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Side-by-side financial comparison of Lineage, Inc. (LINE) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
Lineage, Inc. is the larger business by last-quarter revenue ($1.4B vs $997.0M, roughly 1.4× Frontier Group Holdings, Inc.). Frontier Group Holdings, Inc. runs the higher net margin — 5.3% vs -7.3%, a 12.6% gap on every dollar of revenue. On growth, Lineage, Inc. posted the faster year-over-year revenue change (3.1% vs -0.5%). Lineage, Inc. produced more free cash flow last quarter ($35.0M vs $-113.0M).
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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
LINE vs ULCC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $997.0M |
| Net Profit | $-100.0M | $53.0M |
| Gross Margin | 32.3% | — |
| Operating Margin | 2.5% | 4.9% |
| Net Margin | -7.3% | 5.3% |
| Revenue YoY | 3.1% | -0.5% |
| Net Profit YoY | 79.4% | -1.9% |
| EPS (diluted) | $-0.44 | $0.24 |
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 | — | $997.0M | ||
| Q3 25 | $1.4B | $886.0M | ||
| Q2 25 | $1.4B | $929.0M | ||
| Q1 25 | $1.3B | $912.0M | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $935.0M | ||
| Q2 24 | $1.3B | $973.0M | ||
| Q1 24 | $1.3B | $865.0M |
| Q4 25 | — | $53.0M | ||
| Q3 25 | $-100.0M | $-77.0M | ||
| Q2 25 | $-6.0M | $-70.0M | ||
| Q1 25 | $0 | $-43.0M | ||
| Q4 24 | $-71.0M | $54.0M | ||
| Q3 24 | $-485.0M | $26.0M | ||
| Q2 24 | $-68.0M | $31.0M | ||
| Q1 24 | $-40.0M | $-26.0M |
| Q4 25 | — | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 31.9% | — | ||
| Q1 25 | 32.2% | — | ||
| Q4 24 | 32.3% | — | ||
| Q3 24 | 32.8% | — | ||
| Q2 24 | 33.4% | — | ||
| Q1 24 | 33.4% | — |
| Q4 25 | — | 4.9% | ||
| Q3 25 | 2.5% | -8.7% | ||
| Q2 25 | 1.7% | -8.1% | ||
| Q1 25 | 4.3% | -5.0% | ||
| Q4 24 | -1.6% | 4.5% | ||
| Q3 24 | -38.6% | 2.0% | ||
| Q2 24 | 5.5% | 2.6% | ||
| Q1 24 | 7.6% | -3.6% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | -7.3% | -8.7% | ||
| Q2 25 | -0.4% | -7.5% | ||
| Q1 25 | — | -4.7% | ||
| Q4 24 | -5.3% | 5.4% | ||
| Q3 24 | -36.3% | 2.8% | ||
| Q2 24 | -5.1% | 3.2% | ||
| Q1 24 | -3.0% | -3.0% |
| Q4 25 | — | $0.24 | ||
| Q3 25 | $-0.44 | $-0.34 | ||
| Q2 25 | $-0.03 | $-0.31 | ||
| Q1 25 | $0.01 | $-0.19 | ||
| Q4 24 | $-0.52 | $0.24 | ||
| Q3 24 | $-2.44 | $0.11 | ||
| Q2 24 | $-0.46 | $0.14 | ||
| Q1 24 | $-0.28 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $671.0M |
| Total DebtLower is stronger | — | $620.0M |
| Stockholders' EquityBook value | $8.4B | $491.0M |
| Total Assets | $19.2B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $671.0M | ||
| Q3 25 | — | $566.0M | ||
| Q2 25 | — | $563.0M | ||
| Q1 25 | — | $686.0M | ||
| Q4 24 | $173.0M | $740.0M | ||
| Q3 24 | $409.0M | $576.0M | ||
| Q2 24 | $73.0M | $658.0M | ||
| Q1 24 | — | $622.0M |
| Q4 25 | — | $620.0M | ||
| Q3 25 | — | $673.0M | ||
| Q2 25 | — | $565.0M | ||
| Q1 25 | — | $512.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M | ||
| Q1 24 | — | $469.0M |
| Q4 25 | — | $491.0M | ||
| Q3 25 | $8.4B | $434.0M | ||
| Q2 25 | $8.6B | $506.0M | ||
| Q1 25 | $8.6B | $570.0M | ||
| Q4 24 | $8.6B | $604.0M | ||
| Q3 24 | $9.0B | $549.0M | ||
| Q2 24 | $4.9B | $520.0M | ||
| Q1 24 | $5.6B | $484.0M |
| Q4 25 | — | $7.2B | ||
| Q3 25 | $19.2B | $6.7B | ||
| Q2 25 | $19.4B | $6.5B | ||
| Q1 25 | $18.8B | $6.5B | ||
| Q4 24 | $18.7B | $6.2B | ||
| Q3 24 | $19.3B | $5.8B | ||
| Q2 24 | $18.8B | $5.7B | ||
| Q1 24 | — | $5.2B |
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 0.97× |
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 | $-91.0M |
| Free Cash FlowOCF − Capex | $35.0M | $-113.0M |
| FCF MarginFCF / Revenue | 2.5% | -11.3% |
| Capex IntensityCapex / Revenue | 14.2% | 2.2% |
| Cash ConversionOCF / Net Profit | — | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-91.0M | ||
| Q3 25 | $230.0M | $-215.0M | ||
| Q2 25 | $258.0M | $-133.0M | ||
| Q1 25 | $139.0M | $-86.0M | ||
| Q4 24 | — | $87.0M | ||
| Q3 24 | $186.0M | $-156.0M | ||
| Q2 24 | $155.0M | $9.0M | ||
| Q1 24 | $105.0M | $-22.0M |
| Q4 25 | — | $-113.0M | ||
| Q3 25 | $35.0M | $-217.0M | ||
| Q2 25 | $95.0M | $-166.0M | ||
| Q1 25 | $-12.0M | $-104.0M | ||
| Q4 24 | — | $73.0M | ||
| Q3 24 | $33.0M | $-170.0M | ||
| Q2 24 | $-31.0M | $-22.0M | ||
| Q1 24 | $-42.0M | $-39.0M |
| Q4 25 | — | -11.3% | ||
| Q3 25 | 2.5% | -24.5% | ||
| Q2 25 | 7.0% | -17.9% | ||
| Q1 25 | -0.9% | -11.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | 2.5% | -18.2% | ||
| Q2 24 | -2.3% | -2.3% | ||
| Q1 24 | -3.2% | -4.5% |
| Q4 25 | — | 2.2% | ||
| Q3 25 | 14.2% | 0.2% | ||
| Q2 25 | 12.1% | 3.6% | ||
| Q1 25 | 11.7% | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 11.5% | 1.5% | ||
| Q2 24 | 13.9% | 3.2% | ||
| Q1 24 | 11.1% | 2.0% |
| Q4 25 | — | -1.72× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | -6.00× | ||
| Q2 24 | — | 0.29× | ||
| Q1 24 | — | — |
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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
