Carnival Corporation & plc (CCL) P/E Ratio History
Deep ValueTrading at 10.8x · 10th percentile of 5-year range · Significant discount to historical valuation · Data 1993–2026
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P/E Ratio Analysis
As of September 24, 2026, Carnival Corporation & plc (CCL) trades at a price-to-earnings ratio of 10.8x, with a stock price of $21.80 and trailing twelve-month earnings per share of $2.21.
The current P/E is 37% below its 5-year average of 17.1x. Over the past five years, CCL's P/E has ranged from a low of 10.0x to a high of 61.0x, placing the current valuation at the 10th percentile of its historical range.
Compared to the Consumer Cyclical sector median P/E of 19.1x, CCL trades at a 44% discount to its sector peers. The sector includes 310 companies with P/E ratios ranging from 0.0x to 184.9x.
Relative to the broader market, CCL trades at a notable discount to the S&P 500 median P/E of 25.3x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our CCL DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
CCL Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
CCL P/E vs Peers
Cruise Lines and Voyages peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $62B | 14.8Lowest | -Best | +43% | |
| $7B | 15.8 | -Best | -52% | |
| $36B | 31.2 | -Best | +757%Best | |
| $92B | 37.1 | -Best | +14% | |
| $69B | 50.2 | -Best | -0% | |
| $4B | 18.3 | -Best | -36% | |
| $116B | 2180.9 | -Best | -85% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
CCL Historical P/E Data (1993–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q2 | May 31 2026 | $28.06 | $2.22 | 12.6x | -39% |
| FY2026 Q1 | Feb 28 2026 | $31.55 | $2.25 | 14.0x | -33% |
| FY2025 Q4 | Nov 30 2025 | $25.78 | $2.00 | 12.9x | -38% |
| FY2025 Q3 | Aug 31 2025 | $31.89 | $1.86 | 17.1x | -18% |
| FY2025 Q2 | May 31 2025 | $23.22 | $1.79 | 13.0x | -38% |
| FY2025 Q1 | Feb 28 2025 | $23.93 | $1.44 | 16.6x | -20% |
| FY2024 Q4 | Nov 30 2024 | $25.43 | $1.33 | 19.1x | -8% |
| FY2024 Q3 | Aug 31 2024 | $16.50 | $1.12 | 14.7x | -29% |
| FY2024 Q2 | May 31 2024 | $15.08 | $0.65 | 23.1x | +11% |
| FY2024 Q1 | - | $15.86 | $0.26 | 61.0x | +193% |
| FY2020 Q1 | Feb 29 2020 | $33.46 | $2.70 | 12.4x | -41% |
| FY2019 Q4 | Nov 30 2019 | $45.08 | $4.32 | 10.4x | -50% |
| FY2019 Q3 | Aug 31 2019 | $44.08 | $4.42 | 10.0x | -52% |
| FY2019 Q2 | May 31 2019 | $51.19 | $4.25 | 12.0x | -42% |
| FY2019 Q1 | - | $57.76 | $4.38 | 13.2x | -37% |
| FY2018 Q4 | Nov 30 2018 | $60.29 | $4.44 | 13.6x | -35% |
| FY2018 Q3 | Aug 31 2018 | $61.49 | $4.49 | 13.7x | -34% |
| FY2018 Q2 | - | $62.28 | $3.91 | 15.9x | -24% |
| FY2018 Q1 | Feb 28 2018 | $66.91 | $3.65 | 18.3x | -12% |
| FY2017 Q4 | - | $65.64 | $3.59 | 18.3x | -12% |
| FY2017 Q3 | - | $69.48 | $3.66 | 19.0x | -9% |
| FY2017 Q2 | May 31 2017 | $64.07 | $3.76 | 17.0x | -18% |
| FY2017 Q1 | - | $55.95 | $4.04 | 13.8x | -34% |
| FY2016 Q4 | Nov 30 2016 | $51.41 | $3.74 | 13.7x | -34% |
| FY2016 Q3 | Aug 31 2016 | $47.80 | $3.26 | 14.7x | -30% |
| FY2016 Q2 | - | $47.74 | $2.89 | 16.5x | -21% |
| FY2016 Q1 | Feb 29 2016 | $47.96 | $2.38 | 20.2x | -3% |
| FY2015 Q4 | Nov 30 2015 | $50.53 | $2.26 | 22.4x | +7% |
| FY2015 Q3 | Aug 31 2015 | $49.23 | $1.78 | 27.7x | +33% |
| FY2015 Q2 | May 31 2015 | $46.33 | $1.82 | 25.5x | +22% |
| FY2015 Q1 | Feb 28 2015 | $43.99 | $1.66 | 26.5x | +27% |
