Overview Dividends

(CCL) Carnival - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: PA1436583006

Ocean Cruises, River Cruises, Destination Resorts, Rail Tours

Hotels, Resorts & Cruise Lines
Market Cap in USD: 40,278m
IPO / Inception: 1987-07-24
Return 12m vs S&P 500: 4.10%

EPS (Earnings per Share)

EPS (Earnings per Share) of CCL over the last years for every Quarter: "2020-11": -2.02, "2021-02": -1.79, "2021-05": -1.8, "2021-08": -1.75, "2021-11": -1.72, "2022-02": -1.66, "2022-05": -1.64, "2022-08": -0.58, "2022-11": -0.85, "2023-02": -0.55, "2023-05": -0.31, "2023-08": 0.86, "2023-11": -0.07, "2024-02": -0.14, "2024-05": 0.11, "2024-08": 1.27, "2024-11": 0.14, "2025-02": 0.13, "2025-05": 0.35, "2025-08": 1.43, "2025-11": 0.34,
EPS CAGR: 176.69%
EPS Trend: 80.5%
Last SUE: 2.78
Qual. Beats: 5

Revenue

Revenue of CCL over the last years for every Quarter: 2020-11: 33, 2021-02: 26, 2021-05: 49, 2021-08: 546, 2021-11: 1287, 2022-02: 1623, 2022-05: 2401, 2022-08: 4306, 2022-11: 3839, 2023-02: 4433, 2023-05: 4911, 2023-08: 6854, 2023-11: 5396, 2024-02: 5407, 2024-05: 5781, 2024-08: 7896, 2024-11: 5938, 2025-02: 5810, 2025-05: 6328, 2025-08: 8153, 2025-11: 6330,
Rev. CAGR: 43.75%
Rev. Trend: 79.4%
Last SUE: -0.56
Qual. Beats: 0

Dividends

Currently no dividends paid
Risk via 5d forecast
Volatility 42.4%
Value at Risk 5%th 63.9%
Relative Tail Risk -8.48%
Reward TTM
Sharpe Ratio 0.57
Alpha -2.82
CAGR/Max DD 1.19
Character TTM
Hurst Exponent 0.446
Beta 1.735
Beta Downside 1.844
Drawdowns 3y
Max DD 42.85%
Mean DD 13.98%
Median DD 13.13%

Description: CCL Carnival December 03, 2025

Carnival Corporation & plc (NYSE: CCL) is the world’s largest cruise operator, delivering leisure travel across North America, Europe, Australia and global itineraries. The business is organized into four segments-NAA Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour & Other-and markets its voyages through a mix of travel agents, online channels and onboard consultants under ten well-known brands, including Carnival Cruise Line, Princess Cruises, Holland America, and Cunard.

Key operating metrics that investors watch include a 2023 average occupancy of roughly 92 % and a cash-flow conversion rate of about 1.1 ×, indicating that earnings are largely supported by operating cash. The segment’s exposure to fuel price volatility remains material; a 10 % rise in bunker fuel can erode EBITDA by an estimated 3-4 %, while the ongoing rebound in discretionary consumer spending and stronger U.S. consumer confidence have been primary drivers of the recent demand surge. Additionally, Carnival’s leverage has improved, with net debt/EBITDA falling to ~2.6 × in Q3 2024, down from a peak of 4.5 × during the pandemic shutdown.

For a deeper quantitative view, you may want to explore ValueRay’s analyst dashboard for the latest model-based forecasts.

Piotroski VR‑10 (Strict, 0-10) 4.5

Net Income (2.76b TTM) > 0 and > 6% of Revenue (6% = 1.60b TTM)
FCFTA 0.06 (>2.0%) and ΔFCFTA 3.14pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)
NWC/Revenue -33.33% (prev -32.93%; Δ -0.40pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)
CFO/TA 0.11 (>3.0%) and CFO 5.61b > Net Income 2.76b (YES >=105%, WARN >=100%)
Net Debt (26.07b) to EBITDA (6.89b) ratio: 3.78 <= 3.0 (WARN <= 3.5)
Current Ratio 0.32 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)
Outstanding Shares last Quarter (1.40b) change vs 12m ago 0.29% (target <= -2.0% for YES)
Gross Margin 37.37% (prev 37.50%; Δ -0.13pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)
Asset Turnover 52.85% (prev 51.01%; Δ 1.84pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)
Interest Coverage Ratio 3.08 (EBITDA TTM 6.89b / Interest Expense TTM 1.33b) >= 6 (WARN >= 3)

Altman Z'' -0.19

(A) -0.17 = (Total Current Assets 4.22b - Total Current Liabilities 13.09b) / Total Assets 51.69b
(B) 0.09 = Retained Earnings (Balance) 4.82b / Total Assets 51.69b
(C) 0.08 = EBIT TTM 4.10b / Avg Total Assets 50.37b
(D) 0.09 = Book Value of Equity 3.38b / Total Liabilities 39.40b
Total Rating: -0.19 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 69.01

1. Piotroski 4.50pt
2. FCF Yield 4.39%
3. FCF Margin 10.95%
4. Debt/Equity 2.28
5. Debt/Ebitda 3.78
6. ROIC - WACC (= 3.67)%
7. RoE 25.45%
8. Rev. Trend 79.44%
9. EPS Trend 80.47%

What is the price of CCL shares?

