Carnival Corporation & plc (CUK) 10-Year Financial Performance & Capital Metrics

CUK • • Industrial / General

Consumer CyclicalLeisureCruise & Travel ServicesCruise Line Operators

AboutCarnival Corporation & plc operates as a leisure travel company. Its ships visit approximately 700 ports under the Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard brand names. The company also provides port destinations and other services, as well as owns and owns and operates hotels, lodges, glass-domed railcars, and motor coaches. It sells its cruises primarily through travel agents, tour operators, vacation planners, and websites. The company operates in the United States, Canada, Continental Europe, the United Kingdom, Australia, New Zealand, Asia, and internationally. It operates 87 ships with 223,000 lower berths. Carnival Corporation & plc was founded in 1972 and is headquartered in Miami, Florida.Show more

Revenue $25.02B +15.9%
EBITDA $6.13B +41.7%
Net Income $1.92B +2689.2%
EPS (Diluted) 1.44 +2500.0%
Gross Margin 37.5% +11.3%
EBITDA Margin 24.5% +22.3%
Operating Margin 14.28% +57.7%
Net Margin 7.66% +2334.5%
ROE 23.75% +2338.1%
ROIC 7.32% +87.7%
Debt/Equity 3.12 -32.6%
Interest Coverage 2.04 +115.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 82 (top 18%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 3.1x
✗Shares diluted 10.8% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.65%

5Y3.74%

3Y135.82%

TTM7.14%

Profit (Net Income) CAGR

10Y4.65%

5Y-8.52%

3Y-

TTM68.82%

EPS CAGR

10Y-0.99%

5Y-19.73%

3Y-

TTM66.11%

ROCE

10Y Avg1.2%

5Y Avg-6.8%

3Y Avg1.36%

Latest9.52%

Peer Comparison

Cruise Line Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CCLCarnival Corporation & plc	34.37B	29.44	20.44	15.88%	10.07%	22.15%	3.77%	3.12
CUKCarnival Corporation & plc	4.26B	29.26	20.32	15.88%	10.07%	22.15%	30.44%	3.12

Profit & Loss

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Sales/Revenue+	15.71B	16.39B	17.51B	18.88B	20.82B	5.59B	1.91B	12.17B	21.59B	25.02B
Revenue Growth %	-0.01%	0.04%	0.07%	0.08%	0.1%	-0.73%	-0.66%	5.38%	0.77%	0.16%
Cost of Goods Sold+	9.45B	9.38B	10.5B	11.09B	12.91B	8.24B	4.66B	11.76B	14.32B	15.64B
COGS % of Revenue	0.6%	0.57%	0.6%	0.59%	0.62%	1.47%	2.44%	0.97%	0.66%	0.62%
Gross Profit+	6.27B	7.01B	7.01B	7.79B	7.92B	-2.65B	-2.75B	412M	7.28B	9.38B
Gross Margin %	0.4%	0.43%	0.4%	0.41%	0.38%	-0.47%	-1.44%	0.03%	0.34%	0.38%
Gross Profit Growth %	0.15%	0.12%	0%	0.11%	0.02%	-1.33%	-0.04%	1.15%	16.66%	0.29%
Operating Expenses+	3.69B	3.94B	4.2B	4.47B	4.64B	6.21B	4.34B	4.79B	5.32B	5.81B
OpEx % of Revenue	0.24%	0.24%	0.24%	0.24%	0.22%	1.11%	2.28%	0.39%	0.25%	0.23%
Selling, General & Admin	2.07B	2.2B	2.27B	2.45B	2.48B	1.88B	1.89B	2.52B	2.95B	3.25B
SG&A % of Revenue	0.13%	0.13%	0.13%	0.13%	0.12%	0.34%	0.99%	0.21%	0.14%	0.13%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.63B	1.74B	1.94B	2.02B	2.16B	4.34B	2.46B	2.28B	2.37B	2.56B
Operating Income+	2.57B	3.07B	2.81B	3.33B	3.28B	-8.87B	-7.09B	-4.38B	1.96B	3.57B
Operating Margin %	0.16%	0.19%	0.16%	0.18%	0.16%	-1.58%	-3.72%	-0.36%	0.09%	0.14%
Operating Income Growth %	0.45%	0.19%	-0.09%	0.18%	-0.01%	-3.71%	0.2%	0.38%	1.45%	0.83%
EBITDA+	4.2B	4.81B	4.66B	5.34B	5.44B	-6.62B	-4.86B	-2.1B	4.33B	6.13B
EBITDA Margin %	0.27%	0.29%	0.27%	0.28%	0.26%	-1.18%	-2.55%	-0.17%	0.2%	0.25%
EBITDA Growth %	0.23%	0.14%	-0.03%	0.15%	0.02%	-2.22%	0.27%	0.57%	3.06%	0.42%
D&A (Non-Cash Add-back)	1.63B	1.74B	1.85B	2.02B	2.16B	2.24B	2.23B	2.27B	2.37B	2.56B
EBIT	2.02B	3.05B	2.86B	3.4B	3.27B	-9.36B	-7.92B	-4.47B	2B	3.67B
Net Interest Income+	-209M	-217M	-189M	-180M	-183M	-877M	-1.59B	-1.53B	-1.83B	-1.66B
Interest Income	8M	6M	9M	14M	23M	18M	12M	74M	233M	93M
Interest Expense	217M	223M	198M	194M	206M	895M	1.6B	1.61B	2.07B	1.75B
Other Income/Expense	-775M	-243M	-143M	-118M	-216M	-1.39B	-2.43B	-1.7B	-2.02B	-1.66B
Pretax Income+	1.8B	2.83B	2.67B	3.21B	3.06B	-10.25B	-9.52B	-6.08B	-62M	1.92B
Pretax Margin %	0.11%	0.17%	0.15%	0.17%	0.15%	-1.83%	-4.99%	-0.5%	-0%	0.08%
Income Tax+	42M	49M	60M	54M	71M	-17M	-21M	14M	13M	-1M
Effective Tax Rate %	0.98%	0.98%	0.98%	0.98%	0.98%	1%	1%	1%	1.19%	1%
Net Income+	1.76B	2.78B	2.61B	3.15B	2.99B	-10.24B	-9.5B	-6.09B	-74M	1.92B
Net Margin %	0.11%	0.17%	0.15%	0.17%	0.14%	-1.83%	-4.98%	-0.5%	-0%	0.08%
Net Income Growth %	0.44%	0.58%	-0.06%	0.21%	-0.05%	-4.42%	0.07%	0.36%	0.99%	26.89%
Net Income (Continuing)	1.76B	2.78B	2.61B	3.15B	2.99B	-10.24B	-9.5B	-6.09B	-75M	1.92B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.26	3.72	3.59	4.44	4.32	-13.20	-8.46	-5.16	-0.06	1.44
EPS Growth %	0.42%	0.65%	-0.03%	0.24%	-0.03%	-4.06%	0.36%	0.39%	0.99%	25%
EPS (Basic)	2.26	3.73	3.61	4.45	4.34	-13.20	-8.46	-5.16	-0.06	1.50
Diluted Shares Outstanding	779M	747M	725M	710M	692M	775M	1.12B	1.18B	1.26B	1.4B
Basic Shares Outstanding	777M	745M	723M	709M	690M	775M	1.12B	1.18B	1.26B	1.27B
Dividend Payout Ratio	0.46%	0.35%	0.42%	0.43%	0.46%	-	-	-	-	-

