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Side-by-side financial comparison of Lineage, Inc. (LINE) 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× Lineage, Inc.). Norwegian Cruise Line Holdings runs the higher net margin — 0.6% vs -7.3%, a 7.9% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs 3.1%). Lineage, Inc. produced more free cash flow last quarter ($35.0M vs $21.5M).
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
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.
LINE vs NCLH — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $2.2B |
| Net Profit | $-100.0M | $14.3M |
| Gross Margin | 32.3% | 41.0% |
| Operating Margin | 2.5% | 8.3% |
| Net Margin | -7.3% | 0.6% |
| Revenue YoY | 3.1% | 6.4% |
| Net Profit YoY | 79.4% | -94.4% |
| EPS (diluted) | $-0.44 | $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 | — | $2.2B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $1.3B | $2.1B | ||
| Q4 24 | $1.3B | $2.1B | ||
| Q3 24 | $1.3B | $2.8B | ||
| Q2 24 | $1.3B | $2.4B | ||
| Q1 24 | $1.3B | $2.2B |
| Q4 25 | — | $14.3M | ||
| Q3 25 | $-100.0M | $419.3M | ||
| Q2 25 | $-6.0M | $30.0M | ||
| Q1 25 | $0 | $-40.3M | ||
| Q4 24 | $-71.0M | $254.5M | ||
| Q3 24 | $-485.0M | $474.9M | ||
| Q2 24 | $-68.0M | $163.4M | ||
| Q1 24 | $-40.0M | $17.4M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | 32.3% | 47.1% | ||
| Q2 25 | 31.9% | 42.1% | ||
| Q1 25 | 32.2% | 38.7% | ||
| Q4 24 | 32.3% | 38.0% | ||
| Q3 24 | 32.8% | 45.2% | ||
| Q2 24 | 33.4% | 38.7% | ||
| Q1 24 | 33.4% | 36.7% |
| Q4 25 | — | 8.3% | ||
| Q3 25 | 2.5% | 25.5% | ||
| Q2 25 | 1.7% | 16.8% | ||
| Q1 25 | 4.3% | 9.4% | ||
| Q4 24 | -1.6% | 10.2% | ||
| Q3 24 | -38.6% | 24.6% | ||
| Q2 24 | 5.5% | 14.4% | ||
| Q1 24 | 7.6% | 10.0% |
| Q4 25 | — | 0.6% | ||
| Q3 25 | -7.3% | 14.3% | ||
| Q2 25 | -0.4% | 1.2% | ||
| Q1 25 | — | -1.9% | ||
| Q4 24 | -5.3% | 12.1% | ||
| Q3 24 | -36.3% | 16.9% | ||
| Q2 24 | -5.1% | 6.9% | ||
| Q1 24 | -3.0% | 0.8% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | $-0.44 | $0.86 | ||
| Q2 25 | $-0.03 | $0.07 | ||
| Q1 25 | $0.01 | $-0.09 | ||
| Q4 24 | $-0.52 | $0.55 | ||
| Q3 24 | $-2.44 | $0.95 | ||
| Q2 24 | $-0.46 | $0.35 | ||
| Q1 24 | $-0.28 | $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 | — | $209.9M |
| Total DebtLower is stronger | — | $13.7B |
| Stockholders' EquityBook value | $8.4B | $2.2B |
| Total Assets | $19.2B | $22.5B |
| Debt / EquityLower = less leverage | — | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $209.9M | ||
| Q3 25 | — | $166.8M | ||
| Q2 25 | — | $184.0M | ||
| Q1 25 | — | $184.4M | ||
| Q4 24 | $173.0M | $190.8M | ||
| Q3 24 | $409.0M | $332.5M | ||
| Q2 24 | $73.0M | $594.1M | ||
| Q1 24 | — | $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 | — | $2.2B | ||
| Q3 25 | $8.4B | $2.2B | ||
| Q2 25 | $8.6B | $1.6B | ||
| Q1 25 | $8.6B | $1.4B | ||
| Q4 24 | $8.6B | $1.4B | ||
| Q3 24 | $9.0B | $1.1B | ||
| Q2 24 | $4.9B | $693.1M | ||
| Q1 24 | $5.6B | $362.1M |
| Q4 25 | — | $22.5B | ||
| Q3 25 | $19.2B | $22.2B | ||
| Q2 25 | $19.4B | $21.6B | ||
| Q1 25 | $18.8B | $21.4B | ||
| Q4 24 | $18.7B | $20.0B | ||
| Q3 24 | $19.3B | $19.8B | ||
| Q2 24 | $18.8B | $20.1B | ||
| Q1 24 | — | $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 | $230.0M | $459.1M |
| Free Cash FlowOCF − Capex | $35.0M | $21.5M |
| FCF MarginFCF / Revenue | 2.5% | 1.0% |
| Capex IntensityCapex / Revenue | 14.2% | 19.5% |
| Cash ConversionOCF / Net Profit | — | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $459.1M | ||
| Q3 25 | $230.0M | $236.6M | ||
| Q2 25 | $258.0M | $714.9M | ||
| Q1 25 | $139.0M | $679.2M | ||
| Q4 24 | — | $399.3M | ||
| Q3 24 | $186.0M | $172.5M | ||
| Q2 24 | $155.0M | $670.9M | ||
| Q1 24 | $105.0M | $807.2M |
| Q4 25 | — | $21.5M | ||
| Q3 25 | $35.0M | $-726.5M | ||
| Q2 25 | $95.0M | $381.2M | ||
| Q1 25 | $-12.0M | $-846.0M | ||
| Q4 24 | — | $155.8M | ||
| Q3 24 | $33.0M | $-195.5M | ||
| Q2 24 | $-31.0M | $330.2M | ||
| Q1 24 | $-42.0M | $548.3M |
| Q4 25 | — | 1.0% | ||
| Q3 25 | 2.5% | -24.7% | ||
| Q2 25 | 7.0% | 15.1% | ||
| Q1 25 | -0.9% | -39.8% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | 2.5% | -7.0% | ||
| Q2 24 | -2.3% | 13.9% | ||
| Q1 24 | -3.2% | 25.0% |
| Q4 25 | — | 19.5% | ||
| Q3 25 | 14.2% | 32.8% | ||
| Q2 25 | 12.1% | 13.3% | ||
| Q1 25 | 11.7% | 71.7% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | 11.5% | 13.1% | ||
| Q2 24 | 13.9% | 14.4% | ||
| Q1 24 | 11.1% | 11.8% |
| Q4 25 | — | 32.21× | ||
| Q3 25 | — | 0.56× | ||
| Q2 25 | — | 23.83× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 0.36× | ||
| Q2 24 | — | 4.10× | ||
| Q1 24 | — | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LINE
| Warehousing Operations | $883.0M | 64% |
| Other | $308.0M | 22% |
| Warehouse Lease | $60.0M | 4% |
| Food Sales | $52.0M | 4% |
| E Commerce And Other | $46.0M | 3% |
| Railcar Lease | $23.0M | 2% |
| Service Other | $5.0M | 0% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
