Carnival vs Norwegian Cruise Line CCL vs NCLH
Carnival and Norwegian Cruise Line Holdings 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: Carnival $34.83B, Norwegian Cruise Line $6.91B.
- Debt / equity: Norwegian Cruise Line 5.8×, Carnival 1.7×.
- One-year price return: Carnival −8.2%, Norwegian Cruise Line −34.1%.
- Price / sales: Carnival 1.3×, Norwegian Cruise Line 0.7×.
- Norwegian Cruise Line paid no dividend in the last twelve months.
Price return
2025-10-16 → 2026-10-16
CCL−8.2%
NCLH−34.1%
Profile
latestSector
Consumer Cyclical
Consumer Cyclical
Industry
Travel Services
Travel Services
Market value
$34.83B
$6.91B
Enterprise value
$57.52B
$21.73B
Employees
160,000
44,500
Revenue per employee (TTM)
$172K
$228K
Our models
nightlythe valuation on each stock's pagePrice vs model
20% undervalued vs model
19% undervalued vs model
Model range
$28.32–44.89
$14.71–24.39
Models in the headline
1
1
FCF growth priced in, at a 10% return
11.9%
—
Every model, its assumptions and its range: CCL valuation · NCLH valuation. The growth priced in, at any return: CCL reverse DCF · NCLH reverse DCF.
Trading
close 2026-10-16Last close
$25.90
$15.05
52-week high
$33.99
$25.02
52-week low
$21.80
$14.12
Price vs 52-week high
−23.8%
−39.8%
Price vs 52-week low
+18.8%
+6.6%
Average daily volume / shares
1.6%
3.6%
Beta
2.38
1.96
Returns
to 2026-10-161 month
+15.9%
+3.6%
3 months
−3.6%
−23.3%
6 months
−5.2%
−24.9%
Year to date
−15.2%
−32.6%
1 year
−8.2%
−34.1%
1 year, dividends added
−6.6%
−34.1%
2 years
+21.0%
−38.7%
Valuation
CCL price × TTM to Aug 2026 · NCLH price × TTM to Jun 2026P/E (TTM)
11.2×
9.1×
P/E on consensus EPS (next FY)
11.5×
9.7×
Price / sales
1.3×
0.7×
EV / sales
2.1×
2.1×
EV / EBITDA
7.9×
7.9×
Price / book
2.5×
2.7×
Price / free cash flow (FY)
13.4×
n/m
Free-cash-flow yield (FY)
7.5%
−16.9%
Growth
TTM and FY2025Revenue growth (TTM)
—
—
Revenue growth, consensus next FY
+4.1%
+2.3%
Revenue, 3-year CAGR
29.8%
26.6%
Revenue, 5-year CAGR
36.6%
50.3%
EPS growth (TTM)
—
—
EPS growth, consensus next FY
+11.6%
+68.1%
EPS, 3-year CAGR
—
—
Free cash flow, 3-year CAGR
—
—
Diluted shares, 3-year change
+18.8%
+13.8%
Profitability
CCL TTM to Aug 2026 · NCLH TTM to Jun 2026Gross margin (FY)†
29.6%
32.0%
Operating margin
16.0%
15.1%
EBITDA margin
26.5%
27.1%
Net margin
11.4%
7.5%
Free-cash-flow margin (FY)
9.8%
−11.9%
Return on equity
22.1%
29.6%
Return on assets
6.2%
3.2%
Asset turnover
0.54
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
CCL MRQ Aug 2026 · NCLH MRQ Jun 2026Cash
$1.22B
$218.1M
Total debt
$23.91B
$15.03B
Net debt
$22.69B
$14.82B
Debt / equity
1.7×
5.8×
Net debt / EBITDA (TTM)
3.1×
5.4×
Interest coverage (FY)
3.3×
0.7×
Current ratio (FY)
0.32
0.21
Dividends
trailing 12 monthsDividend yield
1.7%
0.0%
Dividends per share
$0.45
$0.00
Payout ratio (of TTM EPS)
19.5%
—
Dividend per share, 5-year CAGR
—
—
Frequency
Quarterly
—
Ownership and activity
last 90 days · latest 13FTracked superinvestors holding (13F)
2
3
Insider open-market buys (Form 4)
$0
$0
Insider sales (Form 4)
$0
$0
Analyst upgrades
0
0
Analyst downgrades
0
2
Statements
CCL income TTM to Aug 2026 · cash flow FY2025 · NCLH income TTM to Jun 2026 · cash flow FY2025Revenue
$27.59B
$10.15B
EBITDA
$7.31B
$2.75B
Operating income
$4.41B
$1.53B
Net income
$3.14B
$760.8M
EPS (diluted)
$2.31
$1.65
Operating cash flow
$6.22B
$2.09B
Capital expenditure
−$3.61B
−$3.26B
Free cash flow
$2.61B
−$1.17B
Dividends paid
—
—
Keep comparing
Carnival against
Norwegian Cruise Line 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.