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CARNIVAL CORP (CCL) Stock Fundamental Analysis

NYSE:CCL - New York Stock Exchange, Inc. - PA1436583006 - Common Stock - Currency: USD

30.5745  +0.68 (+2.29%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to CCL. CCL was compared to 131 industry peers in the Hotels, Restaurants & Leisure industry. CCL has a medium profitability rating, but doesn't score so well on its financial health evaluation. CCL scores decently on growth, while it is valued quite cheap. This could make an interesting combination.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

CCL had positive earnings in the past year.
CCL had a positive operating cash flow in the past year.
In the past 5 years CCL reported 4 times negative net income.
The reported operating cash flow has been mixed in the past 5 years: CCL reported negative operating cash flow in multiple years.
CCL Yearly Net Income VS EBIT VS OCF VS FCFCCL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B -5B -10B

1.2 Ratios

The Return On Assets of CCL (4.94%) is better than 67.94% of its industry peers.
With an excellent Return On Equity value of 25.23%, CCL belongs to the best of the industry, outperforming 81.68% of the companies in the same industry.
The Return On Invested Capital of CCL (8.71%) is better than 69.47% of its industry peers.
Industry RankSector Rank
ROA 4.94%
ROE 25.23%
ROIC 8.71%
ROA(3y)-2.68%
ROA(5y)-8.99%
ROE(3y)-22.2%
ROE(5y)-38.93%
ROIC(3y)N/A
ROIC(5y)N/A
CCL Yearly ROA, ROE, ROICCCL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 -40 -60 -80

1.3 Margins

CCL's Profit Margin of 9.72% is fine compared to the rest of the industry. CCL outperforms 72.52% of its industry peers.
In the last couple of years the Profit Margin of CCL has declined.
With a decent Operating Margin value of 16.23%, CCL is doing good in the industry, outperforming 69.47% of the companies in the same industry.
In the last couple of years the Operating Margin of CCL has declined.
The Gross Margin of CCL (53.90%) is better than 64.12% of its industry peers.
In the last couple of years the Gross Margin of CCL has grown nicely.
Industry RankSector Rank
OM 16.23%
PM (TTM) 9.72%
GM 53.9%
OM growth 3YN/A
OM growth 5Y-1.91%
PM growth 3YN/A
PM growth 5Y-11.81%
GM growth 3YN/A
GM growth 5Y6.74%
CCL Yearly Profit, Operating, Gross MarginsCCL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -100 -200 -300 -400

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2

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so CCL is still creating some value.
Compared to 1 year ago, CCL has more shares outstanding
Compared to 5 years ago, CCL has more shares outstanding
The debt/assets ratio for CCL has been reduced compared to a year ago.
CCL Yearly Shares OutstandingCCL Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B
CCL Yearly Total Debt VS Total AssetsCCL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B 50B

2.2 Solvency

CCL has an Altman-Z score of 1.22. This is a bad value and indicates that CCL is not financially healthy and even has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.22, CCL is doing worse than 62.60% of the companies in the same industry.
CCL has a debt to FCF ratio of 9.71. This is a negative value and a sign of low solvency as CCL would need 9.71 years to pay back of all of its debts.
The Debt to FCF ratio of CCL (9.71) is better than 61.83% of its industry peers.
CCL has a Debt/Equity ratio of 2.58. This is a high value indicating a heavy dependency on external financing.
CCL has a Debt to Equity ratio (2.58) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 2.58
Debt/FCF 9.71
Altman-Z 1.22
ROIC/WACC1
WACC8.69%
CCL Yearly LT Debt VS Equity VS FCFCCL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B 20B 30B

2.3 Liquidity

A Current Ratio of 0.34 indicates that CCL may have some problems paying its short term obligations.
CCL has a Current ratio of 0.34. This is amonst the worse of the industry: CCL underperforms 86.26% of its industry peers.
CCL has a Quick Ratio of 0.34. This is a bad value and indicates that CCL is not financially healthy enough and could expect problems in meeting its short term obligations.
CCL's Quick ratio of 0.30 is on the low side compared to the rest of the industry. CCL is outperformed by 82.44% of its industry peers.
Industry RankSector Rank
Current Ratio 0.34
Quick Ratio 0.3
CCL Yearly Current Assets VS Current LiabilitesCCL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

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5

3. Growth

3.1 Past

CCL shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 148.68%, which is quite impressive.
The earnings per share for CCL have been decreasing by -20.70% on average. This is quite bad
The Revenue has grown by 10.82% in the past year. This is quite good.
CCL shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 3.74% yearly.
EPS 1Y (TTM)148.68%
EPS 3YN/A
EPS 5Y-20.7%
EPS Q2Q%218.18%
Revenue 1Y (TTM)10.82%
Revenue growth 3Y135.82%
Revenue growth 5Y3.74%
Sales Q2Q%9.46%

3.2 Future

Based on estimates for the next years, CCL will show a quite strong growth in Earnings Per Share. The EPS will grow by 18.18% on average per year.
Based on estimates for the next years, CCL will show a small growth in Revenue. The Revenue will grow by 4.02% on average per year.
EPS Next Y45.58%
EPS Next 2Y29.31%
EPS Next 3Y24.03%
EPS Next 5Y18.18%
Revenue Next Year6.15%
Revenue Next 2Y4.95%
Revenue Next 3Y4.5%
Revenue Next 5Y4.02%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
CCL Yearly Revenue VS EstimatesCCL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 10B 20B 30B
CCL Yearly EPS VS EstimatesCCL Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 2 -2 4 -4 -6

