Tearsheet

Carnival (CCL)

Market Price (9/12/2025): $32.45 | Market Cap: $42.6 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Carnival (CCL)

Market Price (9/12/2025): $32.45
Market Cap: $42.6 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 6.6%	Trading close to highs Dist 52W High is -0.1%, Dist 3Y High is -0.1%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 5.4 Bil, FCF LTM is 2.8 Bil
3	Low stock price volatility Vol 12M is 47%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.9%, FCF Yield is 6.6%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 5.4 Bil, FCF LTM is 2.8 Bil
3	Low stock price volatility Vol 12M is 47%
4	Trading close to highs Dist 52W High is -0.1%, Dist 3Y High is -0.1%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62%

Market Valuation

	9/12/25	2024	2023	2022	2021
Share Price CYE	$32.45	$24.92	$18.54	$8.06	$20.12
Market Cap CYE ($ Bil)	42.6	32.3	23.4	10.1	22.8
Total Debt ($ Bil)	28.6	28.9	31.9	35.9	34.6
Total Cash ($ Bil)	2.1	1.2	2.4	4.0	9.1
Enterprise Value ($ Bil)	69.1	61.2	55.3	46.0	57.4
Valuation Ratios
P/S TTM	1.6	1.3	1.1	0.8	11.8
P/EBIT TTM	10.4	8.7	11.7	-2.1	-2.9
P/E TTM	16.9	16.6	-316.2	-1.6	-2.4
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.3
P/EBIT TTM (Sector)	7.3	6.9	7.0	5.5	7.4
P/E TTM (Sector)	9.7	8.1	8.9	7.3	9.2

	9/12/25	2024	2023
Share Price CYE	$32.45	$24.92	$18.54
Market Cap CYE ($ Bil)	42.6	32.3	23.4
Total Debt ($ Bil)	28.6	28.9	31.9
Total Cash ($ Bil)	2.1	1.2	2.4
Enterprise Value ($ Bil)	69.1	61.2	55.3
Valuation Ratios
P/S TTM	1.6	1.3	1.1
P/EBIT TTM	10.4	8.7	11.7
P/E TTM	16.9	16.6	-316.2
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.3	6.9	7.0
P/E TTM (Sector)	9.7	8.1	8.9

Stock Price
Market Cap

Stock Price Chart

Return (1Y):

Market Cap Chart

Business Description

Carnival 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. Show more

Price Returns Compared

Expand for Detailed View

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CCL Return	-57%	-7%	-60%	130%	34%	30%	-37%
Peers Return	-21%	6%	-30%	83%	34%	12%	61%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	101%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: RCL, NCLH, BKNG, ABNB, MAR. See CCL Returns vs. Peers.
[3] 2025 data is for the year up to 9/11/2025 (YTD)

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Carnival Earnings Notes
2	Time To Buy Carnival Stock?	Buy or Fear
3	How Does CCL Stack Up Against Its Peers?	Peer Comparison
4	Is Wall Street Undervaluing CCL Stock?	Actionable
5	RCL Looks Stronger Than CCL With 30% Return Potential	Peer Comparison
6	CCL Dip Buy Analysis
7	Carnival vs. Advanced Micro Devices: With Return Forecast Of 55%, Advanced Micro Devices Is A Better Bet	Peer Comparison
8	Carnival vs. McDonald's: With Return Forecast Of 37%, Carnival Is A Better Bet	Peer Comparison
9	Carnival vs. Adobe: With Return Forecast Of 37%-38%, Both Seem Like Good Bets	Peer Comparison
10	Carnival vs. NRG Energy: With Return Forecast Of 37%, Carnival Is A Better Bet	Peer Comparison
11	ARTICLES
12	Better Bet Than Tripadvisor Stock: Pay Less To Get More From CCL		September 5th, 2025
13	Better Bet Than Hyatt Hotels Stock: Pay Less To Get More From CCL		September 4th, 2025
14	With EXPE Up 19% in a Month, Is It Time to Compare It Against CCL?		September 2nd, 2025
15	Better Bet Than Expedia Stock: Pay Less To Get More From CCL		August 30th, 2025
16	CCL Jumps 11% In A Week, Time To Buy The Stock?		August 27th, 2025

