Carnival Corporation Ltd.

Travel Services

CCLStrained8 of 11 basics passed

$26.27

+0.54%

Market cap $35.3B

$26.27

+0.54%

Market cap $35.3B

Carnival is the largest global cruise company, with nearly 100 ships in service. Its portfolio of brands includes Carnival Cruise Lines, Holland America, Princess Cruises, and Seabourn in North America; P&O Cruises and Cunard Line in the United Kingdom; Aida in Germany; Costa Cruises in Southern Europe.

It is a $35.3B consumer company. Revenue grew 5.2% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~7.0 years of free cash flow. It trades at 11.3× earnings — in the cheapest third of its own history.

Website: carnivalcorp.com
Location: Miami, FL
Employees: 117 000
Sector: Consumer Cyclical
Founded: 1972

Share price · 3 years

$12.90 → $26.27+103.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $27.6B
Profit: keeps 11¢ of every $1 sold; $3.14B
Free cash flow: cash left after running the business; $3.18B
Net debt: debt minus cash on hand; $22.1B
P/E: years of profit in the price; 11.3
EPS: earnings per share, TTM; $2.30
Dividend: pays out 23% of profit · 19% of FCF; 1.74%
Shares: up 22% since 2021 — dilution; 1.37B
Volatility: beta vs the market — under 1 swings less; 2.49

Revenue, last 9 years

52-week range

Low $21.79$26.27High $33.99

Today's price is 37% of the way from the year's low to its high.

P/E vs its history3y

11.5×median 14.9×

Higher than 13% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

11.5×

87%

P/S

1.3×

54%

EV/EBITDA

13.6×

74%

P/B

2.5×

61%

FCF yield

8.8%

90%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Earnings

Sep 29, 2026EPS $1.43 vs est $1.37beat +4%

Standing in Consumer Cyclical

Size$35.3Btop 34%
Revenue growth+30%top 5%
Net margin11%top 29%
Return on equity24%top 50%
P/E11.3×top 10%
Dividend yield1.74%top 58%

Ranked against 99 Consumer Cyclical companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Growth, Health and Moat lag behind.

Valuation100

P/E vs own history13th pct · 25/25
FCF yield9.0% · 25/25
P/S1.3x · 25/25
EV/EBITDA8.0x · 25/25

Growth45

Revenue CAGR93.3% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth28.5% · 20/25

Profitability72

ROIC8.0% · 12/25
ROE23.9% · 20/25
Net margin11.4% · 20/25
Operating margin15.8% · 20/25

Health15

Altman Zn/a · 0/25
Current ratio0.27 · 0/25
Interest coverage3.1x · 10/25
Net cash / debtD/A 43% · 5/25

Quality72

Piotroski F7/9 · 22/25
Beneish M-2.55 · 25/25
FCF conversion101% · 25/25
Margin stabilityσ 1122.5% · 0/25

Moat10

ROIC >12% years0/9 yrs · 0/25
Median gross margin11.7% · 0/25
FCF-positive years6/9 yrs · 10/25
Worst-year net marginworst -498.0% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2023Product
Carnival restructured its corporate umbrella and created six new separate units that have full…
FY2018Financial
Best year on record
$3.15B net income
2018Acquisition
Carnival Corporation announced that it had acquired the White Pass and Yukon Route from TWC…
FY2016Financial
First recorded profitable year
$2.78B net income
FY2016Financial
Revenue already above $10B
$16.4B in first reported year
2003Acquisition
Carnival Corporation acquired P&O Princess Cruises plc
2000Acquisition
Following the demerger in 2000, the company also acquired AIDA Cruises
1993Milestone
It adopted the name Carnival Corporation in 1993, to distinguish the parent company from its flagship cruise line…
1989Acquisition
Between 1989 and 1999, it acquired Holland America Line, Windstar Cruises, Westours, Seabourn Cruise Line, Costa…
1987IPO
It went public in 1987 with an initial public offering on the New York Stock Exchange (NYSE)
1974Milestone
Restructuring of the P&O group in the 20th century led to its cruise operations being rebranded as P&O Cruises and…
1972Founded
Carnival Corporation was founded as the privately owned Carnival Cruise Line in 1972

