Carnival
CCL · Hotels, Resorts & Cruise Lines
$26.11
3.6%Royal Caribbean Group
RCL · Hotels, Resorts & Cruise Lines
$276.48
3.4%The short version
- Carnival is the larger business, with $26.6B of revenue in fiscal 2025 against $17.9B for Royal Caribbean Group.
- Royal Caribbean Group grew revenue faster (8.8%, against 6.4%).
- Royal Caribbean Group kept more of each dollar of sales as operating profit (27.4% operating margin, against 16.8% operating margin).
- Carnival turned more of its sales into free cash flow (9.8% FCF margin, against 6.9% FCF margin).
- Royal Caribbean Group earned a higher return on the capital invested in it (16.6%, against 12.1%).
- Investors pay more for each dollar of Royal Caribbean Group’s earnings: a P/E of 17.1x against 11.4x for Carnival.
| Latest fiscal year | CCL · FY25 | RCL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.7B | $74.1B |
| Revenue | $26.6B | $17.9B |
| Free cash flow | $2.6B | $1.2B |
| Net income | $2.8B | $4.3B |
| Growth | ||
| Revenue growth | 6.4% | 8.8% |
| 5-year growth | 36.6% | 52.0% |
| Share count change | 0.3% | −1.8% |
| Profitability | ||
| Gross margin | — | 49.4% |
| Operating margin | 16.8% | 27.4% |
| Net margin | 10.4% | 23.8% |
| FCF margin | 9.8% | 6.9% |
| Return on capital | 12.1% | 16.6% |
| Return on equity | 25.6% | 48.5% |
| Balance sheet | ||
| Net debt | $25.5B | $20.5B |
| Net debt / EBITDA | 3.5x | 3.1x |
| Dividends and buybacks | $0.0M | $2.0B |
| Valuation & quality | ||
| P/E | 11.4x | 17.1x |
| Piotroski F-score | 7 | 9 |
FY16
CCL $16.4B
RCL $8.5B
FY17
CCL $17.5B
RCL $8.8B
FY18
CCL $18.9B
RCL $9.5B
FY19
CCL $20.8B
RCL $11.0B
FY20
CCL $5.6B
RCL $2.2B
FY21
CCL $1.9B
RCL $1.5B
FY22
CCL $12.2B
RCL $8.8B
FY23
CCL $21.6B
RCL $13.9B
FY24
CCL $25.0B
RCL $16.5B
FY25
CCL $26.6B
RCL $17.9B
CCL
RCL
FY16
CCL 18.7%
RCL 17.4%
FY17
CCL 16.0%
RCL 19.9%
FY18
CCL 17.6%
RCL 20.0%
FY19
CCL 15.7%
RCL 19.0%
FY20
CCL −158.5%
RCL −208.3%
FY21
CCL −371.5%
RCL −252.6%
FY22
CCL −36.0%
RCL −8.7%
FY23
CCL 9.1%
RCL 20.7%
FY24
CCL 14.3%
RCL 24.9%
FY25
CCL 16.8%
RCL 27.4%
CCL
RCL
FY16
CCL $2.1B
RCL $22.3M
FY17
CCL $2.4B
RCL $2.3B
FY18
CCL $1.8B
RCL −$181M
FY19
CCL $46.0M
RCL $692M
FY20
CCL −$9.9B
RCL −$5.7B
FY21
CCL −$7.7B
RCL −$4.1B
FY22
CCL −$6.6B
RCL −$2.2B
FY23
CCL $997M
RCL $580M
FY24
CCL $1.3B
RCL $2.0B
FY25
CCL $2.6B
RCL $1.2B
CCL
RCL
FY16
CCL 9.8%
RCL 6.7%
FY17
CCL 8.4%
RCL 7.6%
FY18
CCL 9.6%
RCL 7.5%
FY19
CCL 9.0%
RCL 7.4%
FY20
CCL −18.0%
RCL −15.4%
FY21
CCL −14.0%
RCL −12.8%
FY22
CCL −9.5%
RCL −2.5%
FY23
CCL 4.6%
RCL 11.4%
FY24
CCL 10.4%
RCL 15.2%
FY25
CCL 12.1%
RCL 16.6%
CCL
RCL
Add another company
Compare up to four at once.
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.