Balance Sheet

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Total Current Assets+	2.45B	1.69B	1.6B	2.23B	2.06B	10.56B	10.13B	7.49B	5.27B	3.38B
Cash & Short-Term Investments	1.4B	603M	395M	982M	518M	9.51B	9.14B	4.03B	2.42B	1.21B
Cash Only	1.4B	603M	395M	982M	518M	9.51B	8.94B	4.03B	2.42B	1.21B
Short-Term Investments	0	0	0	0	0	0	200M	0	0	0
Accounts Receivable	303M	298M	312M	358M	444M	273M	246M	395M	556M	590M
Days Sales Outstanding	7.04	6.64	6.5	6.92	7.78	17.81	47.06	11.85	9.4	8.61
Inventory	330M	322M	387M	450M	427M	335M	356M	428M	528M	507M
Days Inventory Outstanding	12.75	12.53	13.45	14.81	12.07	14.83	27.91	13.29	13.46	11.83
Other Current Assets	0	0	0	-1M	-1M	-1M	13M	1.99B	1.77B	1.07B
Total Non-Current Assets+	36.79B	37.19B	39.18B	40.17B	43B	43.03B	43.21B	44.21B	43.85B	45.68B
Property, Plant & Equipment	31.89B	32.43B	34.43B	35.34B	38.13B	39.44B	39.44B	39.96B	41.38B	43.16B
Fixed Asset Turnover	0.49x	0.51x	0.51x	0.53x	0.55x	0.14x	0.05x	0.30x	0.52x	0.58x
Goodwill	3.01B	2.91B	2.97B	2.92B	2.91B	807M	579M	579M	579M	579M
Intangible Assets	1.31B	1.27B	1.2B	1.18B	1.17B	1.19B	1.18B	1.16B	1.17B	1.16B
Long-Term Investments	13M	3M	0	244M	204M	289M	0	1M	149M	184M
Other Non-Current Assets	567M	575M	585M	494M	579M	1.3B	2.01B	2.51B	576M	591M
Total Assets+	39.24B	38.94B	40.78B	42.4B	45.06B	53.59B	53.34B	51.7B	49.12B	49.06B
Asset Turnover	0.40x	0.42x	0.43x	0.45x	0.46x	0.10x	0.04x	0.24x	0.44x	0.51x
Asset Growth %	-0.01%	-0.01%	0.05%	0.04%	0.06%	0.19%	-0%	-0.03%	-0.05%	-0%
Total Current Liabilities+	6.96B	7.07B	8.8B	9.2B	9.13B	8.69B	10.41B	10.61B	11.48B	11.62B
Accounts Payable	627M	713M	762M	730M	756M	624M	797M	1.05B	1.17B	1.13B
Days Payables Outstanding	24.23	27.74	26.49	24.03	21.38	27.62	62.49	32.6	29.78	26.44
Short-Term Debt	1.37B	1.1B	2.2B	2.43B	1.83B	4.83B	4.72B	2.59B	2.09B	1.54B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	1M	18M	0	1M	-1M	0	0	0
Current Ratio	0.35x	0.24x	0.18x	0.24x	0.23x	1.22x	0.97x	0.71x	0.46x	0.29x
Quick Ratio	0.30x	0.19x	0.14x	0.19x	0.18x	1.18x	0.94x	0.67x	0.41x	0.25x
Cash Conversion Cycle	-4.44	-8.57	-6.53	-2.3	-1.52	5.02	12.48	-7.46	-6.92	-6
Total Non-Current Liabilities+	8.51B	9.27B	7.76B	8.75B	10.57B	24.35B	30.79B	34.03B	30.76B	28.19B
Long-Term Debt	7.41B	8.32B	6.99B	7.9B	9.68B	22.13B	28.51B	31.95B	28.48B	25.94B
Capital Lease Obligations	0	0	0	0	0	1.27B	1.24B	1.19B	1.17B	1.24B
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	1.1B	942M	769M	857M	891M	949M	1.04B	892M	1.1B	1.01B
Total Liabilities	15.47B	16.34B	16.56B	17.96B	19.69B	33.04B	41.2B	44.64B	42.24B	39.81B
Total Debt+	8.79B	9.4B	9.2B	10.32B	11.5B	28.38B	34.61B	35.88B	31.89B	28.88B
Net Debt	7.39B	8.8B	8.8B	9.34B	10.98B	18.87B	25.67B	31.85B	29.48B	27.67B
