Four scheduled operators run the Es Freus channel as a public service, and that is the honest comparison for anyone whose real goal is to stand on Formentera rather than to spend a day on a boat.
Balearia, Trasmapi, Aquabus and Formentera Lines all sail Ibiza–La Savina in about thirty minutes, more than sixty crossings a day in high season between them. Direct Ferries' operator comparison puts one-way fares in the low twenties of euros with Trasmapi and Formentera Lines and a little above that with Balearia, so a same-day return sits roughly in the €46 to €66 band — two people across and back for less than one seat on a cruise.
The catch is what happens when you land. La Savina is a port, not a beach, and Formentera's good sand is spread over twenty kilometres of a long thin island. To use it you rent a scooter, and that is where the formentera.eco vehicle access charge starts running: a per-day fee set by the Consell Insular de Formentera that carries a minimum charge whether you stay one day or ten.
Set that against $92 for the all-inclusive Formentera day with three stops, or $127 for the twelve-hour version with an open bar, three meals and the sunset party on the run home. What the fare does not buy: the swim stops in the channel, the reason those boats take ten hours to cover thirty minutes of sailing; lunch; the paddleboards; and a skipper who moves the anchorage when the wind turns. The ferry is a bus with a hull — take it if you want Formentera, book the boat if you want the day.
The west coast runs the same logic smaller. Cruceros Portmany's shuttle to Cala Bassa and Cala Conta sails May to October, daily except Sundays, out at 10:30, 12:00 and 14:00 and back at 13:00, 16:00 and 18:00 — a taxi to two beaches. The $80 beach-hopping cruise anchors off the calas instead, and the paddleboards, the food and the drinks are the product.