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Side-by-side financial comparison of LANDSTAR SYSTEM INC (LSTR) 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 $1.2B, roughly 1.9× LANDSTAR SYSTEM INC). LANDSTAR SYSTEM INC runs the higher net margin — 2.0% vs 0.6%, a 1.4% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs -2.9%). LANDSTAR SYSTEM INC produced more free cash flow last quarter ($70.5M vs $21.5M). Over the past eight quarters, Norwegian Cruise Line Holdings's revenue compounded faster (1.2% CAGR vs 0.1%).
Landstar System, Inc. is an American transportation services company specializing in logistics and, more specifically, third-party logistics. Landstar utilizes an extensive network of over 8,800 independent owner-operators, referred to internally as business capacity owners (BCOs), over 1,000 independent freight agents, and over 70,000 vetted carriers. Landstar provides services principally throughout the United States and to a lesser extent in Canada and between the U.S. and Canada, Mexico, ...
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.
LSTR vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.2B |
| Net Profit | $23.9M | $14.3M |
| Gross Margin | — | 41.0% |
| Operating Margin | 2.5% | 8.3% |
| Net Margin | 2.0% | 0.6% |
| Revenue YoY | -2.9% | 6.4% |
| Net Profit YoY | -48.2% | -94.4% |
| EPS (diluted) | $0.70 | $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 | $1.2B | $2.2B | ||
| Q3 25 | $1.2B | $2.9B | ||
| Q2 25 | $1.2B | $2.5B | ||
| Q1 25 | $1.2B | $2.1B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.2B | $2.4B | ||
| Q1 24 | $1.2B | $2.2B |
| Q4 25 | $23.9M | $14.3M | ||
| Q3 25 | $19.4M | $419.3M | ||
| Q2 25 | $41.9M | $30.0M | ||
| Q1 25 | $29.8M | $-40.3M | ||
| Q4 24 | $46.2M | $254.5M | ||
| Q3 24 | $50.0M | $474.9M | ||
| Q2 24 | $52.6M | $163.4M | ||
| Q1 24 | $47.1M | $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 | 2.5% | 8.3% | ||
| Q3 25 | 2.2% | 25.5% | ||
| Q2 25 | 4.6% | 16.8% | ||
| Q1 25 | 3.4% | 9.4% | ||
| Q4 24 | 4.8% | 10.2% | ||
| Q3 24 | 5.2% | 24.6% | ||
| Q2 24 | 5.6% | 14.4% | ||
| Q1 24 | 5.1% | 10.0% |
| Q4 25 | 2.0% | 0.6% | ||
| Q3 25 | 1.6% | 14.3% | ||
| Q2 25 | 3.5% | 1.2% | ||
| Q1 25 | 2.6% | -1.9% | ||
| Q4 24 | 3.8% | 12.1% | ||
| Q3 24 | 4.1% | 16.9% | ||
| Q2 24 | 4.3% | 6.9% | ||
| Q1 24 | 4.0% | 0.8% |
| Q4 25 | $0.70 | $0.08 | ||
| Q3 25 | $0.56 | $0.86 | ||
| Q2 25 | $1.20 | $0.07 | ||
| Q1 25 | $0.85 | $-0.09 | ||
| Q4 24 | $1.30 | $0.55 | ||
| Q3 24 | $1.41 | $0.95 | ||
| Q2 24 | $1.48 | $0.35 | ||
| Q1 24 | $1.32 | $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 | $452.2M | $209.9M |
| Total DebtLower is stronger | $0 | $13.7B |
| Stockholders' EquityBook value | $795.7M | $2.2B |
| Total Assets | $1.6B | $22.5B |
| Debt / EquityLower = less leverage | 0.00× | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $452.2M | $209.9M | ||
