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Side-by-side financial comparison of Norwegian Cruise Line Holdings (NCLH) and Organon & Co. (OGN). Click either name above to swap in a different company.
Norwegian Cruise Line Holdings is the larger business by last-quarter revenue ($2.3B vs $1.5B, roughly 1.6× Organon & Co.). Organon & Co. runs the higher net margin — 10.0% vs 4.5%, a 5.5% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (9.6% vs -3.5%). Over the past eight quarters, Norwegian Cruise Line Holdings's revenue compounded faster (-0.9% CAGR vs -4.7%).
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.
Organon & Co. is an American pharmaceutical company headquartered in Jersey City, New Jersey. Organon specializes in the following core therapeutic fields: reproductive medicine, contraception, psychiatry, hormone replacement therapy (HRT), and anesthesia. Organon produces all its products outside of the United States but receives a third of its revenue from the United States.
NCLH vs OGN — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $1.5B |
| Net Profit | $104.7M | $146.0M |
| Gross Margin | — | 53.6% |
| Operating Margin | 10.0% | — |
| Net Margin | 4.5% | 10.0% |
| Revenue YoY | 9.6% | -3.5% |
| Net Profit YoY | — | 67.8% |
| EPS (diluted) | $0.23 | $0.55 |
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.
| Q1 26 | $2.3B | $1.5B | ||
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.9B | $1.6B | ||
| Q2 25 | $2.5B | $1.6B | ||
| Q1 25 | $2.1B | $1.5B | ||
| Q4 24 | $2.1B | $1.6B | ||
| Q3 24 | $2.8B | $1.6B | ||
| Q2 24 | $2.4B | $1.6B |
| Q1 26 | $104.7M | $146.0M | ||
| Q4 25 | $14.3M | $-205.0M | ||
| Q3 25 | $419.3M | $160.0M | ||
| Q2 25 | $30.0M | $145.0M | ||
| Q1 25 | $-40.3M | $87.0M | ||
| Q4 24 | $254.5M | $109.0M | ||
| Q3 24 | $474.9M | $359.0M | ||
| Q2 24 | $163.4M | $195.0M |
| Q1 26 | — | 53.6% | ||
| Q4 25 | 41.0% | 49.2% | ||
| Q3 25 | 47.1% | 53.5% | ||
| Q2 25 | 42.1% | 54.8% | ||
| Q1 25 | 38.7% | 55.6% | ||
| Q4 24 | 38.0% | 56.3% | ||
| Q3 24 | 45.2% | 58.3% | ||
| Q2 24 | 38.7% | 58.4% |
| Q1 26 | 10.0% | — | ||
| Q4 25 | 8.3% | -9.8% | ||
| Q3 25 | 25.5% | 15.2% | ||
| Q2 25 | 16.8% | 14.4% | ||
| Q1 25 | 9.4% | 6.7% | ||
| Q4 24 | 10.2% | 8.1% | ||
| Q3 24 | 24.6% | 13.1% | ||
| Q2 24 | 14.4% | 14.6% |
| Q1 26 | 4.5% | 10.0% | ||
| Q4 25 | 0.6% | -13.6% | ||
| Q3 25 | 14.3% | 10.0% | ||
| Q2 25 | 1.2% | 9.1% | ||
| Q1 25 | -1.9% | 5.8% | ||
| Q4 24 | 12.1% | 6.8% | ||
| Q3 24 | 16.9% | 22.7% | ||
| Q2 24 | 6.9% | 12.1% |
| Q1 26 | $0.23 | $0.55 | ||
| Q4 25 | $0.08 | $-0.78 | ||
| Q3 25 | $0.86 | $0.61 | ||
| Q2 25 | $0.07 | $0.56 | ||
| Q1 25 | $-0.09 | $0.33 | ||
| Q4 24 | $0.55 | $0.42 | ||
| Q3 24 | $0.95 | $1.38 | ||
| Q2 24 | $0.35 | $0.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $185.0M | — |
| Total DebtLower is stronger | $15.2B | — |
| Stockholders' EquityBook value | $2.4B | — |
| Total Assets | $23.8B | — |