Debt / Equity	0.37x	0.42x	0.38x	0.42x	0.45x	1.38x	2.85x	5.08x	4.63x	3.12x
Debt / EBITDA	2.09x	1.95x	1.98x	1.93x	2.12x	-	-	-	7.37x	4.71x
Net Debt / EBITDA	1.76x	1.83x	1.89x	1.75x	2.02x	-	-	-	6.81x	4.51x
Interest Coverage	11.86x	13.77x	14.19x	17.14x	15.90x	-9.91x	-4.43x	-2.72x	0.95x	2.04x
Total Equity+	23.77B	22.6B	24.22B	24.44B	25.36B	20.55B	12.14B	7.06B	6.88B	9.25B
Equity Growth %	-0.02%	-0.05%	0.07%	0.01%	0.04%	-0.19%	-0.41%	-0.42%	-0.03%	0.34%
Book Value per Share	30.51	30.25	33.40	34.43	36.65	26.52	10.81	5.99	5.45	6.62
Total Shareholders' Equity	23.77B	22.6B	24.22B	24.44B	25.36B	20.55B	12.14B	7.06B	6.88B	9.25B
Common Stock	365M	365M	365M	365M	365M	372M	372M	373M	373M	374M
Retained Earnings	20.06B	21.84B	23.29B	25.07B	26.65B	16.07B	6.45B	269M	185M	2.1B
Treasury Stock	-3.48B	-5.79B	-6.35B	-7.79B	-8.39B	-8.4B	-8.47B	-8.47B	-8.45B	-8.4B
Accumulated OCI	-1.74B	-2.45B	-1.78B	-1.95B	-2.07B	-1.44B	-1.5B	-1.98B	-1.94B	-1.97B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Cash from Operations+	4.54B	5.13B	5.32B	5.55B	5.47B	-6.3B	-4.11B	-1.67B	4.28B	5.92B
Operating CF Margin %	0.29%	0.31%	0.3%	0.29%	0.26%	-1.13%	-2.15%	-0.14%	0.2%	0.24%
Operating CF Growth %	0.33%	0.13%	0.04%	0.04%	-0.01%	-2.15%	0.35%	0.59%	3.56%	0.38%
Net Income	1.76B	2.78B	2.61B	3.15B	2.99B	-10.24B	-9.5B	-6.09B	-74M	1.92B
Depreciation & Amortization	1.63B	1.74B	1.85B	2.02B	2.16B	2.24B	2.23B	2.27B	2.37B	2.56B
Stock-Based Compensation	55M	55M	63M	65M	46M	105M	121M	101M	53M	62M
Deferred Taxes	568M	45M	357M	-43M	26M	4.61B	1.63B	0	0	0
Other Non-Cash Items	40M	73M	51M	-6M	41M	170M	449M	884M	407M	428M
Working Capital Changes	499M	444M	399M	364M	212M	-3.19B	958M	1.16B	1.52B	960M
Change in Receivables	4M	-22M	6M	-58M	-368M	-395M	-476M	-171M	-180M	-49M
Change in Inventory	5M	1M	-49M	-67M	79M	77M	-63M	-95M	-85M	9M
Change in Payables	36M	109M	21M	-24M	34M	-165M	206M	283M	77M	-26M
Cash from Investing+	-2.48B	-3.32B	-3.09B	-3.51B	-5.28B	-3.24B	-3.54B	-4.77B	-2.81B	-4.54B
Capital Expenditures	-2.29B	-3.06B	-2.94B	-3.75B	-5.43B	-3.62B	-3.61B	-4.94B	-3.28B	-4.63B
CapEx % of Revenue	0.15%	0.19%	0.17%	0.2%	0.26%	0.65%	1.89%	0.41%	0.15%	0.18%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	35M	30M	58M	428M	158M	127M	351M	-26M	474M	91M
Cash from Financing+	-942M	-2.59B	-2.45B	-1.46B	-655M	18.65B	6.95B	3.58B	-5.09B	-2.58B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-816M	-977M	-1.09B	-1.35B	-1.39B	-689M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-27M	-25M	-24M	-43M	-87M	-149M	51M	-147M	-195M	-243M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.25B	2.07B	2.38B	1.8B	46M	-9.92B	-7.72B	-6.61B	997M	1.3B
