A Business at a Glance
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CARNIVAL CORP
CCL
$36.0B
Mkt Cap
$26.33
+4.19%
CARNIVAL CORP (CCL) has a current P/E ratio of 13.0, compared to its historical median P/E of 12.9. The stock is currently considered Fair based on its historical valuation range.
CARNIVAL CORP (CCL) has a 5-year average return on invested capital (ROIC) of -1.8%. This is below average and may indicate limited pricing power.
CARNIVAL CORP (CCL) has a market capitalization of $36.7B. It is classified as a large-cap stock.
CARNIVAL CORP (CCL) does not currently pay a regular dividend.
Based on historical P/E analysis, CARNIVAL CORP (CCL) appears fair. The current P/E of 13.0 is 1% above its historical median of 12.9. The estimated fair value CAGR (P/E method) is -22.3%.
CARNIVAL CORP (CCL) operates in the Water Transportation industry, within the Industrials sector.
CARNIVAL CORP (CCL) reported annual revenue of $26.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Carnival Corporation & plc is the world's largest global cruise company and among the largest leisure travel companies, operating eight distinctive cruise brands—AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn—that collectively serve over 13.5 million guests annually with a fleet of 94 ships offering contemporary, premium, and luxury cruise experiences across diverse geographic markets. The company operates a diversified portfolio spanning North America (64% of capacity) and Europe (36% of capacity), with each brand targeting distinct consumer psychographics and vacation preferences, enabling penetration of large addressable customer segments and generating pricing power through differentiated market positioning. Beyond core cruise operations, Carnival owns and operates a portfolio of seven owned or operated port destinations and exclusive islands—including Celebration Key in the Bahamas, Princess Cays, Half Moon Cay, and others—that welcomed 7.4 million guests in 2025 and generate incremental revenue while enhancing itinerary differentiation and guest experience; the company also operates Holland America Princess Alaska Tours, a leading tour operator in Alaska and the Canadian Yukon. The business model is asset-intensive with capital commitments for newbuild ships and destination development, but generates strong cash flow through high-margin onboard spending, ticket pricing, and destination monetization, with unit economics characterized by yield expansion, cost discipline, and operational leverage as the company scales its destination portfolio and optimizes its fleet deployment across global markets.
【Strong demand momentum continuing】 Management expects record yields in the second half of 2026 and continued yield expansion through 2029, supported by robust closing demand, strong onboard spending, and successful commercial execution across the portfolio despite recent geopolitical volatility. The company is intensifying cost management initiatives that are expected to offset yield headwinds and continue benefiting earnings throughout 2026 and beyond, with normalized cruise costs expected to grow at low single-digit rates while yields expand at moderate rates, driving significant margin expansion. Celebration Key is expected to welcome 3.5 million visitors on an annualized basis in 2027, with the Paradise Collection destinations collectively welcoming over 9 million guest visits next year, and the company plans significant enhancement programs for additional brands to strengthen itinerary differentiation and drive stronger earnings and cash flow. Management is committed to achieving net debt to EBITDA of 2.75x while simultaneously investing over $15 billion back into the business through 2029, growing the recently reinstated dividend, and returning excess capital through an opportunistic buyback program, demonstrating confidence in the durability of cash generation and the structural improvements made to the balance sheet.
| Metric | Target | Period |
|---|---|---|
| Earnings per share | $2.22 | FY2026 (ending June 30, 2026) |
| EBITDA | over $7 billion | FY2026 (ending June 30, 2026) |
| Yield growth | approximately 2.25% | FY2026 (ending June 30, 2026) |
| Cruise costs without fuel per ALBD | up approximately 1.3% | FY2026 (ending June 30, 2026) |
| Celebration Key annual visitors | 3.5 million | FY2027 (annualized basis) |
| Return on invested capital | above 16% | By 2029 |
| Earnings per share growth | more than 50% | 2025 through 2029 |
| Cash distribution to shareholders | more than 40% of cash from operations, or approximately $14 billion | 2025 through 2029 |
| Net debt to EBITDA | 2.75x | By 2029 |
| Greenhouse gas intensity reduction | more than 25% |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 27.0B | 26.6B | 25.0B | 21.6B | 12.2B | - |
| Net Income | 3.1B | 2.8B | 1.9B | -74M | -6.1B | -9.5B |
| EPS | $2.24 | $2.02 | $1.44 | $-0.06 | $-5.16 | $-8.46 |
| Free Cash Flow | 3.0B | 2.6B | 1.3B | 997M | -6.6B | -7.7B |
| ROIC | 12.2% | 12.3% | 11.0% | 6.0% | -15.3% | -22.8% |
| Gross Margin | - | 68.4% | 37.5% | 33.7% | 3.4% | - |
| Debt/Equity | 1.94 | 2.17 | 2.97 | 4.44 | 4.89 | 2.74 |
| Dividends/Share | $0.00 | - | - | - | $0.00 | $0.00 |
| Operating Income | 4.5B | 4.5B | 3.6B | 2.0B | -4.4B | -7.1B |
| Operating Margin | 16.9% | 16.8% | 14.3% | 9.1% | -36.0% | - |
| ROE | 23.8% | 25.6% | 23.8% | -1.1% | -63.4% | -58.1% |
| Shares Outstanding | 1,392M | 1,366M | 1,331M | 1,233M | 1,181M | 1,123M |
CARNIVAL CORP passes 2 of 9 quality checks, indicating weak fundamentals.
