Carnival Corporation (CCL)

NYSE: CCL · USD

$28.1

+0.31 (+1.1%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-05

Our latest published analysis: CCL rated Reduce

Carnival Corporation's published Reduce conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$22.5 / share

Potential value

$27.5 / share

Upside to FV

-12.5%

from $28.1

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$34.6B
Revenue (ttm)	27.6B
Net income (ttm)	3.1B
EPS (ttm)	$2.27
Shares out	1.3B
P/E (trailing)	12.4x
P/E (forward)	8.4x
Dividend	$0.60 (2.14%)
Volume	13,234,897
Beta	2.38

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 27.6B
Net income (ttm): 3.1B
EPS (ttm): $2.27
P/E (trailing): 12.4x
P/E (forward): 8.4x
Market cap: $34.6B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-11-30	2022-11-30	2023-11-30	2024-11-30	2025-11-30	Trend
Revenue	$1.91B	$12.17B	$21.59B	$25.02B	$26.62B	+93.3%
Gross profit	$-2.75B	$412.0M	$7.28B	$9.38B	$7.89B	—
Operating income	$-7.09B	$-4.38B	$1.96B	$3.57B	$4.48B	—
Net income	$-9.50B	$-6.09B	$-74.0M	$1.92B	$2.76B	—
EPS (diluted)	$-8.46	$-5.16	$-0.06	$1.44	$2.02	—
EBITDA	$-5.69B	$-2.20B	$4.37B	$6.23B	$6.91B	—
R&D	—	—	—	—	—	—
SG&A	$1.89B	$2.52B	$2.95B	$3.25B	$3.40B	+15.9%

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AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	매도
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수
AMZN	Amazon.com Inc.	2.7T	20.5x	3.5x	11.9%	+11.8%	+12.2%	매도
APTV	Aptiv PLC	9.1B	42.8x	0.4x	7.8%	+5.5%	-49.2%	매수
AZO	AutoZone Inc.	50.8B	20.7x	2.5x	26.3%	+6.8%	-17.3%	보유

Base and Bull scenarios

Base60%

Price target

$22.53

-12.5% from spot

The Base scenario represents the modal expected operating trajectory. Carnival maintains steady commercial execution, delivering constant-currency net yield growth of 2.3% in FY2026 and ~2.0% thereafter, supported by record booking curves and customer deposits ($7.64B). Non-fuel unit cost discipline keeps cost growth near 1.1%, sustaining operating margins near 16.8-17.5%. Operating cash flow generation supports annual capex ($2.4B non-newbuild baseline), steady debt reduction, and $2B in annual shareholder capital returns. Intrinsic fair value centers at $22.53.

Constant-currency net yield growth tracks 2.0-2.3% in line with management guidance.
Non-fuel unit cruise costs increase at 1.1-1.5% annually.
Non-newbuild capex remains at $2.4B in FY2026 with modest step-up in FY2027.
WACC remains steady at 9.96% with effective tax rate of 0.43%.

Bull20%

Price target

$27.45

+6.6% from spot

In the Bull scenario, Carnival capitalizes on unprecedented demand for cruise vacations, propelled by strong consumer preference for bundled travel experiences and high-margin captive destinations like Celebration Key. Net yield expansion sustains above 3.5% across both North America ($17,604M FY2025 revenue) and Europe ($8,467M). Disciplined industry capacity growth (0.5% in FY2027) prevents discounting, while structural fuel savings (-26% since 2019) expand operating margins toward 19%. Surging free cash flows accelerate debt paydown, lowering borrowing spreads and enabling expanded share repurchases beyond the $2B annual baseline.

Constant-currency net yield growth accelerates significantly through FY2027.
Adjusted cruise costs ex-fuel remain contained with modest annual growth.
Bunker fuel prices normalize downward, enhancing operating margin expansion.
Total debt is reduced substantially, cutting net interest expense.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($22.53). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.5%	1.8%	2.0%	2.3%	2.5%
9.0%	$24.4	$24.9	$25.5	$26.1	$26.8
9.5%	$23.0	$23.4	$23.9	$24.5	$25.0
10.0%	$21.7	$22.1	$22.5	$23.0	$23.5
10.5%	$20.5	$20.9	$21.3	$21.7	$22.1
11.0%	$19.5	$19.8	$20.1	$20.5	$20.9