FCF Margin %	0.14%	0.13%	0.14%	0.1%	0%	-1.77%	-4.04%	-0.54%	0.05%	0.05%
FCF Growth %	1.66%	-0.08%	0.15%	-0.24%	-0.97%	-216.67%	0.22%	0.14%	1.15%	0.3%
FCF per Share	2.89	2.77	3.28	2.54	0.07	-12.80	-6.87	-5.60	0.79	0.93
FCF Conversion (FCF/Net Income)	2.59x	1.85x	2.04x	1.76x	1.83x	0.62x	0.43x	0.27x	-57.85x	3.09x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.31%	11.99%	11.13%	12.96%	12.01%	-44.58%	-58.11%	-63.44%	-1.06%	23.75%
Return on Invested Capital (ROIC)	6.01%	7.36%	6.54%	7.47%	7.01%	-17.55%	-13.77%	-8.56%	3.9%	7.32%
Gross Margin	39.88%	42.75%	40.03%	41.27%	38.01%	-47.39%	-143.97%	3.39%	33.7%	37.5%
Net Margin	11.18%	16.96%	14.88%	16.69%	14.36%	-182.98%	-497.96%	-50.07%	-0.34%	7.66%
Debt / Equity	0.37x	0.42x	0.38x	0.42x	0.45x	1.38x	2.85x	5.08x	4.63x	3.12x
Interest Coverage	11.86x	13.77x	14.19x	17.14x	15.90x	-9.91x	-4.43x	-2.72x	0.95x	2.04x
FCF Conversion	2.59x	1.85x	2.04x	1.76x	1.83x	0.62x	0.43x	0.27x	-57.85x	3.09x
Revenue Growth	-1.07%	4.3%	6.84%	7.82%	10.3%	-73.14%	-65.89%	537.79%	77.44%	15.88%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Cruise Passenger Ticket	-	-	-	13.93B	14.1B	3.68B	1B	7.02B	14.07B	16.46B
Cruise Passenger Ticket Growth	-	-	-	-	1.25%	-73.88%	-72.86%	602.20%	100.33%	17.03%
Cruise Onboard And Other	-	-	-	4.68B	6.33B	1.91B	908M	5.15B	7.53B	8.56B
Cruise Onboard And Other Growth	-	-	-	-	35.31%	-69.83%	-52.46%	466.85%	46.22%	13.71%
Cruise	177M	131M	195M	-	-	3.2B	-	-	-	-
Cruise Growth	-	-25.99%	48.85%	-	-	-	-	-	-	-
Tour And Other	381M	231M	399M	-	-	-	-	-	-	-
Tour And Other Growth	-	-39.37%	72.73%	-	-	-	-	-	-	-
Intersegment Eliminations	-266M	-146M	-	-	-	-	-	-	-	-
Intersegment Eliminations Growth	-	45.11%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America	8.02B	8.33B	9.2B	10.07B	11.5B	3.08B	1.07B	7.87B	13.11B	15.09B
North America Growth	-	3.89%	10.42%	9.47%	14.27%	-73.19%	-65.43%	637.90%	66.69%	15.08%
Europe	5.13B	5.25B	5.41B	5.96B	6.32B	1.64B	811M	3.92B	6.57B	7.57B
Europe Growth	-	2.36%	3.05%	10.03%	6.06%	-73.99%	-50.64%	383.11%	67.56%	15.35%
AUSTRALIA	-	-	-	-	-	-	18M	312M	1.18B	1.45B
AUSTRALIA Growth	-	-	-	-	-	-	-	1633.33%	278.53%	22.35%
All Other Geographic Areas	-	-	-	-	373M	180M	14M	72M	735M	915M
All Other Geographic Areas Growth	-	-	-	-	-	-51.74%	-92.22%	414.29%	920.83%	24.49%
Australia And Asia	2.26B	2.51B	2.6B	2.53B	2.63B	687M	-	-	-	-
Australia And Asia Growth	-	11.08%	3.91%	-2.84%	4.03%	-73.90%	-	-	-	-
Others	310M	302M	297M	327M	-	-	-	-	-	-
Others Growth	-	-2.58%	-1.66%	10.10%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Carnival Corporation & plc (CUK) has a price-to-earnings (P/E) ratio of 20.3x. This is roughly in line with market averages.