As of January 01, 2026, the stock is trading at USD 30.54 with a total of 8,289,758 shares traded.
Over the past week, the price has changed by -2.27%, over one month by +17.78%, over three months by +5.64% and over the past year by +22.55%.

Is CCL a buy, sell or hold?

Carnival has received a consensus analysts rating of 4.30. Therefore, it is recommended to buy CCL.
  • Strong Buy: 17
  • Buy: 5
  • Hold: 8
  • Sell: 0
  • Strong Sell: 0

What are the forecasts/targets for the CCL price?

Issuer Target Up/Down from current
Wallstreet Target Price 36.6 19.9%
Analysts Target Price 36.6 19.9%
ValueRay Target Price 33.4 9.4%

CCL Fundamental Data Overview December 28, 2025

Market Cap USD = 40.28b (40.28b USD * 1.0 USD.USD)
P/E Trailing = 15.198
P/E Forward = 12.4533
P/S = 1.513
P/B = 3.3377
P/EG = 1.41
Beta = 2.536
Revenue TTM = 26.62b USD
EBIT TTM = 4.10b USD
EBITDA TTM = 6.89b USD
Long Term Debt = 25.06b USD (from longTermDebt, two quarters ago)
Short Term Debt = 2.78b USD (from shortTermDebt, last quarter)
Debt = 27.99b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 26.07b USD (from netDebt column, last quarter)
Enterprise Value = 66.34b USD (40.28b + Debt 27.99b - CCE 1.93b)
Interest Coverage Ratio = 3.08 (Ebit TTM 4.10b / Interest Expense TTM 1.33b)
FCF Yield = 4.39% (FCF TTM 2.91b / Enterprise Value 66.34b)
FCF Margin = 10.95% (FCF TTM 2.91b / Revenue TTM 26.62b)
Net Margin = 10.37% (Net Income TTM 2.76b / Revenue TTM 26.62b)
Gross Margin = 37.37% ((Revenue TTM 26.62b - Cost of Revenue TTM 16.67b) / Revenue TTM)
Gross Margin QoQ = 26.75% (prev 46.22%)
Tobins Q-Ratio = 1.28 (Enterprise Value 66.34b / Total Assets 51.69b)
Interest Expense / Debt = 1.13% (Interest Expense 315.0m / Debt 27.99b)
Taxrate = -4.46% (negative due to tax credits) (-18.0m / 404.0m)
NOPAT = 4.28b (EBIT 4.10b * (1 - -4.46%)) [negative tax rate / tax credits]
Current Ratio = 0.32 (Total Current Assets 4.22b / Total Current Liabilities 13.09b)
Debt / Equity = 2.28 (Debt 27.99b / totalStockholderEquity, last quarter 12.28b)
Debt / EBITDA = 3.78 (Net Debt 26.07b / EBITDA 6.89b)
Debt / FCF = 8.94 (Net Debt 26.07b / FCF TTM 2.91b)
Total Stockholder Equity = 10.85b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.34% (Net Income 2.76b / Total Assets 51.69b)
RoE = 25.45% (Net Income TTM 2.76b / Total Stockholder Equity 10.85b)
RoCE = 11.41% (EBIT 4.10b / Capital Employed (Equity 10.85b + L.T.Debt 25.06b))
RoIC = 11.48% (NOPAT 4.28b / Invested Capital 37.29b)
WACC = 7.80% (E(40.28b)/V(68.27b) * Re(12.41%) + D(27.99b)/V(68.27b) * Rd(1.13%) * (1-Tc(-0.04)))
Discount Rate = 12.41% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 8.85%
[DCF Debug] Terminal Value 53.59% ; FCFE base≈2.24b ; Y1≈1.47b ; Y5≈672.2m
Fair Price DCF = 6.55 (DCF Value 7.65b / Shares Outstanding 1.17b; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: 80.47 | EPS CAGR: 176.7% | SUE: 2.78 | # QB: 5
Revenue Correlation: 79.44 | Revenue CAGR: 43.75% | SUE: -0.56 | # QB: 0
EPS next Quarter (2026-02-28): EPS=0.18 | Chg30d=-0.008 | Revisions Net=-1 | Analysts=16
EPS current Year (2026-11-30): EPS=2.50 | Chg30d=+0.066 | Revisions Net=+2 | Growth EPS=+10.9% | Growth Revenue=+4.4%
EPS next Year (2027-11-30): EPS=2.81 | Chg30d=+0.033 | Revisions Net=+2 | Growth EPS=+12.6% | Growth Revenue=+3.9%

Additional Sources for CCL Stock

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