vs
Side-by-side financial comparison of Norwegian Cruise Line Holdings (NCLH) and Molson Coors Beverage Company (TAP). Click either name above to swap in a different company.
Molson Coors Beverage Company is the larger business by last-quarter revenue ($3.1B vs $2.2B, roughly 1.4× Norwegian Cruise Line Holdings). Molson Coors Beverage Company runs the higher net margin — 7.6% vs 0.6%, a 7.0% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs -3.6%). Molson Coors Beverage Company produced more free cash flow last quarter ($357.8M vs $21.5M). Over the past eight quarters, Molson Coors Beverage Company's revenue compounded faster (1.2% 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.
Molson Coors Beverage Company is a Canadian-American multinational drink and brewing company headquartered in Chicago, Illinois and Montreal, Quebec.
NCLH vs TAP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.2B | $3.1B |
| Net Profit | $14.3M | $238.3M |
| Gross Margin | 41.0% | 31.0% |
| Operating Margin | 8.3% | 10.4% |
| Net Margin | 0.6% | 7.6% |
| Revenue YoY | 6.4% | -3.6% |
| Net Profit YoY | -94.4% | -17.2% |
| EPS (diluted) | $0.08 | $1.32 |
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 | $3.1B | ||
| Q3 25 | $2.9B | $3.5B | ||
| Q2 25 | $2.5B | $3.7B | ||
| Q1 25 | $2.1B | $2.7B | ||
| Q4 24 | $2.1B | $3.2B | ||
| Q3 24 | $2.8B | $3.6B | ||
| Q2 24 | $2.4B | $3.8B | ||
| Q1 24 | $2.2B | $3.0B |
| Q4 25 | $14.3M | $238.3M | ||
| Q3 25 | $419.3M | $-2.9B | ||
| Q2 25 | $30.0M | $428.7M | ||
| Q1 25 | $-40.3M | $121.0M | ||
| Q4 24 | $254.5M | $287.8M | ||
| Q3 24 | $474.9M | $199.8M | ||
| Q2 24 | $163.4M | $427.0M | ||
| Q1 24 | $17.4M | $207.8M |
| Q4 25 | 41.0% | 31.0% | ||
| Q3 25 | 47.1% | 33.7% | ||
| Q2 25 | 42.1% | 34.3% | ||
| Q1 25 | 38.7% | 31.6% | ||
| Q4 24 | 38.0% | 32.0% | ||
| Q3 24 | 45.2% | 33.4% | ||
| Q2 24 | 38.7% | 34.6% | ||
| Q1 24 | 36.7% | 31.6% |
| Q4 25 | 8.3% | 10.4% | ||
| Q3 25 | 25.5% | -98.5% | ||
| Q2 25 | 16.8% | 15.6% | ||
| Q1 25 | 9.4% | 6.9% | ||
| Q4 24 | 10.2% | 12.0% | ||
| Q3 24 | 24.6% | 12.5% | ||
| Q2 24 | 14.4% | 15.6% | ||
| Q1 24 | 10.0% | 10.3% |
| Q4 25 | 0.6% | 7.6% | ||
| Q3 25 | 14.3% | -84.0% | ||
| Q2 25 | 1.2% | 11.5% | ||
| Q1 25 | -1.9% | 4.5% | ||
| Q4 24 | 12.1% | 8.9% | ||
| Q3 24 | 16.9% | 5.5% | ||
| Q2 24 | 6.9% | 11.1% | ||
| Q1 24 | 0.8% | 6.8% |
| Q4 25 | $0.08 | $1.32 | ||
| Q3 25 | $0.86 | $-14.79 | ||
| Q2 25 | $0.07 | $2.13 | ||
| Q1 25 | $-0.09 | $0.59 | ||
| Q4 24 | $0.55 | $1.39 | ||
| Q3 24 | $0.95 | $0.96 | ||
| Q2 24 | $0.35 | $2.03 | ||
| Q1 24 | $0.04 | $0.97 |
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 | $896.5M |
| Total DebtLower is stronger | $13.7B | $6.3B |
| Stockholders' EquityBook value | $2.2B | $10.2B |
| Total Assets | $22.5B | $22.7B |
| Debt / EquityLower = less leverage | 6.21× | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $209.9M | $896.5M | ||