Growth & Financials

Carnival Corporation & plc (CUK) reported $26.23B in revenue for fiscal year 2024. This represents a 66% increase from $15.79B in 2011.

Carnival Corporation & plc (CUK) grew revenue by 15.9% over the past year. This is strong growth.

Yes, Carnival Corporation & plc (CUK) is profitable, generating $2.64B in net income for fiscal year 2024 (7.7% net margin).

Dividend & Returns

Carnival Corporation & plc (CUK) has a return on equity (ROE) of 23.8%. This is excellent, indicating efficient use of shareholder capital.

Carnival Corporation & plc (CUK) generated $2.91B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Carnival Corporation & plc (CUK) 10-Year Financial Performance & Capital Metrics

CUK • • Industrial / General

Consumer CyclicalLeisureCruise & Travel ServicesCruise Line Operators

Revenue $25.02B +15.9%
EBITDA $6.13B +41.7%
Net Income $1.92B +2689.2%
EPS (Diluted) 1.44 +2500.0%
Gross Margin 37.5% +11.3%
EBITDA Margin 24.5% +22.3%
Operating Margin 14.28% +57.7%
Net Margin 7.66% +2334.5%
ROE 23.75% +2338.1%
ROIC 7.32% +87.7%
Debt/Equity 3.12 -32.6%
Interest Coverage 2.04 +115.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 82 (top 18%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 3.1x
✗Shares diluted 10.8% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.65%

5Y3.74%

3Y135.82%

TTM7.14%

Profit (Net Income) CAGR

10Y4.65%

5Y-8.52%

3Y-

TTM68.82%

EPS CAGR

10Y-0.99%

5Y-19.73%

3Y-

TTM66.11%

ROCE

10Y Avg1.2%

5Y Avg-6.8%

3Y Avg1.36%

Latest9.52%

Peer Comparison

Cruise Line Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CCLCarnival Corporation & plc	34.37B	29.44	20.44	15.88%	10.07%	22.15%	3.77%	3.12
CUKCarnival Corporation & plc	4.26B	29.26	20.32	15.88%	10.07%	22.15%	30.44%	3.12

Profit & Loss

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Sales/Revenue+	15.71B	16.39B	17.51B	18.88B	20.82B	5.59B	1.91B	12.17B	21.59B	25.02B
Revenue Growth %	-0.01%	0.04%	0.07%	0.08%	0.1%	-0.73%	-0.66%	5.38%	0.77%	0.16%
Cost of Goods Sold+	9.45B	9.38B	10.5B	11.09B	12.91B	8.24B	4.66B	11.76B	14.32B	15.64B
COGS % of Revenue	0.6%	0.57%	0.6%	0.59%	0.62%	1.47%	2.44%	0.97%	0.66%	0.62%
Gross Profit+	6.27B	7.01B	7.01B	7.79B	7.92B	-2.65B	-2.75B	412M	7.28B	9.38B
Gross Margin %	0.4%	0.43%	0.4%	0.41%	0.38%	-0.47%	-1.44%	0.03%	0.34%	0.38%
Gross Profit Growth %	0.15%	0.12%	0%	0.11%	0.02%	-1.33%	-0.04%	1.15%	16.66%	0.29%
Operating Expenses+	3.69B	3.94B	4.2B	4.47B	4.64B	6.21B	4.34B	4.79B	5.32B	5.81B
OpEx % of Revenue	0.24%	0.24%	0.24%	0.24%	0.22%	1.11%	2.28%	0.39%	0.25%	0.23%
Selling, General & Admin	2.07B	2.2B	2.27B	2.45B	2.48B	1.88B	1.89B	2.52B	2.95B	3.25B
SG&A % of Revenue	0.13%	0.13%	0.13%	0.13%	0.12%	0.34%	0.99%	0.21%	0.14%	0.13%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.63B	1.74B	1.94B	2.02B	2.16B	4.34B	2.46B	2.28B	2.37B	2.56B
Operating Income+	2.57B	3.07B	2.81B	3.33B	3.28B	-8.87B	-7.09B	-4.38B	1.96B	3.57B
Operating Margin %	0.16%	0.19%	0.16%	0.18%	0.16%	-1.58%	-3.72%	-0.36%	0.09%	0.14%
Operating Income Growth %	0.45%	0.19%	-0.09%	0.18%	-0.01%	-3.71%	0.2%	0.38%	1.45%	0.83%
EBITDA+	4.2B	4.81B	4.66B	5.34B	5.44B	-6.62B	-4.86B	-2.1B	4.33B	6.13B
EBITDA Margin %	0.27%	0.29%	0.27%	0.28%	0.26%	-1.18%	-2.55%	-0.17%	0.2%	0.25%
EBITDA Growth %	0.23%	0.14%	-0.03%	0.15%	0.02%	-2.22%	0.27%	0.57%	3.06%	0.42%
D&A (Non-Cash Add-back)	1.63B	1.74B	1.85B	2.02B	2.16B	2.24B	2.23B	2.27B	2.37B	2.56B
EBIT	2.02B	3.05B	2.86B	3.4B	3.27B	-9.36B	-7.92B	-4.47B	2B	3.67B
Net Interest Income+	-209M	-217M	-189M	-180M	-183M	-877M	-1.59B	-1.53B	-1.83B	-1.66B
Interest Income	8M	6M	9M	14M	23M	18M	12M	74M	233M	93M
Interest Expense	217M	223M	198M	194M	206M	895M	1.6B	1.61B	2.07B	1.75B
Other Income/Expense	-775M	-243M	-143M	-118M	-216M	-1.39B	-2.43B	-1.7B	-2.02B	-1.66B
Pretax Income+	1.8B	2.83B	2.67B	3.21B	3.06B	-10.25B	-9.52B	-6.08B	-62M	1.92B
Pretax Margin %	0.11%	0.17%	0.15%	0.17%	0.15%	-1.83%	-4.99%	-0.5%	-0%	0.08%
Income Tax+	42M	49M	60M	54M	71M	-17M	-21M	14M	13M	-1M
Effective Tax Rate %	0.98%	0.98%	0.98%	0.98%	0.98%	1%	1%	1%	1.19%	1%
Net Income+	1.76B	2.78B	2.61B	3.15B	2.99B	-10.24B	-9.5B	-6.09B	-74M	1.92B
Net Margin %	0.11%	0.17%	0.15%	0.17%	0.14%	-1.83%	-4.98%	-0.5%	-0%	0.08%
Net Income Growth %	0.44%	0.58%	-0.06%	0.21%	-0.05%	-4.42%	0.07%	0.36%	0.99%	26.89%
Net Income (Continuing)	1.76B	2.78B	2.61B	3.15B	2.99B	-10.24B	-9.5B	-6.09B	-75M	1.92B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.26	3.72	3.59	4.44	4.32	-13.20	-8.46	-5.16	-0.06	1.44
EPS Growth %	0.42%	0.65%	-0.03%	0.24%	-0.03%	-4.06%	0.36%	0.39%	0.99%	25%
EPS (Basic)	2.26	3.73	3.61	4.45	4.34	-13.20	-8.46	-5.16	-0.06	1.50
Diluted Shares Outstanding	779M	747M	725M	710M	692M	775M	1.12B	1.18B	1.26B	1.4B
Basic Shares Outstanding	777M	745M	723M	709M	690M	775M	1.12B	1.18B	1.26B	1.27B
Dividend Payout Ratio	0.46%	0.35%	0.42%	0.43%	0.46%	-	-	-	-	-

