# Travel Services — company-by-company sector analysis

> Travel Services: Booking Holdings Inc. owns the largest revenue base; Pursuit Attractions and Hospitality, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Travel Services has outperformed S&P 500 by 12.7% over 52 weeks and 19.3% over 13 weeks. 9 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 13 beat the sector itself. Booking Holdings Inc. leads with revenue of $27,687 million, based on 13 of 14 comparable companies through Mar 2026.

### Is the Travel Services sector outperforming S&P 500?

Travel Services has outperformed S&P 500 by 12.7% over 52 weeks and 19.3% over 13 weeks. 9 of 13 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 13 beat the sector itself.

### Which Travel Services company is largest by revenue?

Booking Holdings Inc. leads with revenue of $27,687 million, based on 13 of 14 comparable companies through Mar 2026.

### Which Travel Services company is growing fastest?

Pursuit Attractions and Hospitality, Inc. has the fastest current revenue growth at 27.3%, across 13 of 14 comparable companies.

### Which Travel Services company has the strongest 4-Factor Sector Score?

Pursuit Attractions and Hospitality, Inc. ranks first at 63.4/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Travel Services company reports the most CAPEX?

Norwegian Cruise Line Holdings Ltd. reports the largest latest CAPEX at $1,437 million, with 13 of 14 companies comparable.

### Which Travel Services company has the least gross debt?

NusaTrip Incorporated has the lowest comparable gross debt at $0 million. Carnival Corporation Ltd. has the highest at $26,170 million.

### Which Travel Services company has the lowest comparable PEG?

Royal Caribbean Cruises Ltd. has the lowest comparable Guarded PEG at 0.47, among 7 of 14 companies that pass the metric’s comparability rules.

### How much history does this Travel Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Travel Services has outperformed S&P 500 by 12.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 19.3%. 9 of 13 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Lindblad Expeditions Holdings, Inc. is the strongest against the sector itself at +44%.

13-week sector return versus NIFTY 500: 19%
52-week sector return versus NIFTY 500: 13%
Stocks leading NIFTY: 9/13
Stocks leading sector: 5/13

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 14
Combined market value: ₹4.8 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Pursuit Attractions and Hospitality, Inc. (PRSU): 63/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 29.2/35 | Capital efficiency 9.7/25 | Valuation 9.0/20 | Relative strength 15.5/20
   - Exact sum: 29.2 + 9.7 + 9 + 15.5 = 63.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Royal Caribbean Cruises Ltd. (RCL): 61/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.9/35 | Capital efficiency 13.9/25 | Valuation 16.0/20 | Relative strength 8.8/20
   - Exact sum: 21.9 + 13.9 + 16 + 8.8 = 60.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Lindblad Expeditions Holdings, Inc. (LIND): 59/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 20.9/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 19.6/20
   - Exact sum: 20.9 + 8.3 + 10 + 19.6 = 58.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Booking Holdings Inc. (BKNG): 56/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 22.3/35 | Capital efficiency 15.3/25 | Valuation 10.9/20 | Relative strength 7.3/20
   - Exact sum: 22.3 + 15.3 + 10.9 + 7.3 = 55.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Airbnb, Inc. (ABNB): 53/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.3/35 | Capital efficiency 12.8/25 | Valuation 13.9/20 | Relative strength 8.7/20
   - Exact sum: 17.3 + 12.8 + 13.9 + 8.7 = 52.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Expedia Group, Inc. (EXPE): 52/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 24.0/35 | Capital efficiency 11.4/25 | Valuation 5.7/20 | Relative strength 11.3/20
   - Exact sum: 24 + 11.4 + 5.7 + 11.3 = 52.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Viking Holdings Ltd (VIK): 52/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 20.9/35 | Capital efficiency 6.9/25 | Valuation 9.9/20 | Relative strength 14.4/20
   - Exact sum: 20.9 + 6.9 + 9.9 + 14.4 = 52.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Travel + Leisure Co. (TNL): 50/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 16.7/35 | Capital efficiency 14.4/25 | Valuation 10.4/20 | Relative strength 8.9/20
   - Exact sum: 16.7 + 14.4 + 10.4 + 8.9 = 50.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Global Business Travel Group, Inc. (GBTG): 48/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 13.1/35 | Capital efficiency 8.2/25 | Valuation 9.3/20 | Relative strength 17.6/20
   - Exact sum: 13.1 + 8.2 + 9.3 + 17.6 = 48.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 15.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10. Norwegian Cruise Line Holdings Ltd. (NCLH): 41/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 14.2/35 | Capital efficiency 8.1/25 | Valuation 14.2/20 | Relative strength 4.3/20
   - Exact sum: 14.2 + 8.1 + 14.2 + 4.3 = 40.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
11. MakeMyTrip Limited (MMYT): 39/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 16.0/35 | Capital efficiency 9.4/25 | Valuation 8.8/20 | Relative strength 5.2/20
   - Exact sum: 16 + 9.4 + 8.8 + 5.2 = 39.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Carnival Corporation Ltd. (CCL): 38/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 11.6/35 | Capital efficiency 9.9/25 | Valuation 15.2/20 | Relative strength 0.8/20
   - Exact sum: 11.6 + 9.9 + 15.2 + 0.8 = 37.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13. Tripadvisor, Inc. (TRIP): 34/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 10.3/35 | Capital efficiency 7.2/25 | Valuation 8.5/20 | Relative strength 7.6/20
   - Exact sum: 10.3 + 7.2 + 8.5 + 7.6 = 33.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. NusaTrip Incorporated (NUTR): 41/100 — Thin evidence · provisional; evidence 27%
   - Growth & earnings 11.7/35 | Capital efficiency 9.3/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 11.7 + 9.3 + 10 + 10 = 41
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Booking Holdings Inc. is the scale leader at $27,687 million, 1.4% ahead of Carnival Corporation Ltd.. Pursuit Attractions and Hospitality, Inc.'s growth is 27.3% from a $467 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Booking Holdings Inc. is the scale benchmark; Pursuit Attractions and Hospitality, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Booking Holdings Inc.'s growth falls below Pursuit Attractions and Hospitality, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Booking Holdings Inc. · $27,687 million | 1.4% versus #2 · Carnival Corporation Ltd. | 8/8 recent comparable periods | 13/14 companies · 253 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Booking Holdings Inc. (BKNG): ₹27.7K Cr
2. Carnival Corporation Ltd. (CCL): ₹27.3K Cr
3. Royal Caribbean Cruises Ltd. (RCL): ₹18.4K Cr
4. Expedia Group, Inc. (EXPE): ₹15.2K Cr
5. Airbnb, Inc. (ABNB): ₹12.6K Cr

### Revenue growth — fastest growers
1. Pursuit Attractions and Hospitality, Inc. (PRSU): 27%
2. Viking Holdings Ltd (VIK): 21%
3. Global Business Travel Group, Inc. (GBTG): 21%
4. Lindblad Expeditions Holdings, Inc. (LIND): 19%
5. Booking Holdings Inc. (BKNG): 15%

### 20-quarter Revenue history
- BKNG: Sep 2021 ₹4.7K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹6.1K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹5.5K Cr | Sep 2023 ₹7.3K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹8.0K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹9.0K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 —
- ABNB: Sep 2021 ₹2.2K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- RCL: Sep 2021 ₹457 Cr | Dec 2021 ₹982 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹881 Cr | Mar 2023 ₹629 Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹718 Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹897 Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- CCL: Sep 2021 ₹546 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹5.9K Cr | Mar 2025 ₹5.8K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹6.2K Cr | Jun 2026 ₹6.7K Cr
- EXPE: Sep 2021 ₹3.0K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- NCLH: Sep 2021 ₹153 Cr | Dec 2021 ₹487 Cr | Mar 2022 ₹522 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- MMYT: Sep 2021 ₹67 Cr | Dec 2021 ₹115 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹143 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹171 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹197 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹214 Cr | Mar 2024 ₹203 Cr | Jun 2024 ₹255 Cr | Sep 2024 ₹211 Cr | Dec 2024 ₹267 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹229 Cr | Dec 2025 ₹296 Cr | Mar 2026 ₹250 Cr | Jun 2026 —
- GBTG: Sep 2021 ₹197 Cr | Dec 2021 ₹287 Cr | Mar 2022 ₹350 Cr | Jun 2022 ₹486 Cr | Sep 2022 ₹488 Cr | Dec 2022 ₹527 Cr | Mar 2023 ₹578 Cr | Jun 2023 ₹592 Cr | Sep 2023 ₹571 Cr | Dec 2023 ₹549 Cr | Mar 2024 ₹610 Cr | Jun 2024 ₹625 Cr | Sep 2024 ₹597 Cr | Dec 2024 ₹591 Cr | Mar 2025 ₹621 Cr | Jun 2025 ₹631 Cr | Sep 2025 ₹674 Cr | Dec 2025 ₹792 Cr | Mar 2026 ₹840 Cr | Jun 2026 —
- TNL: Sep 2021 ₹839 Cr | Dec 2021 ₹870 Cr | Mar 2022 ₹809 Cr | Jun 2022 ₹922 Cr | Sep 2022 ₹937 Cr | Dec 2022 ₹899 Cr | Mar 2023 ₹879 Cr | Jun 2023 ₹949 Cr | Sep 2023 ₹986 Cr | Dec 2023 ₹936 Cr | Mar 2024 ₹916 Cr | Jun 2024 ₹985 Cr | Sep 2024 ₹993 Cr | Dec 2024 ₹971 Cr | Mar 2025 ₹934 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹961 Cr | Jun 2026 —
- LIND: Sep 2021 ₹65 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹143 Cr | Jun 2023 ₹125 Cr | Sep 2023 ₹176 Cr | Dec 2023 ₹125 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹206 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹180 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹183 Cr | Mar 2026 ₹208 Cr | Jun 2026 —
- TRIP: Sep 2021 ₹303 Cr | Dec 2021 ₹241 Cr | Mar 2022 ₹262 Cr | Jun 2022 ₹417 Cr | Sep 2022 ₹459 Cr | Dec 2022 ₹354 Cr | Mar 2023 ₹371 Cr | Jun 2023 ₹494 Cr | Sep 2023 ₹533 Cr | Dec 2023 ₹390 Cr | Mar 2024 ₹395 Cr | Jun 2024 ₹497 Cr | Sep 2024 ₹532 Cr | Dec 2024 ₹411 Cr | Mar 2025 ₹398 Cr | Jun 2025 ₹529 Cr | Sep 2025 ₹553 Cr | Dec 2025 ₹411 Cr | Mar 2026 ₹382 Cr | Jun 2026 —
- PRSU: Sep 2021 ₹234 Cr | Dec 2021 ₹184 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹319 Cr | Sep 2022 ₹383 Cr | Dec 2022 ₹248 Cr | Mar 2023 ₹261 Cr | Jun 2023 ₹320 Cr | Sep 2023 ₹366 Cr | Dec 2023 ₹292 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹182 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹241 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹52 Cr | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- BKNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 99% | Sep 2022 29% | Dec 2022 36% | Mar 2023 40% | Jun 2023 27% | Sep 2023 21% | Dec 2023 18% | Mar 2024 17% | Jun 2024 7.3% | Sep 2024 8.9% | Dec 2024 14% | Mar 2025 7.9% | Jun 2025 16% | Sep 2025 13% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- ABNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 58% | Sep 2022 29% | Dec 2022 24% | Mar 2023 20% | Jun 2023 18% | Sep 2023 18% | Dec 2023 17% | Mar 2024 18% | Jun 2024 11% | Sep 2024 9.9% | Dec 2024 12% | Mar 2025 6.1% | Jun 2025 13% | Sep 2025 9.7% | Dec 2025 12% | Mar 2026 18% | Jun 2026 —
- RCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4,182% | Sep 2022 555% | Dec 2022 165% | Mar 2023 173% | Jun 2023 61% | Sep 2023 39% | Dec 2023 28% | Mar 2024 29% | Jun 2024 17% | Sep 2024 17% | Dec 2024 13% | Mar 2025 7.3% | Jun 2025 10% | Sep 2025 5.2% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27% | Mar 2024 14% | Jun 2024 9.1% | Sep 2024 11% | Dec 2024 21% | Mar 2025 25% | Jun 2025 18% | Sep 2025 19% | Dec 2025 28% | Mar 2026 18% | Jun 2026 —
- CCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 688% | Dec 2022 198% | Mar 2023 173% | Jun 2023 105% | Sep 2023 59% | Dec 2023 41% | Mar 2024 22% | Jun 2024 18% | Sep 2024 15% | Dec 2024 10% | Mar 2025 7.5% | Jun 2025 9.5% | Sep 2025 3.3% | Dec 2025 6.6% | Mar 2026 6.1% | Jun 2026 5.3%
- EXPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 51% | Sep 2022 22% | Dec 2022 15% | Mar 2023 19% | Jun 2023 5.6% | Sep 2023 8.6% | Dec 2023 10% | Mar 2024 8.4% | Jun 2024 6.0% | Sep 2024 3.3% | Dec 2024 10% | Mar 2025 3.4% | Jun 2025 6.4% | Sep 2025 8.7% | Dec 2025 11% | Mar 2026 15% | Jun 2026 —
- NCLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 956% | Dec 2022 212% | Mar 2023 249% | Jun 2023 86% | Sep 2023 57% | Dec 2023 31% | Mar 2024 20% | Jun 2024 7.6% | Sep 2024 11% | Dec 2024 6.2% | Mar 2025 -2.9% | Jun 2025 6.2% | Sep 2025 4.7% | Dec 2025 6.4% | Mar 2026 9.5% | Jun 2026 —
- MMYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 333% | Sep 2022 96% | Dec 2022 49% | Mar 2023 67% | Jun 2023 38% | Sep 2023 29% | Dec 2023 25% | Mar 2024 36% | Jun 2024 29% | Sep 2024 25% | Dec 2024 25% | Mar 2025 21% | Jun 2025 5.5% | Sep 2025 8.5% | Dec 2025 11% | Mar 2026 2.0% | Jun 2026 —
- GBTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 218% | Sep 2022 148% | Dec 2022 84% | Mar 2023 65% | Jun 2023 22% | Sep 2023 17% | Dec 2023 4.2% | Mar 2024 5.5% | Jun 2024 5.6% | Sep 2024 4.6% | Dec 2024 7.7% | Mar 2025 1.8% | Jun 2025 1.0% | Sep 2025 13% | Dec 2025 34% | Mar 2026 35% | Jun 2026 —
- TNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 12% | Dec 2022 3.3% | Mar 2023 8.7% | Jun 2023 2.9% | Sep 2023 5.2% | Dec 2023 4.1% | Mar 2024 4.2% | Jun 2024 3.8% | Sep 2024 0.7% | Dec 2024 3.7% | Mar 2025 2.0% | Jun 2025 3.4% | Sep 2025 5.1% | Dec 2025 5.6% | Mar 2026 2.9% | Jun 2026 —
- LIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 507% | Sep 2022 123% | Dec 2022 79% | Mar 2023 110% | Jun 2023 37% | Sep 2023 21% | Dec 2023 5.9% | Mar 2024 7.7% | Jun 2024 8.8% | Sep 2024 17% | Dec 2024 19% | Mar 2025 17% | Jun 2025 24% | Sep 2025 17% | Dec 2025 23% | Mar 2026 16% | Jun 2026 —
- TRIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 77% | Sep 2022 51% | Dec 2022 47% | Mar 2023 42% | Jun 2023 18% | Sep 2023 16% | Dec 2023 10% | Mar 2024 6.5% | Jun 2024 0.6% | Sep 2024 -0.2% | Dec 2024 5.4% | Mar 2025 0.8% | Jun 2025 6.4% | Sep 2025 4.0% | Dec 2025 0.0% | Mar 2026 -4.0% | Jun 2026 —
- PRSU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 423% | Sep 2022 64% | Dec 2022 35% | Mar 2023 47% | Jun 2023 0.3% | Sep 2023 -4.4% | Dec 2023 18% | Mar 2024 -86% | Jun 2024 -68% | Sep 2024 -50% | Dec 2024 -84% | Mar 2025 2.7% | Jun 2025 16% | Sep 2025 32% | Dec 2025 24% | Mar 2026 37% | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -100% | Dec 2024 -100% | Mar 2025 -100% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Royal Caribbean Cruises Ltd. leads opm at 26.1%; Pursuit Attractions and Hospitality, Inc. leads margin change at +39.7 percentage points.

Investor read: Royal Caribbean Cruises Ltd. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Royal Caribbean Cruises Ltd. · 26.1% | 13.5% versus #2 · Booking Holdings Inc. | 6/8 recent comparable periods | 14/14 companies · 253 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Royal Caribbean Cruises Ltd. (RCL): 26%
2. Booking Holdings Inc. (BKNG): 23%
3. Travel + Leisure Co. (TNL): 17%
4. MakeMyTrip Limited (MMYT): 16%
5. Carnival Corporation Ltd. (CCL): 13%

### Margin change — fastest expanders
1. Pursuit Attractions and Hospitality, Inc. (PRSU): +39.7 pp
2. Expedia Group, Inc. (EXPE): +9.6 pp
3. MakeMyTrip Limited (MMYT): +3.3 pp
4. Royal Caribbean Cruises Ltd. (RCL): +2.5 pp
5. Viking Holdings Ltd (VIK): +2.1 pp

### 20-quarter OPM history
- BKNG: Sep 2021 43% | Dec 2021 28% | Mar 2022 6.5% | Jun 2022 23% | Sep 2022 43% | Dec 2022 33% | Mar 2023 12% | Jun 2023 31% | Sep 2023 42% | Dec 2023 13% | Mar 2024 18% | Jun 2024 32% | Sep 2024 40% | Dec 2024 32% | Mar 2025 22% | Jun 2025 33% | Sep 2025 39% | Dec 2025 32% | Mar 2026 23% | Jun 2026 —
- ABNB: Sep 2021 38% | Dec 2021 4.9% | Mar 2022 -0.3% | Jun 2022 18% | Sep 2022 42% | Dec 2022 12% | Mar 2023 -0.3% | Jun 2023 21% | Sep 2023 44% | Dec 2023 -22% | Mar 2024 4.7% | Jun 2024 18% | Sep 2024 41% | Dec 2024 17% | Mar 2025 1.7% | Jun 2025 20% | Sep 2025 40% | Dec 2025 9.7% | Mar 2026 3.2% | Jun 2026 —
- RCL: Sep 2021 -220% | Dec 2021 -105% | Mar 2022 -81% | Jun 2022 -10% | Sep 2022 10% | Dec 2022 0.5% | Mar 2023 9.4% | Jun 2023 22% | Sep 2023 30% | Dec 2023 17% | Mar 2024 20% | Jun 2024 27% | Sep 2024 33% | Dec 2024 17% | Mar 2025 24% | Jun 2025 29% | Sep 2025 33% | Dec 2025 22% | Mar 2026 26% | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.9% | Mar 2023 -18% | Jun 2023 25% | Sep 2023 27% | Dec 2023 14% | Mar 2024 -9.9% | Jun 2024 27% | Sep 2024 29% | Dec 2024 17% | Mar 2025 -1.0% | Jun 2025 29% | Sep 2025 30% | Dec 2025 21% | Mar 2026 1.1% | Jun 2026 —
- CCL: Sep 2021 -377% | Dec 2021 -147% | Mar 2022 -92% | Jun 2022 -61% | Sep 2022 -6.5% | Dec 2022 -30% | Mar 2023 -3.9% | Jun 2023 2.4% | Sep 2023 24% | Dec 2023 7.1% | Mar 2024 5.1% | Jun 2024 9.7% | Sep 2024 28% | Dec 2024 9.4% | Mar 2025 9.3% | Jun 2025 15% | Sep 2025 28% | Dec 2025 12% | Mar 2026 9.8% | Jun 2026 13%
- EXPE: Sep 2021 18% | Dec 2021 7.2% | Mar 2022 -6.0% | Jun 2022 11% | Sep 2022 21% | Dec 2022 4.9% | Mar 2023 -4.5% | Jun 2023 13% | Sep 2023 15% | Dec 2023 3.6% | Mar 2024 -3.8% | Jun 2024 13% | Sep 2024 19% | Dec 2024 6.8% | Mar 2025 -2.3% | Jun 2025 13% | Sep 2025 24% | Dec 2025 12% | Mar 2026 7.3% | Jun 2026 —
- NCLH: Sep 2021 -450% | Dec 2021 -141% | Mar 2022 -132% | Jun 2022 -33% | Sep 2022 -12% | Dec 2022 -19% | Mar 2023 0.6% | Jun 2023 12% | Sep 2023 21% | Dec 2023 6.3% | Mar 2024 10% | Jun 2024 14% | Sep 2024 25% | Dec 2024 10% | Mar 2025 9.4% | Jun 2025 17% | Sep 2025 26% | Dec 2025 8.3% | Mar 2026 10% | Jun 2026 —
- MMYT: Sep 2021 -12% | Dec 2021 -7.6% | Mar 2022 3.6% | Jun 2022 3.0% | Sep 2022 1.1% | Dec 2022 4.3% | Mar 2023 5.3% | Jun 2023 9.6% | Sep 2023 3.9% | Dec 2023 11% | Mar 2024 8.2% | Jun 2024 11% | Sep 2024 12% | Dec 2024 13% | Mar 2025 13% | Jun 2025 14% | Sep 2025 15% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- GBTG: Sep 2021 -63% | Dec 2021 -67% | Mar 2022 -27% | Jun 2022 -3.9% | Sep 2022 -9.2% | Dec 2022 -7.2% | Mar 2023 -1.6% | Jun 2023 0.3% | Sep 2023 -0.7% | Dec 2023 0.5% | Mar 2024 2.6% | Jun 2024 6.7% | Sep 2024 4.5% | Dec 2024 5.1% | Mar 2025 8.9% | Jun 2025 5.4% | Sep 2025 1.8% | Dec 2025 3.7% | Mar 2026 0.4% | Jun 2026 —
- TNL: Sep 2021 22% | Dec 2021 22% | Mar 2022 15% | Jun 2022 20% | Sep 2022 20% | Dec 2022 18% | Mar 2023 16% | Jun 2023 19% | Sep 2023 21% | Dec 2023 20% | Mar 2024 16% | Jun 2024 19% | Sep 2024 19% | Dec 2024 21% | Mar 2025 17% | Jun 2025 20% | Sep 2025 21% | Dec 2025 -2.2% | Mar 2026 17% | Jun 2026 —
- LIND: Sep 2021 -27% | Dec 2021 -45% | Mar 2022 -51% | Jun 2022 -21% | Sep 2022 4.0% | Dec 2022 -13% | Mar 2023 8.7% | Jun 2023 -6.8% | Sep 2023 12% | Dec 2023 -11% | Mar 2024 5.1% | Jun 2024 -6.0% | Sep 2024 14% | Dec 2024 -5.1% | Mar 2025 5.9% | Jun 2025 2.6% | Sep 2025 15% | Dec 2025 -3.0% | Mar 2026 7.5% | Jun 2026 —
- TRIP: Sep 2021 5.3% | Dec 2021 -12% | Mar 2022 -7.6% | Jun 2022 15% | Sep 2022 15% | Dec 2022 -3.4% | Mar 2023 -3.8% | Jun 2023 8.9% | Sep 2023 12% | Dec 2023 8.2% | Mar 2024 -3.8% | Jun 2024 7.2% | Sep 2024 13% | Dec 2024 0.0% | Mar 2025 -3.9% | Jun 2025 11% | Sep 2025 13% | Dec 2025 -8.3% | Mar 2026 -6.6% | Jun 2026 —
- PRSU: Sep 2021 15% | Dec 2021 102% | Mar 2022 -15% | Jun 2022 10% | Sep 2022 16% | Dec 2022 -5.3% | Mar 2023 -3.5% | Jun 2023 9.2% | Sep 2023 20% | Dec 2023 140% | Mar 2024 -76% | Jun 2024 8.1% | Sep 2024 36% | Dec 2024 364% | Mar 2025 -83% | Jun 2025 16% | Sep 2025 44% | Dec 2025 245% | Mar 2026 -44% | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -44% | Mar 2023 — | Jun 2023 — | Sep 2023 51% | Dec 2023 11% | Mar 2024 -6.1% | Jun 2024 -238% | Sep 2024 -42% | Dec 2024 -77% | Mar 2025 -196% | Jun 2025 41% | Sep 2025 -162% | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- BKNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +25.9 pp | Sep 2022 −0.4 pp | Dec 2022 +4.8 pp | Mar 2023 +5.4 pp | Jun 2023 +7.3 pp | Sep 2023 −0.4 pp | Dec 2023 −20.5 pp | Mar 2024 +6.0 pp | Jun 2024 +1.1 pp | Sep 2024 −2.5 pp | Dec 2024 +18.9 pp | Mar 2025 +4.4 pp | Jun 2025 +1.4 pp | Sep 2025 −1.1 pp | Dec 2025 +0.4 pp | Mar 2026 +0.7 pp | Jun 2026 —
- ABNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +21.3 pp | Sep 2022 +3.6 pp | Dec 2022 +7.5 pp | Mar 2023 0.0 pp | Jun 2023 +3.6 pp | Sep 2023 +2.3 pp | Dec 2023 −34.8 pp | Mar 2024 +5.0 pp | Jun 2024 −3.0 pp | Sep 2024 −3.1 pp | Dec 2024 +39.7 pp | Mar 2025 −3.0 pp | Jun 2025 +1.7 pp | Sep 2025 −1.2 pp | Dec 2025 −7.6 pp | Mar 2026 +1.5 pp | Jun 2026 —
- RCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2,000.3 pp | Sep 2022 +230.1 pp | Dec 2022 +105.5 pp | Mar 2023 +90.5 pp | Jun 2023 +31.9 pp | Sep 2023 +20.4 pp | Dec 2023 +16.6 pp | Mar 2024 +10.7 pp | Jun 2024 +4.8 pp | Sep 2024 +3.0 pp | Dec 2024 −0.5 pp | Mar 2025 +3.5 pp | Jun 2025 +2.6 pp | Sep 2025 −0.3 pp | Dec 2025 +5.3 pp | Mar 2026 +2.5 pp | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +11.2 pp | Mar 2024 +8.5 pp | Jun 2024 +1.9 pp | Sep 2024 +1.7 pp | Dec 2024 +3.0 pp | Mar 2025 +8.9 pp | Jun 2025 +2.1 pp | Sep 2025 +1.1 pp | Dec 2025 +3.8 pp | Mar 2026 +2.1 pp | Jun 2026 —
- CCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +370.2 pp | Dec 2022 +117.5 pp | Mar 2023 +88.0 pp | Jun 2023 +63.7 pp | Sep 2023 +30.2 pp | Dec 2023 +36.7 pp | Mar 2024 +9.0 pp | Jun 2024 +7.3 pp | Sep 2024 +3.9 pp | Dec 2024 +2.3 pp | Mar 2025 +4.2 pp | Jun 2025 +5.1 pp | Sep 2025 +0.3 pp | Dec 2025 +2.2 pp | Mar 2026 +0.5 pp | Jun 2026 −2.0 pp
- EXPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +17.1 pp | Sep 2022 +2.9 pp | Dec 2022 −2.3 pp | Mar 2023 +1.5 pp | Jun 2023 +2.4 pp | Sep 2023 −5.2 pp | Dec 2023 −1.3 pp | Mar 2024 +0.7 pp | Jun 2024 −0.5 pp | Sep 2024 +3.4 pp | Dec 2024 +3.2 pp | Mar 2025 +1.5 pp | Jun 2025 +0.1 pp | Sep 2025 +4.7 pp | Dec 2025 +5.0 pp | Mar 2026 +9.6 pp | Jun 2026 —
- NCLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13,819.7 pp | Sep 2022 +438.7 pp | Dec 2022 +122.4 pp | Mar 2023 +132.6 pp | Jun 2023 +45.8 pp | Sep 2023 +32.1 pp | Dec 2023 +24.8 pp | Mar 2024 +9.4 pp | Jun 2024 +2.0 pp | Sep 2024 +4.0 pp | Dec 2024 +3.9 pp | Mar 2025 −0.6 pp | Jun 2025 +2.4 pp | Sep 2025 +0.9 pp | Dec 2025 −1.9 pp | Mar 2026 +0.6 pp | Jun 2026 —
- MMYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +63.5 pp | Sep 2022 +13.5 pp | Dec 2022 +11.9 pp | Mar 2023 +1.7 pp | Jun 2023 +6.6 pp | Sep 2023 +2.8 pp | Dec 2023 +6.2 pp | Mar 2024 +2.9 pp | Jun 2024 +1.3 pp | Sep 2024 +8.4 pp | Dec 2024 +2.5 pp | Mar 2025 +4.5 pp | Jun 2025 +3.5 pp | Sep 2025 +2.6 pp | Dec 2025 +0.8 pp | Mar 2026 +3.3 pp | Jun 2026 —
- GBTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +70.6 pp | Sep 2022 +53.7 pp | Dec 2022 +60.0 pp | Mar 2023 +25.8 pp | Jun 2023 +4.2 pp | Sep 2023 +8.5 pp | Dec 2023 +7.7 pp | Mar 2024 +4.2 pp | Jun 2024 +6.4 pp | Sep 2024 +5.2 pp | Dec 2024 +4.6 pp | Mar 2025 +6.3 pp | Jun 2025 −1.3 pp | Sep 2025 −2.7 pp | Dec 2025 −1.4 pp | Mar 2026 −8.5 pp | Jun 2026 —
- TNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.2 pp | Sep 2022 −2.0 pp | Dec 2022 −4.4 pp | Mar 2023 +1.2 pp | Jun 2023 −0.8 pp | Sep 2023 +0.8 pp | Dec 2023 +2.4 pp | Mar 2024 +0.7 pp | Jun 2024 −0.1 pp | Sep 2024 −2.0 pp | Dec 2024 +0.8 pp | Mar 2025 +0.3 pp | Jun 2025 +1.0 pp | Sep 2025 +1.5 pp | Dec 2025 −23.4 pp | Mar 2026 −0.2 pp | Jun 2026 —
- LIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +192.3 pp | Sep 2022 +31.4 pp | Dec 2022 +32.0 pp | Mar 2023 +59.2 pp | Jun 2023 +14.4 pp | Sep 2023 +7.6 pp | Dec 2023 +2.0 pp | Mar 2024 −3.6 pp | Jun 2024 +0.8 pp | Sep 2024 +2.7 pp | Dec 2024 +5.9 pp | Mar 2025 +0.8 pp | Jun 2025 +8.6 pp | Sep 2025 +0.7 pp | Dec 2025 +2.1 pp | Mar 2026 +1.6 pp | Jun 2026 —
- TRIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +30.0 pp | Sep 2022 +10.0 pp | Dec 2022 +8.2 pp | Mar 2023 +3.8 pp | Jun 2023 −6.2 pp | Sep 2023 −3.3 pp | Dec 2023 +11.6 pp | Mar 2024 0.0 pp | Jun 2024 −1.7 pp | Sep 2024 +1.2 pp | Dec 2024 −8.2 pp | Mar 2025 −0.1 pp | Jun 2025 +4.0 pp | Sep 2025 −0.5 pp | Dec 2025 −8.3 pp | Mar 2026 −2.7 pp | Jun 2026 —
- PRSU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +73.4 pp | Sep 2022 +1.1 pp | Dec 2022 −107.7 pp | Mar 2023 +11.5 pp | Jun 2023 −0.8 pp | Sep 2023 +3.7 pp | Dec 2023 +145.7 pp | Mar 2024 −72.5 pp | Jun 2024 −1.1 pp | Sep 2024 +15.8 pp | Dec 2024 +223.4 pp | Mar 2025 −7.2 pp | Jun 2025 +7.8 pp | Sep 2025 +8.1 pp | Dec 2025 −118.8 pp | Mar 2026 +39.7 pp | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +55.1 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −93.3 pp | Dec 2024 −87.5 pp | Mar 2025 −190.3 pp | Jun 2025 +279.6 pp | Sep 2025 −120.2 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Booking Holdings Inc. leads with $6,154 million of TTM profit, 36.6% above Royal Caribbean Cruises Ltd.. Pursuit Attractions and Hospitality, Inc. shows ≥100% on the scoring scale (955.6% uncapped) growth from a $95 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Booking Holdings Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Booking Holdings Inc. · $6,154 million | 36.6% versus #2 · Royal Caribbean Cruises Ltd. | 6/8 recent comparable periods | 13/14 companies · 253 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Booking Holdings Inc. (BKNG): ₹6.2K Cr
2. Royal Caribbean Cruises Ltd. (RCL): ₹4.5K Cr
3. Carnival Corporation Ltd. (CCL): ₹3.1K Cr
4. Airbnb, Inc. (ABNB): ₹2.5K Cr
5. Expedia Group, Inc. (EXPE): ₹1.5K Cr

