Carnival Corporation (CCL) vs Lindblad Expeditions (LIND)

Carnival Corporation and Lindblad Expeditions are both Travel Services companies. Carnival Corporation is the larger, with a market value of $30.1B against $1.8B — 16.5× the size. Lindblad Expeditions has negative trailing earnings, so its P/E is not meaningful; Carnival Corporation trades at 9.6×. Lindblad Expeditions grew revenue faster over the last twelve months: 18.3% against 5.16%. Carnival Corporation has the higher net margin (11.2% vs −2.44%) and the higher return on invested capital (7.83% vs 6.68%). Across the 19 metrics below, Carnival Corporation leads on 13 and Lindblad Expeditions on 6.

Valuation

Metric CCL LIND Travel Services median
P/E 9.63 n/m 17.52
P/S 1.13 2.24 2.24
P/B 2.37 n/m 2.61
Price to free cash flow 9.57 17.08 12.40
EV/EBITDA 7.18 19.68 12.77
EV/Sales 1.96 3.13 2.38
Earnings yield 10.38% (1.30%) 3.30%
Free cash flow yield 10.45% 5.85% 3.22%

Profitability

Metric CCL LIND Travel Services median
Gross margin 39.74% 46.65% 67.64%
Operating margin 16.35% 6.99% 15.06%
Net margin 11.23% (2.44%) 6.64%
Free cash flow margin 11.77% 13.13% 3.21%
Return on equity 26.69% 8.82% 7.53%
Return on assets 5.93% (2.06%) 3.40%
Return on invested capital 7.83% 6.68% 4.65%

Growth

Metric CCL LIND Travel Services median
Revenue growth (TTM) 5.16% 18.27% 13.25%
EPS growth (last fiscal year) 40.28% 5.97% —
Revenue growth, 5-year CAGR 36.61% 56.41% 28.66%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CCL LIND Travel Services median
Debt to equity 1.92 (5.64) 0.32
Current ratio 0.33 0.84 1.20
Net debt to EBITDA 3.34 6.48 1.07

Dividend

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

Size

Metric CCL LIND Travel Services median
Market cap 30.10b 1.82b 4.41b

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