CCL
Carnival Corporation & plc
Leisure
Market Cap$34.03B
5Y Perf.+74.8%
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Stock Comparison
CCL vs NCLH
Revenue, margins, valuation, and 5-year total return — side by side.
NCLH
Norwegian Cruise Line Holdings Ltd.
Travel Services
Market Cap$8.15B
5Y Perf.+13.3%
CCL vs NCLH — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | CCL | NCLH |
|---|---|---|
| Industry | Leisure | Travel Services |
| Market Cap | $34.03B | $8.15B |
| Revenue (TTM) | $26.62B | $10.03B |
| Net Income (TTM) | $2.76B | $568M |
| Gross Margin | 37.4% | 43.0% |
| Operating Margin | 16.8% | 15.9% |
| Forward P/E | 12.5x | 8.5x |
| Total Debt | $27.99B | $14.61B |
| Cash & Equiv. | $1.93B | $210M |
CCL vs NCLH — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
CCL
NCLH
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Carnival Corporatio… (CCL) | 100 | 174.8 | +74.8% |
| Norwegian Cruise Li… (NCLH) | 100 | 113.3 | +13.3% |
Price return only. Dividends and distributions are not included.
Quick Verdict: CCL vs NCLH
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: CCL leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. Norwegian Cruise Line Holdings Ltd. is the stronger pick specifically for valuation and capital efficiency and capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
CCL
Carnival Corporation & plc
The Growth Play
CCL carries the broadest edge in this set and is the clearest fit for growth exposure and long-term compounding.
- Rev growth 6.4%, EPS growth 40.3%, 3Y rev CAGR 29.8%
- -29.4% 10Y total return vs NCLH's -63.7%
- Lower volatility, beta 2.27, current ratio 0.32x
Best for: growth exposure and long-term compounding
NCLH
Norwegian Cruise Line Holdings Ltd.
The Income Pick
NCLH is the clearest fit if your priority is income & stability and defensive.
- beta 2.26
- Beta 2.26, current ratio 0.21x
- Lower P/E (8.5x vs 12.5x)
Best for: income & stability and defensive
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | CCL | 6.4% revenue growth vs NCLH's 3.7% |
| Value | NCLH | Lower P/E (8.5x vs 12.5x) |
| Quality / Margins | CCL | 10.4% margin vs NCLH's 5.7% |
| Stability / Safety | NCLH | Beta 2.26 vs CCL's 2.27 |
| Dividends | Tie | Neither stock pays a meaningful dividend |
| Momentum (1Y) | CCL | +41.7% vs NCLH's +2.8% |
| Efficiency (ROA) | CCL | 5.3% ROA vs NCLH's 2.5%, ROIC 8.9% vs 7.5% |
CCL vs NCLH — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
CCL vs NCLH — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLCCLLAGGINGNCLH
NCLHNorwegian Cruise Line…
1leads
CCLCarnival Corporation …
2leads
6 Total Categories
CATEGORYLEADERvs NCLHMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
Tied
—
Valuation MetricsMultiples, price ratios, and targets
NCLH3/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
CCL6/9
Total Returns1Y, 3Y, 5Y total returns with dividends
CCL6/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
—
—
Income & Cash Flow (Last 12 Months)
Evenly matched — CCL and NCLH each lead in 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
CCL is the larger business by revenue, generating $26.6B annually — 2.7x NCLH's $10.0B. Profitability is closely matched — net margins range from 10.4% (CCL) to 5.7% (NCLH).
| Metric | CCLCarnival Corporat… | NCLHNorwegian Cruise … |
|---|---|---|
| RevenueTrailing 12 months | $26.6B | $10.0B |
| EBITDAEarnings before interest/tax | $7.3B | $2.6B |
| Net IncomeAfter-tax profit | $2.8B | $568M |
| Free Cash FlowCash after capex | $2.6B | -$949M |
| Gross MarginGross profit ÷ Revenue | +37.4% | +43.0% |
| Operating MarginEBIT ÷ Revenue | +16.8% | +15.9% |
| Net MarginNet income ÷ Revenue | +10.4% | +5.7% |
| FCF MarginFCF ÷ Revenue | +9.8% | -9.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +6.6% | +9.6% |
| EPS Growth (YoY)Latest quarter vs prior year | +82.4% | +3.5% |
Evenly matched — CCL and NCLH each lead in 3 of 6 comparable metrics.