### Profit growth — fastest growers
1. Pursuit Attractions and Hospitality, Inc. (PRSU): 100%
2. Royal Caribbean Cruises Ltd. (RCL): 38%
3. Carnival Corporation Ltd. (CCL): 21%
4. Booking Holdings Inc. (BKNG): 13%
5. Airbnb, Inc. (ABNB): -0.8%

### 20-quarter Net profit history
- BKNG: Sep 2021 ₹769 Cr | Dec 2021 ₹618 Cr | Mar 2022 ₹-700 Cr | Jun 2022 ₹857 Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹266 Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹222 Cr | Mar 2024 ₹776 Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹333 Cr | Jun 2025 ₹895 Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- ABNB: Sep 2021 ₹834 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹-19 Cr | Jun 2022 ₹379 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹319 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹650 Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹-349 Cr | Mar 2024 ₹264 Cr | Jun 2024 ₹555 Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹461 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹642 Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹160 Cr | Jun 2026 —
- RCL: Sep 2021 ₹-1.4K Cr | Dec 2021 ₹-1.4K Cr | Mar 2022 ₹-1.2K Cr | Jun 2022 ₹-522 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹-500 Cr | Mar 2023 ₹-48 Cr | Jun 2023 ₹463 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹279 Cr | Mar 2024 ₹364 Cr | Jun 2024 ₹858 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹559 Cr | Mar 2025 ₹736 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹762 Cr | Mar 2026 ₹950 Cr | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹209 Cr | Mar 2023 ₹-214 Cr | Jun 2023 ₹190 Cr | Sep 2023 ₹-1.2K Cr | Dec 2023 ₹-596 Cr | Mar 2024 ₹-491 Cr | Jun 2024 ₹156 Cr | Sep 2024 ₹373 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹-105 Cr | Jun 2025 ₹439 Cr | Sep 2025 ₹514 Cr | Dec 2025 ₹300 Cr | Mar 2026 ₹-54 Cr | Jun 2026 —
- CCL: Sep 2021 ₹-2.8K Cr | Dec 2021 ₹-2.6K Cr | Mar 2022 ₹-1.9K Cr | Jun 2022 ₹-1.8K Cr | Sep 2022 ₹-770 Cr | Dec 2022 ₹-1.6K Cr | Mar 2023 ₹-693 Cr | Jun 2023 ₹-407 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹-49 Cr | Mar 2024 ₹-214 Cr | Jun 2024 ₹91 Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹303 Cr | Mar 2025 ₹-75 Cr | Jun 2025 ₹568 Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹422 Cr | Mar 2026 ₹263 Cr | Jun 2026 ₹538 Cr
- EXPE: Sep 2021 ₹378 Cr | Dec 2021 ₹395 Cr | Mar 2022 ₹-123 Cr | Jun 2022 ₹-185 Cr | Sep 2022 ₹476 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹-140 Cr | Jun 2023 ₹387 Cr | Sep 2023 ₹305 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹-136 Cr | Jun 2024 ₹375 Cr | Sep 2024 ₹684 Cr | Dec 2024 ₹301 Cr | Mar 2025 ₹-197 Cr | Jun 2025 ₹322 Cr | Sep 2025 ₹964 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹-12 Cr | Jun 2026 —
- NCLH: Sep 2021 ₹-846 Cr | Dec 2021 ₹-1.6K Cr | Mar 2022 ₹-983 Cr | Jun 2022 ₹-509 Cr | Sep 2022 ₹-295 Cr | Dec 2022 ₹-482 Cr | Mar 2023 ₹-159 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹346 Cr | Dec 2023 ₹-106 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹163 Cr | Sep 2024 ₹475 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹-40 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹419 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹105 Cr | Jun 2026 —
- MMYT: Sep 2021 ₹-8 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-10 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- GBTG: Sep 2021 ₹-106 Cr | Dec 2021 ₹-194 Cr | Mar 2022 ₹-90 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-72 Cr | Dec 2022 ₹-63 Cr | Mar 2023 ₹-27 Cr | Jun 2023 ₹-55 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹-46 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹-128 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹-64 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- TNL: Sep 2021 ₹101 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹111 Cr | Dec 2025 ₹-61 Cr | Mar 2026 ₹79 Cr | Jun 2026 —
- LIND: Sep 2021 ₹-23 Cr | Dec 2021 ₹-26 Cr | Mar 2022 ₹-42 Cr | Jun 2022 ₹-29 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-32 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-24 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹-26 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹-25 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹-23 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- TRIP: Sep 2021 ₹1 Cr | Dec 2021 ₹-29 Cr | Mar 2022 ₹-34 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-73 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹-59 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹-38 Cr | Mar 2026 ₹-32 Cr | Jun 2026 —
- PRSU: Sep 2021 ₹20 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹-37 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹-74 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹-26 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹-1 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- BKNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 117% | Dec 2022 100% | Mar 2023 — | Jun 2023 51% | Sep 2023 51% | Dec 2023 -82% | Mar 2024 192% | Jun 2024 18% | Sep 2024 0.2% | Dec 2024 381% | Mar 2025 -57% | Jun 2025 -41% | Sep 2025 9.2% | Dec 2025 34% | Mar 2026 225% | Jun 2026 —
- ABNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 46% | Dec 2022 480% | Mar 2023 — | Jun 2023 72% | Sep 2023 260% | Dec 2023 -209% | Mar 2024 126% | Jun 2024 -15% | Sep 2024 -69% | Dec 2024 — | Mar 2025 -42% | Jun 2025 16% | Sep 2025 0.4% | Dec 2025 -26% | Mar 2026 3.9% | Jun 2026 —
- RCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2,964% | Dec 2023 — | Mar 2024 — | Jun 2024 85% | Sep 2024 10% | Dec 2024 100% | Mar 2025 102% | Jun 2025 41% | Sep 2025 42% | Dec 2025 36% | Mar 2026 29% | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -385% | Mar 2024 — | Jun 2024 -18% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 181% | Sep 2025 38% | Dec 2025 188% | Mar 2026 — | Jun 2026 —
- CCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 62% | Dec 2024 — | Mar 2025 — | Jun 2025 524% | Sep 2025 6.7% | Dec 2025 39% | Mar 2026 — | Jun 2026 -5.3%
- EXPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 26% | Dec 2022 -56% | Mar 2023 — | Jun 2023 — | Sep 2023 -36% | Dec 2023 -22% | Mar 2024 — | Jun 2024 -3.1% | Sep 2024 124% | Dec 2024 121% | Mar 2025 — | Jun 2025 -14% | Sep 2025 41% | Dec 2025 -30% | Mar 2026 — | Jun 2026 —
- NCLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 90% | Sep 2024 37% | Dec 2024 — | Mar 2025 -335% | Jun 2025 -82% | Sep 2025 -12% | Dec 2025 -95% | Mar 2026 — | Jun 2026 —
- MMYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3,340% | Jun 2024 11% | Sep 2024 800% | Dec 2024 13% | Mar 2025 -83% | Jun 2025 24% | Sep 2025 -133% | Dec 2025 -74% | Mar 2026 -17% | Jun 2026 —
- GBTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -52% | Sep 2025 — | Dec 2025 — | Mar 2026 -29% | Jun 2026 —
- TNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 15% | Dec 2022 -18% | Mar 2023 24% | Jun 2023 -11% | Sep 2023 -5.2% | Dec 2023 43% | Mar 2024 4.8% | Jun 2024 9.0% | Sep 2024 -12% | Dec 2024 -8.5% | Mar 2025 11% | Jun 2025 11% | Sep 2025 14% | Dec 2025 -152% | Mar 2026 8.2% | Jun 2026 —
- LIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -500% | Jun 2024 — | Sep 2024 213% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -80% | Dec 2025 — | Mar 2026 500% | Jun 2026 —
- TRIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2,400% | Dec 2022 — | Mar 2023 — | Jun 2023 -23% | Sep 2023 8.0% | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 44% | Dec 2024 -97% | Mar 2025 — | Jun 2025 50% | Sep 2025 36% | Dec 2025 -3,900% | Mar 2026 — | Jun 2026 —
- PRSU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 110% | Dec 2022 — | Mar 2023 -32% | Jun 2023 -40% | Sep 2023 19% | Dec 2023 — | Mar 2024 43% | Jun 2024 -92% | Sep 2024 2.0% | Dec 2024 — | Mar 2025 3.3% | Jun 2025 700% | Sep 2025 73% | Dec 2025 — | Mar 2026 -19% | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -100% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Norwegian Cruise Line Holdings Ltd. reports $1,437 million of CAPEX; Norwegian Cruise Line Holdings Ltd. has the highest covered intensity at 61.6%. Coverage is only 13 of 14 companies and 216 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Norwegian Cruise Line Holdings Ltd. · $1,437 million | 64.2% versus #2 · Carnival Corporation Ltd. | 8/8 recent comparable periods | 13/14 companies · 216 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Norwegian Cruise Line Holdings Ltd. (NCLH): ₹1.4K Cr
2. Carnival Corporation Ltd. (CCL): ₹875 Cr
3. Viking Holdings Ltd (VIK): ₹531 Cr
4. Royal Caribbean Cruises Ltd. (RCL): ₹500 Cr
5. Expedia Group, Inc. (EXPE): ₹184 Cr

