NCLH
Norwegian Cruise Line Holdings Ltd.
Travel Services
Market Cap$8.15B
5Y Perf.+13.3%
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Stock Comparison
NCLH vs RCL
Revenue, margins, valuation, and 5-year total return — side by side.
RCL
Royal Caribbean Cruises Ltd.
Travel Services
Market Cap$77.66B
5Y Perf.+453.5%
NCLH vs RCL — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | NCLH | RCL |
|---|---|---|
| Industry | Travel Services | Travel Services |
| Market Cap | $8.15B | $77.66B |
| Revenue (TTM) | $10.03B | $18.39B |
| Net Income (TTM) | $568M | $4.48B |
| Gross Margin | 43.0% | 47.2% |
| Operating Margin | 15.9% | 27.9% |
| Forward P/E | 8.5x | 16.8x |
| Total Debt | $14.61B | $22.64B |
| Cash & Equiv. | $210M | $825M |
NCLH vs RCL — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
NCLH
RCL
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Norwegian Cruise Li… (NCLH) | 100 | 113.3 | +13.3% |
| Royal Caribbean Cru… (RCL) | 100 | 553.5 | +453.5% |
Price return only. Dividends and distributions are not included.
Quick Verdict: NCLH vs RCL
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: RCL leads in 6 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. Norwegian Cruise Line Holdings Ltd. is the stronger pick specifically for valuation and capital efficiency. As sector peers, any of these can serve as alternatives in the same allocation.
NCLH
Norwegian Cruise Line Holdings Ltd.
The Value Play
NCLH is the clearest fit if your priority is value.
- Lower P/E (8.5x vs 16.8x)
Best for: value
RCL
Royal Caribbean Cruises Ltd.
The Income Pick
RCL carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 1 yrs, beta 1.69, yield 0.3%
- Rev growth 8.8%, EPS growth 42.7%, 3Y rev CAGR 26.6%
- 304.9% 10Y total return vs NCLH's -63.7%
Best for: income & stability and growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | RCL | 8.8% revenue growth vs NCLH's 3.7% |
| Value | NCLH | Lower P/E (8.5x vs 16.8x) |
| Quality / Margins | RCL | 24.4% margin vs NCLH's 5.7% |
| Stability / Safety | RCL | Beta 1.69 vs NCLH's 2.26, lower leverage |
| Dividends | RCL | 0.3% yield; 1-year raise streak; the other pay no meaningful dividend |
| Momentum (1Y) | RCL | +29.1% vs NCLH's +2.8% |
| Efficiency (ROA) | RCL | 11.1% ROA vs NCLH's 2.5%, ROIC 12.2% vs 7.5% |
NCLH vs RCL — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
NCLH vs RCL — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLRCLLAGGINGNCLH
NCLHNorwegian Cruise Line…
1leads
RCLRoyal Caribbean Cruis…
4leads
6 Total Categories
CATEGORYLEADERvs NCLHMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
RCL5/6
Valuation MetricsMultiples, price ratios, and targets
NCLH4/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
RCL7/9
Total Returns1Y, 3Y, 5Y total returns with dividends
RCL6/6
Risk & VolatilityBeta, volatility, and downside exposure
RCL2/2
Analyst OutlookRatings, price targets, and dividends
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Income & Cash Flow (Last 12 Months)
RCL leads this category, winning 5 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
RCL is the larger business by revenue, generating $18.4B annually — 1.8x NCLH's $10.0B. RCL is the more profitable business, keeping 24.4% of every revenue dollar as net income compared to NCLH's 5.7%.
| Metric | NCLHNorwegian Cruise … | RCLRoyal Caribbean C… |
|---|---|---|
| RevenueTrailing 12 months | $10.0B | $18.4B |
| EBITDAEarnings before interest/tax | $2.6B | $6.8B |
| Net IncomeAfter-tax profit | $568M | $4.5B |
| Free Cash FlowCash after capex | -$949M | $1.4B |
| Gross MarginGross profit ÷ Revenue | +43.0% | +47.2% |
| Operating MarginEBIT ÷ Revenue | +15.9% | +27.9% |
| Net MarginNet income ÷ Revenue | +5.7% | +24.4% |
| FCF MarginFCF ÷ Revenue | -9.5% | +7.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +9.6% | +11.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +3.5% | +28.9% |
RCL leads this category, winning 5 of 6 comparable metrics.
