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Public Comps and Valuation Multiples
for Cruises

Benchmark revenue and EBITDA valuation multiples for public comps like Carnival Corp., Royal Caribbean, Lindblad Expeditions, Havila Kystruten and Norwegian Cruise Line.

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Cruises

See analyst estimates and all valuation multiples for Cruises

Company	EV	EV/Revenue	EV/EBITDA
Royal Caribbean	$89.5B	5.2x	14.2x
Carnival Corp.	$59.0B	2.3x	9.2x
Carnival plc	$54.7B	2.0x	8.1x
Viking Cruises	$22.7B	4.0x	15.3x
Norwegian Cruise Line	$21.7B	2.2x	8.5x
EIH	$2.6B	8.1x	21.9x
Bonheur	$1.3B	1.0x	3.8x
Lindblad Expeditions	$1.0B	1.5x	10.3x
Havila Kystruten	$387M	2.4x	12.4x
Bestone.com	$27.7M	1.3x	n/a
Kiriacoulis Mediterranean	$15.4M	n/a	n/a