### CAPEX intensity — highest reinvestment intensity
1. Norwegian Cruise Line Holdings Ltd. (NCLH): 62%
2. Viking Holdings Ltd (VIK): 50%
3. Pursuit Attractions and Hospitality, Inc. (PRSU): 33%
4. Carnival Corporation Ltd. (CCL): 13%
5. Royal Caribbean Cruises Ltd. (RCL): 11%

### 20-quarter CAPEX history
- BKNG: Sep 2021 ₹79 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹107 Cr | Jun 2026 —
- ABNB: Sep 2021 ₹6 Cr | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RCL: Sep 2021 ₹368 Cr | Dec 2021 ₹576 Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹955 Cr | Sep 2022 ₹226 Cr | Dec 2022 ₹167 Cr | Mar 2023 ₹252 Cr | Jun 2023 ₹796 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹242 Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹334 Cr | Dec 2024 ₹552 Cr | Mar 2025 ₹428 Cr | Jun 2025 ₹836 Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹500 Cr | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹336 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹393 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹156 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹550 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹668 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹531 Cr | Jun 2026 —
- CCL: Sep 2021 ₹963 Cr | Dec 2021 ₹487 Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹491 Cr | Sep 2022 ₹538 Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹697 Cr | Sep 2023 ₹837 Cr | Dec 2023 ₹675 Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹577 Cr | Dec 2024 ₹592 Cr | Mar 2025 ₹607 Cr | Jun 2025 ₹851 Cr | Sep 2025 ₹647 Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹566 Cr | Jun 2026 ₹875 Cr
- EXPE: Sep 2021 ₹179 Cr | Dec 2021 ₹143 Cr | Mar 2022 ₹156 Cr | Jun 2022 ₹159 Cr | Sep 2022 ₹170 Cr | Dec 2022 ₹177 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹223 Cr | Sep 2023 ₹213 Cr | Dec 2023 ₹177 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹194 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹196 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹184 Cr | Jun 2026 —
- NCLH: Sep 2021 ₹230 Cr | Dec 2021 ₹213 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹161 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹155 Cr | Mar 2023 ₹238 Cr | Jun 2023 ₹737 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹648 Cr | Mar 2024 ₹259 Cr | Jun 2024 ₹341 Cr | Sep 2024 ₹368 Cr | Dec 2024 ₹243 Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹334 Cr | Sep 2025 ₹963 Cr | Dec 2025 ₹438 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- GBTG: Sep 2021 ₹10 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- TNL: Sep 2021 ₹15 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹19 Cr | Jun 2026 ₹25 Cr
- LIND: Sep 2021 ₹64 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- TRIP: Sep 2021 ₹15 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- PRSU: Sep 2021 ₹20 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- BKNG: Sep 2021 1.7% | Dec 2021 3.4% | Mar 2022 4.0% | Jun 2022 2.0% | Sep 2022 1.6% | Dec 2022 1.9% | Mar 2023 2.3% | Jun 2023 1.7% | Sep 2023 1.0% | Dec 2023 2.0% | Mar 2024 2.9% | Jun 2024 2.5% | Sep 2024 1.0% | Dec 2024 1.4% | Mar 2025 2.5% | Jun 2025 0.9% | Sep 2025 0.7% | Dec 2025 1.1% | Mar 2026 1.9% | Jun 2026 —
- ABNB: Sep 2021 0.3% | Dec 2021 — | Mar 2022 0.4% | Jun 2022 0.2% | Sep 2022 0.2% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RCL: Sep 2021 81% | Dec 2021 59% | Mar 2022 129% | Jun 2022 44% | Sep 2022 7.6% | Dec 2022 6.4% | Mar 2023 8.7% | Jun 2023 23% | Sep 2023 6.8% | Dec 2023 77% | Mar 2024 6.5% | Jun 2024 52% | Sep 2024 6.8% | Dec 2024 15% | Mar 2025 11% | Jun 2025 18% | Sep 2025 48% | Dec 2025 35% | Mar 2026 11% | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 38% | Mar 2023 20% | Jun 2023 27% | Sep 2023 3.9% | Dec 2023 8.6% | Mar 2024 13% | Jun 2024 9.8% | Sep 2024 6.8% | Dec 2024 41% | Mar 2025 16% | Jun 2025 36% | Sep 2025 2.8% | Dec 2025 9.2% | Mar 2026 50% | Jun 2026 —
- CCL: Sep 2021 176% | Dec 2021 38% | Mar 2022 168% | Jun 2022 20% | Sep 2022 13% | Dec 2022 31% | Mar 2023 24% | Jun 2023 14% | Sep 2023 12% | Dec 2023 13% | Mar 2024 40% | Jun 2024 23% | Sep 2024 7.3% | Dec 2024 10% | Mar 2025 10% | Jun 2025 13% | Sep 2025 7.9% | Dec 2025 24% | Mar 2026 9.2% | Jun 2026 13%
- EXPE: Sep 2021 6.0% | Dec 2021 6.3% | Mar 2022 6.9% | Jun 2022 5.0% | Sep 2022 4.7% | Dec 2022 6.8% | Mar 2023 8.7% | Jun 2023 6.6% | Sep 2023 5.4% | Dec 2023 6.1% | Mar 2024 6.1% | Jun 2024 5.5% | Sep 2024 4.8% | Dec 2024 6.0% | Mar 2025 6.6% | Jun 2025 5.3% | Sep 2025 4.3% | Dec 2025 5.2% | Mar 2026 5.4% | Jun 2026 —
- NCLH: Sep 2021 150% | Dec 2021 44% | Mar 2022 32% | Jun 2022 14% | Sep 2022 81% | Dec 2022 10% | Mar 2023 13% | Jun 2023 33% | Sep 2023 45% | Dec 2023 33% | Mar 2024 12% | Jun 2024 14% | Sep 2024 13% | Dec 2024 12% | Mar 2025 72% | Jun 2025 13% | Sep 2025 33% | Dec 2025 20% | Mar 2026 62% | Jun 2026 —
- GBTG: Sep 2021 5.1% | Dec 2021 5.6% | Mar 2022 6.0% | Jun 2022 4.3% | Sep 2022 6.4% | Dec 2022 4.0% | Mar 2023 5.5% | Jun 2023 4.6% | Sep 2023 4.9% | Dec 2023 4.7% | Mar 2024 4.1% | Jun 2024 3.8% | Sep 2024 4.4% | Dec 2024 5.4% | Mar 2025 4.3% | Jun 2025 4.8% | Sep 2025 4.9% | Dec 2025 4.9% | Mar 2026 4.4% | Jun 2026 —
- TNL: Sep 2021 1.8% | Dec 2021 2.0% | Mar 2022 1.2% | Jun 2022 1.5% | Sep 2022 1.3% | Dec 2022 1.8% | Mar 2023 1.4% | Jun 2023 1.7% | Sep 2023 1.4% | Dec 2023 3.4% | Mar 2024 1.9% | Jun 2024 2.1% | Sep 2024 2.0% | Dec 2024 2.4% | Mar 2025 2.2% | Jun 2025 3.6% | Sep 2025 2.6% | Dec 2025 3.1% | Mar 2026 2.0% | Jun 2026 —
- LIND: Sep 2021 99% | Dec 2021 12% | Mar 2022 12% | Jun 2022 18% | Sep 2022 4.1% | Dec 2022 7.6% | Mar 2023 4.2% | Jun 2023 6.4% | Sep 2023 4.5% | Dec 2023 5.6% | Mar 2024 3.9% | Jun 2024 5.1% | Sep 2024 4.9% | Dec 2024 6.7% | Mar 2025 7.2% | Jun 2025 9.5% | Sep 2025 3.3% | Dec 2025 6.0% | Mar 2026 3.4% | Jun 2026 —
- TRIP: Sep 2021 5.0% | Dec 2021 5.8% | Mar 2022 5.3% | Jun 2022 3.1% | Sep 2022 3.1% | Dec 2022 4.2% | Mar 2023 4.3% | Jun 2023 3.0% | Sep 2023 3.0% | Dec 2023 4.1% | Mar 2024 4.1% | Jun 2024 3.0% | Sep 2024 3.8% | Dec 2024 5.6% | Mar 2025 4.8% | Jun 2025 4.7% | Sep 2025 3.4% | Dec 2025 4.6% | Mar 2026 4.5% | Jun 2026 —
- PRSU: Sep 2021 8.5% | Dec 2021 7.1% | Mar 2022 7.3% | Jun 2022 6.0% | Sep 2022 6.0% | Dec 2022 4.8% | Mar 2023 4.2% | Jun 2023 6.6% | Sep 2023 6.3% | Dec 2023 7.2% | Mar 2024 43% | Jun 2024 14% | Sep 2024 5.5% | Dec 2024 35% | Mar 2025 26% | Jun 2025 15% | Sep 2025 6.6% | Dec 2025 54% | Mar 2026 33% | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Airbnb, Inc. has the clearest covered balance-sheet capacity with $9,530 million net cash and gross debt of $2,475 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: NusaTrip Incorporated · $0 million | 100% versus #2 · Pursuit Attractions and Hospitality, Inc. | 8/8 recent comparable periods | 14/14 companies · 254 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. NusaTrip Incorporated (NUTR): ₹0 Cr — older report
2. Pursuit Attractions and Hospitality, Inc. (PRSU): ₹226 Cr
3. Lindblad Expeditions Holdings, Inc. (LIND): ₹665 Cr
4. Tripadvisor, Inc. (TRIP): ₹1.2K Cr
5. MakeMyTrip Limited (MMYT): ₹1.4K Cr

### Net debt — lowest net debt
1. Airbnb, Inc. (ABNB): ₹-9.5K Cr
2. Expedia Group, Inc. (EXPE): ₹-1.1K Cr
3. NusaTrip Incorporated (NUTR): ₹-13 Cr — older report
4. Tripadvisor, Inc. (TRIP): ₹112 Cr
5. Pursuit Attractions and Hospitality, Inc. (PRSU): ₹191 Cr

