Carnival
CCL · Hotels, Resorts & Cruise Lines
$26.11
3.6%Marriott International
MAR · Hotels, Resorts & Cruise Lines
$390.71
1.5%The short version
- Carnival is the larger business, with $26.6B of revenue in fiscal 2025 against $26.2B for Marriott International.
- Carnival grew revenue faster (6.4%, against 4.3%).
- Carnival kept more of each dollar of sales as operating profit (16.8% operating margin, against 15.8% operating margin).
- Marriott International earned a higher return on the capital invested in it (27.4%, against 12.1%).
- Investors pay more for each dollar of Marriott International’s earnings: a P/E of 40.4x against 11.4x for Carnival.
| Latest fiscal year | CCL · FY25 | MAR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.7B | $103.3B |
| Revenue | $26.6B | $26.2B |
| Free cash flow | $2.6B | $2.6B |
| Net income | $2.8B | $2.6B |
| Growth | ||
| Revenue growth | 6.4% | 4.3% |
| 5-year growth | 36.6% | 19.9% |
| Share count change | 0.3% | −4.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.8% | 15.8% |
| Net margin | 10.4% | 9.9% |
| FCF margin | 9.8% | 10.0% |
| Return on capital | 12.1% | 27.4% |
| Return on equity | 25.6% | — |
| Balance sheet | ||
| Net debt | $25.5B | $15.8B |
| Net debt / EBITDA | 3.5x | 3.5x |
| Dividends and buybacks | $0.0M | $4.0B |
| Valuation & quality | ||
| P/E | 11.4x | 40.4x |
| Piotroski F-score | 7 | 7 |
FY16
CCL $16.4B
MAR $15.4B
FY17
CCL $17.5B
MAR $20.5B
FY18
CCL $18.9B
MAR $20.8B
FY19
CCL $20.8B
MAR $21.0B
FY20
CCL $5.6B
MAR $10.6B
FY21
CCL $1.9B
MAR $13.9B
FY22
CCL $12.2B
MAR $20.8B
FY23
CCL $21.6B
MAR $23.7B
FY24
CCL $25.0B
MAR $25.1B
FY25
CCL $26.6B
MAR $26.2B
CCL
MAR
FY16
CCL 18.7%
MAR 9.2%
FY17
CCL 16.0%
MAR 12.2%
FY18
CCL 17.6%
MAR 11.4%
FY19
CCL 15.7%
MAR 8.6%
FY20
CCL −158.5%
MAR 0.8%
FY21
CCL −371.5%
MAR 12.6%
FY22
CCL −36.0%
MAR 16.7%
FY23
CCL 9.1%
MAR 16.3%
FY24
CCL 14.3%
MAR 15.0%
FY25
CCL 16.8%
MAR 15.8%
CCL
MAR
FY16
CCL $2.1B
MAR $1.4B
FY17
CCL $2.4B
MAR $2.0B
FY18
CCL $1.8B
MAR $1.8B
FY19
CCL $46.0M
MAR $1.0B
FY20
CCL −$9.9B
MAR $1.5B
FY21
CCL −$7.7B
MAR $994M
FY22
CCL −$6.6B
MAR $2.0B
FY23
CCL $997M
MAR $2.7B
FY24
CCL $1.3B
MAR $2.0B
FY25
CCL $2.6B
MAR $2.6B
CCL
MAR
FY16
CCL 9.8%
MAR 14.1%
FY17
CCL 8.4%
MAR 10.3%
FY18
CCL 9.6%
MAR 17.0%
FY19
CCL 9.0%
MAR 12.6%
FY20
CCL −18.0%
MAR 0.6%
FY21
CCL −14.0%
MAR 16.2%
FY22
CCL −9.5%
MAR 25.9%
FY23
CCL 4.6%
MAR 33.6%
FY24
CCL 10.4%
MAR 25.9%
FY25
CCL 12.1%
MAR 27.4%
CCL
MAR
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.