Valuation Metrics
NCLH leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
At 18.4x trailing earnings, RCL trades at a 7% valuation discount to NCLH's 19.7x P/E. On an enterprise value basis, NCLH's 8.2x EV/EBITDA is more attractive than RCL's 15.3x.
| Metric | NCLHNorwegian Cruise … | RCLRoyal Caribbean C… |
|---|---|---|
| Market CapShares × price | $8.1B | $77.7B |
| Enterprise ValueMkt cap + debt − cash | $22.5B | $99.5B |
| Trailing P/EPrice ÷ TTM EPS | 19.72x | 18.39x |
| Forward P/EPrice ÷ next-FY EPS est. | 8.45x | 16.79x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 8.23x | 15.25x |
| Price / SalesMarket cap ÷ Revenue | 0.83x | 4.33x |
| Price / BookPrice ÷ Book value/share | 3.69x | 7.65x |
| Price / FCFMarket cap ÷ FCF | — | 62.83x |
NCLH leads this category, winning 4 of 5 comparable metrics.
Profitability & Efficiency
RCL leads this category, winning 7 of 9 comparable metrics.
Profitability & Efficiency
RCL delivers a 44.9% return on equity — every $100 of shareholder capital generates $45 in annual profit, vs $27 for NCLH. RCL carries lower financial leverage with a 2.21x debt-to-equity ratio, signaling a more conservative balance sheet compared to NCLH's 6.61x. On the Piotroski fundamental quality scale (0–9), RCL scores 7/9 vs NCLH's 6/9, reflecting strong financial health.
| Metric | NCLHNorwegian Cruise … | RCLRoyal Caribbean C… |
|---|---|---|
| ROE (TTM)Return on equity | +27.0% | +44.9% |
| ROA (TTM)Return on assets | +2.5% | +11.1% |
| ROICReturn on invested capital | +7.5% | +12.2% |
| ROCEReturn on capital employed | +10.2% | +17.3% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 7 |
| Debt / EquityFinancial leverage | 6.61x | 2.21x |
| Net DebtTotal debt minus cash | $14.4B | $21.8B |
| Cash & Equiv.Liquid assets | $210M | $825M |
| Total DebtShort + long-term debt | $14.6B | $22.6B |
| Interest CoverageEBIT ÷ Interest expense | 1.60x | 5.36x |
RCL leads this category, winning 7 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
RCL leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in RCL five years ago would be worth $36,311 today (with dividends reinvested), compared to $6,383 for NCLH. Over the past 12 months, RCL leads with a +29.1% total return vs NCLH's +2.8%. The 3-year compound annual growth rate (CAGR) favors RCL at 55.2% vs NCLH's 7.6% — a key indicator of consistent wealth creation.
| Metric | NCLHNorwegian Cruise … | RCLRoyal Caribbean C… |
|---|---|---|
| YTD ReturnYear-to-date | -22.1% | +1.9% |
| 1-Year ReturnPast 12 months | +2.8% | +29.1% |
| 3-Year ReturnCumulative with dividends | +24.5% | +274.0% |
| 5-Year ReturnCumulative with dividends | -36.2% | +263.1% |
| 10-Year ReturnCumulative with dividends | -63.7% | +304.9% |
| CAGR (3Y)Annualised 3-year return | +7.6% | +55.2% |
RCL leads this category, winning 6 of 6 comparable metrics.
Risk & Volatility
RCL leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
RCL is the less volatile stock with a 1.69 beta — it tends to amplify market swings less than NCLH's 2.26 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. RCL currently trades 78.3% from its 52-week high vs NCLH's 65.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NCLHNorwegian Cruise … | RCLRoyal Caribbean C… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.26x | 1.69x |
| 52-Week HighHighest price in past year | $27.18 | $366.50 |
| 52-Week LowLowest price in past year | $16.78 | $223.00 |
| % of 52W HighCurrent price vs 52-week peak | +65.3% | +78.3% |
| RSI (14)Momentum oscillator 0–100 | 36.3 | 46.3 |
| Avg Volume (50D)Average daily shares traded | 21.6M | 2.6M |
RCL leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Insufficient data to determine a leader in this category.