### 20-quarter Gross debt history
- BKNG: Sep 2021 ₹11.3K Cr | Dec 2021 ₹11.3K Cr | Mar 2022 ₹10.1K Cr | Jun 2022 ₹9.8K Cr | Sep 2022 ₹9.5K Cr | Dec 2022 ₹13.0K Cr | Mar 2023 ₹12.7K Cr | Jun 2023 ₹14.6K Cr | Sep 2023 ₹14.3K Cr | Dec 2023 ₹14.8K Cr | Mar 2024 ₹17.5K Cr | Jun 2024 ₹17.3K Cr | Sep 2024 ₹16.7K Cr | Dec 2024 ₹17.1K Cr | Mar 2025 ₹16.5K Cr | Jun 2025 ₹19.0K Cr | Sep 2025 ₹17.5K Cr | Dec 2025 ₹19.3K Cr | Mar 2026 ₹18.9K Cr | Jun 2026 —
- ABNB: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- RCL: Sep 2021 ₹21.5K Cr | Dec 2021 ₹21.7K Cr | Mar 2022 ₹23.1K Cr | Jun 2022 ₹23.8K Cr | Sep 2022 ₹23.9K Cr | Dec 2022 ₹24.0K Cr | Mar 2023 ₹22.0K Cr | Jun 2023 ₹21.0K Cr | Sep 2023 ₹20.6K Cr | Dec 2023 ₹22.1K Cr | Mar 2024 ₹21.2K Cr | Jun 2024 ₹21.8K Cr | Sep 2024 ₹21.6K Cr | Dec 2024 ₹20.8K Cr | Mar 2025 ₹20.1K Cr | Jun 2025 ₹19.7K Cr | Sep 2025 ₹21.0K Cr | Dec 2025 ₹22.0K Cr | Mar 2026 ₹21.8K Cr | Jun 2026 —
- VIK: Sep 2021 ₹6.2K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹6.8K Cr | Dec 2022 ₹6.8K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹6.9K Cr | Dec 2023 ₹6.9K Cr | Mar 2024 ₹6.9K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.6K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- CCL: Sep 2021 ₹32.6K Cr | Dec 2021 ₹34.6K Cr | Mar 2022 ₹36.2K Cr | Jun 2022 ₹36.4K Cr | Sep 2022 ₹35.3K Cr | Dec 2022 ₹35.9K Cr | Mar 2023 ₹36.4K Cr | Jun 2023 ₹35.1K Cr | Sep 2023 ₹32.6K Cr | Dec 2023 ₹31.9K Cr | Mar 2024 ₹32.0K Cr | Jun 2024 ₹30.7K Cr | Sep 2024 ₹30.3K Cr | Dec 2024 ₹28.9K Cr | Mar 2025 ₹28.4K Cr | Jun 2025 ₹28.6K Cr | Sep 2025 ₹27.9K Cr | Dec 2025 ₹28.0K Cr | Mar 2026 ₹26.6K Cr | Jun 2026 ₹26.2K Cr
- EXPE: Sep 2021 ₹8.9K Cr | Dec 2021 ₹8.8K Cr | Mar 2022 ₹8.1K Cr | Jun 2022 ₹7.1K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹6.6K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹6.5K Cr | Sep 2023 ₹6.5K Cr | Dec 2023 ₹6.6K Cr | Mar 2024 ₹6.6K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹6.6K Cr | Dec 2024 ₹6.5K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹6.5K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹6.4K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 —
- NCLH: Sep 2021 ₹12.4K Cr | Dec 2021 ₹12.4K Cr | Mar 2022 ₹13.6K Cr | Jun 2022 ₹13.2K Cr | Sep 2022 ₹13.9K Cr | Dec 2022 ₹13.6K Cr | Mar 2023 ₹13.1K Cr | Jun 2023 ₹13.1K Cr | Sep 2023 ₹13.9K Cr | Dec 2023 ₹14.1K Cr | Mar 2024 ₹13.8K Cr | Jun 2024 ₹13.4K Cr | Sep 2024 ₹13.4K Cr | Dec 2024 ₹13.1K Cr | Mar 2025 ₹14.0K Cr | Jun 2025 ₹13.8K Cr | Sep 2025 ₹14.5K Cr | Dec 2025 ₹14.6K Cr | Mar 2026 ₹15.2K Cr | Jun 2026 —
- MMYT: Sep 2021 ₹211 Cr | Dec 2021 ₹213 Cr | Mar 2022 ₹217 Cr | Jun 2022 ₹220 Cr | Sep 2022 ₹225 Cr | Dec 2022 ₹231 Cr | Mar 2023 ₹235 Cr | Jun 2023 ₹239 Cr | Sep 2023 ₹243 Cr | Dec 2023 ₹249 Cr | Mar 2024 ₹222 Cr | Jun 2024 ₹225 Cr | Sep 2024 ₹229 Cr | Dec 2024 ₹233 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- GBTG: Sep 2021 ₹6 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- TNL: Sep 2021 ₹5.3K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹5.6K Cr | Dec 2024 ₹5.6K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.6K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 ₹5.7K Cr
- LIND: Sep 2021 ₹552 Cr | Dec 2021 ₹549 Cr | Mar 2022 ₹574 Cr | Jun 2022 ₹568 Cr | Sep 2022 ₹562 Cr | Dec 2022 ₹554 Cr | Mar 2023 ₹552 Cr | Jun 2023 ₹624 Cr | Sep 2023 ₹624 Cr | Dec 2023 ₹624 Cr | Mar 2024 ₹624 Cr | Jun 2024 ₹625 Cr | Sep 2024 ₹626 Cr | Dec 2024 ₹627 Cr | Mar 2025 ₹628 Cr | Jun 2025 ₹628 Cr | Sep 2025 ₹664 Cr | Dec 2025 ₹664 Cr | Mar 2026 ₹665 Cr | Jun 2026 —
- TRIP: Sep 2021 ₹931 Cr | Dec 2021 ₹927 Cr | Mar 2022 ₹922 Cr | Jun 2022 ₹916 Cr | Sep 2022 ₹912 Cr | Dec 2022 ₹909 Cr | Mar 2023 ₹906 Cr | Jun 2023 ₹903 Cr | Sep 2023 ₹899 Cr | Dec 2023 ₹896 Cr | Mar 2024 ₹903 Cr | Jun 2024 ₹901 Cr | Sep 2024 ₹896 Cr | Dec 2024 ₹890 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- PRSU: Sep 2021 ₹552 Cr | Dec 2021 ₹565 Cr | Mar 2022 ₹574 Cr | Jun 2022 ₹589 Cr | Sep 2022 ₹586 Cr | Dec 2022 ₹585 Cr | Mar 2023 ₹581 Cr | Jun 2023 ₹592 Cr | Sep 2023 ₹593 Cr | Dec 2023 ₹576 Cr | Mar 2024 ₹601 Cr | Jun 2024 ₹599 Cr | Sep 2024 ₹505 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹226 Cr | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- BKNG: Sep 2021 ₹-836 Cr | Dec 2021 ₹125 Cr | Mar 2022 ₹-432 Cr | Jun 2022 ₹-2.0K Cr | Sep 2022 ₹333 Cr | Dec 2022 ₹641 Cr | Mar 2023 ₹-1.8K Cr | Jun 2023 ₹-656 Cr | Sep 2023 ₹398 Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹945 Cr | Dec 2024 ₹917 Cr | Mar 2025 ₹922 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- ABNB: Sep 2021 ₹-5.5K Cr | Dec 2021 ₹-5.9K Cr | Mar 2022 ₹-6.9K Cr | Jun 2022 ₹-7.5K Cr | Sep 2022 ₹-7.3K Cr | Dec 2022 ₹-7.3K Cr | Mar 2023 ₹-8.3K Cr | Jun 2023 ₹-8.1K Cr | Sep 2023 ₹-8.7K Cr | Dec 2023 ₹-8.1K Cr | Mar 2024 ₹-9.1K Cr | Jun 2024 ₹-9.3K Cr | Sep 2024 ₹-9.3K Cr | Dec 2024 ₹-8.6K Cr | Mar 2025 ₹-9.5K Cr | Jun 2025 ₹-9.4K Cr | Sep 2025 ₹-9.7K Cr | Dec 2025 ₹-9.0K Cr | Mar 2026 ₹-9.5K Cr | Jun 2026 —
- RCL: Sep 2021 ₹18.2K Cr | Dec 2021 ₹19.0K Cr | Mar 2022 ₹21.1K Cr | Jun 2022 ₹21.7K Cr | Sep 2022 ₹22.4K Cr | Dec 2022 ₹22.1K Cr | Mar 2023 ₹20.8K Cr | Jun 2023 ₹20.3K Cr | Sep 2023 ₹20.0K Cr | Dec 2023 ₹21.6K Cr | Mar 2024 ₹20.7K Cr | Jun 2024 ₹21.4K Cr | Sep 2024 ₹21.1K Cr | Dec 2024 ₹20.4K Cr | Mar 2025 ₹19.7K Cr | Jun 2025 ₹19.0K Cr | Sep 2025 ₹20.5K Cr | Dec 2025 ₹21.2K Cr | Mar 2026 ₹21.3K Cr | Jun 2026 —
- VIK: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹5.6K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹5.4K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- CCL: Sep 2021 ₹24.8K Cr | Dec 2021 ₹25.5K Cr | Mar 2022 ₹29.3K Cr | Jun 2022 ₹29.2K Cr | Sep 2022 ₹28.2K Cr | Dec 2022 ₹29.9K Cr | Mar 2023 ₹31.0K Cr | Jun 2023 ₹30.6K Cr | Sep 2023 ₹29.8K Cr | Dec 2023 ₹29.5K Cr | Mar 2024 ₹29.8K Cr | Jun 2024 ₹29.0K Cr | Sep 2024 ₹28.8K Cr | Dec 2024 ₹27.7K Cr | Mar 2025 ₹27.6K Cr | Jun 2025 ₹26.5K Cr | Sep 2025 ₹26.1K Cr | Dec 2025 ₹26.1K Cr | Mar 2026 ₹25.2K Cr | Jun 2026 ₹23.9K Cr
- EXPE: Sep 2021 ₹3.8K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹600 Cr | Jun 2023 ₹248 Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹845 Cr | Jun 2024 ₹278 Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹341 Cr | Jun 2025 ₹-189 Cr | Sep 2025 ₹308 Cr | Dec 2025 ₹682 Cr | Mar 2026 ₹-1.1K Cr | Jun 2026 —
- NCLH: Sep 2021 ₹10.5K Cr | Dec 2021 ₹10.7K Cr | Mar 2022 ₹11.4K Cr | Jun 2022 ₹11.3K Cr | Sep 2022 ₹12.7K Cr | Dec 2022 ₹12.7K Cr | Mar 2023 ₹12.4K Cr | Jun 2023 ₹12.2K Cr | Sep 2023 ₹13.2K Cr | Dec 2023 ₹13.7K Cr | Mar 2024 ₹13.2K Cr | Jun 2024 ₹12.8K Cr | Sep 2024 ₹13.1K Cr | Dec 2024 ₹12.9K Cr | Mar 2025 ₹13.8K Cr | Jun 2025 ₹13.6K Cr | Sep 2025 ₹14.4K Cr | Dec 2025 ₹14.4K Cr | Mar 2026 ₹15.0K Cr | Jun 2026 —
- MMYT: Sep 2021 ₹-253 Cr | Dec 2021 ₹-248 Cr | Mar 2022 ₹-260 Cr | Jun 2022 ₹-243 Cr | Sep 2022 ₹-236 Cr | Dec 2022 ₹-213 Cr | Mar 2023 ₹-246 Cr | Jun 2023 ₹-277 Cr | Sep 2023 ₹-281 Cr | Dec 2023 ₹-358 Cr | Mar 2024 ₹-385 Cr | Jun 2024 ₹-450 Cr | Sep 2024 ₹-487 Cr | Dec 2024 ₹-471 Cr | Mar 2025 ₹-524 Cr | Jun 2025 ₹560 Cr | Sep 2025 ₹557 Cr | Dec 2025 ₹597 Cr | Mar 2026 ₹641 Cr | Jun 2026 —
- GBTG: Sep 2021 ₹5 Cr | Dec 2021 ₹589 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹843 Cr | Sep 2022 ₹980 Cr | Dec 2022 ₹997 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹958 Cr | Mar 2024 ₹962 Cr | Jun 2024 ₹916 Cr | Sep 2024 ₹941 Cr | Dec 2024 ₹926 Cr | Mar 2025 ₹906 Cr | Jun 2025 ₹853 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- TNL: Sep 2021 ₹5.0K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹4.9K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹5.4K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 ₹5.4K Cr
- LIND: Sep 2021 ₹396 Cr | Dec 2021 ₹398 Cr | Mar 2022 ₹419 Cr | Jun 2022 ₹441 Cr | Sep 2022 ₹446 Cr | Dec 2022 ₹453 Cr | Mar 2023 ₹468 Cr | Jun 2023 ₹481 Cr | Sep 2023 ₹456 Cr | Dec 2023 ₹467 Cr | Mar 2024 ₹446 Cr | Jun 2024 ₹457 Cr | Sep 2024 ₹432 Cr | Dec 2024 ₹443 Cr | Mar 2025 ₹439 Cr | Jun 2025 ₹427 Cr | Sep 2025 ₹402 Cr | Dec 2025 ₹407 Cr | Mar 2026 ₹390 Cr | Jun 2026 —
- TRIP: Sep 2021 ₹249 Cr | Dec 2021 ₹204 Cr | Mar 2022 ₹141 Cr | Jun 2022 ₹-129 Cr | Sep 2022 ₹-154 Cr | Dec 2022 ₹-112 Cr | Mar 2023 ₹-226 Cr | Jun 2023 ₹-238 Cr | Sep 2023 ₹-225 Cr | Dec 2023 ₹-171 Cr | Mar 2024 ₹-268 Cr | Jun 2024 ₹-275 Cr | Sep 2024 ₹-216 Cr | Dec 2024 ₹-174 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹112 Cr | Jun 2026 —
- PRSU: Sep 2021 ₹441 Cr | Dec 2021 ₹503 Cr | Mar 2022 ₹516 Cr | Jun 2022 ₹534 Cr | Sep 2022 ₹507 Cr | Dec 2022 ₹525 Cr | Mar 2023 ₹530 Cr | Jun 2023 ₹539 Cr | Sep 2023 ₹487 Cr | Dec 2023 ₹523 Cr | Mar 2024 ₹552 Cr | Jun 2024 ₹540 Cr | Sep 2024 ₹440 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹191 Cr | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-3 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-1 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-2 Cr | Jun 2024 — | Sep 2024 ₹-4 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹-13 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Return On Capital Employed