| Debt / EquityLower = less leverage | 6.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $185.0M | — | ||
| Q4 25 | $209.9M | $574.0M | ||
| Q3 25 | $166.8M | $672.0M | ||
| Q2 25 | $184.0M | $599.0M | ||
| Q1 25 | $184.4M | $547.0M | ||
| Q4 24 | $190.8M | $675.0M | ||
| Q3 24 | $332.5M | $763.0M | ||
| Q2 24 | $594.1M | $704.0M |
| Q1 26 | $15.2B | — | ||
| Q4 25 | $13.7B | $8.6B | ||
| Q3 25 | $13.6B | $8.8B | ||
| Q2 25 | $12.6B | $8.9B | ||
| Q1 25 | $12.9B | $9.0B | ||
| Q4 24 | $11.8B | $8.9B | ||
| Q3 24 | $11.8B | $8.7B | ||
| Q2 24 | $11.9B | $8.7B |
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.2B | $752.0M | ||
| Q3 25 | $2.2B | $906.0M | ||
| Q2 25 | $1.6B | $733.0M | ||
| Q1 25 | $1.4B | $542.0M | ||
| Q4 24 | $1.4B | $472.0M | ||
| Q3 24 | $1.1B | $493.0M | ||
| Q2 24 | $693.1M | $144.0M |
| Q1 26 | $23.8B | — | ||
| Q4 25 | $22.5B | $12.9B | ||
| Q3 25 | $22.2B | $13.6B | ||
| Q2 25 | $21.6B | $13.5B | ||
| Q1 25 | $21.4B | $13.2B | ||
| Q4 24 | $20.0B | $13.1B | ||
| Q3 24 | $19.8B | $12.8B | ||
| Q2 24 | $20.1B | $12.2B |
| Q1 26 | 6.23× | — | ||
| Q4 25 | 6.21× | 11.49× | ||
| Q3 25 | 6.22× | 9.74× | ||
| Q2 25 | 8.05× | 12.14× | ||
| Q1 25 | 9.09× | 16.52× | ||
| Q4 24 | 8.26× | 18.81× | ||
| Q3 24 | 10.35× | 17.75× | ||
| Q2 24 | 17.19× | 60.11× |
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 | $811.5M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 16.3% | — |
| Cash ConversionOCF / Net Profit | 7.75× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $811.5M | — | ||
| Q4 25 | $459.1M | $141.0M | ||
| Q3 25 | $236.6M | $264.0M | ||
| Q2 25 | $714.9M | $220.0M | ||
| Q1 25 | $679.2M | $75.0M | ||
| Q4 24 | $399.3M | $390.0M | ||
| Q3 24 | $172.5M | $141.0M | ||
| Q2 24 | $670.9M | $332.0M |
| Q1 26 | — | — | ||
| Q4 25 | $21.5M | $96.0M | ||
| Q3 25 | $-726.5M | $218.0M | ||
| Q2 25 | $381.2M | $181.0M | ||
| Q1 25 | $-846.0M | $43.0M | ||
| Q4 24 | $155.8M | $335.0M | ||
| Q3 24 | $-195.5M | $99.0M | ||
| Q2 24 | $330.2M | $300.0M |
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | 6.4% | ||
| Q3 25 | -24.7% | 13.6% | ||
| Q2 25 | 15.1% | 11.4% | ||
| Q1 25 | -39.8% | 2.8% | ||
| Q4 24 | 7.4% | 21.0% | ||
| Q3 24 | -7.0% | 6.3% | ||
| Q2 24 | 13.9% | 18.7% |
| Q1 26 | 16.3% | — | ||
| Q4 25 | 19.5% | 3.0% | ||
| Q3 25 | 32.8% | 2.9% | ||
| Q2 25 | 13.3% | 2.4% | ||
| Q1 25 | 71.7% | 2.1% | ||
| Q4 24 | 11.5% | 3.5% | ||
| Q3 24 | 13.1% | 2.7% | ||
| Q2 24 | 14.4% | 2.0% |
| Q1 26 | 7.75× | — | ||
| Q4 25 | 32.21× | — | ||
| Q3 25 | 0.56× | 1.65× | ||
| Q2 25 | 23.83× | 1.52× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | 1.57× | 3.58× | ||
| Q3 24 | 0.36× | 0.39× | ||
| Q2 24 | 4.10× | 1.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NCLH
| Passenger ticket | $1.5B | 66% |
| Onboard and other | $788.9M | 34% |
OGN
| Established Brands | $880.0M | 60% |
| Women’s Health | $389.0M | 27% |
| Biosimilars | $173.0M | 12% |