| FY2014 Q4 | Nov 30 2014 | $44.16 | $1.57 | 28.1x | +35% |
| FY2014 Q3 | Aug 31 2014 | $37.88 | $1.79 | 21.2x | +2% |
| FY2014 Q2 | May 31 2014 | $40.03 | $1.39 | 28.9x | +39% |
| FY2014 Q1 | Feb 28 2014 | $39.66 | $1.31 | 30.3x | +45% |
| FY2013 Q4 | Nov 30 2013 | $36.11 | $1.39 | 26.0x | +25% |
| FY2013 Q3 | Aug 31 2013 | $36.09 | $1.42 | 25.3x | +22% |
| FY2013 Q2 | May 31 2013 | $33.10 | $1.93 | 17.1x | -18% |
| FY2013 Q1 | - | $35.77 | $1.90 | 18.8x | -10% |
| FY2012 Q4 | Nov 30 2012 | $38.66 | $1.67 | 23.1x | +11% |
| FY2012 Q3 | Aug 31 2012 | $34.68 | $1.83 | 19.0x | -9% |
| FY2012 Q2 | - | $32.09 | $1.81 | 17.7x | -15% |
| FY2012 Q1 | Feb 29 2012 | $30.29 | $2.05 | 14.8x | -29% |
| FY2011 Q4 | Nov 30 2011 | $33.20 | $2.42 | 13.7x | -34% |
| FY2011 Q3 | Aug 31 2011 | $33.03 | $2.45 | 13.5x | -35% |
| FY2011 Q2 | - | $38.81 | $2.38 | 16.3x | -22% |
| FY2011 Q1 | Feb 28 2011 | $42.67 | $2.44 | 17.5x | -16% |
| FY2010 Q4 | - | $41.31 | $2.47 | 16.7x | -20% |
| FY2010 Q3 | - | $31.18 | $2.40 | 13.0x | -38% |
| FY2010 Q2 | May 31 2010 | $36.23 | $2.11 | 17.2x | -18% |
| FY2010 Q1 | Feb 28 2010 | $35.96 | $2.12 | 17.0x | -19% |
| FY2009 Q4 | Nov 30 2009 | $32.03 | $2.23 | 14.4x | -31% |
| FY2009 Q3 | Aug 31 2009 | $29.25 | $2.44 | 12.0x | -42% |
| FY2009 Q2 | May 31 2009 | $25.44 | $2.76 | 9.2x | -56% |
| FY2009 Q1 | Feb 28 2009 | $19.56 | $2.92 | 6.7x | -68% |
| FY2008 Q4 | Nov 30 2008 | $21.00 | $2.89 | 7.3x | -65% |
| FY2008 Q3 | Aug 31 2008 | $37.06 | $2.87 | 12.9x | -38% |
| FY2008 Q2 | May 31 2008 | $40.06 | $2.89 | 13.9x | -33% |
| FY2008 Q1 | Feb 29 2008 | $39.35 | $2.88 | 13.7x | -34% |
| FY2007 Q4 | Nov 30 2007 | $45.12 | $2.93 | 15.4x | -26% |
| FY2007 Q3 | Aug 31 2007 | $45.59 | $3.01 | 15.1x | -27% |
| FY2007 Q2 | - | $50.44 | $2.83 | 17.8x | -14% |
| FY2007 Q1 | Feb 28 2007 | $46.44 | $2.81 | 16.5x | -21% |
| FY2006 Q4 | - | $48.99 | $2.77 | 17.7x | -15% |
| FY2006 Q3 | - | $41.90 | $2.68 | 15.6x | -25% |
| FY2006 Q2 | May 31 2006 | $39.91 | $2.59 | 15.4x | -26% |
| FY2006 Q1 | - | $51.65 | $2.60 | 19.9x | -5% |
| FY2005 Q4 | Nov 30 2005 | $54.49 | $2.71 | 20.1x | -4% |
| FY2005 Q3 | Aug 31 2005 | $49.34 | $2.64 | 18.7x | -10% |
| FY2005 Q2 | - | $52.90 | $2.46 | 21.5x | +3% |
| FY2005 Q1 | Feb 28 2005 | $54.38 | $2.39 | 22.8x | +9% |
| FY2004 Q4 | - | $53.01 | $2.22 | 23.9x | +15% |
| FY2004 Q3 | - | $45.79 | $2.15 | 21.3x | +2% |
| FY2004 Q2 | May 31 2004 | $42.61 | $1.83 | 23.3x | +12% |
| FY2004 Q1 | Feb 29 2004 | $44.37 | $1.62 | 27.4x | +31% |
| FY2003 Q4 | Nov 30 2003 | $35.19 | $1.59 | 22.1x | +6% |
| FY2003 Q3 | Aug 31 2003 | $34.59 | $1.63 | 21.2x | +2% |
| FY2003 Q2 | May 31 2003 | $30.60 | $1.58 | 19.4x | -7% |
| FY2003 Q1 | Feb 28 2003 | $22.97 | $1.72 | 13.4x | -36% |
| FY2002 Q4 | Nov 30 2002 | $28.05 | $1.72 | 16.3x | -22% |
| FY2002 Q3 | Aug 31 2002 | $24.47 | $1.60 | 15.3x | -27% |
| FY2002 Q2 | May 31 2002 | $30.40 | $1.59 | 19.1x | -8% |
| FY2002 Q1 | - | $27.29 | $1.58 | 17.3x | -17% |
| FY2001 Q4 | Nov 30 2001 | $26.11 | $1.58 | 16.5x | -21% |
| FY2001 Q3 | Aug 31 2001 | $31.28 | $1.70 | 18.4x | -12% |
| FY2001 Q2 | - | $28.23 | $1.53 | 18.5x | -11% |
| FY2001 Q1 | Feb 28 2001 | $33.34 | $1.55 | 21.5x | +3% |
| FY2000 Q4 | - | $22.69 | $1.61 | 14.1x | -32% |
| FY2000 Q3 | - | $19.95 | $1.70 | 11.7x | -44% |
| FY2000 Q2 | May 31 2000 | $27.13 | $1.70 | 16.0x | -23% |