	Title
0	DASHBOARDS
1	Better Bet Than Tripadvisor Stock: Pay Less To Get More From CCL
2	Better Bet Than Hyatt Hotels Stock: Pay Less To Get More From CCL
3	With EXPE Up 19% in a Month, Is It Time to Compare It Against CCL?
4	Better Bet Than Expedia Stock: Pay Less To Get More From CCL
5	CCL Jumps 11% In A Week, Time To Buy The Stock?
6	ARTICLES
7	Carnival Earnings Notes
8	Time To Buy Carnival Stock?
9	How Does CCL Stack Up Against Its Peers?
10	Is Wall Street Undervaluing CCL Stock?
11	RCL Looks Stronger Than CCL With 30% Return Potential
12	CCL Dip Buy Analysis
13	Carnival vs. Advanced Micro Devices: With Return Forecast Of 55%, Advanced Micro Devices Is A Better Bet
14	Carnival vs. McDonald's: With Return Forecast Of 37%, Carnival Is A Better Bet
15	Carnival vs. Adobe: With Return Forecast Of 37%-38%, Both Seem Like Good Bets
16	Carnival vs. NRG Energy: With Return Forecast Of 37%, Carnival Is A Better Bet

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	97.2%	-85.5%
2	VNCE	Vince	89.2%	-13.7%
3	OPEN	Opendoor Technologies	79.5%	557.5%
4	AIRE	ReAlpha Tech	75.7%	-57.4%
5	PFSA	Profusa	74.0%	-96.1%
6	WLDS	Wearable Devices	56.6%	-7.0%
7	AEI	Alset	56.3%	264.7%
8	MAZE	Maze Therapeutics	54.8%
9	NUAI	New Era Energy & Digital	47.9%
10	AMST	Amesite	44.4%	-18.5%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	OCTO	Eightco	-39.9%	562.1%
2	RBNE	Robin Energy	-37.8%
3	QMMM	QMMM	-31.0%	5800.8%
4	KIDZ	Classover	-30.5%
5	SNTG	Sentage	-29.3%	57.5%
6	ABLV	Able View Global	-26.2%	21.4%
7	ZENV	Zenvia	-25.5%	-42.9%
8	KXIN	Kaixin	-25.3%	-47.4%
9	ILAG	Intelligent Living Application	-22.1%	-26.2%
10	TOP	TOP Financial	-21.6%	-5.2%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	QMMM	QMMM	960.8%	5800.8%
2	OCTO	Eightco	900.0%	562.1%
3	WLDS	Wearable Devices	644.0%	-7.0%
4	CWD	CaliberCos	248.3%	-40.7%
5	AIRE	ReAlpha Tech	223.1%	-57.4%
6	PTNM	Pitanium	202.3%
7	EDHL	Everbright Digital	162.0%
8	NXTT	Next Technology	148.3%	-85.5%
9	FORD	Forward Industries	130.5%	596.6%
10	LUD	Luda Technology	105.1%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-86.2%
2	YYGH	YY	-75.6%	-78.1%
3	YAAS	Youxin Technology	-73.8%	-98.1%
4	LGCL	Lucas GC	-66.7%	-73.4%
5	IPDN	Professional Diversity Network	-60.8%	-37.0%
6	BINI	Bollinger Innovations	-57.3%	-100.0%
7	HWH	HWH International	-50.5%	-4.8%
8	CDT	CDT Equity	-49.6%	-99.4%
