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Side-by-side financial comparison of Norwegian Cruise Line Holdings (NCLH) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $2.2B, roughly 1.8× Norwegian Cruise Line Holdings). NetEase, Inc. runs the higher net margin — 31.0% vs 0.6%, a 30.4% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $21.5M). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs 1.2%).
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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
NCLH vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.2B | $4.0B |
| Net Profit | $14.3M | $1.2B |
| Gross Margin | 41.0% | 64.1% |
| Operating Margin | 8.3% | 28.3% |
| Net Margin | 0.6% | 31.0% |
| Revenue YoY | 6.4% | — |
| Net Profit YoY | -94.4% | — |
| EPS (diluted) | $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 | $2.9B | $4.0B | ||
| Q2 25 | $2.5B | $3.9B | ||
| Q1 25 | $2.1B | $4.0B | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.8B | $3.7B | ||
| Q2 24 | $2.4B | $3.5B | ||
| Q1 24 | $2.2B | $3.7B |
| Q4 25 | $14.3M | — | ||
| Q3 25 | $419.3M | $1.2B | ||
| Q2 25 | $30.0M | $1.3B | ||
| Q1 25 | $-40.3M | $1.5B | ||
| Q4 24 | $254.5M | — | ||
| Q3 24 | $474.9M | $955.7M | ||
| Q2 24 | $163.4M | $939.6M | ||
| Q1 24 | $17.4M | $1.1B |
| Q4 25 | 41.0% | — | ||
| Q3 25 | 47.1% | 64.1% | ||
| Q2 25 | 42.1% | 64.7% | ||
| Q1 25 | 38.7% | 64.1% | ||
| Q4 24 | 38.0% | — | ||
| Q3 24 | 45.2% | 62.9% | ||
| Q2 24 | 38.7% | 62.9% | ||
| Q1 24 | 36.7% | 63.4% |
| Q4 25 | 8.3% | — | ||
| Q3 25 | 25.5% | 28.3% | ||
| Q2 25 | 16.8% | 32.5% | ||
| Q1 25 | 9.4% | 36.2% | ||
| Q4 24 | 10.2% | — | ||
| Q3 24 | 24.6% | 27.3% | ||
| Q2 24 | 14.4% | 27.4% | ||
| Q1 24 | 10.0% | 28.4% |
| Q4 25 | 0.6% | — | ||
| Q3 25 | 14.3% | 31.0% | ||
| Q2 25 | 1.2% | 32.6% | ||
| Q1 25 | -1.9% | 36.6% | ||
| Q4 24 | 12.1% | — | ||
| Q3 24 | 16.9% | 25.6% | ||
| Q2 24 | 6.9% | 26.8% | ||
| Q1 24 | 0.8% | 29.1% |
| Q4 25 | $0.08 | — | ||
| Q3 25 | $0.86 | — | ||
| Q2 25 | $0.07 | — | ||
| Q1 25 | $-0.09 | — | ||
| Q4 24 | $0.55 | — | ||
| Q3 24 | $0.95 | — | ||
| Q2 24 | $0.35 | — | ||
| Q1 24 | $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 | $31.3B |
| Total DebtLower is stronger | $13.7B | — |
| Stockholders' EquityBook value | $2.2B | $160.8B |
| Total Assets | $22.5B | $214.5B |
| Debt / EquityLower = less leverage | 6.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $209.9M | — | ||
| Q3 25 | $166.8M | $31.3B | ||
| Q2 25 | $184.0M | $54.4B | ||
| Q1 25 | $184.4M | $41.7B | ||
| Q4 24 | $190.8M | — | ||
| Q3 24 | $332.5M | $20.2B | ||
| Q2 24 | $594.1M | $19.0B | ||
| Q1 24 | $559.8M | $43.0B |
| 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 | $2.2B | $160.8B | ||
| Q2 25 | $1.6B | $154.0B | ||
| Q1 25 | $1.4B | $147.8B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.1B | $135.6B | ||
| Q2 24 | $693.1M | $134.2B | ||
| Q1 24 | $362.1M | $130.5B |
| Q4 25 | $22.5B | — | ||
| Q3 25 | $22.2B | $214.5B | ||
| Q2 25 | $21.6B | $208.5B | ||
| Q1 25 | $21.4B | $200.9B | ||
| Q4 24 | $20.0B | — | ||
| Q3 24 | $19.8B | $184.9B | ||
| Q2 24 | $20.1B | $183.3B | ||
| Q1 24 | $19.8B | $195.1B |
| 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 | $459.1M | $1.8B |
| Free Cash FlowOCF − Capex | $21.5M | $1.8B |
| FCF MarginFCF / Revenue | 1.0% | 44.7% |
| Capex IntensityCapex / Revenue | 19.5% | 1.0% |
| Cash ConversionOCF / Net Profit | 32.21× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.2B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $459.1M | — | ||
| Q3 25 | $236.6M | $1.8B | ||
| Q2 25 | $714.9M | $1.5B | ||
| Q1 25 | $679.2M | $1.7B | ||
| Q4 24 | $399.3M | — | ||
| Q3 24 | $172.5M | $1.5B | ||
| Q2 24 | $670.9M | $898.8M | ||
| Q1 24 | $807.2M | $1.3B |
| Q4 25 | $21.5M | — | ||
| Q3 25 | $-726.5M | $1.8B | ||
| Q2 25 | $381.2M | $1.5B | ||
| Q1 25 | $-846.0M | $1.6B | ||
| Q4 24 | $155.8M | — | ||
| Q3 24 | $-195.5M | $1.5B | ||
| Q2 24 | $330.2M | $875.6M | ||
| Q1 24 | $548.3M | $1.3B |
| Q4 25 | 1.0% | — | ||
| Q3 25 | -24.7% | 44.7% | ||
| Q2 25 | 15.1% | 38.3% | ||
| Q1 25 | -39.8% | 40.4% | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | -7.0% | 38.9% | ||
| Q2 24 | 13.9% | 25.0% | ||
| Q1 24 | 25.0% | 34.0% |
| Q4 25 | 19.5% | — | ||
| Q3 25 | 32.8% | 1.0% | ||
| Q2 25 | 13.3% | 0.7% | ||
| Q1 25 | 71.7% | 1.6% | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 13.1% | 1.4% | ||
| Q2 24 | 14.4% | 0.7% | ||
| Q1 24 | 11.8% | 1.5% |
| Q4 25 | 32.21× | — | ||
| Q3 25 | 0.56× | 1.47× | ||
| Q2 25 | 23.83× | 1.20× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 0.36× | 1.58× | ||
| Q2 24 | 4.10× | 0.96× | ||
| Q1 24 | 46.51× | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