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E8.4

P25 n/aP50 n/aP75 n/a

Trailing P/E11.4

P25 n/aP50 n/aP75 n/a

ROE24

P25 n/aP50 n/aP75 n/a

ROIC11.6

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All CCL indicators

Market & fundamental data

Available fields

285

Groups with data

Currency

USD

Showing 285 of 285 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000815097
Company name	Carnival Corporation Ltd.
Country	United States
Country code	US
CUSIP number	G2004J103
Earnings date	2026-12-18
Earnings time	bmo
Employees	101,000
Employees change	-14,000
Employees growth	-12.17%
Enterprise value	$61.7B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-08-31
First seen	2026-05-09
Fiscal year end	November
Founded	1972
In index	SP500
Industry	Travel Services
IPO date	1987-07-24
Is primary listing	Yes
Is SPAC	No
ISIN number	BMG2004J1036
Last 10-K release date	2026-01-27
Last earnings date	2026-09-29
Last refreshed	2026-10-28
Last stock split date	1998-06-15
Last stock split type	Forward
Market cap	$37.7B
Market cap category	Large-Cap
Next earnings date	2026-12-18
Options	Yes
Price	$28.05
Price currency	USD
Sector	Consumer Discretionary
SIC code	4400
Stock price date	2026-10-28
Symbol	CCL
U.S. state	Florida
Website	https://www.carnivalcorp.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	11.79x
Average P/E ratio (10Y)	15.61x
Average P/E ratio (3Y)	17.48x
Earnings yield	8.09%
EV/Earnings	19.58x
EV/EBIT	13.98x
EV/EBITDA	8.42x
EV/FCF	19.34x
EV/Sales	2.23x
FCF / EV yield	5.17%
FCF yield	8.47%
Forward EV/Sales	2.17x
Forward P/E	11.8x
Forward P/S	1.32x
Graham number	23.14594
Graham upside	-16.97%
Industry forward P/E	15.99x
Industry P/E	18.18x
P/(FCF - SBC) ratio	12.19x
P/(OCF - SBC) ratio	5.58x
P/B ratio	2.64x
P/E ratio	12.36x
P/FCF ratio	11.8x
P/OCF ratio	5.49x
P/S ratio	1.36x
PEG ratio	1.09x
Price / tangible book value	3.02x
Price/EBITDA ratio	5.14x
Sector forward P/E	24.43x
Sector P/E	30.53x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	15.92%
EBITDA margin	26.43%
Effective tax rate	1.01%
FCF margin	11.51%
Gross margin	55.38%
Operating margin	15.92%
Pretax margin	11.48%
Profit margin	11.37%
Profit per employee	$31,059
Profitable quarters	6
Profitable years	2
Revenue per employee	$273,198
ROA	5.4%
ROA (5Y)	0.03%
ROCE	11.41%
ROE	24%
ROE (5Y)	-14.65%
ROIC	11.59%
ROIC (5Y)	-0.12%
SBC / revenue	0.37%
Tax / revenue	0.12%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	17.06%
EPS growth (Q)	4.96%
EPS growth (QoQ)	260.3%
EPS growth 10Y	-3.43%
EPS growth quarters	1
EPS growth years	5
FCF growth	8.99%
FCF growth (Q)	-3.26%
FCF growth (QoQ)	-59.43%
Gross profit growth	5.88%
Gross profit growth (Q)	1.58%
Gross profit growth 3Y	17.17%
Net income growth	18.78%
Net income growth (Q)	3.67%
Net income growth (QoQ)	257.54%
Net income growth quarters	1
Net income growth years	5
OCF growth	21.57%
OCF growth (Q)	1.95%
OCF growth (QoQ)	-46.39%
OCF growth 10Y	2.97%
OCF growth 3Y	28.14%
Operating income growth	5.68%
Operating income growth (Q)	-2.02%
Operating income growth 3Y	72.17%
Revenue growth	5.2%
Revenue growth (Q)	3.46%
Revenue growth (QoQ)	26.59%
Revenue growth 10Y	5.49%
Revenue growth 3Y	11.26%
Revenue growth 5Y	111.31%
Revenue growth quarters	21
Revenue growth years	4

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-3.6B
Depreciation and amortization	$2.9B
EBIT	$4.4B
EBITDA	$7.3B
EPS	$2.27
FCF per share	$2.36
Financing cash flow	$-3.7B
Free cash flow	$3.2B
Free cash flow minus SBC	$3.1B
Gross profit	$15.3B
Income taxes	$32M
Investing cash flow	$-3.7B
Net borrowing	$-1.9B
Net cash flow	$-552M
Net income	$3.1B
Operating cash flow minus SBC	$6.7B
Operating income	$4.4B
Revenue	$27.6B
Stock-based compensation	$101M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	1.42
Book value per share	$10.49
Debt / EBITDA	3.25
Debt / equity	1.77
Debt / FCF	7.92
Goodwill	$579M
Interest coverage	3.73
Long-term assets	$47.6B
Long-term liabilities	$24.3B
Net cash (debt)	$-23.9B
Net cash / market cap	-63.88%
Net debt / EBITDA	3.28
Net debt / equity	1.69
Net debt / FCF	7.54
Piotroski F-Score	7
Property, plant and equipment	$44.6B
Shareholders' equity	$14.2B
Tangible book value	$12.4B
Tangible book value per share	$9.19
Total assets	$51B
Total cash	$1.2B
Total debt	$25.2B
Total liabilities	$36.8B
WACC	12.24%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.54
Current assets	$3.4B
Current liabilities	$12.5B
Current ratio	0.27
Inventory turnover	24.55
Net working capital	$-8.1B
Quick ratio	0.15
Working capital	$-9.1B
Working capital turnover	-3.32