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7

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 16.18, which indicates a correct valuation of CCL.
Based on the Price/Earnings ratio, CCL is valued cheaper than 82.44% of the companies in the same industry.
When comparing the Price/Earnings ratio of CCL to the average of the S&P500 Index (27.53), we can say CCL is valued slightly cheaper.
CCL is valuated correctly with a Price/Forward Earnings ratio of 13.25.
CCL's Price/Forward Earnings ratio is rather cheap when compared to the industry. CCL is cheaper than 82.44% of the companies in the same industry.
CCL's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 36.71.
Industry RankSector Rank
PE 16.18
Fwd PE 13.25
CCL Price Earnings VS Forward Price EarningsCCL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, CCL is valued a bit cheaper than 74.81% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of CCL indicates a rather cheap valuation: CCL is cheaper than 87.02% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 14.3
EV/EBITDA 9.36
CCL Per share dataCCL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

CCL's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as CCL's earnings are expected to grow with 24.03% in the coming years.
PEG (NY)0.35
PEG (5Y)N/A
EPS Next 2Y29.31%
EPS Next 3Y24.03%

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0

5. Dividend

5.1 Amount

CCL does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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CARNIVAL CORP

NYSE:CCL (7/23/2025, 11:41:06 AM)

30.5745

+0.68 (+2.29%)

Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)06-24 2025-06-24/bmo
Earnings (Next)09-29 2025-09-29/amc
Inst Owners65.08%
Inst Owner Change0.32%
Ins Owners7.58%
Ins Owner Change0.28%
Market Cap40.14B
Analysts81.94
Price Target30.73 (0.51%)
Short Float %5.72%
Short Ratio2.42
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)287.29%
Min EPS beat(2)42.71%
Max EPS beat(2)531.88%
EPS beat(4)4
Avg EPS beat(4)166.46%
Min EPS beat(4)8.2%
Max EPS beat(4)531.88%
EPS beat(8)8
Avg EPS beat(8)188.29%
EPS beat(12)11
Avg EPS beat(12)103.13%
EPS beat(16)11
Avg EPS beat(16)70.73%
Revenue beat(2)2
Avg Revenue beat(2)0.49%
Min Revenue beat(2)0.05%
Max Revenue beat(2)0.93%
Revenue beat(4)2
Avg Revenue beat(4)0%
Min Revenue beat(4)-0.88%
Max Revenue beat(4)0.93%
Revenue beat(8)5
Avg Revenue beat(8)0.18%
Revenue beat(12)7
Avg Revenue beat(12)-0.92%
Revenue beat(16)7
Avg Revenue beat(16)-5.53%
PT rev (1m)8.74%
PT rev (3m)5.12%
EPS NQ rev (1m)0.03%
EPS NQ rev (3m)-0.5%
EPS NY rev (1m)5.7%
EPS NY rev (3m)6.95%
Revenue NQ rev (1m)1.97%
Revenue NQ rev (3m)1.81%
Revenue NY rev (1m)1.59%
Revenue NY rev (3m)1.54%
Valuation
Industry RankSector Rank
PE 16.18
Fwd PE 13.25
P/S 1.55
P/FCF 14.3
P/OCF 7.39
P/B 4.01
P/tB 4.87
EV/EBITDA 9.36
EPS(TTM)1.89
EY6.18%
EPS(NY)2.31
Fwd EY7.55%
FCF(TTM)2.14
FCFY6.99%
OCF(TTM)4.14
OCFY13.54%
SpS19.78
BVpS7.62
TBVpS6.28
PEG (NY)0.35
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 4.94%
ROE 25.23%
ROCE 11.02%
ROIC 8.71%
ROICexc 9.23%
ROICexgc 9.7%
OM 16.23%
PM (TTM) 9.72%
GM 53.9%
FCFM 10.81%
ROA(3y)-2.68%
ROA(5y)-8.99%
ROE(3y)-22.2%
ROE(5y)-38.93%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5Y-0.03%
ROICexc growth 3YN/A
ROICexc growth 5Y1.43%
OM growth 3YN/A
OM growth 5Y-1.91%
PM growth 3YN/A
PM growth 5Y-11.81%
GM growth 3YN/A
GM growth 5Y6.74%
F-Score8
Asset Turnover0.51
Health
Industry RankSector Rank
Debt/Equity 2.58
Debt/FCF 9.71
Debt/EBITDA 3.76
Cap/Depr 98.91%
Cap/Sales 10.11%
Interest Coverage 250
Cash Conversion 79.09%
Profit Quality 111.21%
Current Ratio 0.34
Quick Ratio 0.3
Altman-Z 1.22
F-Score8
WACC8.69%
ROIC/WACC1
Cap/Depr(3y)178.87%
Cap/Depr(5y)171.94%
Cap/Sales(3y)24.77%
Cap/Sales(5y)65.61%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)148.68%
EPS 3YN/A
EPS 5Y-20.7%
EPS Q2Q%218.18%
EPS Next Y45.58%
EPS Next 2Y29.31%
EPS Next 3Y24.03%
EPS Next 5Y18.18%
Revenue 1Y (TTM)10.82%
Revenue growth 3Y135.82%
Revenue growth 5Y3.74%
Sales Q2Q%9.46%
Revenue Next Year6.15%
Revenue Next 2Y4.95%
Revenue Next 3Y4.5%
Revenue Next 5Y4.02%
EBIT growth 1Y48.24%
EBIT growth 3YN/A
EBIT growth 5Y1.76%
EBIT Next Year91.3%
EBIT Next 3Y28.51%
EBIT Next 5Y18.23%
FCF growth 1Y215.65%
FCF growth 3YN/A
FCF growth 5Y94.16%
OCF growth 1Y411.29%
OCF growth 3YN/A
OCF growth 5Y1.58%