Analyst Outlook
Wall Street rates NCLH as "Buy" and RCL as "Buy". Consensus price targets imply 36.2% upside for NCLH (target: $24) vs 23.2% for RCL (target: $354). RCL is the only dividend payer here at 0.34% yield — a key consideration for income-focused portfolios.
| Metric | NCLHNorwegian Cruise … | RCLRoyal Caribbean C… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $24.18 | $353.67 |
| # AnalystsCovering analysts | 37 | 51 |
| Dividend YieldAnnual dividend ÷ price | — | +0.3% |
| Dividend StreakConsecutive years of raises | — | 1 |
| Dividend / ShareAnnual DPS | — | $0.97 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.3% | +1.5% |
Insufficient data to determine a leader in this category.
Key Takeaway
RCL leads in 4 of 6 categories (Income & Cash Flow, Profitability & Efficiency). NCLH leads in 1 (Valuation Metrics).
Best OverallRoyal Caribbean Cruises Ltd. (RCL)Leads 4 of 6 categories
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NCLH vs RCL: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is NCLH or RCL a better buy right now?
For growth investors, Royal Caribbean Cruises Ltd.
(RCL) is the stronger pick with 8. 8% revenue growth year-over-year, versus 3. 7% for Norwegian Cruise Line Holdings Ltd. (NCLH). Royal Caribbean Cruises Ltd. (RCL) offers the better valuation at 18. 4x trailing P/E (16. 8x forward), making it the more compelling value choice. Analysts rate Norwegian Cruise Line Holdings Ltd. (NCLH) a "Buy" — based on 37 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — NCLH or RCL?
On trailing P/E, Royal Caribbean Cruises Ltd.
(RCL) is the cheapest at 18. 4x versus Norwegian Cruise Line Holdings Ltd. at 19. 7x. On forward P/E, Norwegian Cruise Line Holdings Ltd. is actually cheaper at 8. 5x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — NCLH or RCL?
Over the past 5 years, Royal Caribbean Cruises Ltd.
(RCL) delivered a total return of +263. 1%, compared to -36. 2% for Norwegian Cruise Line Holdings Ltd. (NCLH). Over 10 years, the gap is even starker: RCL returned +304. 9% versus NCLH's -63. 7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — NCLH or RCL?
By beta (market sensitivity over 5 years), Royal Caribbean Cruises Ltd.
(RCL) is the lower-risk stock at 1. 69β versus Norwegian Cruise Line Holdings Ltd. 's 2. 26β — meaning NCLH is approximately 34% more volatile than RCL relative to the S&P 500. On balance sheet safety, Royal Caribbean Cruises Ltd. (RCL) carries a lower debt/equity ratio of 2% versus 7% for Norwegian Cruise Line Holdings Ltd. — giving it more financial flexibility in a downturn.
05Which is growing faster — NCLH or RCL?
By revenue growth (latest reported year), Royal Caribbean Cruises Ltd.
(RCL) is pulling ahead at 8. 8% versus 3. 7% for Norwegian Cruise Line Holdings Ltd. (NCLH). On earnings-per-share growth, the picture is similar: Royal Caribbean Cruises Ltd. grew EPS 42. 7% year-over-year, compared to -52. 4% for Norwegian Cruise Line Holdings Ltd.. Over a 3-year CAGR, NCLH leads at 26. 6% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — NCLH or RCL?
Royal Caribbean Cruises Ltd.
(RCL) is the more profitable company, earning 23. 8% net margin versus 4. 3% for Norwegian Cruise Line Holdings Ltd. — meaning it keeps 23. 8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: RCL leads at 27. 4% versus 16. 2% for NCLH. At the gross margin level — before operating expenses — RCL leads at 46. 8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is NCLH or RCL more undervalued right now?
On forward earnings alone, Norwegian Cruise Line Holdings Ltd.
(NCLH) trades at 8. 5x forward P/E versus 16. 8x for Royal Caribbean Cruises Ltd. — 8. 3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NCLH: 36. 2% to $24. 18.
08Which pays a better dividend — NCLH or RCL?
In this comparison, RCL (0.
3% yield) pays a dividend. NCLH does not pay a meaningful dividend and should not be held primarily for income.
09Is NCLH or RCL better for a retirement portfolio?
For long-horizon retirement investors, Royal Caribbean Cruises Ltd.
(RCL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+304. 9% 10Y return). Norwegian Cruise Line Holdings Ltd. (NCLH) carries a higher beta of 2. 26 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (RCL: +304. 9%, NCLH: -63. 7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between NCLH and RCL?
Both stocks operate in the Consumer Cyclical sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(NCLH: 9.6% · RCL: 11.3%)Net Margin>
%
(NCLH: 5.7% · RCL: 24.4%)P/E Ratio<
x
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