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Side-by-side financial comparison of M/I HOMES, INC. (MHO) 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 $1.1B, roughly 2.0× M/I HOMES, INC.). M/I HOMES, INC. runs the higher net margin — 5.6% vs 0.6%, a 4.9% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs -4.8%). Norwegian Cruise Line Holdings produced more free cash flow last quarter ($21.5M vs $-13.0M). Over the past eight quarters, M/I HOMES, INC.'s revenue compounded faster (4.7% CAGR vs 1.2%).
M/I Homes, Inc. is a leading U.S. residential construction company that designs, builds and sells single-family homes, townhomes and duplexes across multiple U.S. states. It caters to entry-level, move-up and luxury homebuyers, offering energy-efficient designs, flexible floor plans and personalized customization options.
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.
MHO vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $2.2B |
| Net Profit | $64.0M | $14.3M |
| Gross Margin | 17.4% | 41.0% |
| Operating Margin | 6.5% | 8.3% |
| Net Margin | 5.6% | 0.6% |
| Revenue YoY | -4.8% | 6.4% |
| Net Profit YoY | -52.1% | -94.4% |
| EPS (diluted) | $2.42 | $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 | $1.1B | $2.2B | ||
| Q3 25 | $1.1B | $2.9B | ||
| Q2 25 | $1.2B | $2.5B | ||
| Q1 25 | $976.1M | $2.1B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.1B | $2.8B | ||
| Q2 24 | $1.1B | $2.4B | ||
| Q1 24 | $1.0B | $2.2B |
| Q4 25 | $64.0M | $14.3M | ||
| Q3 25 | $106.5M | $419.3M | ||
| Q2 25 | $121.2M | $30.0M | ||
| Q1 25 | $111.2M | $-40.3M | ||
| Q4 24 | $133.5M | $254.5M | ||
| Q3 24 | $145.4M | $474.9M | ||
| Q2 24 | $146.7M | $163.4M | ||
| Q1 24 | $138.1M | $17.4M |
| Q4 25 | 17.4% | 41.0% | ||
| Q3 25 | 24.5% | 47.1% | ||
| Q2 25 | 24.7% | 42.1% | ||
| Q1 25 | 25.9% | 38.7% | ||
| Q4 24 | 24.6% | 38.0% | ||
| Q3 24 | 27.1% | 45.2% | ||
| Q2 24 | 27.9% | 38.7% | ||
| Q1 24 | 27.1% | 36.7% |
| Q4 25 | 6.5% | 8.3% | ||
| Q3 25 | 12.0% | 25.5% | ||
| Q2 25 | 13.4% | 16.8% | ||
| Q1 25 | 14.4% | 9.4% | ||
| Q4 24 | 13.6% | 10.2% | ||
| Q3 24 | 15.9% | 24.6% | ||
| Q2 24 | 16.8% | 14.4% | ||
| Q1 24 | 16.6% | 10.0% |
| Q4 25 | 5.6% | 0.6% | ||
| Q3 25 | 9.4% | 14.3% | ||
| Q2 25 | 10.4% | 1.2% | ||
| Q1 25 | 11.4% | -1.9% | ||
| Q4 24 | 11.1% | 12.1% | ||
| Q3 24 | 12.7% | 16.9% | ||
| Q2 24 | 13.2% | 6.9% | ||
| Q1 24 | 13.2% | 0.8% |
| Q4 25 | $2.42 | $0.08 | ||
| Q3 25 | $3.92 | $0.86 | ||
| Q2 25 | $4.42 | $0.07 | ||
| Q1 25 | $3.98 | $-0.09 | ||
| Q4 24 | $4.71 | $0.55 | ||
| Q3 24 | $5.10 | $0.95 | ||
| Q2 24 | $5.12 | $0.35 | ||
| Q1 24 | $4.78 | $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 | $3.2B | $2.2B |
| Total Assets | $4.8B | $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 | — | $190.8M | ||
| Q3 24 | — | $332.5M | ||
| Q2 24 | — | $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 | $3.2B | $2.2B | ||
| Q3 25 | $3.1B | $2.2B | ||
| Q2 25 | $3.1B | $1.6B | ||
| Q1 25 | $3.0B | $1.4B | ||
| Q4 24 | $2.9B | $1.4B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.7B | $693.1M | ||
| Q1 24 | $2.6B | $362.1M |
| Q4 25 | $4.8B | $22.5B | ||
| Q3 25 | $4.8B | $22.2B | ||
| Q2 25 | $4.7B | $21.6B | ||
| Q1 25 | $4.6B | $21.4B | ||
| Q4 24 | $4.5B | $20.0B | ||
| Q3 24 | $4.5B | $19.8B | ||
| Q2 24 | $4.3B | $20.1B | ||
| Q1 24 | $4.2B | $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 | $-8.7M | $459.1M |
| Free Cash FlowOCF − Capex | $-13.0M | $21.5M |
| FCF MarginFCF / Revenue | -1.1% | 1.0% |
| Capex IntensityCapex / Revenue | 0.4% | 19.5% |
| Cash ConversionOCF / Net Profit | -0.14× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $127.7M | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.7M | $459.1M | ||
| Q3 25 | $43.4M | $236.6M | ||
| Q2 25 | $37.8M | $714.9M | ||
| Q1 25 | $64.9M | $679.2M | ||
| Q4 24 | $104.4M | $399.3M | ||
| Q3 24 | $-67.9M | $172.5M | ||
| Q2 24 | $27.5M | $670.9M | ||
| Q1 24 | $115.8M | $807.2M |
| Q4 25 | $-13.0M | $21.5M | ||
| Q3 25 | $42.0M | $-726.5M | ||
| Q2 25 | $35.1M | $381.2M | ||
| Q1 25 | $63.5M | $-846.0M | ||
| Q4 24 | $102.3M | $155.8M | ||
| Q3 24 | $-68.5M | $-195.5M | ||
| Q2 24 | $22.0M | $330.2M | ||
| Q1 24 | $115.5M | $548.3M |
| Q4 25 | -1.1% | 1.0% | ||
| Q3 25 | 3.7% | -24.7% | ||
| Q2 25 | 3.0% | 15.1% | ||
| Q1 25 | 6.5% | -39.8% | ||
| Q4 24 | 8.5% | 7.4% | ||
| Q3 24 | -6.0% | -7.0% | ||
| Q2 24 | 2.0% | 13.9% | ||
| Q1 24 | 11.0% | 25.0% |
| Q4 25 | 0.4% | 19.5% | ||
| Q3 25 | 0.1% | 32.8% | ||
| Q2 25 | 0.2% | 13.3% | ||
| Q1 25 | 0.1% | 71.7% | ||
| Q4 24 | 0.2% | 11.5% | ||
| Q3 24 | 0.1% | 13.1% | ||
| Q2 24 | 0.5% | 14.4% | ||
| Q1 24 | 0.0% | 11.8% |
| Q4 25 | -0.14× | 32.21× | ||
| Q3 25 | 0.41× | 0.56× | ||
| Q2 25 | 0.31× | 23.83× | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | 0.78× | 1.57× | ||
| Q3 24 | -0.47× | 0.36× | ||
| Q2 24 | 0.19× | 4.10× | ||
| Q1 24 | 0.84× | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