9	MRNO	Murano Global Investments	-42.9%	-68.3%
10	BRIA	BrilliA	-42.2%	-37.0%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	11011.1%	11011.1%
2	GIBO	GIBO	7349.5%
3	LNZA	LanzaTech Global	5509.6%	-85.7%
4	CHSN	Chanson International	3022.1%	-99.3%
5	QMMM	QMMM	2921.2%	5800.8%
6	VTAK	Catheter Precision	1345.1%	-70.8%
7	CURX	Curanex Pharmaceuticals	1242.6%	1242.6%
8	OCTO	Eightco	853.9%	562.1%
9	WLDS	Wearable Devices	533.6%	-7.0%
10	PTNM	Pitanium	455.6%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	BINI	Bollinger Innovations	-93.9%	-100.0%
2	CJET	Chijet Motor	-93.2%	-94.7%
3	ETS	Elite Express	-93.0%	-93.0%
4	ELPW	Elong Power	-91.6%	-75.7%
5	JEM	707 Cayman	-91.3%	-97.9%
6	STFS	Star Fashion Culture	-90.6%	-97.4%
7	CRE	Cre8 Enterprise	-90.3%	-90.5%
8	FLYE	Fly-E	-89.2%	-80.7%
9	NUTR	NusaTrip	-88.4%	-88.4%
10	CUPR	Cuprina	-85.2%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	97.2%	-85.5%
2	VNCE	Vince	89.2%	-13.7%
3	OPEN	Opendoor Technologies	79.5%	557.5%
4	AIRE	ReAlpha Tech	75.7%	-57.4%
5	PFSA	Profusa	74.0%	-96.1%
6	WLDS	Wearable Devices	56.6%	-7.0%
7	AEI	Alset	56.3%	264.7%
8	MAZE	Maze Therapeutics	54.8%
9	NUAI	New Era Energy & Digital	47.9%
10	AMST	Amesite	44.4%	-18.5%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	OCTO	Eightco	-39.9%	562.1%
2	RBNE	Robin Energy	-37.8%
3	QMMM	QMMM	-31.0%	5800.8%
4	KIDZ	Classover	-30.5%
5	SNTG	Sentage	-29.3%	57.5%
6	ABLV	Able View Global	-26.2%	21.4%
7	ZENV	Zenvia	-25.5%	-42.9%
8	KXIN	Kaixin	-25.3%	-47.4%
9	ILAG	Intelligent Living Application	-22.1%	-26.2%
10	TOP	TOP Financial	-21.6%	-5.2%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	QMMM	QMMM	960.8%	5800.8%
2	OCTO	Eightco	900.0%	562.1%
3	WLDS	Wearable Devices	644.0%	-7.0%
4	CWD	CaliberCos	248.3%	-40.7%
5	AIRE	ReAlpha Tech	223.1%	-57.4%
6	PTNM	Pitanium	202.3%
7	EDHL	Everbright Digital	162.0%
8	NXTT	Next Technology	148.3%	-85.5%
9	FORD	Forward Industries	130.5%	596.6%
10	LUD	Luda Technology	105.1%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-86.2%
2	YYGH	YY	-75.6%	-78.1%
3	YAAS	Youxin Technology	-73.8%	-98.1%
4	LGCL	Lucas GC	-66.7%	-73.4%
5	IPDN	Professional Diversity Network	-60.8%	-37.0%
6	BINI	Bollinger Innovations	-57.3%	-100.0%
7	HWH	HWH International	-50.5%	-4.8%
8	CDT	CDT Equity	-49.6%	-99.4%
9	MRNO	Murano Global Investments	-42.9%	-68.3%
10	BRIA	BrilliA	-42.2%	-37.0%

