Carnival (CCL)
Consumer Discretionary · $31.8B market cap · SEC CIK 0000815097
fundamentals score out of 100
Next reports on Sep 28, 2026, before the open, with analysts expecting $1.37 in earnings per share.
The case for CCL
- Cheap on earnings at 10.4×, well under the market's usual 20×.
- Free cash flow of 8.2% of its market value a year: a lot of cash for the price.
- A PEG of 0.48: a P/E of 10.4× is low for EPS growing 22%.
- Has compounded revenue at 36.6% a year over five years.
- Return on equity of 24%.
- Pays a modest 1.3% dividend.
The case against
- Down 26.9% over the past year.
- Swings harder than the market (beta 2.52).
- Growth is slowing: revenue up 5.2% this year against 36.6% a year over five.
- Current liabilities exceed current assets (ratio 0.33).
- Near the bottom of its 52-week range, 35% below the high. Falling prices usually have a reason; find it first.
- Long-term debt of $24.0B against $1.9B of cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 88 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 80 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 55 |
| Momentumhow the price has behaved lately | 11 |
| Stabilityhow violently it moves, what it owes and what it pays you | 29 |
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 10.4× |
|---|---|
| Price / book | 2.63× |
| Price / sales | 1.2× |
| Revenue growth (YoY) | +5.2% |
| EPS growth (YoY) | +21.8% |
| Gross margin | 55% |
| Operating margin | 16% |
| Net margin | 11% |
| Return on equity | 24% |
| Debt / equity | 1.92× |
| Current ratio | 0.33 |
| Dividend yield | 1.30% |
| Beta | 2.52 |
| 52-week range | $21.81 – $34.03 |
| Position in that range | 4% of the way up |
| 3-month return | -27.7% |
| 1-year return | -26.9% |
Five years of financials, as filed
Pulled from Carnival's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $26.6B | $25.0B | $21.6B | $12.2B | $1.9B |
| Operating income | $4.5B | $3.6B | $2.0B | -$4.4B | -$7.1B |
| Net income | $2.8B | $1.9B | -$74.0M | -$6.1B | -$9.5B |
| Operating cash flow | $6.2B | $5.9B | $4.3B | -$1.7B | -$4.1B |
| Capital expenditure | $3.6B | $4.6B | $3.3B | $4.9B | $3.6B |
| Total assets | $51.7B | $49.1B | $49.1B | $51.7B | $53.3B |
| Shareholder equity | $12.3B | $9.3B | $6.9B | $7.1B | $12.1B |
| Cash | $1.9B | $1.2B | $2.4B | $4.0B | $8.9B |
| Long-term debt | $24.0B | $25.9B | $28.5B | $32.0B | $28.5B |
| Free cash flow | $2.6B | $1.3B | $997M | -$6.6B | -$7.7B |
| Operating margin | 16.8% | 14.3% | 9.1% | -36.0% | -371.5% |
| Net margin | 10.4% | 7.7% | -0.3% | -50.1% | -498.0% |
| Diluted shares | 1.4B | 1.4B | 1.3B | 1.2B | 1.1B |
Share count is up 24.8% over 4 years. Your slice has been diluted.
What Carnival says it does
C. "Our Global Cruise Business." In addition, we own, lease or have controlling interests in port destinations, exclusive islands, hotels, and lodges. Item 3. Legal Proceedings . The legal proceedings described in Note 6 - "Contingencies", are shown in Part II, Item 8. Financial Statements and Supplementary Data, in this Form 10-K. Additionally, SEC rules require disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we believe will exceed $1 million for such proceedings. On June 20, 2022, Princess Cruises notified the Australian Maritime Safety Authorization ("AMSA") and the flag state, Bermuda, regarding approximately six cubic meters of comminuted food waste (liquid biodigester effluent) inadvertently released by Coral Princess inside the Great Barrier Reef Marine Park. On May 31, 2023, we received a summons from the…
Risk factors CCL lists in its 10-K
- b. Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of our guests and crew and lead to reputational damage
- c. Adverse weather conditions or an increase in the frequency and/or severity of adverse weather conditions could have a material impact on our business and results of operations
- d. Our targets, goals, aspirations, initiatives, public statements and disclosures, including those related to sustainability matters, may expose us to risks that may adversely impact our business
- g. Increases in fuel costs, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs
- h. The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations
- i. We rely on suppliers who are integral to the operations of our businesses. These suppliers and service providers may be unable to deliver on their commitments, which could negatively impact our business
- j. Fluctuations in foreign currency exchange rates may adversely impact our financial results
- k. Our investments in port destinations and exclusive islands may expose us to additional risks
- l. Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options
- m. Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests
- Compliance and Regulatory Risk Factors
- b. Factors associated with sustainability and the impact of GHG and other emissions on the environment could have a material impact on our business and operating results