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Side-by-side financial comparison of Norwegian Cruise Line Holdings (NCLH) and SEALED AIR CORP (SEE). 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 $1.4B, roughly 1.6× SEALED AIR CORP). SEALED AIR CORP runs the higher net margin — 3.1% vs 0.6%, a 2.5% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs 2.6%). SEALED AIR CORP produced more free cash flow last quarter ($257.7M vs $21.5M). Over the past eight quarters, SEALED AIR CORP's revenue compounded faster (2.7% 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.
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
NCLH vs SEE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.2B | $1.4B |
| Net Profit | $14.3M | $43.8M |
| Gross Margin | 41.0% | 28.6% |
| Operating Margin | 8.3% | 11.4% |
| Net Margin | 0.6% | 3.1% |
| Revenue YoY | 6.4% | 2.6% |
| Net Profit YoY | -94.4% | 700.0% |
| EPS (diluted) | $0.08 | $0.30 |
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 | $1.4B | ||
| Q3 25 | $2.9B | $1.3B | ||
| Q2 25 | $2.5B | $1.3B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.1B | $1.4B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.2B | $1.3B |
| Q4 25 | $14.3M | $43.8M | ||
| Q3 25 | $419.3M | $255.1M | ||
| Q2 25 | $30.0M | $93.1M | ||
| Q1 25 | $-40.3M | $113.5M | ||
| Q4 24 | $254.5M | $-7.3M | ||
| Q3 24 | $474.9M | $91.7M | ||
| Q2 24 | $163.4M | $98.3M | ||
| Q1 24 | $17.4M | $82.0M |
| Q4 25 | 41.0% | 28.6% | ||
| Q3 25 | 47.1% | 29.8% | ||
| Q2 25 | 42.1% | 30.7% | ||
| Q1 25 | 38.7% | 30.9% | ||
| Q4 24 | 38.0% | 30.0% | ||
| Q3 24 | 45.2% | 30.1% | ||
| Q2 24 | 38.7% | 31.2% | ||
| Q1 24 | 36.7% | 30.3% |
| Q4 25 | 8.3% | 11.4% | ||
| Q3 25 | 25.5% | 13.8% | ||
| Q2 25 | 16.8% | 15.0% | ||
| Q1 25 | 9.4% | 14.5% | ||
| Q4 24 | 10.2% | 11.7% | ||
| Q3 24 | 24.6% | 13.9% | ||
| Q2 24 | 14.4% | 15.4% | ||
| Q1 24 | 10.0% | 14.0% |
| Q4 25 | 0.6% | 3.1% | ||
| Q3 25 | 14.3% | 19.0% | ||
| Q2 25 | 1.2% | 7.0% | ||
| Q1 25 | -1.9% | 9.0% | ||
| Q4 24 | 12.1% | -0.5% | ||
| Q3 24 | 16.9% | 6.9% | ||
| Q2 24 | 6.9% | 7.4% | ||
| Q1 24 | 0.8% | 6.2% |
| Q4 25 | $0.08 | $0.30 | ||
| Q3 25 | $0.86 | $1.73 | ||
| Q2 25 | $0.07 | $0.63 | ||
| Q1 25 | $-0.09 | $0.77 | ||
| Q4 24 | $0.55 | $-0.05 | ||
| Q3 24 | $0.95 | $0.63 | ||
| Q2 24 | $0.35 | $0.67 | ||
| Q1 24 | $0.04 | $0.56 |
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 | $344.0M |
| Total DebtLower is stronger | $13.7B | $3.3B |
| Stockholders' EquityBook value | $2.2B | $1.2B |
| Total Assets | $22.5B | $7.0B |
| Debt / EquityLower = less leverage | 6.21× | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $209.9M | $344.0M | ||
| Q3 25 | $166.8M | $282.5M | ||
