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Side-by-side financial comparison of Smurfit Westrock (SW) and Viking Holdings Ltd (VIK). Click either name above to swap in a different company.
Smurfit Westrock is the larger business by last-quarter revenue ($7.6B vs $4.0B, roughly 1.9× Viking Holdings Ltd). Viking Holdings Ltd runs the higher net margin — 12.9% vs 1.3%, a 11.6% gap on every dollar of revenue.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
SW vs VIK — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.6B | $4.0B |
| Net Profit | $97.0M | $514.0M |
| Gross Margin | 18.2% | 73.4% |
| Operating Margin | 5.1% | 15.2% |
| Net Margin | 1.3% | 12.9% |
| Revenue YoY | 0.5% | — |
| Net Profit YoY | -33.6% | 35.4% |
| EPS (diluted) | $0.18 | $1.15 |
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 | $7.6B | — | ||
| Q3 25 | $8.0B | $4.0B | ||
| Q2 25 | $7.9B | $2.3B | ||
| Q1 25 | $7.7B | $718.2M | ||
| Q4 24 | $7.5B | — | ||
| Q3 24 | $7.7B | $3.6B | ||
| Q2 24 | $3.0B | $2.1B | ||
| Q1 24 | $2.9B | — |
| Q4 25 | $97.0M | — | ||
| Q3 25 | $246.0M | $514.0M | ||
| Q2 25 | $-28.0M | $439.2M | ||
| Q1 25 | $384.0M | $-105.5M | ||
| Q4 24 | $146.0M | — | ||
| Q3 24 | $-150.0M | $379.7M | ||
| Q2 24 | $132.0M | $159.8M | ||
| Q1 24 | $191.0M | — |
| Q4 25 | 18.2% | — | ||
| Q3 25 | 19.6% | 73.4% | ||
| Q2 25 | 19.1% | 55.7% | ||
| Q1 25 | 20.6% | 17.3% | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 17.6% | 74.7% | ||
| Q2 24 | 23.3% | 57.8% | ||
| Q1 24 | 24.2% | — |
| Q4 25 | 5.1% | — | ||
| Q3 25 | 6.6% | 15.2% | ||
| Q2 25 | 3.2% | 23.7% | ||
| Q1 25 | 7.2% | -1.3% | ||
| Q4 24 | 5.3% | — | ||
| Q3 24 | 0.7% | 13.6% | ||
| Q2 24 | 8.2% | 20.5% | ||
| Q1 24 | 10.5% | — |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 3.1% | 12.9% | ||
| Q2 25 | -0.4% | 19.1% | ||
| Q1 25 | 5.0% | -14.7% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | -2.0% | 10.6% | ||
| Q2 24 | 4.4% | 7.7% | ||
| Q1 24 | 6.5% | — |
| Q4 25 | $0.18 | — | ||
| Q3 25 | $0.47 | $1.15 | ||
| Q2 25 | $-0.05 | $0.99 | ||
| Q1 25 | $0.73 | $-0.24 | ||
| Q4 24 | $-0.12 | — | ||
| Q3 24 | $-0.30 | $0.87 | ||
| Q2 24 | $0.51 | $0.38 | ||
| Q1 24 | $0.73 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $892.0M | $3.0B |
| Total DebtLower is stronger | $13.4B | — |
| Stockholders' EquityBook value | $18.3B | $803.5M |
| Total Assets | $45.2B | $11.5B |
| Debt / EquityLower = less leverage | 0.73× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $892.0M | — | ||
| Q3 25 | $851.0M | $3.0B | ||
| Q2 25 | $778.0M | $2.6B | ||
| Q1 25 | $797.0M | $2.8B | ||
| Q4 24 | $855.0M | — | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | $26.8K | $1.8B | ||
| Q1 24 | $108 | — |
| Q4 25 | $13.4B | — | ||
| Q3 25 | $13.3B | — | ||
| Q2 25 | $13.3B | — | ||
| Q1 25 | $12.9B | — | ||
| Q4 24 | $12.5B | — | ||
| Q3 24 | $13.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $18.3B | — | ||
| Q3 25 | $18.4B | $803.5M | ||
| Q2 25 | $18.3B | $278.3M | ||
| Q1 25 | $17.9B | $-267.5M | ||
| Q4 24 | $17.4B | — | ||
| Q3 24 | $18.0B | $-688.9M | ||
| Q2 24 | $14.5K | $-1.1B | ||
| Q1 24 | $108 | — |
| Q4 25 | $45.2B | — | ||
| Q3 25 | $45.6B | $11.5B | ||
| Q2 25 | $45.7B | $11.1B | ||
| Q1 25 | $44.6B | $10.7B | ||
| Q4 24 | $43.8B | — | ||
| Q3 24 | $45.0B | — | ||
| Q2 24 | $26.8K | — | ||
| Q1 24 | $108 | — |
| Q4 25 | 0.73× | — | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.72× | — | ||
| Q4 24 | 0.72× | — | ||
| Q3 24 | 0.73× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.2B | $663.9M |
| Free Cash FlowOCF − Capex | $612.0M | — |
| FCF MarginFCF / Revenue | 8.1% | — |
| Capex IntensityCapex / Revenue | 7.7% | — |
| Cash ConversionOCF / Net Profit | 12.32× | 1.29× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.1B | $663.9M | ||
| Q2 25 | $829.0M | $470.7M | ||
| Q1 25 | $235.0M | $587.9M | ||
| Q4 24 | $781.0M | — | ||
| Q3 24 | $320.0M | $828.7M | ||
| Q2 24 | $340.0M | $419.8M | ||
| Q1 24 | $42.0M | — |
| Q4 25 | $612.0M | — | ||
| Q3 25 | $523.0M | — | ||
| Q2 25 | $307.0M | — | ||
| Q1 25 | $-242.0M | — | ||
| Q4 24 | $212.0M | — | ||
| Q3 24 | $-192.0M | — | ||
| Q2 24 | $163.0M | — | ||
| Q1 24 | $-166.0M | — |
| Q4 25 | 8.1% | — | ||
| Q3 25 | 6.5% | — | ||
| Q2 25 | 3.9% | — | ||
| Q1 25 | -3.2% | — | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | -2.5% | — | ||
| Q2 24 | 5.5% | — | ||
| Q1 24 | -5.7% | — |
| Q4 25 | 7.7% | — | ||
| Q3 25 | 7.6% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 6.2% | — | ||
| Q4 24 | 7.5% | — | ||
| Q3 24 | 6.7% | — | ||
| Q2 24 | 6.0% | — | ||
| Q1 24 | 7.1% | — |
| Q4 25 | 12.32× | — | ||
| Q3 25 | 4.61× | 1.29× | ||
| Q2 25 | — | 1.07× | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 5.35× | — | ||
| Q3 24 | — | 2.18× | ||
| Q2 24 | 2.58× | 2.63× | ||
| Q1 24 | 0.22× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
VIK
Segment breakdown not available.
