When it comes to the the three leading traditional ocean-faring cruise line stocks, the market has a certain pecking order that has been in place for years. Despite being the largest player in terms of revenue, fleet size, and passenger volume, Carnival Corp. (NYSE: CCL) does not command the largest market cap. Smaller rival Royal Caribbean (NYSE: RCL) wears the market cap crown. It commands a market capitalization of $75 billion to Carnival at $36 billion. Even if we turn to enterprise value to account for each company's leveraged balance sheet, Royal Caribbean packs the largest valuation of $98 billion to Carnival's $60 billion. The smallest Norwegian Cruise Line (NYSE: NCLH) is a distant third, with a mere $7 billion market cap and an enterprise value of $23 billion. This brings us to today's thought experiment. If you wanted some skin in the traditional cruising market, would you be better off investing it all in Carnival or splitting that stake evenly between Royal Caribbean and Norwegian? It's not an easy decision.
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