What the numbers say: Booking Holdings Inc. leads ROCE at 13.6%, 9.6 percentage points above Royal Caribbean Cruises Ltd.. Expedia Group, Inc. has the strongest latest improvement at +4.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Booking Holdings Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Booking Holdings Inc. · 13.6% | 240% versus #2 · Royal Caribbean Cruises Ltd. | 8/8 recent comparable periods | 14/14 companies · 252 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Booking Holdings Inc. (BKNG): 14%
2. Royal Caribbean Cruises Ltd. (RCL): 4.0%
3. Expedia Group, Inc. (EXPE): 3.4%
4. Lindblad Expeditions Holdings, Inc. (LIND): 3.1%
5. Travel + Leisure Co. (TNL): 3.1%

### ROCE change — fastest improvers
1. Expedia Group, Inc. (EXPE): +4.2 pp
2. Booking Holdings Inc. (BKNG): +3.8 pp
3. Lindblad Expeditions Holdings, Inc. (LIND): +1.0 pp
4. Pursuit Attractions and Hospitality, Inc. (PRSU): +1.0 pp
5. MakeMyTrip Limited (MMYT): +0.6 pp

### 20-quarter ROCE history
- BKNG: Sep 2021 11% | Dec 2021 4.7% | Mar 2022 1.1% | Jun 2022 6.4% | Sep 2022 17% | Dec 2022 7.8% | Mar 2023 3.1% | Jun 2023 12% | Sep 2023 24% | Dec 2023 4.4% | Mar 2024 6.3% | Jun 2024 15% | Sep 2024 26% | Dec 2024 15% | Mar 2025 9.8% | Jun 2025 20% | Sep 2025 29% | Dec 2025 17% | Mar 2026 14% | Jun 2026 —
- ABNB: Sep 2021 15% | Dec 2021 1.2% | Mar 2022 -0.1% | Jun 2022 5.4% | Sep 2022 16% | Dec 2022 3.1% | Mar 2023 -0.1% | Jun 2023 6.8% | Sep 2023 15% | Dec 2023 -5.3% | Mar 2024 1.1% | Jun 2024 5.5% | Sep 2024 14% | Dec 2024 4.0% | Mar 2025 0.4% | Jun 2025 6.6% | Sep 2025 16% | Dec 2025 2.8% | Mar 2026 0.9% | Jun 2026 —
- RCL: Sep 2021 -3.7% | Dec 2021 -3.9% | Mar 2022 -3.1% | Jun 2022 -0.9% | Sep 2022 1.2% | Dec 2022 0.1% | Mar 2023 1.1% | Jun 2023 3.4% | Sep 2023 5.4% | Dec 2023 2.2% | Mar 2024 3.1% | Jun 2024 4.4% | Sep 2024 6.4% | Dec 2024 2.4% | Mar 2025 3.6% | Jun 2025 4.8% | Sep 2025 6.1% | Dec 2025 3.3% | Mar 2026 4.0% | Jun 2026 —
- VIK: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.7% | Mar 2023 — | Jun 2023 — | Sep 2023 10% | Dec 2023 4.0% | Mar 2024 -3.7% | Jun 2024 23% | Sep 2024 12% | Dec 2024 5.1% | Mar 2025 -0.2% | Jun 2025 12% | Sep 2025 13% | Dec 2025 6.3% | Mar 2026 0.2% | Jun 2026 —
- CCL: Sep 2021 — | Dec 2021 -4.3% | Mar 2022 -3.3% | Jun 2022 -3.4% | Sep 2022 -0.7% | Dec 2022 -2.7% | Mar 2023 -0.4% | Jun 2023 0.3% | Sep 2023 4.2% | Dec 2023 1.0% | Mar 2024 0.7% | Jun 2024 1.5% | Sep 2024 5.7% | Dec 2024 1.5% | Mar 2025 1.5% | Jun 2025 2.5% | Sep 2025 5.9% | Dec 2025 1.9% | Mar 2026 1.6% | Jun 2026 2.2%
- EXPE: Sep 2021 4.0% | Dec 2021 1.3% | Mar 2022 -1.1% | Jun 2022 3.0% | Sep 2022 6.5% | Dec 2022 1.1% | Mar 2023 -1.1% | Jun 2023 4.2% | Sep 2023 5.9% | Dec 2023 1.0% | Mar 2024 -1.1% | Jun 2024 4.9% | Sep 2024 8.2% | Dec 2024 2.3% | Mar 2025 -0.8% | Jun 2025 6.3% | Sep 2025 13% | Dec 2025 5.1% | Mar 2026 3.4% | Jun 2026 —
- NCLH: Sep 2021 -4.5% | Dec 2021 -4.4% | Mar 2022 -4.3% | Jun 2022 -2.6% | Sep 2022 -1.2% | Dec 2022 -2.0% | Mar 2023 0.1% | Jun 2023 2.0% | Sep 2023 3.7% | Dec 2023 0.9% | Mar 2024 1.7% | Jun 2024 2.6% | Sep 2024 5.0% | Dec 2024 1.6% | Mar 2025 1.4% | Jun 2025 3.0% | Sep 2025 4.9% | Dec 2025 1.2% | Mar 2026 1.4% | Jun 2026 —
- MMYT: Sep 2021 -0.8% | Dec 2021 -0.9% | Mar 2022 0.3% | Jun 2022 0.4% | Sep 2022 0.1% | Dec 2022 0.7% | Mar 2023 0.8% | Jun 2023 1.8% | Sep 2023 0.6% | Dec 2023 2.2% | Mar 2024 1.5% | Jun 2024 2.4% | Sep 2024 2.2% | Dec 2024 2.9% | Mar 2025 2.4% | Jun 2025 2.9% | Sep 2025 2.5% | Dec 2025 3.0% | Mar 2026 3.0% | Jun 2026 —
- GBTG: Sep 2021 0.0% | Dec 2021 -10% | Mar 2022 -12% | Jun 2022 -1.0% | Sep 2022 -2.5% | Dec 2022 -1.3% | Mar 2023 -0.5% | Jun 2023 0.1% | Sep 2023 -0.1% | Dec 2023 0.1% | Mar 2024 0.5% | Jun 2024 1.4% | Sep 2024 0.9% | Dec 2024 1.0% | Mar 2025 1.9% | Jun 2025 1.2% | Sep 2025 0.4% | Dec 2025 0.9% | Mar 2026 0.1% | Jun 2026 —
- TNL: Sep 2021 2.6% | Dec 2021 2.8% | Mar 2022 1.8% | Jun 2022 2.8% | Sep 2022 2.9% | Dec 2022 2.5% | Mar 2023 2.1% | Jun 2023 2.8% | Sep 2023 3.2% | Dec 2023 2.9% | Mar 2024 2.2% | Jun 2024 2.9% | Sep 2024 2.9% | Dec 2024 3.1% | Mar 2025 2.3% | Jun 2025 3.1% | Sep 2025 3.2% | Dec 2025 -0.3% | Mar 2026 2.4% | Jun 2026 3.1%
- LIND: Sep 2021 -3.2% | Dec 2021 -5.2% | Mar 2022 -6.2% | Jun 2022 -3.7% | Sep 2022 1.1% | Dec 2022 -3.1% | Mar 2023 2.6% | Jun 2023 -1.7% | Sep 2023 4.0% | Dec 2023 -2.9% | Mar 2024 1.6% | Jun 2024 -1.6% | Sep 2024 5.7% | Dec 2024 -1.5% | Mar 2025 2.1% | Jun 2025 0.9% | Sep 2025 6.9% | Dec 2025 -1.1% | Mar 2026 3.1% | Jun 2026 —
- TRIP: Sep 2021 0.9% | Dec 2021 -1.5% | Mar 2022 -1.0% | Jun 2022 3.2% | Sep 2022 3.6% | Dec 2022 -0.6% | Mar 2023 -0.7% | Jun 2023 2.3% | Sep 2023 3.3% | Dec 2023 1.6% | Mar 2024 -0.8% | Jun 2024 1.9% | Sep 2024 3.6% | Dec 2024 0.0% | Mar 2025 -0.8% | Jun 2025 3.4% | Sep 2025 3.9% | Dec 2025 -1.9% | Mar 2026 -1.4% | Jun 2026 —
- PRSU: Sep 2021 4.2% | Dec 2021 -2.2% | Mar 2022 -3.2% | Jun 2022 3.8% | Sep 2022 7.0% | Dec 2022 -2.2% | Mar 2023 -1.1% | Jun 2023 3.3% | Sep 2023 7.9% | Dec 2023 27% | Mar 2024 -3.2% | Jun 2024 0.9% | Sep 2024 7.1% | Dec 2024 -8.6% | Mar 2025 -3.8% | Jun 2025 2.2% | Sep 2025 12% | Dec 2025 -3.2% | Mar 2026 -2.8% | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.2% | Mar 2023 — | Jun 2023 — | Sep 2023 -4.4% | Dec 2023 -5.9% | Mar 2024 — | Jun 2024 — | Sep 2024 7.8% | Dec 2024 13% | Mar 2025 29% | Jun 2025 13% | Sep 2025 -15% | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter ROCE change history
- BKNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.3 pp | Dec 2022 +3.1 pp | Mar 2023 +2.0 pp | Jun 2023 +5.4 pp | Sep 2023 +7.0 pp | Dec 2023 −3.4 pp | Mar 2024 +3.2 pp | Jun 2024 +3.4 pp | Sep 2024 +2.8 pp | Dec 2024 +10.6 pp | Mar 2025 +3.5 pp | Jun 2025 +4.9 pp | Sep 2025 +2.9 pp | Dec 2025 +1.5 pp | Mar 2026 +3.8 pp | Jun 2026 —
- ABNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +1.9 pp | Mar 2023 0.0 pp | Jun 2023 +1.4 pp | Sep 2023 −0.8 pp | Dec 2023 −8.4 pp | Mar 2024 +1.2 pp | Jun 2024 −1.3 pp | Sep 2024 −1.6 pp | Dec 2024 +9.3 pp | Mar 2025 −0.7 pp | Jun 2025 +1.1 pp | Sep 2025 +2.8 pp | Dec 2025 −1.2 pp | Mar 2026 +0.5 pp | Jun 2026 —
- RCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.9 pp | Dec 2022 +4.0 pp | Mar 2023 +4.2 pp | Jun 2023 +4.3 pp | Sep 2023 +4.2 pp | Dec 2023 +2.1 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +0.2 pp | Mar 2025 +0.5 pp | Jun 2025 +0.4 pp | Sep 2025 −0.3 pp | Dec 2025 +0.9 pp | Mar 2026 +0.4 pp | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.7 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +10.3 pp | Dec 2023 +3.3 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +1.5 pp | Dec 2024 +1.1 pp | Mar 2025 +3.5 pp | Jun 2025 −11.4 pp | Sep 2025 +0.9 pp | Dec 2025 +1.2 pp | Mar 2026 +0.4 pp | Jun 2026 —
- CCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.6 pp | Mar 2023 +2.9 pp | Jun 2023 +3.7 pp | Sep 2023 +4.9 pp | Dec 2023 +3.7 pp | Mar 2024 +1.1 pp | Jun 2024 +1.2 pp | Sep 2024 +1.5 pp | Dec 2024 +0.5 pp | Mar 2025 +0.8 pp | Jun 2025 +1.0 pp | Sep 2025 +0.2 pp | Dec 2025 +0.4 pp | Mar 2026 +0.1 pp | Jun 2026 −0.3 pp
- EXPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 −0.2 pp | Mar 2023 0.0 pp | Jun 2023 +1.2 pp | Sep 2023 −0.6 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 +0.7 pp | Sep 2024 +2.3 pp | Dec 2024 +1.3 pp | Mar 2025 +0.3 pp | Jun 2025 +1.4 pp | Sep 2025 +4.4 pp | Dec 2025 +2.8 pp | Mar 2026 +4.2 pp | Jun 2026 —
- NCLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.3 pp | Dec 2022 +2.4 pp | Mar 2023 +4.4 pp | Jun 2023 +4.6 pp | Sep 2023 +4.9 pp | Dec 2023 +2.9 pp | Mar 2024 +1.6 pp | Jun 2024 +0.6 pp | Sep 2024 +1.3 pp | Dec 2024 +0.7 pp | Mar 2025 −0.3 pp | Jun 2025 +0.4 pp | Sep 2025 −0.1 pp | Dec 2025 −0.4 pp | Mar 2026 0.0 pp | Jun 2026 —
- MMYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +1.6 pp | Mar 2023 +0.5 pp | Jun 2023 +1.4 pp | Sep 2023 +0.5 pp | Dec 2023 +1.5 pp | Mar 2024 +0.7 pp | Jun 2024 +0.6 pp | Sep 2024 +1.6 pp | Dec 2024 +0.7 pp | Mar 2025 +0.9 pp | Jun 2025 +0.5 pp | Sep 2025 +0.3 pp | Dec 2025 +0.1 pp | Mar 2026 +0.6 pp | Jun 2026 —
- GBTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 +8.7 pp | Mar 2023 +11.4 pp | Jun 2023 +1.1 pp | Sep 2023 +2.4 pp | Dec 2023 +1.4 pp | Mar 2024 +1.0 pp | Jun 2024 +1.3 pp | Sep 2024 +1.0 pp | Dec 2024 +0.9 pp | Mar 2025 +1.4 pp | Jun 2025 −0.2 pp | Sep 2025 −0.5 pp | Dec 2025 −0.1 pp | Mar 2026 −1.8 pp | Jun 2026 —
- TNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.3 pp | Mar 2023 +0.3 pp | Jun 2023 0.0 pp | Sep 2023 +0.3 pp | Dec 2023 +0.4 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 −0.3 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.3 pp | Dec 2025 −3.4 pp | Mar 2026 +0.1 pp | Jun 2026 0.0 pp
- LIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.3 pp | Dec 2022 +2.1 pp | Mar 2023 +8.8 pp | Jun 2023 +2.0 pp | Sep 2023 +2.9 pp | Dec 2023 +0.2 pp | Mar 2024 −1.0 pp | Jun 2024 +0.1 pp | Sep 2024 +1.7 pp | Dec 2024 +1.4 pp | Mar 2025 +0.5 pp | Jun 2025 +2.5 pp | Sep 2025 +1.2 pp | Dec 2025 +0.4 pp | Mar 2026 +1.0 pp | Jun 2026 —
- TRIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.7 pp | Dec 2022 +0.9 pp | Mar 2023 +0.3 pp | Jun 2023 −0.9 pp | Sep 2023 −0.3 pp | Dec 2023 +2.2 pp | Mar 2024 −0.1 pp | Jun 2024 −0.4 pp | Sep 2024 +0.3 pp | Dec 2024 −1.6 pp | Mar 2025 0.0 pp | Jun 2025 +1.5 pp | Sep 2025 +0.3 pp | Dec 2025 −1.9 pp | Mar 2026 −0.6 pp | Jun 2026 —
- PRSU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 0.0 pp | Mar 2023 +2.1 pp | Jun 2023 −0.5 pp | Sep 2023 +0.9 pp | Dec 2023 +29.4 pp | Mar 2024 −2.1 pp | Jun 2024 −2.4 pp | Sep 2024 −0.8 pp | Dec 2024 −35.8 pp | Mar 2025 −0.6 pp | Jun 2025 +1.3 pp | Sep 2025 +4.7 pp | Dec 2025 +5.4 pp | Mar 2026 +1.0 pp | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −9.1 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +12.2 pp | Dec 2024 +19.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −22.8 pp | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Royal Caribbean Cruises Ltd. has the lowest comparable Guarded PEG at 0.47×, 21.7% below Airbnb, Inc.. Only 7 of 14 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Royal Caribbean Cruises Ltd. · 0.47× | 21.7% versus #2 · Airbnb, Inc. | 0/8 recent comparable periods | 7/14 companies · 27 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Royal Caribbean Cruises Ltd. (RCL): 0.5
2. Airbnb, Inc. (ABNB): 0.6
3. Carnival Corporation Ltd. (CCL): 0.6
4. Norwegian Cruise Line Holdings Ltd. (NCLH): 0.7
5. Booking Holdings Inc. (BKNG): 1.2