Valuation Metrics
NCLH leads this category, winning 3 of 5 comparable metrics.
Valuation Metrics
At 13.6x trailing earnings, CCL trades at a 31% valuation discount to NCLH's 19.7x P/E. On an enterprise value basis, NCLH's 8.2x EV/EBITDA is more attractive than CCL's 8.3x.
| Metric | CCLCarnival Corporat… | NCLHNorwegian Cruise … |
|---|---|---|
| Market CapShares × price | $34.0B | $8.1B |
| Enterprise ValueMkt cap + debt − cash | $60.1B | $22.5B |
| Trailing P/EPrice ÷ TTM EPS | 13.62x | 19.72x |
| Forward P/EPrice ÷ next-FY EPS est. | 12.47x | 8.45x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 8.26x | 8.23x |
| Price / SalesMarket cap ÷ Revenue | 1.28x | 0.83x |
| Price / BookPrice ÷ Book value/share | 3.14x | 3.69x |
| Price / FCFMarket cap ÷ FCF | 13.05x | — |
NCLH leads this category, winning 3 of 5 comparable metrics.
Profitability & Efficiency
CCL leads this category, winning 6 of 9 comparable metrics.
Profitability & Efficiency
NCLH delivers a 27.0% return on equity — every $100 of shareholder capital generates $27 in annual profit, vs $22 for CCL. CCL carries lower financial leverage with a 2.28x debt-to-equity ratio, signaling a more conservative balance sheet compared to NCLH's 6.61x. On the Piotroski fundamental quality scale (0–9), CCL scores 7/9 vs NCLH's 6/9, reflecting strong financial health.
| Metric | CCLCarnival Corporat… | NCLHNorwegian Cruise … |
|---|---|---|
| ROE (TTM)Return on equity | +22.5% | +27.0% |
| ROA (TTM)Return on assets | +5.3% | +2.5% |
| ROICReturn on invested capital | +8.9% | +7.5% |
| ROCEReturn on capital employed | +11.8% | +10.2% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 6 |
| Debt / EquityFinancial leverage | 2.28x | 6.61x |
| Net DebtTotal debt minus cash | $26.1B | $14.4B |
| Cash & Equiv.Liquid assets | $1.9B | $210M |
| Total DebtShort + long-term debt | $28.0B | $14.6B |
| Interest CoverageEBIT ÷ Interest expense | 3.09x | 1.60x |
CCL leads this category, winning 6 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
CCL leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in CCL five years ago would be worth $10,663 today (with dividends reinvested), compared to $6,383 for NCLH. Over the past 12 months, CCL leads with a +41.7% total return vs NCLH's +2.8%. The 3-year compound annual growth rate (CAGR) favors CCL at 37.6% vs NCLH's 7.6% — a key indicator of consistent wealth creation.
| Metric | CCLCarnival Corporat… | NCLHNorwegian Cruise … |
|---|---|---|
| YTD ReturnYear-to-date | -10.5% | -22.1% |
| 1-Year ReturnPast 12 months | +41.7% | +2.8% |
| 3-Year ReturnCumulative with dividends | +160.8% | +24.5% |
| 5-Year ReturnCumulative with dividends | +6.6% | -36.2% |
| 10-Year ReturnCumulative with dividends | -29.4% | -63.7% |
| CAGR (3Y)Annualised 3-year return | +37.6% | +7.6% |
CCL leads this category, winning 6 of 6 comparable metrics.
Risk & Volatility
Evenly matched — CCL and NCLH each lead in 1 of 2 comparable metrics.
Risk & Volatility
NCLH is the less volatile stock with a 2.26 beta — it tends to amplify market swings less than CCL's 2.27 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CCL currently trades 80.9% from its 52-week high vs NCLH's 65.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CCLCarnival Corporat… | NCLHNorwegian Cruise … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.27x | 2.26x |
| 52-Week HighHighest price in past year | $34.03 | $27.18 |
| 52-Week LowLowest price in past year | $19.22 | $16.78 |
| % of 52W HighCurrent price vs 52-week peak | +80.9% | +65.3% |
| RSI (14)Momentum oscillator 0–100 | 44.3 | 36.3 |
| Avg Volume (50D)Average daily shares traded | 26.9M | 21.6M |
Evenly matched — CCL and NCLH each lead in 1 of 2 comparable metrics.
