21.4B | ||
| Q4 24 | $9.3B | $20.0B | ||
| Q3 24 | $9.3B | $19.8B | ||
| Q2 24 | $9.0B | $20.1B | ||
| Q1 24 | $9.1B | $19.8B |
| Q4 25 | 0.43× | 6.21× | ||
| Q3 25 | 0.45× | 6.22× | ||
| Q2 25 | 0.46× | 8.05× | ||
| Q1 25 | 0.35× | 9.09× | ||
| Q4 24 | 0.35× | 8.26× | ||
| Q3 24 | 0.34× | 10.35× | ||
| Q2 24 | 0.37× | 17.19× | ||
| Q1 24 | 0.38× | 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 | $225.0M | $459.1M |
| Free Cash FlowOCF − Capex | $187.0M | $21.5M |
| FCF MarginFCF / Revenue | 13.2% | 1.0% |
| Capex IntensityCapex / Revenue | 2.7% | 19.5% |
| Cash ConversionOCF / Net Profit | 0.97× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $225.0M | $459.1M | ||
| Q3 25 | $322.0M | $236.6M | ||
| Q2 25 | $484.0M | $714.9M | ||
| Q1 25 | $378.0M | $679.2M | ||
| Q4 24 | $359.0M | $399.3M | ||
| Q3 24 | $255.0M | $172.5M | ||
| Q2 24 | $110.0M | $670.9M | ||
| Q1 24 | $328.0M | $807.2M |
| Q4 25 | $187.0M | $21.5M | ||
| Q3 25 | $291.0M | $-726.5M | ||
| Q2 25 | $457.0M | $381.2M | ||
| Q1 25 | $346.0M | $-846.0M | ||
| Q4 24 | $321.0M | $155.8M | ||
| Q3 24 | $222.0M | $-195.5M | ||
| Q2 24 | $74.0M | $330.2M | ||
| Q1 24 | $281.0M | $548.3M |
| Q4 25 | 13.2% | 1.0% | ||
| Q3 25 | 21.5% | -24.7% | ||
| Q2 25 | 35.0% | 15.1% | ||
| Q1 25 | 26.7% | -39.8% | ||
| Q4 24 | 24.9% | 7.4% | ||
| Q3 24 | 18.2% | -7.0% | ||
| Q2 24 | 6.1% | 13.9% | ||
| Q1 24 | 22.3% | 25.0% |
| Q4 25 | 2.7% | 19.5% | ||
| Q3 25 | 2.3% | 32.8% | ||
| Q2 25 | 2.1% | 13.3% | ||
| Q1 25 | 2.5% | 71.7% | ||
| Q4 24 | 3.0% | 11.5% | ||
| Q3 24 | 2.7% | 13.1% | ||
| Q2 24 | 3.0% | 14.4% | ||
| Q1 24 | 3.7% | 11.8% |
| Q4 25 | 0.97× | 32.21× | ||
| Q3 25 | 1.69× | 0.56× | ||
| Q2 25 | 1.88× | 23.83× | ||
| Q1 25 | 2.24× | — | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | 0.66× | 0.36× | ||
| Q2 24 | 0.87× | 4.10× | ||
| Q1 24 | 1.91× | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
