Expedia Group, Inc. (EXPE) vs Norwegian Cruise Line Holdings Ltd. (NCLH)

Expedia Group, Inc. and Norwegian Cruise Line Holdings Ltd. are both Travel Services companies. Expedia Group, Inc. is the larger, with a market value of $31.5B against $6.6B — 4.8× the size. Norwegian Cruise Line Holdings Ltd. trades at the lower P/E: 8.7× against 15.8×. Expedia Group, Inc. grew revenue faster over the last twelve months: 12.0% against 6.21%. Expedia Group, Inc. has the higher net margin (13.0% vs 7.49%) and the lower return on invested capital (0.00% vs 5.51%). Across the 20 metrics below, Expedia Group, Inc. leads on 14 and Norwegian Cruise Line Holdings Ltd. on 6.

Valuation

Metric EXPE NCLH Travel Services median
P/E 15.84 8.75 17.52
P/S 2.02 0.66 2.24
P/B 12.85 2.61 2.61
Price to free cash flow 7.12 n/m 12.40
EV/EBITDA 7.69 7.81 12.77
EV/Sales 1.87 2.12 2.38
Earnings yield 6.31% 11.43% 3.30%
Free cash flow yield 14.04% (17.67%) 3.22%

Profitability

Metric EXPE NCLH Travel Services median
Gross margin 90.43% 42.46% 67.64%
Operating margin 15.97% 15.09% 15.06%
Net margin 12.97% 7.49% 6.64%
Free cash flow margin 28.40% (11.67%) 3.21%
Return on equity 89.36% 36.73% 7.53%
Return on assets 7.27% 3.34% 3.40%
Return on invested capital 0.00% 5.51% 4.65%

Growth

Metric EXPE NCLH Travel Services median
Revenue growth (TTM) 12.00% 6.21% 13.25%
EPS growth (last fiscal year) 9.61% (51.32%) —
Revenue growth, 5-year CAGR 23.16% 50.33% 28.66%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric EXPE NCLH Travel Services median
Debt to equity 2.21 5.84 0.32
Current ratio 0.80 0.20 1.20
Net debt to EBITDA (0.36) 5.29 1.07

Dividend

Metric EXPE NCLH Travel Services median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric EXPE NCLH Travel Services median
Market cap 31.48b 6.56b 4.41b

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