The cruise industry is one of the best investment opportunities for 2026-2030
The cruise industry has proven to be one of the most resilient and fastest-growing sectors in the global tourism industry. Following the pandemic, the sector not only fully recovered, but is also on track to break historical records in 2025: according to CLIA (Cruise Lines International Association), 2025 is expected to close with more than 35.7 million passengers worldwide, 6% higher than the pre-pandemic record of 2019 and 18% higher than 2024.
The three major publicly traded companies—Carnival Corporation (CCL), Royal Caribbean Group (RCL), and Norwegian Cruise Line Holdings (NCLH)—are currently trading at very attractive multiples relative to their future earnings. As of November 2025:
- Carnival: Forward P/E ratio 2026 ≈ 11x
- Royal Caribbean: Forward P/E ratio 2026 ≈ 12x
- Norwegian: Forward P/E ratio 2026 ≈ 9x
These multiples are low compared to expected growth: analysts project a compound annual growth rate (CAGR) of 12-15% for the sector's EBITDA between 2025 and 2028, driven by:
Increased demand from Generation X and Millennials (60% of new cruise passengers are under 50).
New ultra-efficient ships with lower fuel consumption and the capacity to use LNG or methanol (Royal Caribbean Icon Class, Carnival Excel Class).
Expansion in emerging markets: China, India, and Latin America. 4. Revenue diversification: Passengers are increasingly spending more onboard (casinos, premium excursions, beverages, Starlink internet, etc.). Today, 55-60% of revenue comes from onboard activities, compared to 30% ten years ago.
Furthermore, the sector boasts extremely high barriers to entry (building a megacruise ship costs between $1.2 billion and $2 billion) and a limited supply until 2028-2029, guaranteeing pricing power.
In short: refinanced debt at lower rates, stronger balance sheets than ever, overwhelming demand, and reasonable valuation. For an investor with a 3-5 year horizon, the cruise industry offers a combination that's hard to beat: growth + dividend yield (Royal and Carnival have already resumed payments) + appreciation potential.
My recommendation: overweight the sector, with a preference for Royal Caribbean (better premium brand and margins) and Carnival (greater upside potential due to valuation).
Get on board before the ship sets sail for good!
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