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Side-by-side financial comparison of Norwegian Cruise Line Holdings (NCLH) and Zoetis (ZTS). Click either name above to swap in a different company.
Zoetis is the larger business by last-quarter revenue ($2.4B vs $2.2B, roughly 1.1× Norwegian Cruise Line Holdings). Zoetis runs the higher net margin — 25.3% vs 0.6%, a 24.6% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs 3.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $21.5M). Over the past eight quarters, Zoetis's revenue compounded faster (4.4% 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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
NCLH vs ZTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.2B | $2.4B |
| Net Profit | $14.3M | $603.0M |
| Gross Margin | 41.0% | 70.2% |
| Operating Margin | 8.3% | 31.9% |
| Net Margin | 0.6% | 25.3% |
| Revenue YoY | 6.4% | 3.0% |
| Net Profit YoY | -94.4% | 3.8% |
| EPS (diluted) | $0.08 | $1.37 |
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 | $2.4B | ||
| Q3 25 | $2.9B | $2.4B | ||
| Q2 25 | $2.5B | $2.5B | ||
| Q1 25 | $2.1B | $2.2B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $2.8B | $2.4B | ||
| Q2 24 | $2.4B | $2.4B | ||
| Q1 24 | $2.2B | $2.2B |
| Q4 25 | $14.3M | $603.0M | ||
| Q3 25 | $419.3M | $721.0M | ||
| Q2 25 | $30.0M | $718.0M | ||
| Q1 25 | $-40.3M | $631.0M | ||
| Q4 24 | $254.5M | $581.0M | ||
| Q3 24 | $474.9M | $682.0M | ||
| Q2 24 | $163.4M | $624.0M | ||
| Q1 24 | $17.4M | $599.0M |
| Q4 25 | 41.0% | 70.2% | ||
| Q3 25 | 47.1% | 71.5% | ||
| Q2 25 | 42.1% | 73.6% | ||
| Q1 25 | 38.7% | 72.0% | ||
| Q4 24 | 38.0% | 69.5% | ||
| Q3 24 | 45.2% | 70.6% | ||
| Q2 24 | 38.7% | 71.7% | ||
| Q1 24 | 36.7% | 70.6% |
| Q4 25 | 8.3% | 31.9% | ||
| Q3 25 | 25.5% | 37.0% | ||
| Q2 25 | 16.8% | 36.7% | ||
| Q1 25 | 9.4% | 36.5% | ||
| Q4 24 | 10.2% | 31.6% | ||
| Q3 24 | 24.6% | 36.6% | ||
| Q2 24 | 14.4% | 33.0% | ||
| Q1 24 | 10.0% | 34.1% |
| Q4 25 | 0.6% | 25.3% | ||
| Q3 25 | 14.3% | 30.0% | ||
| Q2 25 | 1.2% | 29.2% | ||
| Q1 25 | -1.9% | 28.4% | ||
| Q4 24 | 12.1% | 25.1% | ||
| Q3 24 | 16.9% | 28.6% | ||
| Q2 24 | 6.9% | 26.4% | ||
| Q1 24 | 0.8% | 27.4% |
| Q4 25 | $0.08 | $1.37 | ||
| Q3 25 | $0.86 | $1.63 | ||
| Q2 25 | $0.07 | $1.61 | ||
| Q1 25 | $-0.09 | $1.41 | ||
| Q4 24 | $0.55 | $1.29 | ||
| Q3 24 | $0.95 | $1.50 | ||
| Q2 24 | $0.35 | $1.37 | ||
| Q1 24 | $0.04 | $1.31 |
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 | $2.2B | $3.3B |
| Total Assets | $22.5B | $15.5B |
| Debt / EquityLower = less leverage | 6.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $209.9M | — | ||
| Q3 25 | $166.8M | $2.1B | ||
| Q2 25 | $184.0M | $1.4B | ||
| Q1 25 | $184.4M | $1.7B | ||
| Q4 24 | $190.8M | $2.0B | ||
| Q3 24 | $332.5M | $1.7B | ||
| Q2 24 | $594.1M | $1.6B | ||
| Q1 24 | $559.8M | $2.0B |
| 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 | $3.3B | ||
| Q3 25 | $2.2B | $5.4B | ||
| Q2 25 | $1.6B | $5.0B | ||
| Q1 25 | $1.4B | $4.7B | ||
| Q4 24 | $1.4B | $4.8B | ||
| Q3 24 | $1.1B | $5.2B | ||
| Q2 24 | $693.1M | $5.0B | ||
| Q1 24 | $362.1M | $5.1B |
| Q4 25 | $22.5B | $15.5B | ||
| Q3 25 | $22.2B | $15.2B | ||
| Q2 25 | $21.6B | $14.5B | ||
| Q1 25 | $21.4B | $14.1B | ||
| Q4 24 | $20.0B | $14.2B | ||
| Q3 24 | $19.8B | $14.4B | ||
| Q2 24 | $20.1B | $14.2B | ||
| Q1 24 | $19.8B | $14.3B |
| 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 | $893.0M |
| Free Cash FlowOCF − Capex | $21.5M | $732.0M |
| FCF MarginFCF / Revenue | 1.0% | 30.7% |
| Capex IntensityCapex / Revenue | 19.5% | 6.7% |
| Cash ConversionOCF / Net Profit | 32.21× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.2B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $459.1M | $893.0M | ||
| Q3 25 | $236.6M | $938.0M | ||
| Q2 25 | $714.9M | $486.0M | ||
| Q1 25 | $679.2M | $587.0M | ||
| Q4 24 | $399.3M | $905.0M | ||
| Q3 24 | $172.5M | $951.0M | ||
| Q2 24 | $670.9M | $502.0M | ||
| Q1 24 | $807.2M | $595.0M |
| Q4 25 | $21.5M | $732.0M | ||
| Q3 25 | $-726.5M | $805.0M | ||
| Q2 25 | $381.2M | $308.0M | ||
| Q1 25 | $-846.0M | $438.0M | ||
| Q4 24 | $155.8M | $689.0M | ||
| Q3 24 | $-195.5M | $784.0M | ||
| Q2 24 | $330.2M | $370.0M | ||
| Q1 24 | $548.3M | $455.0M |
| Q4 25 | 1.0% | 30.7% | ||
| Q3 25 | -24.7% | 33.5% | ||
| Q2 25 | 15.1% | 12.5% | ||
| Q1 25 | -39.8% | 19.7% | ||
| Q4 24 | 7.4% | 29.7% | ||
| Q3 24 | -7.0% | 32.8% | ||
| Q2 24 | 13.9% | 15.7% | ||
| Q1 24 | 25.0% | 20.8% |
| Q4 25 | 19.5% | 6.7% | ||
| Q3 25 | 32.8% | 5.5% | ||
| Q2 25 | 13.3% | 7.2% | ||
| Q1 25 | 71.7% | 6.7% | ||
| Q4 24 | 11.5% | 9.3% | ||
| Q3 24 | 13.1% | 7.0% | ||
| Q2 24 | 14.4% | 5.6% | ||
| Q1 24 | 11.8% | 6.4% |
| Q4 25 | 32.21× | 1.48× | ||
| Q3 25 | 0.56× | 1.30× | ||
| Q2 25 | 23.83× | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 1.57× | 1.56× | ||
| Q3 24 | 0.36× | 1.39× | ||
| Q2 24 | 4.10× | 0.80× | ||
| Q1 24 | 46.51× | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
