Filing Flows › Comparisons › NCLH vs MATX
Norwegian Cruise Line Holdings vs Matson: NCLH and MATX compared
Norwegian Cruise Line Holdings is the larger company: $2.9B of revenue in its latest quarter (Q3 2026) against $1.1B for Matson (Q3 2026). Matson is growing faster (+26% against +0.3% a year earlier). Matson is more profitable, with an operating margin of 22.9% against 21.2%.
Where the money goes: NCLH and MATX
Norwegian Cruise Line Holdings (NCLH) · Q3 2026
Norwegian Cruise Line Holdings, Q3 2026: revenue $2.9B (+0.3% year over year), operating margin 21.2%, net earnings $491M, operating cash flow $292M. The chart follows the revenue to costs, profit and cash.
Matson (MATX) · Q3 2026
Matson, Q3 2026: revenue $1.1B (+26% year over year), operating margin 22.9%, net earnings $209M, operating cash flow $229M. The chart follows the revenue to costs, profit and cash.
| Norwegian Cruise Line Holdings (NCLH) | Matson (MATX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.9B | $1.1B |
| Revenue growth, Y/Y | +0.3% | +26% |
| Operating margin | 21.2% | 22.9% |
| Net earnings | $491M | $209M |
| Net margin | 16.7% | 18.8% |
| Operating cash flow | $292M | $229M |
| Free cash flow | — | $176M |
| Market value | $8.2B | $6.4B |
| P/E | 9.6× | 11.8× |
| Analysts’ mean target | $19.57 | $292.50 |
Where the revenue comes from
Norwegian Cruise Line Holdings
- Passenger ticket: $1.9B (66%)
- Onboard and other: $1.0B (34%)
Matson
- Ocean Transportation: $891M (80%)
- Logistics: $222M (20%)
Questions
Which is bigger, Norwegian Cruise Line Holdings or Matson?
Norwegian Cruise Line Holdings is the larger company: $2.9B of revenue in its latest quarter (Q3 2026) against $1.1B for Matson (Q3 2026).
Is Norwegian Cruise Line Holdings or Matson growing faster?
Matson is growing faster (+26% against +0.3% a year earlier).
Which is more profitable, Norwegian Cruise Line Holdings or Matson?
Matson is more profitable, with an operating margin of 22.9% against 21.2%.
More: Norwegian Cruise Line Holdings earnings · how Norwegian Cruise Line Holdings makes money · Matson earnings · how Matson makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.