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Public Comps and Valuation Multiples
for Cruises

Benchmark revenue and EBITDA valuation multiples for public comps like Royal Caribbean, Viking Cruises, Kiriacoulis Mediterranean, Bonheur and Lindblad Expeditions.

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Cruises

See analyst estimates and all valuation multiples for Cruises

Company	EV	EV/LTM Revenue	EV/LTM EBITDA
Royal Caribbean	$98.1B	5.5x	14.5x
Carnival Corp.	$63.3B	2.4x	9.0x
Carnival plc	$60.6B	2.3x	8.6x
Viking Cruises	$30.0B	4.8x	17.7x
Norwegian Cruise Line	$23.7B	2.4x	8.8x
EIH	$2.7B	8.3x	22.5x
Bonheur	$1.2B	0.9x	3.3x
Lindblad Expeditions	$1.1B	1.5x	9.6x
Havila Kystruten	$413M	2.4x	11.0x
Kiriacoulis Mediterranean	$25.6M	n/a	n/a
Bestone.com	$17.3M	1.0x	n/a