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CCLCarnival Corporation & plc
$22.28$30.5B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
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Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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CCL logo

Carnival Corporation & plc

CCL
NYSE · Leisure
$22.28
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$30.52B
P/E11.0x
52W High$34.03
Volume40.46M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Deleveraging Progress Amidst Normalizing Revenue Growth Trends

Carnival Corporation is navigating a transition from pandemic-era survival to sustainable operational scaling, evidenced by a successful reduction in the debt-to-equity ratio from 4.79 in 2024Q1 to 2.02 by 2026Q2. While the company has demonstrated improved pr...

GrowthDecelerating
ProfitabilityModerate
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

CCL price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

12/12 Beats

EPS beat 12 of last 12 quarters

02

Valuation risk

-58% Peers

P/E is 58% below peer median

03

Market leadership

RS 23 · Lag

Laggard (Underperforming 77% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Sep 23
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth has decelerated to 5.3% in 2026Q2 from 22.0% in 2024Q1, while structural margin volatility remains evident with gross margins fluctuating between 25.7% and 46.2% over the last ten quarters.

Analyst Consensus+54.8% target
Buy(47 analysts)
28 Buy17 Hold2 Sell

The Bull Case

Upside Catalysts

Strong demand for cruises

Carnival offers popular cruise destinations and deals, indicating robust consumer interest in its services.

Bullish investment thesis

Analysts and investors have published bullish perspectives on Carnival, highlighting its potential for growth.

Debt refinancing opportunities

Carnival can refinance debt at lower rates, improving financial flexibility and reducing interest expenses.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
CCL-26.49%
S&P 500 (^GSPC)+13.20%
1-Year Return
CCL-25.99%
S&P 500 (^GSPC)+15.98%
3-Year Return
CCL+61.78%
S&P 500 (^GSPC)+84.34%
5-Year Return
CCL-3.73%
S&P 500 (^GSPC)+72.09%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
11.0x
Forward P/EExpansion
10.0x
EV/EBITDA0th %ile
7.8x
FCF YieldCash Flow
8.5%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
11.0x
17.7x
0th· Low
EV/EBITDA
7.8x
10.3x
0th· Low
Price/FCF
11.7x
19.1x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$26.17+17.5%
Base (Fair)$48.56+122.3%
Bull$84.05+277.2%
$26.17 Bear$48.56 Base$84.05 Bull
Current Market Price: $22.28
Trades at a 54.1% discount to Base DCF ($48.56)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$26.62B+6.4% YoY
Net income
$2.76B+44.1% YoY
Free cash flow
$2.61B+101.0% YoY
Operating margin
16.8%+2.6 pts YoY
ROIC (TTM)8.9%
Avg ROIC 5Y-
ROE (TTM)25.6%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate12/12 (100%)
Revenue Beat Rate8/12 (67%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jun 23, 2026
$0.41+19.1%
vs $0.34
$6.7B-0.4%
vs $6.7B
Q2 2026
Mar 27, 2026
$0.20+8.5%
vs $0.18
$6.2B+0.4%
vs $6.1B
Q1 2026
Jan 27, 2026
$0.30+62.7%
vs $0.18
$6.3B+3.1%
vs $6.1B
Q4 2025
Dec 19, 2025
$0.34+37.0%
vs $0.25
$6.3B-0.6%
vs $6.4B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
PRNewsWire·6d ago
AS SEABOURN'S 2026 ALASKA SEASON DRAWS TO A CLOSE, THE LINE LOOKS AHEAD TO 2027

From glaciers to Denali, Seabourn Encore's 2027 season offers 18 departures through Alaska and British Columbia, expert-led experiences and destination-inspired cuisine KEY POINTS: Seabourn Encore will explore Alaska and British Columbia from May through September 2027, offering 18 departures across five itineraries ranging from seven to 15 days. Guests can extend their exploration into Alaska's interior with The Denali Experience, an optional eight-day, seven-night pre-cruise Seabourn Journey available with select voyages.

Zacks Investment Research·Sep 15, 2026
Why Carnival (CCL) Dipped More Than Broader Market Today

In the latest trading session, Carnival (CCL) closed at $22.09, marking a -2.11% move from the previous day.

24/7 Wall Street·Sep 15, 2026
Norwegian Falls 3% as Wells Fargo Trims Carnival Target on Caribbean Pricing Pressure; Carnival Slips, Royal Caribbean Dips

Norwegian Cruise Line Holdings (NYSE:NCLH | NCLH Price Prediction) is leading a cruise-sector pullback midday Tuesday after Wells Fargo trimmed its price target on a rival operator and cited Caribbean pricing pressure. Norwegian stock is down 3% to $14.

GuruFocus·Sep 15, 2026
CARNIVAL CORPORATION LTD. TO HOLD CONFERENCE CALL ON THIRD QUARTER EARNINGS

CARNIVAL CORPORATION LTD. TO HOLD CONFERENCE CALL ON THIRD QUARTER EARNINGSPR NewswireMIAMI, Sept. 15, 2026MIAMI, Sept. 15, 2026 /PRNewswire/ -- Carnival Corpor

Filtered for Carnival Corporation & plcMore Headlines
04

Compare before deciding

Benchmark CCL against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Carnival Corporation & plc (CCL)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
CCL logoCCLCarnival Corporation & plcCurrent
$22.28$30.52B11.036.4%10.37%25.63%—
RCL logoRCLRoyal Caribbean Cruises Ltd.
$234.89$63B15.058.8%23.56%42.92%—
NCLH logoNCLHNorwegian Cruise Line Holdings Ltd.
$14.22$6.53B15.803.67%7.49%32.35%—
VIK logoVIKViking Holdings Ltd
$81.02$35.99B31.5321.89%18%146.63%—
MAR logoMARMarriott International, Inc.
$348.06$90.76B36.684.33%9.62%——
HLT logoHLTHilton Worldwide Holdings Inc.
$308.44$69.42B50.407.74%12.69%——

Compare CCL vs Peers

Carnival Corporation & plc (CCL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RCL

Most directly comparable listed peer for CCL.

Scale Benchmark

vs CAT

Larger-name benchmark to compare CCL against a more recognizable public peer.

Peer Set

Compare Top 5

vs RCL, NCLH, VIK, MAR

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

CCL SEC Filings & Documents

Carnival Corporation & plc (CCL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jun 23, 2026·SEC

Material company update

May 7, 2026·SEC

Material company update

Apr 20, 2026·SEC

10-K Annual Reports

2
FY 2026

Jan 27, 2026·SEC

FY 2025

Jan 27, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Jun 26, 2026·SEC

FY 2026

Mar 27, 2026·SEC

FY 2025

Sep 29, 2025·SEC

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CCL Frequently Asked Questions

Carnival Corporation & plc (CCL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Carnival Corporation & plc's revenue?

Carnival Corporation & plc (CCL) reported $27.31B in revenue for fiscal year 2025. This represents a 1134% increase from $2.21B in 1996.

How fast is Carnival Corporation & plc growing?

Carnival Corporation & plc (CCL) grew revenue by 6.4% over the past year. This is steady growth.

Is CCL profitable?

Yes, Carnival Corporation & plc (CCL) is profitable, generating $3.07B in net income for fiscal year 2025 (10.4% net margin).

Dividend & Returns
What is CCL's return on equity?

Carnival Corporation & plc (CCL) has a return on equity (ROE) of 25.6%. This is excellent, indicating efficient use of shareholder capital.

What is Carnival Corporation & plc's free cash flow?

Carnival Corporation & plc (CCL) generated $3.20B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in CCL back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →