Just take a look at the valuation more closely. In late 2019 CCL had roughly 700 million shares outstanding, a market cap of $30 billion, and an enterprise value of $41 billion. They've since issued hundreds of millions of shares and raised billions in debt. Today they have 1.1 billion shares outstanding, and an EV of $40 billion, so roughly the same EV as 2019, but at a much lower share price because of dilution.

With that being said, cruises will come back and the company should be able to reduce debt and buy back shares to get the share price back up, but I think it'll be a very long road.

I think Boeing is the best bet in terms travel related stocks.