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	0.89%
Dividend growth	0%
Dividend growth (10Y)	-7.79%
Dividend growth (3Y)	58.74%
Dividend growth (5Y)	-21.4%
Dividend growth years	0
Dividend payment date	2026-11-27
Dividend payment years	1
Dividend payout frequency	Quarterly
Dividend per share	$0.60
Dividend yield	2.14%
Ex-dividend date	2026-11-06
FCF payout ratio	25.4%
Last dividend	$0.15
Payout ratio	26.44%
Shareholder yield	3.05%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	-40.08%
10Y return CAGR	-3.74%
10Y total return	-31.69%
150-day SMA	$26.41
15Y price change	-24.22%
15Y return CAGR	0.01%
15Y total return	0.19%
1D price change	1.12%
1M price change	25.3%
1M total return	25.3%
1W price change	3.03%
1W total return	3.03%
1Y price change	-5.23%
1Y return CAGR	-3.71%
1Y total return	-3.71%
20-day SMA	$26.48
200-day SMA	$27.09
20Y price change	-42.88%
20Y return CAGR	-0.81%
20Y total return	-14.97%
3M price change	2.8%
3M total return	3.34%
3Y price change	150.49%
3Y return CAGR	36.52%
3Y total return	154.52%
50-day SMA	$24.74
50-day SMA vs 200-day SMA	50under200
52-week high	$34.03
52-week high date	2026-02-06
52-week low	$21.45
52-week low date	2026-09-24
5Y price change	28.84%
5Y return CAGR	5.54%
5Y total return	30.91%
6M price change	4.15%
6M total return	5.33%
After-hours change	0.71%
After-hours close	$28.05
After-hours price	$28.25
All-time high	$72.70
All-time high date	2018-01-30
All-time low	$2.03
All-time low date	1987-10-20
Average true range (ATR)	$0.92
Average volume	19.4M
Beta (1Y)	1.41
Beta (2Y)	1.62
Beta (5Y)	2.38
Change from 52-week high	-17.57%
Change from 52-week low	30.77%
Change from all-time high	-61.65%
Change from all-time low	1,272.72%
Change from open	1.26%
Day's gap	-0.14%
Dollar volume	$371.2M
High price	$28.12
Low price	$27.69
Monthly RSI	54.38
Open price	$27.70
Position in 52-week range	83.72%
Premarket change	-0.18%
Premarket close	$27.74
Premarket price	$27.69
Premarket volume	81K
Previous close	$27.74
Price vs 150-day SMA	5.56%
Price vs 20-day SMA	5.28%
Price vs 200-day SMA	2.9%
Price vs 50-day SMA	12.71%
Relative volume	0.68
RSI	64.22
Sharpe ratio	0.09
Sharpe ratio (3Y)	0.8
Sharpe ratio (5Y)	0.29
Sortino ratio	0.27
Sortino ratio (3Y)	1.39
Sortino ratio (5Y)	0.53
Volume	13.2M
Weekly RSI	55.32
YTD price change	-8.71%
YTD total return	-7.24%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	1.2B
Float percentage	92.64%
Shares change (QoQ)	-1.44%
Shares change (YoY)	-0.89%
Shares held by insiders	7.24%
Shares held by institutions	72.72%
Shares outstanding	1.3B
Short % of float	3.29%
Short % of shares	3.05%
Short ratio	1.6 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	107

Deeper analysis on CCL

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this CCL report

What is the latest published CCL stock rating?

Carnival Corporation is shown with Reduce in the latest published report, analyzed 2026-10-05. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full CCL analysis?

The full latest published report, analyzed 2026-10-05, lives at /stocks/CCL/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for CCL?

The latest published report analyzed 2026-10-05 gives CCL a fair value of USD 23 and a potential value of USD 27. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the CCL page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-05). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

ReduceCCL · Fair value $22.5-12.5%

Read full analysis →

Carnival Corporation (CCL)

Our latest published analysis: CCL rated Reduce

Price

Financial snapshot

Fair-value bridge

Latest news · CCL

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All CCL indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on CCL

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	3.0
Management	9.5
Balance Sheet	1.5
Profitability	6.5
Revenue Growth	4.5
Risk Assessment	3.5
Competitive Moat	6.5
Earnings Quality	7.5
Capital Efficiency	5.5