Carnival Corporation & plc (CCL) Financial Ratios
30 years of historical data (1996–2025) · Consumer Cyclical · Leisure
EV/EBITDA
↓
8.26
↓-18% vs avg
5yr avg: 10.02
30Y Low6.5·High35.9
P/FCF
↓
13.05
↓-35% vs avg
5yr avg: 20.11
30Y Low13.9·High139.1
P/B Ratio
↑
3.14
↑+22% vs avg
5yr avg: 2.57
30Y Low0.8·High4.7
ROE
↑
25.6%
↓+275% vs avg
5yr avg: -14.6%
30Y Low-63%·High26%
Debt/EBITDA
↓
3.85
↓-28% vs avg
5yr avg: 5.31
30Y Low1.2·High7.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CCL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Carnival Corporation & plc trades at 13.6x earnings, 10% below its 5-year average of 15.2x, sitting at the 15th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.6x, the stock trades at a discount of 30%. On a free-cash-flow basis, the stock trades at 13.1x P/FCF, 35% below the 5-year average of 20.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $34.0B | $36.1B | $35.6B | $19.0B | $11.7B | $19.8B | $15.5B | $31.2B | $42.8B | $47.6B | $38.4B |
| Enterprise Value | $60.1B | $62.2B | $63.2B | $48.5B | $43.6B | $45.5B | $34.4B | $42.2B | $52.1B | $56.4B | $47.2B |
| P/E Ratio → | 13.62 | 12.76 | 17.66 | — | — | — | — | 10.44 | 13.58 | 18.28 | 13.82 |
| P/S Ratio | 1.28 | 1.36 | 1.42 | 0.88 | 0.96 | 10.37 | 2.77 | 1.50 | 2.27 | 2.72 | 2.34 |
| P/B Ratio | 3.14 | 2.94 | 3.84 | 2.76 | 1.66 | 1.63 | 0.75 | 1.23 | 1.75 | 1.97 | 1.70 |
| P/FCF | 13.05 | 13.86 | 27.41 | 19.06 | — | — | — | 678.16 | 23.78 | 20.01 | 18.53 |
| P/OCF | 5.47 | 5.81 | 6.00 | 4.44 | — | — | — | 5.70 | 7.71 | 8.94 | 7.48 |
P/E links to full P/E history page with 30-year chart
CCL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Carnival Corporation & plc's enterprise value stands at 8.3x EBITDA, 18% below its 5-year average of 10.0x. The Consumer Cyclical sector median is 11.4x, placing the stock at a 27% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.34 | 2.53 | 2.25 | 3.58 | 23.82 | 6.14 | 2.03 | 2.76 | 3.22 | 2.88 |
| EV / EBITDA | 8.26 | 8.55 | 10.31 | 11.21 | — | — | — | 7.76 | 9.76 | 12.11 | 9.81 |
| EV / EBIT | 13.41 | 15.10 | 17.23 | 24.19 | — | — | — | 12.91 | 15.33 | 19.69 | 15.47 |
| EV / FCF | — | 23.86 | 48.74 | 48.63 | — | — | — | 916.94 | 28.97 | 23.71 | 22.78 |
CCL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Carnival Corporation & plc earns an operating margin of 16.8%, above the Consumer Cyclical sector average of 2.9%. Operating margins have expanded from 9.1% to 16.8% over the past 3 years, signaling improving operational efficiency. ROE of 25.6% indicates solid capital efficiency, compared to the sector median of 5.6%. ROIC of 8.9% represents adequate returns on invested capital versus a sector median of 5.8%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.6% | 29.6% | 37.5% | 33.7% | 3.4% | -144.0% | -47.4% | 38.0% | 41.3% | 40.0% | 42.7% |
| Operating Margin | 16.8% | 16.8% | 14.3% | 9.1% | -36.0% | -371.5% | -158.5% | 15.7% | 17.6% | 16.0% | 18.7% |
| Net Profit Margin | 10.4% | 10.4% | 7.7% | -0.3% | -50.1% | -498.0% | -183.0% | 14.4% | 16.7% | 14.9% | 17.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.6% | 25.6% | 23.8% | -1.1% | -63.4% | -58.1% | -44.6% | 12.0% | 13.0% | 11.1% | 12.0% |
| ROA | 5.5% | 5.5% | 3.9% | -0.1% | -11.6% | -17.8% | -20.8% | 6.8% | 7.6% | 6.5% | 7.1% |
| ROIC | 8.9% | 8.9% | 7.3% | 3.9% | -8.6% | -13.8% | -17.5% | 7.0% | 7.5% | 6.5% | 7.4% |
| ROCE | 11.8% | 11.8% | 9.5% | 5.0% | -10.4% | -16.1% | -21.9% | 9.5% | 10.2% | 8.8% | 9.6% |
CCL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Carnival Corporation & plc carries a Debt/EBITDA ratio of 3.8x, which is moderately leveraged (12% below the sector average of 4.4x). Net debt stands at $26.1B ($28.0B total debt minus $1.9B cash). Interest coverage of 3.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.28 | 2.28 | 3.12 | 4.63 | 5.08 | 2.85 | 1.38 | 0.45 | 0.42 | 0.38 | 0.42 |
| Debt / EBITDA | 3.85 | 3.85 | 4.71 | 7.37 | — | — | — | 2.12 | 1.93 | 1.98 | 1.95 |