| Q2 25 | $184.0M | $354.4M | ||
| Q1 25 | $184.4M | $335.2M | ||
| Q4 24 | $190.8M | $371.8M | ||
| Q3 24 | $332.5M | $386.0M | ||
| Q2 24 | $594.1M | $388.6M | ||
| Q1 24 | $559.8M | $352.8M |
| Q4 25 | $13.7B | $3.3B | ||
| Q3 25 | $13.6B | $4.0B | ||
| Q2 25 | $12.6B | $4.0B | ||
| Q1 25 | $12.9B | $4.2B | ||
| Q4 24 | $11.8B | $4.2B | ||
| Q3 24 | $11.8B | $4.3B | ||
| Q2 24 | $11.9B | $4.4B | ||
| Q1 24 | $12.0B | $4.5B |
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $1.6B | $953.1M | ||
| Q1 25 | $1.4B | $797.9M | ||
| Q4 24 | $1.4B | $624.5M | ||
| Q3 24 | $1.1B | $771.2M | ||
| Q2 24 | $693.1M | $650.1M | ||
| Q1 24 | $362.1M | $598.3M |
| Q4 25 | $22.5B | $7.0B | ||
| Q3 25 | $22.2B | $7.1B | ||
| Q2 25 | $21.6B | $7.2B | ||
| Q1 25 | $21.4B | $7.0B | ||
| Q4 24 | $20.0B | $7.0B | ||
| Q3 24 | $19.8B | $7.3B | ||
| Q2 24 | $20.1B | $7.3B | ||
| Q1 24 | $19.8B | $7.2B |
| Q4 25 | 6.21× | 2.65× | ||
| Q3 25 | 6.22× | 3.34× | ||
| Q2 25 | 8.05× | 4.18× | ||
| Q1 25 | 9.09× | 5.26× | ||
| Q4 24 | 8.26× | 6.72× | ||
| Q3 24 | 10.35× | 5.62× | ||
| Q2 24 | 17.19× | 6.81× | ||
| Q1 24 | 33.16× | 7.49× |
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 | $293.6M |
| Free Cash FlowOCF − Capex | $21.5M | $257.7M |
| FCF MarginFCF / Revenue | 1.0% | 18.5% |
| Capex IntensityCapex / Revenue | 19.5% | 2.6% |
| Cash ConversionOCF / Net Profit | 32.21× | 6.70× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.2B | $458.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $459.1M | $293.6M | ||
| Q3 25 | $236.6M | $165.9M | ||
| Q2 25 | $714.9M | $136.6M | ||
| Q1 25 | $679.2M | $31.9M | ||
| Q4 24 | $399.3M | $244.2M | ||
| Q3 24 | $172.5M | $170.5M | ||
| Q2 24 | $670.9M | $188.2M | ||
| Q1 24 | $807.2M | $125.1M |
| Q4 25 | $21.5M | $257.7M | ||
| Q3 25 | $-726.5M | $119.6M | ||
| Q2 25 | $381.2M | $93.2M | ||
| Q1 25 | $-846.0M | $-12.0M | ||
| Q4 24 | $155.8M | $185.1M | ||
| Q3 24 | $-195.5M | $115.2M | ||
| Q2 24 | $330.2M | $129.5M | ||
| Q1 24 | $548.3M | $78.0M |
| Q4 25 | 1.0% | 18.5% | ||
| Q3 25 | -24.7% | 8.9% | ||
| Q2 25 | 15.1% | 7.0% | ||
| Q1 25 | -39.8% | -0.9% | ||
| Q4 24 | 7.4% | 13.6% | ||
| Q3 24 | -7.0% | 8.6% | ||
| Q2 24 | 13.9% | 9.7% | ||
| Q1 24 | 25.0% | 5.9% |
| Q4 25 | 19.5% | 2.6% | ||
| Q3 25 | 32.8% | 3.4% | ||
| Q2 25 | 13.3% | 3.3% | ||
| Q1 25 | 71.7% | 3.5% | ||
| Q4 24 | 11.5% | 4.4% | ||
| Q3 24 | 13.1% | 4.1% | ||
| Q2 24 | 14.4% | 4.4% | ||
| Q1 24 | 11.8% | 3.6% |
| Q4 25 | 32.21× | 6.70× | ||
| Q3 25 | 0.56× | 0.65× | ||
| Q2 25 | 23.83× | 1.47× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 0.36× | 1.86× | ||
| Q2 24 | 4.10× | 1.91× | ||
| Q1 24 | 46.51× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