| FY2000 Q1 | - | $28.81 | $1.69 | 17.0x | -18% |
| FY1999 Q4 | - | $44.13 | $1.67 | 26.4x | +27% |
| FY1999 Q3 | - | $44.69 | $1.63 | 27.4x | +32% |
| FY1999 Q2 | May 31 1999 | $41.00 | $1.54 | 26.6x | +28% |
| FY1999 Q1 | Feb 28 1999 | $44.50 | $1.35 | 33.0x | +58% |
| FY1998 Q4 | Nov 30 1998 | $34.50 | $1.18 | 29.2x | +40% |
| FY1998 Q3 | Aug 31 1998 | $28.88 | $0.94 | 30.7x | +47% |
| FY1998 Q2 | May 31 1998 | $33.88 | $0.87 | 38.9x | +87% |
| FY1998 Q1 | Feb 28 1998 | $29.44 | $0.95 | 31.0x | +49% |
| FY1997 Q4 | Nov 30 1997 | $27.03 | $0.93 | 29.1x | +39% |
| FY1997 Q3 | Aug 31 1997 | $21.81 | $0.90 | 24.2x | +16% |
| FY1997 Q2 | May 31 1997 | $19.00 | $0.85 | 22.4x | +7% |
| FY1997 Q1 | Feb 28 1997 | $17.63 | $0.81 | 21.8x | +4% |
| FY1996 Q4 | Nov 30 1996 | $15.81 | $0.81 | 19.5x | -6% |
| FY1996 Q3 | Aug 31 1996 | $14.13 | $0.78 | 18.0x | -14% |
| FY1996 Q2 | May 31 1996 | $14.94 | $0.68 | 21.8x | +5% |
| FY1996 Q1 | - | $14.06 | $0.65 | 21.5x | +3% |
| FY1995 Q4 | - | $13.00 | $0.64 | 20.2x | -3% |
| FY1995 Q3 | - | $10.88 | $0.69 | 15.8x | -24% |
| FY1995 Q2 | May 31 1995 | $11.63 | $0.41 | 28.7x | +38% |
| FY1995 Q1 | - | $11.88 | $0.29 | 40.9x | +96% |
| FY1994 Q4 | Nov 30 1994 | $10.81 | $0.26 | 41.6x | +100% |
| FY1994 Q3 | Aug 31 1994 | $11.09 | $0.23 | 48.5x | +133% |
| FY1994 Q2 | - | $11.69 | $0.22 | 52.8x | +153% |
| FY1994 Q1 | Feb 28 1994 | $12.09 | $0.22 | 55.9x | +168% |
| FY1993 Q4 | - | $12.03 | $0.21 | 57.6x | +176% |
Average P/E for displayed period: 20.8x
CCL Chart Terminal
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Historical Returns
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Peer Comparison
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CCL — Frequently Asked Questions
Quick answers to the most common questions about buying CCL stock.
What is CCL's P/E ratio?
Carnival Corporation & plc (CCL) trailing twelve-month P/E ratio is 10.8x, based on TTM diluted EPS of $2.21. The 5-year average P/E is 17.1x and the historical range spans 10.0x to 61.0x.
Is CCL stock overvalued or undervalued?
CCL trades at 10.8x P/E, below its 5-year average of 17.1x. At the 10th percentile of its historical range (10.0x–61.0x), the stock is priced at a discount to its own history.
Is CCL stock expensive?
No, CCL is not expensive on a historical basis. The current P/E of 10.8x is below the 5-year average of 17.1x and sits at the 10th percentile of its valuation range.
What is CCL's historical P/E range?
Over the past 5 years, CCL's P/E ratio has ranged from 10.0x to 61.0x, with a median of 14.0x and an average of 17.1x. The current P/E of 10.8x places the stock at the 10th percentile of this range. Full historical data spans 1993–2026.
How does CCL's P/E compare to the S&P 500?
CCL trades at 10.8x P/E versus the S&P 500 median of 25.3x. The 57% discount to the market suggests lower growth expectations or perceived higher risk.
How does CCL's valuation compare to Consumer Cyclical peers?
Carnival Corporation & plc P/E of 10.8x compares to the Consumer Cyclical sector median of 19.1x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is CCL's PEG ratio?
CCL PEG ratio is N/A, based on a P/E of 10.8x and EPS growth of 40.3%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is CCL's earnings yield?
CCL earnings yield is 9.27%, the inverse of its 10.8x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.