### P/E — lowest P/E
1. Carnival Corporation Ltd. (CCL): 12.6
2. Norwegian Cruise Line Holdings Ltd. (NCLH): 15.7
3. Royal Caribbean Cruises Ltd. (RCL): 16.8
4. Expedia Group, Inc. (EXPE): 20.3
5. Travel + Leisure Co. (TNL): 20.9

### 20-quarter Guarded PEG history
- BKNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 0.9 | Jun 2024 1.2 | Sep 2024 — | Dec 2024 0.6 | Mar 2025 1.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.2 | Jun 2026 —
- ABNB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.3 | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 0.4 | Mar 2026 0.5 | Jun 2026 —
- CCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 0.6
- EXPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 0.5 | Sep 2025 0.6 | Dec 2025 3.3 | Mar 2026 — | Jun 2026 —
- NCLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 1.1 | Sep 2023 — | Dec 2023 0.3 | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- BKNG: Sep 2021 259.2 | Dec 2021 85.2 | Mar 2022 190.0 | Jun 2022 46.6 | Sep 2022 27.0 | Dec 2022 26.4 | Mar 2023 26.0 | Jun 2023 23.3 | Sep 2023 21.5 | Dec 2023 30.2 | Mar 2024 27.2 | Jun 2024 27.7 | Sep 2024 28.6 | Dec 2024 28.8 | Mar 2025 28.7 | Jun 2025 40.3 | Sep 2025 35.1 | Dec 2025 32.3 | Mar 2026 22.2 | Jun 2026 —
- ABNB: Sep 2021 — | Dec 2021 — | Mar 2022 148.1 | Jun 2022 48.7 | Sep 2022 43.8 | Dec 2022 30.7 | Mar 2023 41.3 | Jun 2023 37.4 | Sep 2023 16.6 | Dec 2023 18.8 | Mar 2024 22.1 | Jun 2024 20.6 | Sep 2024 44.5 | Dec 2024 32.0 | Mar 2025 30.2 | Jun 2025 32.0 | Sep 2025 28.8 | Dec 2025 33.7 | Mar 2026 31.1 | Jun 2026 —
- RCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 28.8 | Dec 2023 20.5 | Mar 2024 17.9 | Jun 2024 17.4 | Sep 2024 18.2 | Dec 2024 21.1 | Mar 2025 17.1 | Jun 2025 23.5 | Sep 2025 21.8 | Dec 2025 17.9 | Mar 2026 16.8 | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 122.4 | Mar 2025 31.8 | Jun 2025 28.7 | Sep 2025 29.1 | Dec 2025 27.8 | Mar 2026 27.3 | Jun 2026 —
- CCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 61.0 | Jun 2024 23.2 | Sep 2024 14.7 | Dec 2024 17.7 | Mar 2025 16.0 | Jun 2025 12.6 | Sep 2025 16.6 | Dec 2025 12.8 | Mar 2026 14.0 | Jun 2026 12.6
- EXPE: Sep 2021 — | Dec 2021 — | Mar 2022 168.7 | Jun 2022 47.2 | Sep 2022 34.3 | Dec 2022 40.4 | Mar 2023 49.3 | Jun 2023 19.3 | Sep 2023 18.5 | Dec 2023 28.6 | Mar 2024 25.8 | Jun 2024 22.5 | Sep 2024 19.1 | Dec 2024 20.8 | Mar 2025 19.8 | Jun 2025 20.7 | Sep 2025 20.5 | Dec 2025 28.9 | Mar 2026 20.3 | Jun 2026 —
- NCLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 51.4 | Mar 2024 29.9 | Jun 2024 22.1 | Sep 2024 18.8 | Dec 2024 13.6 | Mar 2025 11.0 | Jun 2025 14.0 | Sep 2025 18.1 | Dec 2025 24.3 | Mar 2026 15.7 | Jun 2026 —
- MMYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 167.6 | Sep 2023 168.1 | Dec 2023 102.1 | Mar 2024 40.8 | Jun 2024 49.8 | Sep 2024 50.8 | Dec 2024 61.0 | Mar 2025 118.1 | Jun 2025 114.0 | Sep 2025 146.3 | Dec 2025 171.1 | Mar 2026 103.6 | Jun 2026 —
- GBTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 404.0 | Dec 2025 34.8 | Mar 2026 34.9 | Jun 2026 —
- TNL: Sep 2021 23.2 | Dec 2021 15.4 | Mar 2022 15.2 | Jun 2022 9.3 | Sep 2022 7.8 | Dec 2022 8.6 | Mar 2023 8.8 | Jun 2023 9.0 | Sep 2023 8.0 | Dec 2023 7.4 | Mar 2024 9.1 | Jun 2024 8.1 | Sep 2024 8.5 | Dec 2024 8.7 | Mar 2025 8.4 | Jun 2025 8.9 | Sep 2025 9.8 | Dec 2025 20.5 | Mar 2026 19.4 | Jun 2026 20.9
- TRIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 128.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 307.6 | Mar 2024 185.3 | Jun 2024 118.7 | Sep 2024 63.0 | Dec 2024 369.3 | Mar 2025 38.3 | Jun 2025 27.2 | Sep 2025 25.4 | Dec 2025 47.0 | Mar 2026 106.6 | Jun 2026 —
- PRSU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.3 | Mar 2025 2.9 | Jun 2025 2.5 | Sep 2025 2.9 | Dec 2025 42.1 | Mar 2026 37.0 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Tripadvisor, Inc. leads ev/ebitda at 8.18×; Global Business Travel Group, Inc. leads p/bv at 1.81×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Tripadvisor, Inc. · 8.18× | 2.6% versus #2 · Carnival Corporation Ltd. | 0/8 recent comparable periods | 13/14 companies · 189 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Tripadvisor, Inc. (TRIP): 8.2
2. Carnival Corporation Ltd. (CCL): 8.4
3. Expedia Group, Inc. (EXPE): 9.0
4. Norwegian Cruise Line Holdings Ltd. (NCLH): 11.0
5. Lindblad Expeditions Holdings, Inc. (LIND): 13.7

### P/BV — lowest P/BV
1. Global Business Travel Group, Inc. (GBTG): 1.8
2. Pursuit Attractions and Hospitality, Inc. (PRSU): 1.9
3. Tripadvisor, Inc. (TRIP): 2.0
4. Carnival Corporation Ltd. (CCL): 3.0
5. Norwegian Cruise Line Holdings Ltd. (NCLH): 3.5

### 20-quarter EV/EBITDA history
- BKNG: Sep 2021 50.0 | Dec 2021 33.8 | Mar 2022 28.0 | Jun 2022 15.2 | Sep 2022 12.8 | Dec 2022 13.9 | Mar 2023 16.6 | Jun 2023 14.8 | Sep 2023 15.4 | Dec 2023 19.6 | Mar 2024 18.7 | Jun 2024 19.3 | Sep 2024 20.1 | Dec 2024 20.2 | Mar 2025 18.0 | Jun 2025 21.4 | Sep 2025 19.2 | Dec 2025 18.3 | Mar 2026 13.9 | Jun 2026 —
- ABNB: Sep 2021 — | Dec 2021 178.3 | Mar 2022 104.0 | Jun 2022 35.6 | Sep 2022 34.6 | Dec 2022 25.2 | Mar 2023 38.2 | Jun 2023 37.1 | Sep 2023 35.0 | Dec 2023 51.8 | Mar 2024 58.8 | Jun 2024 54.5 | Sep 2024 43.5 | Dec 2024 29.0 | Mar 2025 26.3 | Jun 2025 28.2 | Sep 2025 24.1 | Dec 2025 29.1 | Mar 2026 26.0 | Jun 2026 —
- RCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 54.1 | Mar 2023 21.0 | Jun 2023 16.9 | Sep 2023 11.6 | Dec 2023 12.7 | Mar 2024 11.7 | Jun 2024 12.0 | Sep 2024 12.3 | Dec 2024 14.5 | Mar 2025 12.8 | Jun 2025 16.9 | Sep 2025 17.3 | Dec 2025 14.6 | Mar 2026 13.8 | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 15.3 | Sep 2024 14.3 | Dec 2024 16.9 | Mar 2025 14.6 | Jun 2025 17.5 | Sep 2025 18.3 | Dec 2025 18.9 | Mar 2026 19.1 | Jun 2026 —
- CCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 43.4 | Sep 2023 16.9 | Dec 2023 10.8 | Mar 2024 10.1 | Jun 2024 8.9 | Sep 2024 8.2 | Dec 2024 9.7 | Mar 2025 9.0 | Jun 2025 8.1 | Sep 2025 8.9 | Dec 2025 7.6 | Mar 2026 9.2 | Jun 2026 8.4
- EXPE: Sep 2021 54.5 | Dec 2021 34.1 | Mar 2022 28.4 | Jun 2022 10.6 | Sep 2022 9.4 | Dec 2022 9.2 | Mar 2023 8.8 | Jun 2023 8.8 | Sep 2023 9.3 | Dec 2023 13.2 | Mar 2024 11.0 | Jun 2024 9.6 | Sep 2024 10.8 | Dec 2024 12.7 | Mar 2025 10.5 | Jun 2025 9.8 | Sep 2025 10.9 | Dec 2025 13.3 | Mar 2026 9.0 | Jun 2026 —
- NCLH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1,692.0 | Jun 2023 75.8 | Sep 2023 25.1 | Dec 2023 9.9 | Mar 2024 13.9 | Jun 2024 12.5 | Sep 2024 7.8 | Dec 2024 8.3 | Mar 2025 11.4 | Jun 2025 11.1 | Sep 2025 8.2 | Dec 2025 7.6 | Mar 2026 11.0 | Jun 2026 —
- MMYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 62,594.8 | Dec 2022 167.1 | Mar 2023 49.1 | Jun 2023 73.2 | Sep 2023 99.5 | Dec 2023 83.1 | Mar 2024 80.9 | Jun 2024 119.7 | Sep 2024 104.7 | Dec 2024 113.0 | Mar 2025 70.6 | Jun 2025 87.7 | Sep 2025 68.2 | Dec 2025 58.0 | Mar 2026 27.3 | Jun 2026 —
- GBTG: Sep 2021 0.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 73.7 | Jun 2023 57.4 | Sep 2023 24.8 | Dec 2023 21.4 | Mar 2024 18.0 | Jun 2024 16.1 | Sep 2024 16.6 | Dec 2024 18.1 | Mar 2025 13.5 | Jun 2025 12.4 | Sep 2025 17.5 | Dec 2025 15.9 | Mar 2026 14.3 | Jun 2026 —
- TNL: Sep 2021 15.3 | Dec 2021 12.9 | Mar 2022 12.8 | Jun 2022 10.2 | Sep 2022 9.8 | Dec 2022 10.3 | Mar 2023 10.4 | Jun 2023 10.6 | Sep 2023 10.1 | Dec 2023 9.8 | Mar 2024 10.6 | Jun 2024 10.1 | Sep 2024 10.2 | Dec 2024 10.4 | Mar 2025 10.0 | Jun 2025 10.0 | Sep 2025 10.2 | Dec 2025 14.5 | Mar 2026 14.4 | Jun 2026 14.7
- LIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 41.2 | Jun 2023 32.2 | Sep 2023 19.6 | Dec 2023 22.5 | Mar 2024 22.4 | Jun 2024 21.4 | Sep 2024 17.4 | Dec 2024 16.5 | Mar 2025 14.4 | Jun 2025 13.8 | Sep 2025 13.2 | Dec 2025 12.8 | Mar 2026 13.7 | Jun 2026 —
- TRIP: Sep 2021 — | Dec 2021 — | Mar 2022 98.2 | Jun 2022 17.5 | Sep 2022 16.0 | Dec 2022 12.2 | Mar 2023 13.0 | Jun 2023 11.5 | Sep 2023 12.3 | Dec 2023 13.1 | Mar 2024 16.9 | Jun 2024 10.8 | Sep 2024 8.6 | Dec 2024 10.7 | Mar 2025 12.0 | Jun 2025 7.7 | Sep 2025 9.5 | Dec 2025 10.9 | Mar 2026 8.2 | Jun 2026 —
- PRSU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 52.8 | Mar 2025 41.8 | Jun 2025 26.1 | Sep 2025 16.2 | Dec 2025 9.6 | Mar 2026 15.2 | Jun 2026 —