| Net Debt / Equity | — | 2.12 | 2.99 | 4.28 | 4.51 | 2.11 | 0.92 | 0.43 | 0.38 | 0.36 | 0.39 |
| Net Debt / EBITDA | 3.58 | 3.58 | 4.51 | 6.81 | — | — | — | 2.02 | 1.75 | 1.89 | 1.83 |
| Debt / FCF | — | 10.00 | 21.33 | 29.56 | — | — | — | 238.78 | 5.19 | 3.70 | 4.25 |
| Interest Coverage | 3.32 | 3.32 | 2.04 | 0.95 | -2.72 | -4.43 | -9.91 | 15.90 | 17.14 | 14.19 | 13.77 |
CCL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.32x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.9B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.46x to 0.32x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.32 | 0.32 | 0.29 | 0.46 | 0.71 | 0.97 | 1.22 | 0.23 | 0.24 | 0.18 | 0.24 |
| Quick Ratio | 0.28 | 0.28 | 0.25 | 0.41 | 0.67 | 0.94 | 1.18 | 0.18 | 0.19 | 0.14 | 0.19 |
| Cash Ratio | 0.15 | 0.15 | 0.10 | 0.21 | 0.38 | 0.88 | 1.10 | 0.06 | 0.11 | 0.04 | 0.09 |
| Asset Turnover | — | 0.52 | 0.51 | 0.44 | 0.24 | 0.04 | 0.10 | 0.46 | 0.45 | 0.43 | 0.42 |
| Inventory Turnover | 37.10 | 37.10 | 30.84 | 27.12 | 27.47 | 13.08 | 24.61 | 30.23 | 24.64 | 27.13 | 29.14 |
| Days Sales Outstanding | — | 9.30 | 8.61 | 9.40 | 11.85 | 47.06 | 17.81 | 7.78 | 6.92 | 6.50 | 6.64 |
CCL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Carnival Corporation & plc does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 7.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 4.4% | 4.4% | 3.2% | 2.3% | 2.5% |
| Payout Ratio | — | — | — | — | — | — | — | 46.4% | 43.0% | 41.7% | 35.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.3% | 7.8% | 5.7% | — | — | — | — | 9.6% | 7.4% | 5.5% | 7.2% |
| FCF Yield | 7.7% | 7.2% | 3.6% | 5.2% | — | — | — | 0.1% | 4.2% | 5.0% | 5.4% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 0.1% | 1.9% | 3.4% | 1.2% | 6.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 4.5% | 6.4% | 6.6% | 3.4% | 8.6% |
| Shares Outstanding | — | $1.4B | $1.4B | $1.3B | $1.2B | $1.1B | $775M | $692M | $710M | $725M | $747M |
Peer Comparison
Compare CCL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CCLYou | $34B | 13.6 | 8.3 | 13.1 | 29.6% | 16.8% | 25.6% | 8.9% | 3.8 |
 RCL | $78B | 18.4 | 15.3 | 62.8 | 46.8% | 27.4% | 47.5% | 12.2% | 3.5 |
 NCLH | $8B | 19.7 | 8.2 | — | 32.0% | 16.2% | 23.3% | 7.5% | 5.3 |
 VIK | $27B | 33.5 | 16.3 | 20.9 | 39.0% | 23.1% | 254.3% | 37.1% | 3.2 |
 MAR | $95B | 37.8 | 25.2 | 36.5 | 21.3% | 15.8% | — | 25.0% | 3.8 |
 HLT | $73B | 52.5 | 30.6 | 36.1 | 41.1% | 22.4% | — | 24.7% | 5.5 |
 H | $16B | -313.6 | 22.8 | 101.7 | 11.2% | 7.8% | -1.4% | 5.8% | 5.4 |
 VAC | $3B | -8.9 | 11.0 | — | 15.1% | 11.0% | -13.9% | 5.7% | 8.2 |
 TNL | $4B | 18.9 | 10.4 | 7.8 | 27.2% | 17.8% | — | 13.0% | 5.8 |
 BP | $117B | 2187.7 | 4.9 | 10.3 | 17.7% | 8.2% | 0.1% | 9.8% | 2.5 |
 FWRD | $573M | -5.3 | 13.9 | 37.5 | 20.5% | 1.5% | -48.2% | 1.2% | 11.4 |
| Consumer Cyclical Median | — | 19.6 | 11.4 | 15.0 | 36.9% | 2.9% | 5.6% | 5.8% | 4.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonCCL — Frequently Asked Questions
Quick answers to the most common questions about buying CCL stock.
What is Carnival Corporation & plc's P/E ratio?
Carnival Corporation & plc's current P/E ratio is 13.6x. The historical average is 18.3x. This places it at the 15th percentile of its historical range.
What is Carnival Corporation & plc's EV/EBITDA?
Carnival Corporation & plc's current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.9x.
What is Carnival Corporation & plc's ROE?
Carnival Corporation & plc's return on equity (ROE) is 25.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 6.0%.
Is CCL stock overvalued?
Based on historical data, Carnival Corporation & plc is trading at a P/E of 13.6x. This is at the 15th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Carnival Corporation & plc's profit margins?
Carnival Corporation & plc has 29.6% gross margin and 16.8% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Carnival Corporation & plc have?
Carnival Corporation & plc's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.