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$11 270 today — price return only

$26.6B revenue in FY2025

Revenue up 5.2% year over year

Positive free cash flow 3 years in a row

117 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (54.6%)
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Loss-making in 4 of the recent years
Net debt equals ~7.0 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+5.2% YoY
Profitable — makes more than it spends$3.14B TTM
Profit growing — earnings are higher than last year+44.1% YoY
Generates cash — cash left after running and investing$3.18B TTM
Debt under control — could handle its obligations~7.0y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$35.3B market cap
Not printing shares — share count not ballooning — you keep your slice+21.7% shares over ~5y
Proven track record — years of profitability behind it5/9 profitable years
Financially stable — balance sheet not near distresshealth score 10/100
Pays a dividend — returns cash to shareholdersyield 1.74%
Valuation not extreme — price not wildly above earningsP/E 11.3

Peer comparisonCarnival Corporation Ltd. vs 6 largest consumer cyclical peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
CCL this company	$35.3B	11.3	+5.2%	11.4%	Strained
AMZN Amazon.Com Inc	$2.8T	20.9	+15.8%	17.4%	Mixed
TSLA Tesla, Inc.	$1.5T	397.1	+11.8%	3.7%	Strong
NFLX NetFlix Inc	$292.8B	21.4	+16.0%	28.2%	Solid
HD Home Depot, Inc.	$290.4B	20.4	-16.0%	8.7%	Solid
DIS The Walt Disney Company	$186.5B	21.7	+4.6%	8.7%	Solid
MCD McDonald's Corporation	$166.9B	18.9	+6.3%	31.7%	Strained

Head-to-head: CCL vs AMZN · CCL vs TSLA · CCL vs NFLX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 9Buy 18Hold 6

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $27.6B · net income $3.14B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$27.6B

YoY 5.2%

Net income (TTM)

$3.14B

Margin 11.4%

Gross margin

54.6%

Operating margin

15.8%

P/E ratio

11.3

Dividend yield

1.74%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	5.6	1.9	12.2	21.6	25.0	26.6
Gross profit	-8.9	-7.1	-4.4	2.0	3.6	—
Operating income (EBIT)	-8.9	-7.1	-4.4	2.0	3.6	4.5
Net income	-10.2	-9.5	-6.1	-0.1	1.9	2.8
EPS (diluted)	—	-8.46	-5.16	-0.06	1.44	2.02

Cash flowFree cash flow $3.18B · operating cash flow $6.82B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$3.18B

Margin 11.5%

Operating cash flow (TTM)

$6.82B

FCF margin

11.5%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	-6.3	-4.1	-1.7	4.3	5.9	6.2
Capital expenditure	-3.6	-3.6	-4.9	-3.3	-4.6	-3.6
Free cash flow	-9.9	-7.7	-6.6	1.0	1.3	2.6
FCF margin	-177.3%	-404.4%	-54.3%	4.6%	5.2%	9.8%

Balance sheetAssets $51.7B · net debt $22.1B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $51.7B of assets is financed

76%

24%

Liabilities $39.4B — borrowed moneyEquity $12.3B — owners' stake

Cash vs debt

Total debt $24.0B − cash $1.93B = net debt $22.1B

Cash on hand covers 8% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

3.1x

EBIT ÷ interest expense

ROE

23.9%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	9.5	9.1	4.0	2.4	1.2	1.9
Total assets	53.6	53.3	51.7	49.1	49.1	51.7
Total liabilities	33.0	41.2	44.6	42.2	39.8	39.4
Total debt	25.2	31.3	32.2	28.5	25.9	24.0
Equity	20.6	12.1	7.1	6.9	9.3	12.3
Net debt	15.7	22.2	28.1	26.1	24.7	22.1

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Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $26.27 · market cap $35.3B.