### 20-quarter P/BV history
- BKNG: Sep 2021 17.6 | Dec 2021 16.0 | Mar 2022 21.9 | Jun 2022 17.5 | Sep 2022 17.5 | Dec 2022 27.4 | Mar 2023 91.9 | Jun 2023 -146.4 | Sep 2023 -173.6 | Dec 2023 -44.5 | Mar 2024 -30.5 | Jun 2024 -30.9 | Sep 2024 -38.3 | Dec 2024 -40.7 | Mar 2025 -24.7 | Jun 2025 -28.2 | Sep 2025 -36.8 | Dec 2025 -30.6 | Mar 2026 -15.1 | Jun 2026 —
- ABNB: Sep 2021 23.9 | Dec 2021 22.4 | Mar 2022 23.4 | Jun 2022 11.0 | Sep 2022 12.2 | Dec 2022 9.8 | Mar 2023 15.0 | Jun 2023 16.3 | Sep 2023 9.8 | Dec 2023 10.8 | Mar 2024 13.5 | Jun 2024 12.2 | Sep 2024 9.5 | Dec 2024 9.9 | Mar 2025 9.5 | Jun 2025 10.7 | Sep 2025 8.7 | Dec 2025 10.1 | Mar 2026 10.1 | Jun 2026 —
- RCL: Sep 2021 3.5 | Dec 2021 3.9 | Mar 2022 5.4 | Jun 2022 2.6 | Sep 2022 3.0 | Dec 2022 4.4 | Mar 2023 5.9 | Jun 2023 7.9 | Sep 2023 5.3 | Dec 2023 7.0 | Mar 2024 7.0 | Jun 2024 6.8 | Sep 2024 6.8 | Dec 2024 8.2 | Mar 2025 7.0 | Jun 2025 9.3 | Sep 2025 8.7 | Dec 2025 7.5 | Mar 2026 7.5 | Jun 2026 —
- VIK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -12.4 | Sep 2024 -19.3 | Dec 2024 -87.6 | Mar 2025 -65.9 | Jun 2025 84.9 | Sep 2025 34.3 | Dec 2025 29.1 | Mar 2026 30.7 | Jun 2026 —
- CCL: Sep 2021 — | Dec 2021 1.7 | Mar 2022 2.3 | Jun 2022 1.9 | Sep 2022 1.4 | Dec 2022 1.8 | Mar 2023 2.2 | Jun 2023 2.4 | Sep 2023 2.9 | Dec 2023 2.8 | Mar 2024 3.0 | Jun 2024 2.8 | Sep 2024 2.4 | Dec 2024 3.6 | Mar 2025 3.4 | Jun 2025 3.0 | Sep 2025 3.1 | Dec 2025 2.5 | Mar 2026 3.4 | Jun 2026 3.0
- EXPE: Sep 2021 15.5 | Dec 2021 13.7 | Mar 2022 14.8 | Jun 2022 7.8 | Sep 2022 6.5 | Dec 2022 5.9 | Mar 2023 7.9 | Jun 2023 9.0 | Sep 2023 8.6 | Dec 2023 13.6 | Mar 2024 20.7 | Jun 2024 18.5 | Sep 2024 14.4 | Dec 2024 15.4 | Mar 2025 20.0 | Jun 2025 25.1 | Sep 2025 19.7 | Dec 2025 27.0 | Mar 2026 48.1 | Jun 2026 —
- NCLH: Sep 2021 3.4 | Dec 2021 3.6 | Mar 2022 6.1 | Jun 2022 5.2 | Sep 2022 12.0 | Dec 2022 75.7 | Mar 2023 -57.3 | Jun 2023 608.1 | Sep 2023 16.0 | Dec 2023 28.4 | Mar 2024 24.8 | Jun 2024 11.9 | Sep 2024 7.9 | Dec 2024 7.9 | Mar 2025 5.9 | Jun 2025 5.8 | Sep 2025 5.1 | Dec 2025 4.6 | Mar 2026 3.5 | Jun 2026 —
- MMYT: Sep 2021 3.2 | Dec 2021 3.2 | Mar 2022 3.2 | Jun 2022 3.1 | Sep 2022 3.8 | Dec 2022 3.4 | Mar 2023 3.0 | Jun 2023 3.2 | Sep 2023 4.8 | Dec 2023 5.3 | Mar 2024 7.0 | Jun 2024 8.1 | Sep 2024 8.8 | Dec 2024 10.4 | Mar 2025 9.1 | Jun 2025 192.6 | Sep 2025 349.2 | Dec 2025 -672.4 | Mar 2026 -52.4 | Jun 2026 —
- GBTG: Sep 2021 -14.0 | Dec 2021 0.3 | Mar 2022 -4.9 | Jun 2022 33.1 | Sep 2022 38.7 | Dec 2022 20.5 | Mar 2023 19.0 | Jun 2023 19.0 | Sep 2023 2.1 | Dec 2023 2.5 | Mar 2024 2.4 | Jun 2024 2.6 | Sep 2024 3.3 | Dec 2024 4.2 | Mar 2025 3.1 | Jun 2025 2.5 | Sep 2025 2.8 | Dec 2025 2.5 | Mar 2026 1.8 | Jun 2026 —
- TNL: Sep 2021 -5.5 | Dec 2021 -5.8 | Mar 2022 -6.0 | Jun 2022 -3.8 | Sep 2022 -3.0 | Dec 2022 -3.1 | Mar 2023 -3.0 | Jun 2023 -2.9 | Sep 2023 -2.6 | Dec 2023 -3.0 | Mar 2024 -3.8 | Jun 2024 -3.6 | Sep 2024 -3.7 | Dec 2024 -3.8 | Mar 2025 -3.4 | Jun 2025 -3.9 | Sep 2025 -4.7 | Dec 2025 -4.5 | Mar 2026 -4.2 | Jun 2026 -4.6
- LIND: Sep 2021 -12.9 | Dec 2021 -10.1 | Mar 2022 -6.2 | Jun 2022 -3.1 | Sep 2022 -2.3 | Dec 2022 -2.2 | Mar 2023 -2.9 | Jun 2023 -2.8 | Sep 2023 -1.9 | Dec 2023 -2.7 | Mar 2024 -2.2 | Jun 2024 -2.0 | Sep 2024 -2.2 | Dec 2024 -2.6 | Mar 2025 -2.0 | Jun 2025 -2.4 | Sep 2025 -2.8 | Dec 2025 -2.8 | Mar 2026 -6.0 | Jun 2026 —
- TRIP: Sep 2021 5.9 | Dec 2021 4.8 | Mar 2022 4.9 | Jun 2022 3.1 | Sep 2022 3.8 | Dec 2022 2.9 | Mar 2023 3.5 | Jun 2023 2.9 | Sep 2023 2.8 | Dec 2023 3.4 | Mar 2024 4.7 | Jun 2024 2.9 | Sep 2024 2.1 | Dec 2024 2.2 | Mar 2025 3.1 | Jun 2025 2.4 | Sep 2025 2.7 | Dec 2025 2.6 | Mar 2026 2.0 | Jun 2026 —
- PRSU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.3 | Mar 2025 2.0 | Jun 2025 1.5 | Sep 2025 1.7 | Dec 2025 1.6 | Mar 2026 1.9 | Jun 2026 —
- NUTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 14.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Market action

Lindblad Expeditions Holdings, Inc. has the strongest one-year price move in Travel Services at +153.5%. It also leads on Mansfield relative strength against the S&P 500 at +59%. 9 of 13 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Lindblad Expeditions Holdings, Inc. (LIND): 154%
2. NusaTrip Incorporated (NUTR): 103%
3. Pursuit Attractions and Hospitality, Inc. (PRSU): 90%
4. Viking Holdings Ltd (VIK): 82%
5. Expedia Group, Inc. (EXPE): 66%

### Strongest relative strength versus NIFTY 500
1. Lindblad Expeditions Holdings, Inc. (LIND): 59%
2. Viking Holdings Ltd (VIK): 31%
3. Pursuit Attractions and Hospitality, Inc. (PRSU): 28%
4. Global Business Travel Group, Inc. (GBTG): 15%
5. Expedia Group, Inc. (EXPE): 14%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- Booking Holdings Inc. (BKNG) — market value ₹1.5 L Cr; latest fundamentals Mar 2026
- Airbnb, Inc. (ABNB) — market value ₹90.9K Cr; latest fundamentals Mar 2026
- Royal Caribbean Cruises Ltd. (RCL) — market value ₹86.5K Cr; latest fundamentals Mar 2026
- Viking Holdings Ltd (VIK) — market value ₹46.6K Cr; latest fundamentals Mar 2026
- Carnival Corporation Ltd. (CCL) — market value ₹38.7K Cr; latest fundamentals Jun 2026
- Expedia Group, Inc. (EXPE) — market value ₹35.5K Cr; latest fundamentals Mar 2026
- Norwegian Cruise Line Holdings Ltd. (NCLH) — market value ₹9.7K Cr; latest fundamentals Mar 2026
- MakeMyTrip Limited (MMYT) — market value ₹5.1K Cr; latest fundamentals Mar 2026
- Global Business Travel Group, Inc. (GBTG) — market value ₹4.9K Cr; latest fundamentals Mar 2026
- Travel + Leisure Co. (TNL) — market value ₹4.8K Cr; latest fundamentals Jun 2026
- Lindblad Expeditions Holdings, Inc. (LIND) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Tripadvisor, Inc. (TRIP) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Pursuit Attractions and Hospitality, Inc. (PRSU) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- NusaTrip Incorporated (NUTR) — market value ₹174 Cr; latest fundamentals Sep 2025

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Travel Services company is the biggest?

Booking Holdings Inc. is the largest, with trailing-twelve-month revenue of $27,687 million, ahead of Carnival Corporation Ltd. at $27,311 million. That covers 13 of 14 companies with comparable reporting through Mar 2026.

### Which Travel Services company is growing fastest?

Pursuit Attractions and Hospitality, Inc. has the fastest revenue growth at 27.3% year on year, across 13 of 14 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Travel Services company has the best profit margins?

Royal Caribbean Cruises Ltd. has the highest operating margin at 26.1%, from 14 of 14 comparable companies. Pursuit Attractions and Hospitality, Inc. shows the biggest recent improvement, at +39.7 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Travel Services company makes the most profit?

Booking Holdings Inc. earns the most, at $6,154 million of trailing-twelve-month net profit, from 13 of 14 comparable companies. Pursuit Attractions and Hospitality, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Travel Services company earns the highest return on capital?

Booking Holdings Inc. leads on return on capital employed at 13.6%, across 14 of 14 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Travel Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Royal Caribbean Cruises Ltd. screens cheapest at 0.47×. Only 7 of 14 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Travel Services company has the strongest balance sheet?

NusaTrip Incorporated carries the lowest comparable gross debt at $0 million, from 14 of 14 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Travel Services company is investing most in new capacity?

Norwegian Cruise Line Holdings Ltd. reports the largest capital spending at $1,437 million, across 13 of 14 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Travel Services sector beating the market?

Travel Services has outperformed S&P 500 by 12.7% over the last 52 weeks and 19.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 13 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Travel Services stock has the strongest price momentum?

Lindblad Expeditions Holdings, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Travel Services company scores highest for research priority?

Pursuit Attractions and Hospitality, Inc. scores 63.4 out of 100 with 76% evidence confidence, from 29.2 points on growth and earnings, 9.7 on capital efficiency, 9 on valuation and 15.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Travel Services companies does this comparison cover, and over what period?

It compares 14 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Travel Services sector?

The 14 Travel Services companies on this page carry $482,473 million of combined market value. Booking Holdings Inc. is the largest at $154,441 million, about 32% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Travel Services sector's P/E ratio?

The median price-to-earnings ratio across the 14 Travel Services companies on this page is 27.3×, measured on the 12 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Travel Services sector performing?

9 of the 13 covered Travel Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 12.7% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Travel Services stocks are listed in the US?

This comparison covers 14 listed Travel Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/travel-services