Analyst Outlook
Insufficient data to determine a leader in this category.
Analyst Outlook
Wall Street rates CCL as "Buy" and NCLH as "Buy". Consensus price targets imply 36.2% upside for NCLH (target: $24) vs 31.4% for CCL (target: $36).
| Metric | CCLCarnival Corporat… | NCLHNorwegian Cruise … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $36.17 | $24.18 |
| # AnalystsCovering analysts | 47 | 37 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.3% |
Insufficient data to determine a leader in this category.
Key Takeaway
CCL leads in 2 of 6 categories (Profitability & Efficiency, Total Returns). NCLH leads in 1 (Valuation Metrics). 2 tied.
Best OverallCarnival Corporation & plc (CCL)Leads 2 of 6 categories
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CCL vs NCLH: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is CCL or NCLH a better buy right now?
For growth investors, Carnival Corporation & plc (CCL) is the stronger pick with 6.
4% revenue growth year-over-year, versus 3. 7% for Norwegian Cruise Line Holdings Ltd. (NCLH). Carnival Corporation & plc (CCL) offers the better valuation at 13. 6x trailing P/E (12. 5x forward), making it the more compelling value choice. Analysts rate Carnival Corporation & plc (CCL) a "Buy" — based on 47 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CCL or NCLH?
On trailing P/E, Carnival Corporation & plc (CCL) is the cheapest at 13.
6x versus Norwegian Cruise Line Holdings Ltd. at 19. 7x. On forward P/E, Norwegian Cruise Line Holdings Ltd. is actually cheaper at 8. 5x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — CCL or NCLH?
Over the past 5 years, Carnival Corporation & plc (CCL) delivered a total return of +6.
6%, compared to -36. 2% for Norwegian Cruise Line Holdings Ltd. (NCLH). Over 10 years, the gap is even starker: CCL returned -29. 4% versus NCLH's -63. 7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CCL or NCLH?
By beta (market sensitivity over 5 years), Norwegian Cruise Line Holdings Ltd.
(NCLH) is the lower-risk stock at 2. 26β versus Carnival Corporation & plc's 2. 27β — meaning CCL is approximately 1% more volatile than NCLH relative to the S&P 500. On balance sheet safety, Carnival Corporation & plc (CCL) carries a lower debt/equity ratio of 2% versus 7% for Norwegian Cruise Line Holdings Ltd. — giving it more financial flexibility in a downturn.
05Which is growing faster — CCL or NCLH?
By revenue growth (latest reported year), Carnival Corporation & plc (CCL) is pulling ahead at 6.
4% versus 3. 7% for Norwegian Cruise Line Holdings Ltd. (NCLH). On earnings-per-share growth, the picture is similar: Carnival Corporation & plc grew EPS 40. 3% year-over-year, compared to -52. 4% for Norwegian Cruise Line Holdings Ltd.. Over a 3-year CAGR, CCL leads at 29. 8% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — CCL or NCLH?
Carnival Corporation & plc (CCL) is the more profitable company, earning 10.
4% net margin versus 4. 3% for Norwegian Cruise Line Holdings Ltd. — meaning it keeps 10. 4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CCL leads at 16. 8% versus 16. 2% for NCLH. At the gross margin level — before operating expenses — NCLH leads at 32. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is CCL or NCLH more undervalued right now?
On forward earnings alone, Norwegian Cruise Line Holdings Ltd.
(NCLH) trades at 8. 5x forward P/E versus 12. 5x for Carnival Corporation & plc — 4. 0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NCLH: 36. 2% to $24. 18.
08Which pays a better dividend — CCL or NCLH?
None of the stocks in this comparison currently pay a material dividend.
All are effectively zero-yield and should be held for capital appreciation rather than income.
09Is CCL or NCLH better for a retirement portfolio?
For long-horizon retirement investors, Carnival Corporation & plc (CCL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding.
Norwegian Cruise Line Holdings Ltd. (NCLH) carries a higher beta of 2. 26 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (CCL: -29. 4%, NCLH: -63. 7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between CCL and NCLH?
Both stocks operate in the Consumer Cyclical sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: CCL is a mid-cap deep-value stock; NCLH is a small-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(CCL: 6.6% · NCLH: 9.6%)Net Margin>
%
(CCL: 10.4% · NCLH: 5.7%)P/E Ratio<
x
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