Norwegian Cruise Line vs Royal Caribbean Group NCLH vs RCL
Norwegian Cruise Line Holdings and Royal Caribbean Group on one sheet: valuation multiples, growth, margins, debt, dividends and returns, each section labelled with the period it covers, from the companies' filings. Add or remove a stock above the sheet; the link holds the set.
What differs most
- Market value: Royal Caribbean Group $74.25B, Norwegian Cruise Line $6.91B.
- Price / sales: Royal Caribbean Group 4.0×, Norwegian Cruise Line 0.7×.
- Net margin: Royal Caribbean Group 23.5%, Norwegian Cruise Line 7.5%.
- Debt / equity: Norwegian Cruise Line 5.8×, Royal Caribbean Group 2.2×.
- Norwegian Cruise Line paid no dividend in the last twelve months.
Price return
2025-10-16 → 2026-10-16
NCLH−34.1%
RCL−7.0%
Prices at the close on 2026-10-16
RCL
Royal Caribbean Group
$277.68
Profile
latestSector
Consumer Cyclical
Consumer Cyclical
Industry
Travel Services
Travel Services
Market value
$6.91B
$74.25B
Enterprise value
$21.73B
$96.21B
Employees
44,500
107,975
Revenue per employee (TTM)
$228K
$173K
Our models
nightlythe valuation on each stock's pagePrice vs model
19% undervalued vs model
251% overvalued vs model
Model range
$14.71–24.39
$36.84–177
Models in the headline
1
1
FCF growth priced in, at a 10% return
—
35.4%
Every model, its assumptions and its range: NCLH valuation · RCL valuation. The growth priced in, at any return: NCLH reverse DCF · RCL reverse DCF.
Trading
close 2026-10-16Last close
$15.05
$277.68
52-week high
$25.02
$348.03
52-week low
$14.12
$230.30
Price vs 52-week high
−39.8%
−20.2%
Price vs 52-week low
+6.6%
+20.6%
Average daily volume / shares
3.6%
0.9%
Beta
1.96
1.82
Returns
to 2026-10-161 month
+3.6%
+9.4%
3 months
−23.3%
−5.5%
6 months
−24.9%
+4.4%
Year to date
−32.6%
−0.4%
1 year
−34.1%
−7.0%
1 year, dividends added
−34.1%
−5.1%
2 years
−38.7%
+37.6%
Valuation
price × TTM to Jun 2026P/E (TTM)
9.1×
17.2×
P/E on consensus EPS (next FY)
9.7×
15.6×
Price / sales
0.7×
4.0×
EV / sales
2.1×
5.1×
EV / EBITDA
7.9×
13.9×
Price / book
2.7×
7.3×
Price / free cash flow (FY)
n/m
60.1×
Free-cash-flow yield (FY)
−16.9%
1.7%
Growth
TTM and FY2025Revenue growth (TTM)
—
—
Revenue growth, consensus next FY
+2.3%
+9.1%
Revenue, 3-year CAGR
26.6%
26.6%
Revenue, 5-year CAGR
50.3%
52.0%
EPS growth (TTM)
—
—
EPS growth, consensus next FY
+68.1%
+13.9%
EPS, 3-year CAGR
—
—
Free cash flow, 3-year CAGR
—
—
Diluted shares, 3-year change
+13.8%
+7.4%
Profitability
TTM to Jun 2026Gross margin (FY)†
32.0%
46.8%
Operating margin
15.1%
27.3%
EBITDA margin
27.1%
37.0%
Net margin
7.5%
23.5%
Free-cash-flow margin (FY)
−11.9%
6.9%
Return on equity
29.6%
43.0%
Return on assets
3.2%
9.8%
Asset turnover
0.42
0.42
† Gross margin (FY): As filed. Companies draw the cost-of-revenue line in different places, so gross margins of two companies in one industry can differ for that reason alone; operating margin does not depend on where the line is drawn.
Balance sheet
MRQ Jun 2026Cash
$218.1M
$875.0M
Total debt
$15.03B
$22.84B
Net debt
$14.82B
$21.96B
Debt / equity
5.8×
2.2×
Net debt / EBITDA (TTM)
5.4×
3.2×
Interest coverage (FY)
0.7×
4.9×
Current ratio (FY)
0.21
0.18
Dividends
trailing 12 monthsDividend yield
0.0%
2.0%
Dividends per share
$0.00
$5.50
Payout ratio (of TTM EPS)
—
34.0%
Dividend per share, 5-year CAGR
—
—
Frequency
—
Quarterly
Ownership and activity
last 90 days · latest 13FTracked superinvestors holding (13F)
3
2
Insider open-market buys (Form 4)
$0
$0
Insider sales (Form 4)
$0
$4.0M
Analyst upgrades
0
2
Analyst downgrades
2
0
Statements
income TTM to Jun 2026 · cash flow FY2025Revenue
$10.15B
$18.68B
EBITDA
$2.75B
$6.92B
Operating income
$1.53B
$5.11B
Net income
$760.8M
$4.40B
EPS (diluted)
$1.65
$16.18
Operating cash flow
$2.09B
$6.46B
Capital expenditure
−$3.26B
−$5.23B
Free cash flow
−$1.17B
$1.24B
Dividends paid
—
$824.0M
Keep comparing
Norwegian Cruise Line against
Royal Caribbean Group against
Statements from the companies' SEC filings; prices, dividends and consensus estimates from Financial Modeling Prep; insider trades from Form 4 and holdings from 13F. Refreshed nightly. A comparison of filed numbers, not a recommendation to buy, sell or hold any security.