CCL vs NCLH.

→No axis separates them by more than 2 of six checks, and the widest is Health.

	CCL	NCLH
Health	2/6	0/6
Shareholder returns	0/6	2/6
Value	3/6	2/6
Quality	4/6	3/6
Growth	3/6	3/6
Trend analysis	0/6	0/6
All checks	12/36	10/36

→Carnival turns over $27.3B to Norwegian Cruise Line's $10.2B, 2.7 times as much. Carnival keeps 11.2% of revenue as profit against 7.5% at Norwegian Cruise Line.

→Carnival carries much the lighter balance sheet, 1.92x of debt to equity against 5.40x - which matters most in the year a downturn arrives, not this one.

	CCL	NCLH
Debt / equity	1.92x	5.40x
Interest coverage	3.7x	2.1x
Cash and short-term investments	$2.2B	$458M

→Neither Carnival nor Norwegian Cruise Line pays a dividend worth the name, so what either returns to owners has to come through the share count.

	CCL	NCLH
Dividend yield	-	-
Payout ratio	0.0%	-
Years of unbroken dividend	-	-

→Norwegian Cruise Line is the cheaper of the two on earnings, 9.7x against 10.6x. Against their own histories, Carnival is below its 12.8x median and Norwegian Cruise Line is below its 16.0x.

	CCL	NCLH
Share price	$23.20	$15.39
Market cap	$31.8B	$7.1B
P/E	10.6x	9.7x
P/E, own median own 6-year median / own 8-year median	12.8x	16.0x
P/S	1.2x	0.7x
Free cash flow yield	10.1%	-16.8%

→Their gross margins are within 0.6 points of each other, 41.9% at Carnival and 42.5% at Norwegian Cruise Line, so neither keeps materially more of a sale than the other.

	CCL	NCLH
Gross margin	41.9%	42.5%
Operating margin	16.3%	15.1%
Return on equity	23.7%	29.6%

→Carnival and Norwegian Cruise Line grew revenue at much the same rate last year, +5.2% against +6.2%. Over three years the order is the same, Carnival at +29.8% and Norwegian Cruise Line at +26.6%.

	CCL	NCLH
Revenue (TTM)	$27.3B	$10.2B
Revenue growth, 1 year	+5.2%	+6.2%
Revenue CAGR, 3 years	+29.8%	+26.6%
Net income (TTM)	$3.1B	$761M
Free cash flow (TTM)	$3.2B	$-1.2B