CARNIVAL CORP trades at 13.0x trailing earnings, compared to its 15-year median P/E of 12.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 1.9x vs a median of 18.3x. The company's 5-year average gross margin is 35.7%. At current prices, the estimated annualized return to fair value is +49.4%.
CARNIVAL CORP (CCL) has a net profit margin of 10.4%. This is a healthy margin.
CARNIVAL CORP (CCL) generated $2.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CARNIVAL CORP (CCL) has a debt-to-equity ratio of 2.17. This indicates higher leverage, which may increase financial risk.
CARNIVAL CORP (CCL) reported earnings per share (EPS) of $2.02 in its most recent fiscal year.
CARNIVAL CORP (CCL) has a return on equity (ROE) of 25.6%. This indicates the company generates strong returns for shareholders.
CARNIVAL CORP (CCL) has a 5-year average gross margin of 35.7%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for CARNIVAL CORP (CCL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CARNIVAL CORP (CCL) has a book value per share of $8.99, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects record yields in the second half of 2026 and continued yield expansion through 2029, supported by robust closing demand, strong onboard spending, and successful commercial execution across the portfolio despite recent geopolitical volatility. The company is intensifying cost management initiatives that are expected to offset yield headwinds and continue benefiting earnings throughout 2026 and beyond, with normalized cruise costs expected to grow at low single-digit rates while yields expand at moderate rates, driving significant margin expansion. Celebration Key is expected to welcome 3.5 million visitors on an annualized basis in 2027, with the Paradise Collection destinations collectively welcoming over 9 million guest visits next year, and the company plans significant enhancement programs for additional brands to strengthen itinerary differentiation and drive stronger earnings and cash flow. Management is committed to achieving net debt to EBITDA of 2.75x while simultaneously investing over $15 billion back into the business through 2029, growing the recently reinstated dividend, and returning excess capital through an opportunistic buyback program, demonstrating confidence in the durability of cash generation and the structural improvements made to the balance sheet.
Based on recent SEC filings and earnings calls, CARNIVAL CORP (CCL) has provided the following forward guidance: Earnings per share: $2.22 (FY2026 (ending June 30, 2026)); EBITDA: over $7 billion (FY2026 (ending June 30, 2026)); Yield growth: approximately 2.25% (FY2026 (ending June 30, 2026)); Cruise costs without fuel per ALBD: up approximately 1.3% (FY2026 (ending June 30, 2026)); Celebration Key annual visitors: 3.5 million (FY2027 (annualized basis)), plus 7 additional metrics.
| Versus 2019 levels |
| Reinvestment in business | over $15 billion | 2025 through 2029 |
| Share buyback authorization | $2.5 billion | Initial authorization announced in Q1 FY2026 |
Earnings per share (FY2026 (ending June 30, 2026)): “Our full-year guidance calls for earnings per share of $2.22, which is $0.01 above our previous guidance as we recognize the EPS accretion from our second quarter share repurchases.”
EBITDA (FY2026 (ending June 30, 2026)): “All of this is made possible by the strength of our business, which is forecasted to generate over $7 billion of EBITDA this year, despite the recent events over the last four months.”
Yield growth (FY2026 (ending June 30, 2026)): “Our June guidance assumes normalized yield growth of approximately 2.25%.”
Cruise costs without fuel per ALBD (FY2026 (ending June 30, 2026)): “Cruise costs without fuel per ALBD are now expected to be up approximately 1.3% on a normalized basis, which includes the $0.06 per share cost savings I previously mentioned.”
Celebration Key annual visitors (FY2027 (annualized basis)): “That's why we're expecting, when you look at 2027, on an annualized basis for Celebration Key, I think about 3.5 million people, which is a pretty good step in the right direction.”
Return on invested capital (By 2029): “By 2029, we are targeting return on invested capital above 16%, earnings per share growth of more than 50% versus 2025, and the distribution of more than 40% of our cash from operations to shareholders, or approximately $14 billion.”
Earnings per share growth (2025 through 2029): “By 2029, we are targeting return on invested capital above 16%, earnings per share growth of more than 50% versus 2025, and the distribution of more than 40% of our cash from operations to shareholders, or approximately $14 billion.”
Cash distribution to shareholders (2025 through 2029): “By 2029, we are targeting return on invested capital above 16%, earnings per share growth of more than 50% versus 2025, and the distribution of more than 40% of our cash from operations to shareholders, or approximately $14 billion.”