| Q3 25 | $434.4M | $166.8M | ||
| Q2 25 | $426.2M | $184.0M | ||
| Q1 25 | $473.4M | $184.4M | ||
| Q4 24 | $566.6M | $190.8M | ||
| Q3 24 | $531.3M | $332.5M | ||
| Q2 24 | $504.0M | $594.1M | ||
| Q1 24 | $530.5M | $559.8M |
| Q4 25 | $0 | $13.7B | ||
| Q3 25 | $0 | $13.6B | ||
| Q2 25 | $0 | $12.6B | ||
| Q1 25 | $0 | $12.9B | ||
| Q4 24 | $0 | $11.8B | ||
| Q3 24 | $0 | $11.8B | ||
| Q2 24 | $0 | $11.9B | ||
| Q1 24 | $0 | $12.0B |
| Q4 25 | $795.7M | $2.2B | ||
| Q3 25 | $888.7M | $2.2B | ||
| Q2 25 | $921.8M | $1.6B | ||
| Q1 25 | $930.8M | $1.4B | ||
| Q4 24 | $972.4M | $1.4B | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $1.0B | $693.1M | ||
| Q1 24 | $1.0B | $362.1M |
| Q4 25 | $1.6B | $22.5B | ||
| Q3 25 | $1.7B | $22.2B | ||
| Q2 25 | $1.7B | $21.6B | ||
| Q1 25 | $1.7B | $21.4B | ||
| Q4 24 | $1.8B | $20.0B | ||
| Q3 24 | $1.8B | $19.8B | ||
| Q2 24 | $1.8B | $20.1B | ||
| Q1 24 | $1.7B | $19.8B |
| Q4 25 | 0.00× | 6.21× | ||
| Q3 25 | 0.00× | 6.22× | ||
| Q2 25 | 0.00× | 8.05× | ||
| Q1 25 | 0.00× | 9.09× | ||
| Q4 24 | 0.00× | 8.26× | ||
| Q3 24 | 0.00× | 10.35× | ||
| Q2 24 | 0.00× | 17.19× | ||
| Q1 24 | 0.00× | 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 | $72.7M | $459.1M |
| Free Cash FlowOCF − Capex | $70.5M | $21.5M |
| FCF MarginFCF / Revenue | 6.0% | 1.0% |
| Capex IntensityCapex / Revenue | 0.2% | 19.5% |
| Cash ConversionOCF / Net Profit | 3.04× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $215.0M | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.7M | $459.1M | ||
| Q3 25 | $89.3M | $236.6M | ||
| Q2 25 | $7.1M | $714.9M | ||
| Q1 25 | $55.7M | $679.2M | ||
| Q4 24 | $61.1M | $399.3M | ||
| Q3 24 | $83.1M | $172.5M | ||
| Q2 24 | $48.1M | $670.9M | ||
| Q1 24 | $94.2M | $807.2M |
| Q4 25 | $70.5M | $21.5M | ||
| Q3 25 | $86.0M | $-726.5M | ||
| Q2 25 | $4.7M | $381.2M | ||
| Q1 25 | $53.8M | $-846.0M | ||
| Q4 24 | $54.4M | $155.8M | ||
| Q3 24 | $75.6M | $-195.5M | ||
| Q2 24 | $40.6M | $330.2M | ||
| Q1 24 | $84.9M | $548.3M |
| Q4 25 | 6.0% | 1.0% | ||
| Q3 25 | 7.1% | -24.7% | ||
| Q2 25 | 0.4% | 15.1% | ||
| Q1 25 | 4.7% | -39.8% | ||
| Q4 24 | 4.5% | 7.4% | ||
| Q3 24 | 6.2% | -7.0% | ||
| Q2 24 | 3.3% | 13.9% | ||
| Q1 24 | 7.3% | 25.0% |
| Q4 25 | 0.2% | 19.5% | ||
| Q3 25 | 0.3% | 32.8% | ||
| Q2 25 | 0.2% | 13.3% | ||
| Q1 25 | 0.2% | 71.7% | ||
| Q4 24 | 0.6% | 11.5% | ||
| Q3 24 | 0.6% | 13.1% | ||
| Q2 24 | 0.6% | 14.4% | ||
| Q1 24 | 0.8% | 11.8% |
| Q4 25 | 3.04× | 32.21× | ||
| Q3 25 | 4.61× | 0.56× | ||
| Q2 25 | 0.17× | 23.83× | ||
| Q1 25 | 1.87× | — | ||
| Q4 24 | 1.32× | 1.57× | ||
| Q3 24 | 1.66× | 0.36× | ||
| Q2 24 | 0.91× | 4.10× | ||
| Q1 24 | 2.00× | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LSTR
| Transportation Logistics | $1.2B | 99% |
| Insurance | $14.6M | 1% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
