(CCL) Carnival - Overview
Sector: Consumer Cyclical | Industry: Travel Services | Exchange: NYSE (USA) | Market Cap: 38.756m USD | Total Return: 14.8% in 12m
Avg Turnover: 690M
Qual. Beats: 0
Rev. Trend: 92.7%
Qual. Beats: 0
Warnings
Altman Z'' 0.09 < 1.0 - financial distress zone
Choppy
Tailwinds
No distinct edge detected
Carnival Corporation (CCL) is a global leisure travel provider operating a multi-brand portfolio that includes Carnival Cruise Line, Princess Cruises, and Holland America Line. The company manages four primary segments covering North American and European cruise operations, alongside a Cruise Support and Tour infrastructure that includes proprietary port destinations, hotels, and rail transport. Founded in 1972 and headquartered in Miami, its distribution model relies on a mix of third-party travel agents and direct-to-consumer digital platforms.
The cruise industry is characterized by high capital intensity due to the significant cost of vessel construction and maintenance. As a dominant player in the Hotels, Resorts & Cruise Lines sub-industry, Carnival utilizes a hub-and-spoke business model where land-based excursions and private islands act as high-margin extensions of the onboard experience. Investors can evaluate these operational margins and debt structures further on ValueRay. This vertical integration allows the company to capture a larger share of total passenger discretionary spending throughout the vacation cycle.
- Elevated fuel prices and maritime carbon emissions regulations increase operational overhead
- Strong occupancy rates and booking volumes drive revenue growth across global brands
- High debt service costs from pandemic-era financing impact net income margins
- Consumer discretionary spending trends dictate demand for premium and luxury cruise segments
- Geopolitical instability in key regions disrupts itinerary planning and increases insurance costs
| Net Income: 3.10b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 1.70 > 1.0 |
| NWC/Revenue: -33.72% < 20% (prev -33.83%; Δ 0.11% < -1%) |
| CFO/TA 0.13 > 3% & CFO 6.56b > Net Income 3.10b |
| Net Debt (26.5b) to EBITDA (7.23b): 3.66 < 3 |
| Current Ratio: 0.27 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.39b) vs 12m ago 6.34% < -2% |
| Gross Margin: 37.55% > 18% (prev 38.25%; Δ -0.70% > 0.5%) |
| Asset Turnover: 53.90% > 50% (prev 52.38%; Δ 1.51% > 0%) |
| Interest Coverage Ratio: 3.54 > 6 (EBIT TTM 4.40b / Interest Expense TTM 1.24b) |
| A: -0.18 (Total Current Assets 3.32b - Total Current Liabilities 12.4b) / Total Assets 51.6b |
| B: 0.09 (Retained Earnings 4.73b / Total Assets 51.6b) |
| C: 0.09 (EBIT TTM 4.40b / Avg Total Assets 50.1b) |
| D: 0.34 (Book Value of Equity 13.0b / Total Liabilities 38.5b) |
| Altman-Z'' = 0.09 = B |
| DSRI: 1.15 (Receivables 663.0m/543.0m, Revenue 27.0b/25.4b) |
| GMI: 1.02 (GM 38.25% / 37.55%) |
| AQI: 1.19 (AQ_t 0.06 / AQ_t-1 0.05) |
| SGI: 1.06 (Revenue 27.0b / 25.4b) |
| TATA: -0.07 (NI 3.10b - CFO 6.56b) / TA 51.6b) |
| Beneish M = -2.73 (Cap -4..+1) = A |
As of June 04, 2026, the stock is trading at USD 27.17 with a total of 16,549,091 shares traded.
Over the past week, the price has changed by -2.89%,
over one month by +6.49%,
over three months by -4.18% and
over the past year by +14.76%.
Carnival has received a consensus analysts rating of 4.30. Therefore, it is recommended to buy CCL.
