Carnival and Royal Caribbean are the two largest cruise lines, both rebounding from massive pandemic losses and now reporting record-high occupancy and strong bookings. However, Royal Caribbean stands out with a lower debt-to-equity ratio, reinstated its dividend (now raised three times), and has seen its stock outperform Carnival since 2020. Carnival is still the market leader by passenger share but hasn't recovered its pre-pandemic stock price or resumed its dividend. Carnival trades at a lower P/E (15 vs 24), but Royal Caribbean’s stronger financials and dividend make it more attractive to some investors, even at a premium valuation.