Peer Comparisons for Carnival

Financials

	CCL	RCL	NCLH	BKNG	ABNB	MAR	Median
Name	Carnival	Royal Ca.	Norwegia.	Booking	Airbnb	Marriott.
Mkt Price	32.47	350.23	26.94	5,498.00	123.05	267.94	195.50
Mkt Cap	42.6	95.3	12.0	178.7	75.7	73.5	74.6
Rev LTM	25,972	17,184	9,561	25,025	11,580	25,691	21,104
Op Inc LTM	4,215	4,537	1,531	8,220	2,605	3,950	4,082
FCF LTM	2,806	3,587	-504	9,240	4,308	1,682	3,196
FCF 3Y Avg	658	1,608	-503	7,731	4,183	2,273	1,941
CFO LTM	5,433	5,737	1,966	9,578	4,308	2,488	4,870
CFO 3Y Avg	4,353	4,549	1,923	8,109	4,198	2,841	4,276

Growth & Margins

	CCL	RCL	NCLH	BKNG	ABNB	MAR	Median
Name	Carnival	Royal Ca.	Norwegia.	Booking	Airbnb	Marriott.
Rev Chg LTM	10.8%	12.1%	5.2%	11.7%	10.2%	5.1%	10.5%
Rev Chg 3Y Avg	81.1%	65.4%	79.0%	19.9%	16.3%	13.2%	42.6%
Rev Chg Q	9.5%	10.4%	6.1%	16.0%	12.7%	4.7%	9.9%
QoQ Delta Rev Chg LTM	2.2%	2.6%	1.5%	3.9%	3.1%	1.2%	2.4%
Op Mgn LTM	16.2%	26.4%	16.0%	32.8%	22.5%	15.4%	19.4%
Op Mgn 3Y Avg	6.7%	20.6%	8.9%	30.8%	19.7%	16.4%	18.1%
QoQ Delta Op Mgn LTM	1.1%	0.7%	0.6%	0.4%	0.3%	-0.0%	0.5%
CFO/Rev LTM	20.9%	33.4%	20.6%	38.3%	37.2%	9.7%	27.2%
CFO/Rev 3Y Avg	18.3%	30.3%	22.6%	36.3%	40.6%	11.7%	26.5%
FCF/Rev LTM	10.8%	20.9%	-5.3%	36.9%	37.2%	6.5%	15.8%
FCF/Rev 3Y Avg	1.2%	10.7%	-6.0%	34.6%	40.5%	9.4%	10.1%

Valuation

	CCL	RCL	NCLH	BKNG	ABNB	MAR	Median
Name	Carnival	Royal Ca.	Norwegia.	Booking	Airbnb	Marriott.
Mkt Cap	42.6	95.3	12.0	178.7	75.7	73.5	74.6
P/S	1.6	5.5	1.3	7.1	6.5	2.9	4.2
P/EBIT	10.4	19.2	8.7	22.9	29.1	18.6	18.9
P/E	16.9	26.4	16.7	37.1	28.8	29.8	27.6
P/CFO	7.8	16.6	6.1	18.7	17.6	29.5	17.1
Total Yield	5.9%	4.1%	6.0%	3.4%	3.5%	4.3%	4.2%
Dividend Yield	0.0%	0.4%	0.0%	0.7%	0.0%	1.0%	0.2%
FCF Yield 3Y Avg	1.4%	3.2%	-5.7%	5.7%	4.9%	3.5%	3.4%
D/E	0.7	0.2	1.1	0.1	0.0	0.2	0.2
Net D/E	0.6	0.2	1.1	0.0	-0.1	0.2	0.2

Returns

	CCL	RCL	NCLH	BKNG	ABNB	MAR	Median
Name	Carnival	Royal Ca.	Norwegia.	Booking	Airbnb	Marriott.
1M Rtn	9.5%	11.9%	11.1%	0.8%	1.2%	1.4%	5.5%
3M Rtn	37.8%	31.8%	43.9%	0.8%	-11.4%	2.0%	16.9%
6M Rtn	69.8%	68.9%	45.4%	28.4%	3.1%	13.5%	36.9%
12M Rtn	96.3%	118.4%	44.1%	44.7%	6.1%	19.0%	44.4%
3Y Rtn	206.3%	637.1%	82.0%	177.0%	-1.4%	68.6%	129.5%
1M Excs Rtn	7.3%	9.7%	8.9%	-1.4%	-1.0%	-0.8%	3.3%
3M Excs Rtn	26.6%	21.3%	31.8%	-8.6%	-20.3%	-8.4%	6.4%
6M Excs Rtn	48.9%	51.7%	24.1%	7.7%	-20.4%	-7.2%	15.9%
12M Excs Rtn	82.2%	100.5%	33.5%	25.2%	-14.7%	-2.1%	29.4%
3Y Excs Rtn	175.4%	677.9%	33.7%	138.8%	-60.3%	12.7%	86.2%

Comparison Analyses

	Title
0	How Does CCL Stack Up Against Its Peers?
1	RCL Looks Stronger Than CCL With 30% Return Potential
2	Carnival vs. Advanced Micro Devices: With Return Forecast Of 55%, Advanced Micro Devices Is A Better Bet
3	Carnival vs. McDonald's: With Return Forecast Of 37%, Carnival Is A Better Bet
4	Carnival vs. Adobe: With Return Forecast Of 37%-38%, Both Seem Like Good Bets
5	Carnival vs. NRG Energy: With Return Forecast Of 37%, Carnival Is A Better Bet
6	Carnival vs. eBay: With Return Forecast Of 37%, Carnival Is A Better Bet
7	Carnival vs. Targa Resources: With Return Forecast Of 37%, Carnival Is A Better Bet
8	Carnival vs. Norwegian Cruise Line: With Return Forecast Of 38%, Carnival Is A Better Bet
9	Carnival vs. Carnival: With Return Forecast Of 40%-40%, Both Seem Like Good Bets