- StrongBuy: 17
- Buy: 5
- Hold: 8
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 34 | 25.2% |
P/E Trailing = 12.326
P/E Forward = 11.976
P/S = 1.4366
P/B = 2.9742
P/EG = 1.0847
Revenue TTM = 27.0b USD
EBIT TTM = 4.40b USD
EBITDA TTM = 7.23b USD
Long Term Debt = 23.8b USD (from longTermDebt, last quarter)
Short Term Debt = 1.67b USD (from shortTermDebt, last quarter)
Debt = 27.9b USD (from shortLongTermDebtTotal, last quarter) + Leases 1.32b
Net Debt = 26.5b USD (calculated: Debt 27.9b - CCE 1.42b)
Enterprise Value = 65.3b USD (38.8b + Debt 27.9b - CCE 1.42b)
Interest Coverage Ratio = 3.54 (Ebit TTM 4.40b / Interest Expense TTM 1.24b)
EV/FCF = 21.85x (Enterprise Value 65.3b / FCF TTM 2.99b)
FCF Yield = 4.58% (FCF TTM 2.99b / Enterprise Value 65.3b)
FCF Margin = 11.07% (FCF TTM 2.99b / Revenue TTM 27.0b)
Net Margin = 11.48% (Net Income TTM 3.10b / Revenue TTM 27.0b)
Gross Margin = 37.55% ((Revenue TTM 27.0b - Cost of Revenue TTM 16.8b) / Revenue TTM)
Gross Margin QoQ = 36.11% (prev 26.75%)
Tobins Q-Ratio = 1.27 (Enterprise Value 65.3b / Total Assets 51.6b)
Interest Expense / Debt = 4.45% (Interest Expense 1.24b / Debt 27.9b)
Taxrate = 0.70% (22.0m / 3.12b)
NOPAT = 4.37b (EBIT 4.40b * (1 - 0.70%))
Current Ratio = 0.27 (Total Current Assets 3.32b / Total Current Liabilities 12.4b)
Debt / Equity = 2.14 (Debt 27.9b / totalStockholderEquity, last quarter 13.0b)
Debt / EBITDA = 3.66 (Net Debt 26.5b / EBITDA 7.23b)
Debt / FCF = 8.87 (Net Debt 26.5b / FCF TTM 2.99b)
Total Stockholder Equity = 11.8b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.19% (Net Income 3.10b / Total Assets 51.6b)
RoE = 26.22% (Net Income TTM 3.10b / Total Stockholder Equity 11.8b)
RoCE = 12.36% (EBIT 4.40b / Capital Employed (Equity 11.8b + L.T.Debt 23.8b))
RoIC = 11.07% (NOPAT 4.37b / Invested Capital 39.5b)
WACC = 8.81% (E(38.8b)/V(66.7b) * Re(11.98%) + D(27.9b)/V(66.7b) * Rd(4.45%) * (1-Tc(0.01)))
Discount Rate = 11.98% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 67.42 | Cagr: 4.42%
[DCF] Terminal Value 76.48% ; FCFF base≈2.59b ; Y1≈2.96b ; Y5≈4.36b
[DCF] Fair Price = 27.60 (EV 60.7b - Net Debt 26.5b = Equity 34.2b / Shares 1.24b; r=8.81% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.26 | # QB: 0
Revenue Correlation: 92.72 | Revenue CAGR: 14.46% | SUE: 0.50 | # QB: 0
EPS current Quarter (2026-08-31): EPS=1.42 | Chg30d=+0.18% | Revisions=+43% | Analysts=18
EPS current Year (2026-11-30): EPS=2.22 | Chg30d=-0.23% | Revisions=+0% | GrowthEPS=-1.2% | GrowthRev=+4.6%
EPS next Year (2027-11-30): EPS=2.60 | Chg30d=+0.07% | Revisions=+43% | GrowthEPS=+17.0% | GrowthRev=+3.4%
[Analyst] Revisions Ratio: +43%