Carnival

We assess Carnival’s moat as narrow and primarily rooted in efficient scale, brand intangibles, and some cost advantages. Component scores and weights: Efficient scale 70/100 (weight 35%) given global berth access, multi‑brand fleet density, and scarce private‑island capacity that is difficult to replicate at scale.

Intangible assets 65/100 (weight 20%) via a portfolio of nine brands with distinct positioning (Carnival, Princess, Holland America, Cunard, AIDA, Costa, P&O UK, Seabourn) and destination rights such as Celebration Key, Half Moon Cay and Princess Cays.

Cost advantage 60/100 (weight 25%) from purchasing leverage, fuel efficiency programs, LNG‑capable ships, and shared services across brands. Switching costs 30/100 (weight 15%) are modest because consumers can readily choose alternative leisure options. Network effects 20/100 (weight 5%) are limited.

The portfolio breadth and destination control support yield, but rising regulatory costs and ongoing competitive responses from peers constrain durability.