Skip to content
The Financial Modeller
Build free
Travel and events

Cruise line financial model, built free.

A three-statement Excel model for a cruise line, built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Owns and operates ocean, river or expedition cruise ships, earning ticket and onboard revenue per passenger cruise day, with customer deposits collected months ahead, fuel and crew as major costs, and newbuild ships financed with export-credit debt.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Cruise line sample model.xlsx
The Summary sheet of the sample cruise line model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a cruise line.

  1. How it earns revenue3 formulas
    Cruise capacity, occupancy and yield · All vessels
    Cruise revenueNet cruise revenueCommissions, transport and air added back
    Cruise capacity, occupancy and yield · All vessels
    Available lower-berth days (APCD)Lower berthsDays in service
    Cruise capacity, occupancy and yield · All vessels
    Passenger cruise daysAvailable lower-berth days (APCD)Occupancy (PCD ÷ APCD)
  2. What drives its costs3 formulas
    Cruise operating costs · All vessels
    Cruise operating costsNet cruise costs excluding fuelFuel costCommissions, transport and air
    Cruise operating costs · All vessels
    Net cruise costs excluding fuelAvailable lower-berth days (APCD)from cruise capacity, occupancy and yieldNet cruise costs excluding fuel per APCD
    Cruise operating costs · All vessels
    Fuel costAvailable lower-berth days (APCD)from cruise capacity, occupancy and yieldFuel cost per APCD at the start dateFuel cost index
  3. What it invests in1 formula
    Vessel book value, drydocking and depreciation · All vessels
    Closing net book valueOpening net book valueDrydocking and upgrade capexVessel depreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

20 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Exchange rate (US dollar)Exchange rate by financial year
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Interest-rate hedgingHedged share at a fixed rate
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Covenant tests and headroomLVR, gearing and ICR for property
  • Liquidity runway and funding needHeadroom, runway and funding need
  • Case selectionStackable stress toggles
  • Discount rate (WACC)CAPM at target gearing
  • Customer deposits, deferred revenue and loyaltyDeferred revenue as days of revenueMoney customers pay before they are served — travel and event deposits, advance tickets, gift cards, prepaid memberships — plus loyalty points, patron deposits and gaming jackpots owed to customers.
  • Cruise capacity, occupancy and yieldBerth days × occupancy × net yieldA ship's (or ship class's) available lower-berth days, passengers carried, and ticket and onboard revenue.
  • Cruise operating costsNet cruise costs per berth day plus fuelCommissions, transport and air, onboard and food costs, crew payroll, fuel and other ship operating costs.
  • Vessel book value, drydocking and depreciationStraight-line to scrap value
Key numbers

The numbers it tracks.

  1. 01APCD
  2. 02occupancy
  3. 03net yield
  4. 04net cruise costs excluding fuel per APCD
  5. 05fuel per APCD
  6. 06customer deposits
  7. 07net debt / EBITDA
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
Related models

More in travel and events.

Every hospitality and leisure model

Looking for a cruise line financial model template? Ours arrives built for your business, with your figures in it.

Running a small business? Read what goes into a small business financial model.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.