CCL vs NCLH: Carnival and Norwegian Cruise Line Holdings compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Carnival is the larger company, worth $35.9B, about 5.5 times Norwegian Cruise Line Holdings.
- Norwegian Cruise Line Holdings grew revenue faster over the last year (+4.9% vs +3.5%).
- Carnival keeps more of each dollar of revenue as operating profit (16.0% vs 15.1%).
- On earnings, Carnival is the cheaper stock (11.4x vs 11.6x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CCL | NCLH |
|---|---|---|
| Market cap | $35.9B | $6.6B |
| Share price | $26.35 | $15.57 |
| Revenue (last fiscal year) | $26.6B | $9.8B |
| Free cash flow (last fiscal year) | $2.6B | -$1.2B |
| Revenue growth, last year | +3.5% | +4.9% |
| Revenue growth per year, last 5 fiscal years | +93.3% | +97.3% |
| Operating margin | 16.0% | 15.1% |
| Net margin | 11.4% | 7.5% |
| Return on equity | 22.1% | 29.6% |
| P/E (trailing) | 11.4x | 11.6x |
| Price / free cash flow | 13.8x | — |
| EV / EBITDA | 8.77x | 11.2x |
| FCF growth the price implies | 0.11% | — |
| Dividend yield | 0.57% | — |
| Debt / equity | 2.59x | 8.33x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 0 |
| Insider purchases, last 12 months | 2 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Carnival
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.9B | -$7.7B | -371.5% |
| 2022 | $12.2B | -$6.6B | -36.0% |
| 2023 | $21.6B | $997M | 9.1% |
| 2024 | $25.0B | $1.3B | 14.3% |
| 2025 | $26.6B | $2.6B | 16.8% |
Norwegian Cruise Line Holdings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $648M | -$3.2B | -393.9% |
| 2022 | $4.8B | -$1.6B | -32.0% |
| 2023 | $8.5B | -$745M | 10.9% |
| 2024 | $9.5B | $839M | 15.5% |
| 2025 | $9.8B | -$1.2B | 15.9% |
Where the revenue comes from
Carnival · by segments, 2025
North America Segment$17.6B66%
Europe Segment$8.5B32%
Cruise Support$309M1%
Tour And Other$241M1%
Norwegian Cruise Line Holdings · by products, 2025
Passenger ticket$6.7B68%
Onboard and other$3.1B32%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CCL in InvestinglyQuestions
Which is bigger, Carnival or Norwegian Cruise Line Holdings?
Carnival (CCL), at $35.9B against $6.6B.
Is CCL or NCLH cheaper?
By trailing P/E, Carnival (11.4x) is cheaper than Norwegian Cruise Line Holdings (11.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, CCL or NCLH?
Norwegian Cruise Line Holdings: revenue grew +4.9% over the last year, against +3.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.