Carnival Corporation Ltd. vs Cadeler A/S, two Marine Shipping stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two very different vessels. Carnival runs cruise ships and fills cabins; Cadeler operates specialized ships that install offshore-wind turbines. Cadeler carries the fatter numbers on paper, with a 45.17% net margin against Carnival's 11.23%, and it earns an 18.63% return on equity next to Carnival's 23.63%. The gap sits in cash flow and leverage. Cadeler is spending hard on new vessels, so its free-cash-flow yield runs to negative 12.34% while Carnival throws off a 7.94% yield and pays 6.72%. Cadeler carries no debt and trades at 24.32 times earnings; Carnival trades at 12.96 times and is still working down borrowings from the shutdown years. Carnival is a post-shutdown recovery, Cadeler a fleet buildout, and their cash flows run in opposite directions.
Comparison updated 2026-07-11.
| Metric | CCL | CDLR |
|---|---|---|
| Price | $26.82 | $22.46 |
| Market cap | $37.2B | $7.9B |
| Sector | Marine Shipping | Marine Shipping |
| Stage | Mature | Growth |
| Implied growth (priced in) | +15.6% | +14.7% |
| P/E | 12.0 | 25.8 |
| P/B | 2.87 | 4.82 |
| P/S | 1.36 | 11.67 |
| EV/EBITDA | 8.5 | 22.1 |
| Revenue growth | +5.3% | +88.8% |
| Gross margin | — | 61.8% |
| Operating margin | 12.8% | 51.2% |
| Net margin | 11.2% | 45.2% |
| Return on equity | 23.6% | 18.6% |
| Return on assets | 5.9% | 8.2% |
| Return on invested capital | 10.8% | 20.6% |
| FCF yield | 8.6% | -11.6% |
| Dividend yield | 7.3% | — |
| Debt / equity | 2.08 | 0.00 |
| Current ratio | 0.33 | 1.11 |
| Altman Z (solvency) | 6.51 | 2.91 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.