Carnival Corporation (CCL) vs Expedia Group, Inc. (EXPE)

Carnival Corporation and Expedia Group, Inc. are both Travel Services companies. Carnival Corporation and Expedia Group, Inc. are of similar size ($31.5B and $30.1B). Carnival Corporation trades at the lower P/E: 9.6× against 15.8×. Expedia Group, Inc. grew revenue faster over the last twelve months: 12.0% against 5.16%. Expedia Group, Inc. has the higher net margin (13.0% vs 11.2%) and the lower return on invested capital (0.00% vs 7.83%). Across the 21 metrics below, Expedia Group, Inc. leads on 11 and Carnival Corporation on 10.

Valuation

Metric CCL EXPE Travel Services median
P/E 9.63 15.84 17.52
P/S 1.13 2.02 2.24
P/B 2.37 12.85 2.61
Price to free cash flow 9.57 7.12 12.40
EV/EBITDA 7.18 7.69 12.77
EV/Sales 1.96 1.87 2.38
Earnings yield 10.38% 6.31% 3.30%
Free cash flow yield 10.45% 14.04% 3.22%

Profitability

Metric CCL EXPE Travel Services median
Gross margin 39.74% 90.43% 67.64%
Operating margin 16.35% 15.97% 15.06%
Net margin 11.23% 12.97% 6.64%
Free cash flow margin 11.77% 28.40% 3.21%
Return on equity 26.69% 89.36% 7.53%
Return on assets 5.93% 7.27% 3.40%
Return on invested capital 7.83% 0.00% 4.65%

Growth

Metric CCL EXPE Travel Services median
Revenue growth (TTM) 5.16% 12.00% 13.25%
EPS growth (last fiscal year) 40.28% 9.61% —
Revenue growth, 5-year CAGR 36.61% 23.16% 28.66%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CCL EXPE Travel Services median
Debt to equity 1.92 2.21 0.32
Current ratio 0.33 0.80 1.20
Net debt to EBITDA 3.34 (0.36) 1.07

Dividend

Metric CCL EXPE Travel Services median
Dividend yield 0.22% — —
Payout ratio 0.00 0.00 0.00

Size

Metric CCL EXPE Travel Services median
Market cap 30.10b 31.48b 4.41b

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