Financials

Annual
Quarterly

$ Mil \| FY: 11/30	LTM	2024	2023	2022	2021	2020	2019
Period End		11/30/2024	11/30/2023	11/30/2022	11/30/2021	11/30/2020	11/30/2019
Filing Date		1/27/2025	1/26/2024	1/27/2023	1/27/2022	1/26/2021	1/28/2020
Key Financials
Total Revenue	25,972	25,021	21,593	12,169	1,908	5,594	20,825
Ebitda	6,751	6,227	4,374	-2,196	-5,688	-7,117	5,426
Operating Income	4,215	3,574	1,956	-4,378	-6,865	-6,770	3,276
Net Income	2,525	1,916	-74	-6,093	-9,501	-10,236	2,990
EPS	1.97	1.50	-0.06	-5.16	-8.46	-13.20	4.34
Growth Rates
Total Revenue Growth	10.8%	15.9%	77.4%	537.8%	-65.9%	-73.1%	10.3%
EBITDA Growth	28.5%	42.4%	299.2%	61.4%	20.1%	-231.2%	0.1%
Operating Income Growth	48.3%	82.7%	144.7%	36.2%	-1.4%	-306.7%	-1.4%
Net Income Growth	179.3%	2689.2%	98.8%	35.9%	7.2%	-442.3%	-5.1%
Margins
EBITDA Margin	26.0%	24.9%	20.3%	-18.0%	-298.1%	-127.2%	26.1%
Operating Income Margin	16.2%	14.3%	9.1%	-36.0%	-359.8%	-121.0%	15.7%
Net Income Margin	9.7%	7.7%	-0.3%	-50.1%	-498.0%	-183.0%	14.4%
Cash & Debt
Total Cash	2,146	1,210	2,415	4,029	9,139	9,513	518
Total Debt	28,648	28,876	31,891	35,881	34,607	28,380	11,502
Net Debt / (Cash)	26,502	27,666	29,476	31,852	25,468	18,867	10,984
Cash Flows
Net Cash from Operations	5,433	5,923	4,281	-1,670	-4,109	-6,301	5,475
Free Cash from Operations	2,806	1,297	997	-6,610	-7,716	-9,921	46
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	689	1,387
Share Repurchases	-0	-0	-0	-0	-0	12	603