| Q3 25 | $166.8M | $950.2M | ||
| Q2 25 | $184.0M | $613.8M | ||
| Q1 25 | $184.4M | $412.7M | ||
| Q4 24 | $190.8M | $969.3M | ||
| Q3 24 | $332.5M | $1.0B | ||
| Q2 24 | $594.1M | $1.6B | ||
| Q1 24 | $559.8M | $458.4M |
| Q4 25 | $13.7B | $6.3B | ||
| Q3 25 | $13.6B | $6.3B | ||
| Q2 25 | $12.6B | $6.3B | ||
| Q1 25 | $12.9B | $6.2B | ||
| Q4 24 | $11.8B | $6.1B | ||
| Q3 24 | $11.8B | $6.2B | ||
| Q2 24 | $11.9B | $7.0B | ||
| Q1 24 | $12.0B | $6.2B |
| Q4 25 | $2.2B | $10.2B | ||
| Q3 25 | $2.2B | $10.3B | ||
| Q2 25 | $1.6B | $13.4B | ||
| Q1 25 | $1.4B | $13.1B | ||
| Q4 24 | $1.4B | $13.1B | ||
| Q3 24 | $1.1B | $13.3B | ||
| Q2 24 | $693.1M | $13.2B | ||
| Q1 24 | $362.1M | $13.1B |
| Q4 25 | $22.5B | $22.7B | ||
| Q3 25 | $22.2B | $22.9B | ||
| Q2 25 | $21.6B | $26.8B | ||
| Q1 25 | $21.4B | $25.9B | ||
| Q4 24 | $20.0B | $26.1B | ||
| Q3 24 | $19.8B | $26.6B | ||
| Q2 24 | $20.1B | $27.4B | ||
| Q1 24 | $19.8B | $26.1B |
| Q4 25 | 6.21× | 0.61× | ||
| Q3 25 | 6.22× | 0.61× | ||
| Q2 25 | 8.05× | 0.47× | ||
| Q1 25 | 9.09× | 0.47× | ||
| Q4 24 | 8.26× | 0.47× | ||
| Q3 24 | 10.35× | 0.47× | ||
| Q2 24 | 17.19× | 0.53× | ||
| Q1 24 | 33.16× | 0.47× |
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 | $540.7M |
| Free Cash FlowOCF − Capex | $21.5M | $357.8M |
| FCF MarginFCF / Revenue | 1.0% | 11.4% |
| Capex IntensityCapex / Revenue | 19.5% | 5.9% |
| Cash ConversionOCF / Net Profit | 32.21× | 2.27× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.2B | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $459.1M | $540.7M | ||
| Q3 25 | $236.6M | $616.1M | ||
| Q2 25 | $714.9M | $718.3M | ||
| Q1 25 | $679.2M | $-90.7M | ||
| Q4 24 | $399.3M | $494.5M | ||
| Q3 24 | $172.5M | $521.2M | ||
| Q2 24 | $670.9M | $869.2M | ||
| Q1 24 | $807.2M | $25.4M |
| Q4 25 | $21.5M | $357.8M | ||
| Q3 25 | $-726.5M | $483.0M | ||
| Q2 25 | $381.2M | $555.0M | ||
| Q1 25 | $-846.0M | $-328.0M | ||
| Q4 24 | $155.8M | $383.4M | ||
| Q3 24 | $-195.5M | $350.4M | ||
| Q2 24 | $330.2M | $691.7M | ||
| Q1 24 | $548.3M | $-189.3M |
| Q4 25 | 1.0% | 11.4% | ||
| Q3 25 | -24.7% | 13.9% | ||
| Q2 25 | 15.1% | 14.8% | ||
| Q1 25 | -39.8% | -12.2% | ||
| Q4 24 | 7.4% | 11.8% | ||
| Q3 24 | -7.0% | 9.7% | ||
| Q2 24 | 13.9% | 18.0% | ||
| Q1 24 | 25.0% | -6.2% |
| Q4 25 | 19.5% | 5.9% | ||
| Q3 25 | 32.8% | 3.8% | ||
| Q2 25 | 13.3% | 4.4% | ||
| Q1 25 | 71.7% | 8.8% | ||
| Q4 24 | 11.5% | 3.4% | ||
| Q3 24 | 13.1% | 4.7% | ||
| Q2 24 | 14.4% | 4.6% | ||
| Q1 24 | 11.8% | 7.0% |
| Q4 25 | 32.21× | 2.27× | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 23.83× | 1.68× | ||
| Q1 25 | — | -0.75× | ||
| Q4 24 | 1.57× | 1.72× | ||
| Q3 24 | 0.36× | 2.61× | ||
| Q2 24 | 4.10× | 2.04× | ||
| Q1 24 | 46.51× | 0.12× |
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% |
TAP
Segment breakdown not available.