Balance Sheet

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Total Current Assets+	2.45B	1.69B	1.6B	2.23B	2.06B	10.56B	10.13B	7.49B	5.27B	3.38B
Cash & Short-Term Investments	1.4B	603M	395M	982M	518M	9.51B	9.14B	4.03B	2.42B	1.21B
Cash Only	1.4B	603M	395M	982M	518M	9.51B	8.94B	4.03B	2.42B	1.21B
Short-Term Investments	0	0	0	0	0	0	200M	0	0	0
Accounts Receivable	303M	298M	312M	358M	444M	273M	246M	395M	556M	590M
Days Sales Outstanding	7.04	6.64	6.5	6.92	7.78	17.81	47.06	11.85	9.4	8.61
Inventory	330M	322M	387M	450M	427M	335M	356M	428M	528M	507M
Days Inventory Outstanding	12.75	12.53	13.45	14.81	12.07	14.83	27.91	13.29	13.46	11.83
Other Current Assets	0	0	0	-1M	-1M	-1M	13M	1.99B	1.77B	1.07B
Total Non-Current Assets+	36.79B	37.19B	39.18B	40.17B	43B	43.03B	43.21B	44.21B	43.85B	45.68B
Property, Plant & Equipment	31.89B	32.43B	34.43B	35.34B	38.13B	39.44B	39.44B	39.96B	41.38B	43.16B
Fixed Asset Turnover	0.49x	0.51x	0.51x	0.53x	0.55x	0.14x	0.05x	0.30x	0.52x	0.58x
Goodwill	3.01B	2.91B	2.97B	2.92B	2.91B	807M	579M	579M	579M	579M
Intangible Assets	1.31B	1.27B	1.2B	1.18B	1.17B	1.19B	1.18B	1.16B	1.17B	1.16B
Long-Term Investments	13M	3M	0	244M	204M	289M	0	1M	149M	184M
Other Non-Current Assets	567M	575M	585M	494M	579M	1.3B	2.01B	2.51B	576M	591M
Total Assets+	39.24B	38.94B	40.78B	42.4B	45.06B	53.59B	53.34B	51.7B	49.12B	49.06B
Asset Turnover	0.40x	0.42x	0.43x	0.45x	0.46x	0.10x	0.04x	0.24x	0.44x	0.51x
Asset Growth %	-0.01%	-0.01%	0.05%	0.04%	0.06%	0.19%	-0%	-0.03%	-0.05%	-0%
Total Current Liabilities+	6.96B	7.07B	8.8B	9.2B	9.13B	8.69B	10.41B	10.61B	11.48B	11.62B
Accounts Payable	627M	713M	762M	730M	756M	624M	797M	1.05B	1.17B	1.13B
Days Payables Outstanding	24.23	27.74	26.49	24.03	21.38	27.62	62.49	32.6	29.78	26.44
Short-Term Debt	1.37B	1.1B	2.2B	2.43B	1.83B	4.83B	4.72B	2.59B	2.09B	1.54B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	1M	18M	0	1M	-1M	0	0	0
Current Ratio	0.35x	0.24x	0.18x	0.24x	0.23x	1.22x	0.97x	0.71x	0.46x	0.29x
Quick Ratio	0.30x	0.19x	0.14x	0.19x	0.18x	1.18x	0.94x	0.67x	0.41x	0.25x
Cash Conversion Cycle	-4.44	-8.57	-6.53	-2.3	-1.52	5.02	12.48	-7.46	-6.92	-6
Total Non-Current Liabilities+	8.51B	9.27B	7.76B	8.75B	10.57B	24.35B	30.79B	34.03B	30.76B	28.19B
Long-Term Debt	7.41B	8.32B	6.99B	7.9B	9.68B	22.13B	28.51B	31.95B	28.48B	25.94B
Capital Lease Obligations	0	0	0	0	0	1.27B	1.24B	1.19B	1.17B	1.24B
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	1.1B	942M	769M	857M	891M	949M	1.04B	892M	1.1B	1.01B
Total Liabilities	15.47B	16.34B	16.56B	17.96B	19.69B	33.04B	41.2B	44.64B	42.24B	39.81B
Total Debt+	8.79B	9.4B	9.2B	10.32B	11.5B	28.38B	34.61B	35.88B	31.89B	28.88B
Net Debt	7.39B	8.8B	8.8B	9.34B	10.98B	18.87B	25.67B	31.85B	29.48B	27.67B
Debt / Equity	0.37x	0.42x	0.38x	0.42x	0.45x	1.38x	2.85x	5.08x	4.63x	3.12x
Debt / EBITDA	2.09x	1.95x	1.98x	1.93x	2.12x	-	-	-	7.37x	4.71x
Net Debt / EBITDA	1.76x	1.83x	1.89x	1.75x	2.02x	-	-	-	6.81x	4.51x
Interest Coverage	11.86x	13.77x	14.19x	17.14x	15.90x	-9.91x	-4.43x	-2.72x	0.95x	2.04x
Total Equity+	23.77B	22.6B	24.22B	24.44B	25.36B	20.55B	12.14B	7.06B	6.88B	9.25B
Equity Growth %	-0.02%	-0.05%	0.07%	0.01%	0.04%	-0.19%	-0.41%	-0.42%	-0.03%	0.34%
Book Value per Share	30.51	30.25	33.40	34.43	36.65	26.52	10.81	5.99	5.45	6.62
Total Shareholders' Equity	23.77B	22.6B	24.22B	24.44B	25.36B	20.55B	12.14B	7.06B	6.88B	9.25B
Common Stock	365M	365M	365M	365M	365M	372M	372M	373M	373M	374M
Retained Earnings	20.06B	21.84B	23.29B	25.07B	26.65B	16.07B	6.45B	269M	185M	2.1B
Treasury Stock	-3.48B	-5.79B	-6.35B	-7.79B	-8.39B	-8.4B	-8.47B	-8.47B	-8.45B	-8.4B
Accumulated OCI	-1.74B	-2.45B	-1.78B	-1.95B	-2.07B	-1.44B	-1.5B	-1.98B	-1.94B	-1.97B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Cash from Operations+	4.54B	5.13B	5.32B	5.55B	5.47B	-6.3B	-4.11B	-1.67B	4.28B	5.92B
Operating CF Margin %	0.29%	0.31%	0.3%	0.29%	0.26%	-1.13%	-2.15%	-0.14%	0.2%	0.24%
Operating CF Growth %	0.33%	0.13%	0.04%	0.04%	-0.01%	-2.15%	0.35%	0.59%	3.56%	0.38%
Net Income	1.76B	2.78B	2.61B	3.15B	2.99B	-10.24B	-9.5B	-6.09B	-74M	1.92B
Depreciation & Amortization	1.63B	1.74B	1.85B	2.02B	2.16B	2.24B	2.23B	2.27B	2.37B	2.56B
Stock-Based Compensation	55M	55M	63M	65M	46M	105M	121M	101M	53M	62M
Deferred Taxes	568M	45M	357M	-43M	26M	4.61B	1.63B	0	0	0
Other Non-Cash Items	40M	73M	51M	-6M	41M	170M	449M	884M	407M	428M
Working Capital Changes	499M	444M	399M	364M	212M	-3.19B	958M	1.16B	1.52B	960M
Change in Receivables	4M	-22M	6M	-58M	-368M	-395M	-476M	-171M	-180M	-49M
Change in Inventory	5M	1M	-49M	-67M	79M	77M	-63M	-95M	-85M	9M
Change in Payables	36M	109M	21M	-24M	34M	-165M	206M	283M	77M	-26M
Cash from Investing+	-2.48B	-3.32B	-3.09B	-3.51B	-5.28B	-3.24B	-3.54B	-4.77B	-2.81B	-4.54B
Capital Expenditures	-2.29B	-3.06B	-2.94B	-3.75B	-5.43B	-3.62B	-3.61B	-4.94B	-3.28B	-4.63B
CapEx % of Revenue	0.15%	0.19%	0.17%	0.2%	0.26%	0.65%	1.89%	0.41%	0.15%	0.18%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	35M	30M	58M	428M	158M	127M	351M	-26M	474M	91M
Cash from Financing+	-942M	-2.59B	-2.45B	-1.46B	-655M	18.65B	6.95B	3.58B	-5.09B	-2.58B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-816M	-977M	-1.09B	-1.35B	-1.39B	-689M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-27M	-25M	-24M	-43M	-87M	-149M	51M	-147M	-195M	-243M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.25B	2.07B	2.38B	1.8B	46M	-9.92B	-7.72B	-6.61B	997M	1.3B
FCF Margin %	0.14%	0.13%	0.14%	0.1%	0%	-1.77%	-4.04%	-0.54%	0.05%	0.05%
FCF Growth %	1.66%	-0.08%	0.15%	-0.24%	-0.97%	-216.67%	0.22%	0.14%	1.15%	0.3%
FCF per Share	2.89	2.77	3.28	2.54	0.07	-12.80	-6.87	-5.60	0.79	0.93
FCF Conversion (FCF/Net Income)	2.59x	1.85x	2.04x	1.76x	1.83x	0.62x	0.43x	0.27x	-57.85x	3.09x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.31%	11.99%	11.13%	12.96%	12.01%	-44.58%	-58.11%	-63.44%	-1.06%	23.75%
Return on Invested Capital (ROIC)	6.01%	7.36%	6.54%	7.47%	7.01%	-17.55%	-13.77%	-8.56%	3.9%	7.32%
Gross Margin	39.88%	42.75%	40.03%	41.27%	38.01%	-47.39%	-143.97%	3.39%	33.7%	37.5%
Net Margin	11.18%	16.96%	14.88%	16.69%	14.36%	-182.98%	-497.96%	-50.07%	-0.34%	7.66%
Debt / Equity	0.37x	0.42x	0.38x	0.42x	0.45x	1.38x	2.85x	5.08x	4.63x	3.12x
Interest Coverage	11.86x	13.77x	14.19x	17.14x	15.90x	-9.91x	-4.43x	-2.72x	0.95x	2.04x
FCF Conversion	2.59x	1.85x	2.04x	1.76x	1.83x	0.62x	0.43x	0.27x	-57.85x	3.09x
Revenue Growth	-1.07%	4.3%	6.84%	7.82%	10.3%	-73.14%	-65.89%	537.79%	77.44%	15.88%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Cruise Passenger Ticket	-	-	-	13.93B	14.1B	3.68B	1B	7.02B	14.07B	16.46B
Cruise Passenger Ticket Growth	-	-	-	-	1.25%	-73.88%	-72.86%	602.20%	100.33%	17.03%
Cruise Onboard And Other	-	-	-	4.68B	6.33B	1.91B	908M	5.15B	7.53B	8.56B
Cruise Onboard And Other Growth	-	-	-	-	35.31%	-69.83%	-52.46%	466.85%	46.22%	13.71%
Cruise	177M	131M	195M	-	-	3.2B	-	-	-	-
Cruise Growth	-	-25.99%	48.85%	-	-	-	-	-	-	-
Tour And Other	381M	231M	399M	-	-	-	-	-	-	-
Tour And Other Growth	-	-39.37%	72.73%	-	-	-	-	-	-	-
Intersegment Eliminations	-266M	-146M	-	-	-	-	-	-	-	-
Intersegment Eliminations Growth	-	45.11%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America	8.02B	8.33B	9.2B	10.07B	11.5B	3.08B	1.07B	7.87B	13.11B	15.09B
North America Growth	-	3.89%	10.42%	9.47%	14.27%	-73.19%	-65.43%	637.90%	66.69%	15.08%
Europe	5.13B	5.25B	5.41B	5.96B	6.32B	1.64B	811M	3.92B	6.57B	7.57B
Europe Growth	-	2.36%	3.05%	10.03%	6.06%	-73.99%	-50.64%	383.11%	67.56%	15.35%
AUSTRALIA	-	-	-	-	-	-	18M	312M	1.18B	1.45B
AUSTRALIA Growth	-	-	-	-	-	-	-	1633.33%	278.53%	22.35%
All Other Geographic Areas	-	-	-	-	373M	180M	14M	72M	735M	915M
All Other Geographic Areas Growth	-	-	-	-	-	-51.74%	-92.22%	414.29%	920.83%	24.49%
Australia And Asia	2.26B	2.51B	2.6B	2.53B	2.63B	687M	-	-	-	-
Australia And Asia Growth	-	11.08%	3.91%	-2.84%	4.03%	-73.90%	-	-	-	-
Others	310M	302M	297M	327M	-	-	-	-	-	-
Others Growth	-	-2.58%	-1.66%	10.10%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Carnival Corporation & plc (CUK) has a price-to-earnings (P/E) ratio of 20.3x. This is roughly in line with market averages.

Growth & Financials

Carnival Corporation & plc (CUK) reported $26.23B in revenue for fiscal year 2024. This represents a 66% increase from $15.79B in 2011.

Carnival Corporation & plc (CUK) grew revenue by 15.9% over the past year. This is strong growth.

Yes, Carnival Corporation & plc (CUK) is profitable, generating $2.64B in net income for fiscal year 2024 (7.7% net margin).

Dividend & Returns

Carnival Corporation & plc (CUK) has a return on equity (ROE) of 23.8%. This is excellent, indicating efficient use of shareholder capital.

Carnival Corporation & plc (CUK) generated $2.91B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.