$ Mil \| FY: 11/30	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	5/31/2025	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023	2/28/2023	11/30/2022	8/31/2022
Filing Date	6/26/2025	3/25/2025	1/27/2025	9/30/2024	6/27/2024	3/27/2024	1/26/2024	9/29/2023	6/28/2023	3/29/2023	1/27/2023	9/30/2022
Key Financials Quarterly
Total Revenue	6,328	5,810	5,938	7,896	5,781	5,407	5,396	6,854	4,911	4,433	3,839	4,306
Ebitda	1,615	960	1,351	2,825	1,180	870	1,023	2,179	737	435	-586	244
Operating Income	934	542	560	2,179	560	276	383	1,624	121	-172	-1,135	-279
Net Income	565	-78	303	1,735	92	-214	-48	1,074	-407	-693	-1,598	-770
EPS	0.43	-0.06	0.23	1.37	0.07	-0.17	-0.04	0.85	-0.32	-0.55	-1.27	-0.65
Key Financials TTM
Total Revenue TTM	25,972	25,425	25,022	24,480	23,438	22,568	21,594	20,037	17,489	14,979	12,169	9,617
Ebitda TTM	6,751	6,316	6,226	5,898	5,252	4,809	4,374	2,765	830	-796	-2,197	-3,335
Operating Income TTM	4,215	3,841	3,575	3,398	2,843	2,404	1,956	438	-1,465	-3,059	-4,378	-4,911
Net Income TTM	2,525	2,052	1,916	1,565	904	405	-74	-1,624	-3,468	-4,895	-6,093	-7,115
Growth Rates Quarterly
Total Revenue Growth	9.5%	7.5%	10.0%	15.2%	17.7%	22.0%	40.6%	59.2%	104.5%	173.1%	198.3%	688.6%
EBITDA Growth	36.9%	10.3%	32.1%	29.6%	60.1%	100.0%	274.6%	793.0%	182.9%	145.0%	66.0%	113.0%
Operating Income Growth	66.8%	96.4%	46.2%	34.2%	362.8%	260.5%	133.7%	682.1%	108.2%	88.5%	32.0%	86.4%
Net Income Growth	514.1%	63.6%	731.2%	61.5%	122.6%	69.1%	97.0%	239.5%	77.8%	63.4%	39.0%	72.8%
Margins Quarterly
EBITDA Margin	25.5%	16.5%	22.8%	35.8%	20.4%	16.1%	19.0%	31.8%	15.0%	9.8%	-15.3%	5.7%
Operating Income Margin	14.8%	9.3%	9.4%	27.6%	9.7%	5.1%	7.1%	23.7%	2.5%	-3.9%	-29.6%	-6.5%
Net Income Margin	8.9%	-1.3%	5.1%	22.0%	1.6%	-4.0%	-0.9%	15.7%	-8.3%	-15.6%	-41.6%	-17.9%
Cash & Debt
Total Cash	2,146	833	1,210	1,522	1,646	2,242	2,415	2,842	4,468	5,455	4,029	7,071
Total Debt	28,648	28,391	28,876	30,273	30,653	32,015	31,891	32,629	35,079	36,440	35,881	35,285
Net Debt / (Cash)	26,502	27,558	27,666	28,751	29,007	29,773	29,476	29,787	30,611	30,985	31,852	28,214
Cash Flows Quarterly
FCF from Operations	2,392	925	911	1,205	2,039	1,768	922	1,834	1,137	388	-117	-344
Cash Flows TTM
FCF from Operations TTM	5,433	5,080	5,923	5,934	6,563	5,661	4,281	3,242	1,064	-70	-1,670	-1,921
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	13.7%	7.9%	8.1%	30.2%	7.3%	3.7%	5.2%	21.8%	1.6%	-2.2%	-14.2%	-4.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	15.8%	13.9%	12.9%	11.6%	9.7%	8.0%	6.6%	1.5%	-4.8%	-9.9%	-13.7%	-17.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
North America	14,588	8,281	1,108	3,627	13,612
Europe	6,535	3,531	712	1,790	6,650
Tour and Other	265	185	46	110	390
Cruise Support	206	171	42	68	173
Total	21,594	12,168	1,908	5,595	20,825

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
North America	1,752	-2,170	-3,928	-5,794	2,451
Europe	593	-1,830	-2,617	-2,729	1,115
Tour and Other	11	-64	-67	-29	56
Cruise Support	-399	-315	-477	-313	-347
Total	1,957	-4,379	-7,089	-8,865	3,275

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
North America	28,547	27,413	25,606	25,257	27,102
Europe	16,524	15,317	16,088	16,505	15,473
Cruise Support	3,667	8,461	11,014	11,135	1,861
Tour and Other	382	512	637	696	623
Total	49,120	51,703	53,345	53,593	45,059

Price Behavior

Behavior Stats
Betas Matrix

Price Behavior

Market Price	$32.47
Market Cap ($ Bil)	42.6
First Trading Date	01/05/1989
Distance from 52W High	-0.1%
	50 Days	200 Days
DMA Price	$30.08	$24.88
DMA Trend	up	up
Distance from DMA	7.9%	30.5%
	3M	1YR
Volatility	36.8%	47.1%
Downside Capture	189.97	158.14
Upside Capture	275.49	197.77
Correlation (SPY)	71.7%	74.0%

CCL Betas & Captures as of 8/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.18	2.28	2.68	1.86	1.77	1.85
Up Beta	2.75	2.94	3.50	1.79	1.81	1.75
Down Beta	1.56	1.67	2.54	1.85	1.72	1.75
Up Capture	240%	232%	314%	302%	367%	2163%
Bmk +ve Days	10	22	35	71	142	415
Stock +ve Days	10	20	34	66	131	386
Down Capture	181%	190%	180%	153%	128%	108%
Bmk -ve Days	11	19	27	54	106	334
Stock -ve Days	11	21	28	58	113	357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	8292025
Short Interest: Shares Quantity	53,024,832
Short Interest: % Change Since 8152025	-4.4%
Average Daily Volume	16,487,434
Days-to-Cover Short Interest	3.22
Basic Shares Quantity	1,312,000,000
Short % of Basic Shares	4.0%

Returns Analyses

	Title
0	Carnival (CCL) Stock Has 26% Chance Of Rise In The Next One Month
1	Carnival Stock Return Comparison
2	Carnival Total Shareholder Return (TSR): -43.6% in 2022 and -38.7% 3-yr returns (below peer average)

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
6/24/2025	6.9%	17.0%	23.9%
3/21/2025	-1.2%	-2.0%	-18.7%
12/20/2024	6.4%	-0.4%	1.7%
9/30/2024	-0.3%	-2.8%	18.2%
6/25/2024	8.7%	8.1%	11.0%
3/27/2024	0.9%	-9.9%	-10.9%
12/21/2023	6.2%	3.3%	-10.1%
9/29/2023	-5.0%	-7.9%	-22.9%
...
SUMMARY STATS
# Positive	13	10	10
# Negative	10	13	13
Median Positive	6.2%	9.1%	13.5%
Median Negative	-3.6%	-7.9%	-9.7%
Max Positive	12.4%	19.2%	32.3%
Max Negative	-23.3%	-23.8%	-22.9%

	Forward Returns
6/24/2025	6.9%	17.0%	23.9%
3/21/2025	-1.2%	-2.0%	-18.7%
12/20/2024	6.4%	-0.4%	1.7%
9/30/2024	-0.3%	-2.8%	18.2%
6/25/2024	8.7%	8.1%	11.0%
3/27/2024	0.9%	-9.9%	-10.9%
12/21/2023	6.2%	3.3%	-10.1%
9/29/2023	-5.0%	-7.9%	-22.9%
6/26/2023	-7.6%	19.2%	10.4%
3/27/2023	-4.8%	10.0%	-2.9%
12/21/2022	4.7%	-5.3%	32.3%
9/30/2022	-23.3%	-23.8%	-2.4%
6/24/2022	12.4%	-10.4%	-4.9%
3/22/2022	-0.1%	2.4%	3.5%
12/20/2021	3.4%	14.6%	16.1%
9/24/2021	3.0%	1.3%	-9.7%
6/24/2021	-2.5%	-6.4%	-22.0%
4/7/2021	1.4%	-2.7%	-7.3%
10/8/2020	-2.4%	-12.6%	-11.3%
7/10/2020	10.8%	8.2%	-2.5%
3/31/2020	2.9%	-20.2%	30.4%
12/20/2019	7.6%	10.0%	6.9%
9/26/2019	-8.6%	-13.8%	-8.7%
SUMMARY STATS
# Positive	13	10	10
# Negative	10	13	13
Median Positive	6.2%	9.1%	13.5%
Median Negative	-3.6%	-7.9%	-9.7%
Max Positive	12.4%	19.2%	32.3%
Max Negative	-23.3%	-23.8%	-22.9%

SEC Filings

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Report Date	Filing
5312025	10-Q 5/31/2025
2282025	10-Q 2/28/2025
11302024	10-K 11/30/2024
8312024	10-Q 8/31/2024
5312024	10-Q 5/31/2024
2292024	10-Q 2/29/2024
11302023	10-K 11/30/2023
8312023	10-Q 8/31/2023
5312023	10-Q 5/31/2023
2282023	10-Q 2/28/2023
11302022	10-K 11/30/2022
8312022	10-Q 8/31/2022
5312022	10-Q 5/31/2022
2282022	10-Q 2/28/2022
11302021	10-K 11/30/2021
8312021	10-Q 8/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	BAND SIR JONATHON		8052025	Sell	29.75	12,500	371,912	1,916,269	Form
1	Bernstein David	CFO & CAO	5162025	Sell	22.84	105,010	2,398,533	3,198,951	Form
2	BAND SIR JONATHON		10312024	Sell	21.72	17,500	380,100	1,428,935	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Carnival (CCL)

Market Price (9/12/2025): $32.45 | Market Cap: $42.6 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Carnival (CCL)

Market Price (9/12/2025): $32.45Market Cap: $42.6 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines

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Market Price (9/12/2025): $32.45 | Market Cap: $42.6 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Market Price (9/12/2025): $32.45
Market Cap: $42.6 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines