Carnival Corporation & plc (CCL) Key Metrics
CCL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $34.83B
- Enterprise value
- $53.79B
- P/E (TTM)
- 11.4 10-yr median 13.7
- Forward P/E
- 8.4
- PEG ratio
- 0.76
- Price / sales
- 1.3 10-yr median 1.9
- Price / book
- 2.3 10-yr median 1.7
- EV / EBITDA
- 7.5 10-yr median 9.9
- Dividend yield
- 1.74% $0.45 a year
- Beta
- 2.38
CCL key metrics, FY2016–FY2025
Fiscal year ended November 30, 2025 · U.S. dollarsCCL valuation Price multiples at each fiscal year-end price.
P/E ratio−29.4%
13.1
FY2025 · hover or tap a bar for each year
FY2016FY2025
Price / sales−4.4%
1.4
FY2025 · hover or tap a bar for each year
FY2016FY2025
Price / book−23.4%
2.9
FY2025 · hover or tap a bar for each year
FY2016FY2025
EV / EBITDA−11.3%
9.0
FY2025 · hover or tap a bar for each year
FY2016FY2025
Price / free cash flow−49.4%
13.9
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow yield+3.6 pts
7.2%
FY2025 · hover or tap a bar for each year
FY2016FY2025
CCL returns How much profit the business earns on the capital it uses.
Return on equity+1.9 pts
25.6%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Return on invested capital+2.1 pts
11.9%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Return on assets+1.6 pts
5.5%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow margin+4.6 pts
9.8%
FY2025 · hover or tap a bar for each year
FY2016FY2025
Cash conversion (OCF / net income)−27.1%
2.25
FY2025 · hover or tap a bar for each year
FY2016FY2025
Asset turnover+3.7%
0.53
FY2025 · hover or tap a bar for each year
FY2016FY2025
CCL per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+6.1%
$18.99
FY2025 · hover or tap a bar for each year
FY2016FY2025
Earnings per share+43.6%
$1.97
FY2025 · hover or tap a bar for each year
FY2016FY2025
Free cash flow per share+100.4%
$1.86
FY2025 · hover or tap a bar for each year
FY2016FY2025
Book value per share+32.4%
$8.76
FY2025 · hover or tap a bar for each year
FY2016FY2025
Shares outstanding+0.3%
1.40B
FY2025 · hover or tap a bar for each year
FY2016FY2025
CCL financial health Debt, liquidity and how easily interest is covered.
Debt / equity−27.0%
2.28
FY2025 · hover or tap a bar for each year
FY2016FY2025
Net debt−$1.6B
$26.07B
FY2025 · hover or tap a bar for each year
FY2016FY2025
Net debt / EBITDA−0.67
3.77
FY2025 · hover or tap a bar for each year
FY2016FY2025
Current ratio+10.8%
0.32
FY2025 · hover or tap a bar for each year
FY2016FY2025
Interest coverage+63.2%
3.3
FY2025 · hover or tap a bar for each year
FY2016FY2025
Debt / assets−8.0%
0.54
FY2025 · hover or tap a bar for each year
FY2016FY2025
CCL efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding0 days
9 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Days of inventory−2 days
10 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Days payables outstanding−4 days
23 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Cash conversion cycle+2 days
-5 days
FY2025 · hover or tap a bar for each year
FY2016FY2025
Capex / revenue−4.9 pts
13.6%
FY2025 · hover or tap a bar for each year
FY2016FY2025
CCL valuation history
Fiscal year-endToday10-year median
CCL returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CCL debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CCL cash returned to shareholders
DividendsBuybacksFree cash flow
CCL price vs earnings per share
Share price at year-endEPS (right axis)
CCL key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $36.14B | $35.55B | $19.01B | $11.72B | $19.79B | $15.48B | $31.20B | $42.81B | $47.59B | $38.40B |
| Enterprise value | $62.21B | $63.22B | $48.48B | $43.57B | $45.26B | $34.35B | $42.18B | $52.15B | $56.39B | $47.20B |
| P/E ratio | 13.1 | 18.6 | — | — | — | — | 10.4 | 13.6 | 18.3 | 13.8 |
| Price / sales | 1.4 | 1.4 | 0.9 | 1.0 | 10.4 | 2.8 | 1.5 | 2.3 | 2.7 | 2.3 |
| Price / book | 2.9 | 3.8 | 2.8 | 1.7 | 1.6 | 0.8 | 1.2 | 1.8 | 2.0 | 1.7 |
| Price / free cash flow | 13.9 | 27.4 | 19.1 | — | — | — | 678.2 | 23.8 | 20.0 | 18.5 |
| Price / operating cash flow | 5.8 | 6.0 | 4.4 | — | — | — | 5.7 | 7.7 | 8.9 | 7.5 |
| EV / sales | 2.3 | 2.5 | 2.2 | 3.6 | 23.7 | 6.1 | 2.0 | 2.8 | 3.2 | 2.9 |
| EV / EBITDA | 9.0 | 10.2 | 11.1 | — | — | — | 7.8 | 9.6 | 12.0 | 9.9 |
| EV / free cash flow | 23.9 | 48.7 | 48.6 | — | — | — | 916.9 | 29.0 | 23.7 | 22.8 |
| Earnings yield | 7.6% | 5.4% | −0.4% | −52.0% | −48.0% | −66.1% | 9.6% | 7.4% | 5.5% | 7.2% |
| Free cash flow yield | 7.2% | 3.6% | 5.2% | −56.4% | −39.0% | −64.1% | 0.1% | 4.2% | 5.0% | 5.4% |
| Dividend yield | — | — | 0.1% | 0.7% | 62.8% | 4.4% | 4.4% | 3.2% | 2.3% | 2.5% |
| Shareholder yield (dividends + buybacks) | — | 0.0% | 0.2% | 1.5% | 63.7% | 4.5% | 6.4% | 6.6% | 3.4% | 8.6% |
| Share price at fiscal year-end | $25.78 | $25.43 | $15.06 | $9.93 | $17.62 | $19.98 | $45.08 | $60.29 | $65.64 | $51.41 |
| Per share | ||||||||||
| Revenue per share | $18.99 | $17.90 | $17.11 | $10.31 | $1.70 | $7.22 | $30.09 | $26.59 | $24.15 | $21.94 |
| Earnings per share | $1.97 | $1.37 | −$0.06 | −$5.16 | −$8.46 | −$13.21 | $4.32 | $4.44 | $3.59 | $3.72 |
| Operating cash flow per share | $4.44 | $4.24 | $3.39 | −$1.42 | −$3.66 | −$8.13 | $7.91 | $7.82 | $7.34 | $6.87 |
| Free cash flow per share | $1.86 | $0.93 | $0.79 | −$5.60 | −$6.87 | −$12.80 | $0.07 | $2.54 | $3.28 | $2.77 |
| Cash per share | $1.38 | $0.87 | $1.91 | $3.41 | $8.14 | $12.27 | $0.75 | $1.38 | $0.54 | $0.81 |
| Book value per share | $8.76 | $6.62 | $5.45 | $5.99 | $10.81 | $26.52 | $36.65 | $34.43 | $33.40 | $30.25 |
| Tangible book value per share | $7.51 | $5.37 | $4.07 | $4.52 | $9.25 | $23.95 | $30.75 | $28.65 | $27.65 | $24.65 |
| Dividends per share | — | — | $0.02 | $0.07 | $11.06 | $0.89 | $2.00 | $1.91 | $1.50 | $1.31 |
| Capex per share | $2.58 | $3.31 | $2.60 | $4.19 | $3.21 | $4.67 | $7.85 | $5.28 | $4.06 | $4.10 |
| Debt per share | $19.97 | $20.66 | $25.27 | $30.41 | $30.82 | $36.62 | $16.62 | $14.54 | $12.68 | $12.58 |
| Shares outstanding | 1.40B | 1.40B | 1.26B | 1.18B | 1.12B | 775.0M | 692.0M | 710.0M | 725.0M | 747.0M |
| Change in shares outstanding | +0.3% | +10.8% | +6.9% | +5.1% | +44.9% | +12.0% | −2.5% | −2.1% | −2.9% | −4.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 25.6% | 23.8% | −1.1% | −63.4% | −58.1% | −44.6% | 12.0% | 13.0% | 11.1% | 12.0% |
| Return on invested capital (ROIC) | 11.9% | 9.8% | 4.1% | −9.0% | −14.5% | −18.5% | 9.1% | 9.8% | 8.5% | 9.6% |
| Return on assets (ROA) | 5.5% | 3.9% | −0.1% | −11.6% | −17.8% | −20.8% | 6.8% | 7.6% | 6.5% | 7.1% |
| Return on tangible assets | 5.5% | 4.0% | −0.2% | −12.2% | −18.4% | −19.8% | 7.3% | 8.2% | 7.1% | 8.0% |
| Free cash flow margin | 9.8% | 5.2% | 4.6% | −54.3% | −404.4% | −177.4% | 0.2% | 9.5% | 13.6% | 12.6% |
| Income quality (OCF / net income) | 2.25 | 3.09 | — | — | — | — | 1.83 | 1.76 | 2.04 | 1.85 |
| Financial health | ||||||||||
| Total debt | $27.99B | $28.88B | $31.89B | $35.88B | $34.61B | $28.38B | $11.50B | $10.32B | $9.20B | $9.40B |
| Cash & short-term investments | $1.93B | $1.21B | $2.42B | $4.03B | $9.14B | $9.51B | $518.0M | $982.0M | $395.0M | $603.0M |
| Net debt | $26.07B | $27.67B | $29.48B | $31.85B | $25.47B | $18.87B | $10.98B | $9.34B | $8.80B | $8.80B |
| Debt / equity | 2.28 | 3.12 | 4.63 | 5.08 | 2.85 | 1.38 | 0.45 | 0.42 | 0.38 | 0.42 |
| Debt / assets | 0.54 | 0.59 | 0.65 | 0.69 | 0.65 | 0.53 | 0.26 | 0.24 | 0.23 | 0.24 |
| Net debt / EBITDA | 3.77 | 4.44 | 6.74 | — | — | — | 2.02 | 1.72 | 1.87 | 1.84 |
| Current ratio | 0.32 | 0.29 | 0.46 | 0.71 | 0.97 | 1.22 | 0.23 | 0.24 | 0.18 | 0.24 |
| Quick ratio | 0.28 | 0.25 | 0.41 | 0.67 | 0.94 | 1.18 | 0.18 | 0.19 | 0.14 | 0.19 |
| Interest coverage | 3.3 | 2.0 | 0.9 | -2.7 | -4.4 | -9.9 | 15.9 | 17.1 | 14.2 | 13.8 |
| Working capital | −$8.87B | −$8.24B | −$6.21B | −$3.11B | −$275.0M | $1.88B | −$7.07B | −$6.98B | −$7.20B | −$5.38B |
| Invested capital | $38.35B | $36.92B | $36.36B | $38.92B | $37.61B | $39.42B | $36.35B | $33.78B | $33.02B | $31.39B |
| Tangible asset value | $10.53B | $7.51B | $5.13B | $5.33B | $10.38B | $18.56B | $21.28B | $20.34B | $20.05B | $18.41B |
| Net current asset value | −$35.19B | −$36.43B | −$36.97B | −$37.15B | −$31.07B | −$22.48B | −$17.63B | −$15.73B | −$14.97B | −$14.65B |
| Graham number | $19.70 | $14.29 | — | — | — | — | $59.70 | $58.64 | $51.97 | $50.32 |
| Graham net-net per share | −$26.19 | −$27.11 | −$31.02 | −$33.98 | −$28.23 | −$29.87 | −$26.92 | −$23.21 | −$21.71 | −$20.55 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $20.0M | $87.0M | $12.42B | $689.0M | $1.39B | $1.35B | $1.09B | $977.0M |
| Share buybacks (net) | — | $0 | $20.0M | $87.0M | $188.0M | $12.0M | $603.0M | $1.47B | $552.0M | $2.34B |
| Dividend payout ratio | — | — | — | — | — | — | 46.4% | 43.0% | 41.7% | 35.2% |
| Dividends + buybacks / free cash flow | — | 0.0% | 4.0% | — | — | — | — | 156.8% | 68.9% | 160.1% |
| Capex / revenue | 13.6% | 18.5% | 15.2% | 40.6% | 189.0% | 64.7% | 26.1% | 19.9% | 16.8% | 18.7% |
| Capex / operating cash flow | 58.1% | 78.1% | 76.7% | — | — | — | 99.2% | 67.6% | 55.3% | 59.6% |
| Capex / depreciation | 1.29 | 1.81 | 1.39 | 2.17 | 1.62 | 1.62 | 2.51 | 1.86 | 1.59 | 1.76 |
| Stock-based compensation / revenue | 0.4% | 0.2% | 0.2% | 0.8% | 6.3% | 1.9% | 0.2% | 0.3% | 0.4% | 0.3% |
| SG&A / revenue | 12.8% | 13.0% | 13.7% | 20.7% | 197.6% | 67.1% | 11.9% | 13.0% | 12.9% | 13.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 8.7 | 8.4 | 8.0 | 9.6 | 49.6 | 23.4 | 7.0 | 6.5 | 6.4 | 6.7 |
| Days of inventory on hand | 9.9 | 12.1 | 12.2 | 12.2 | 27.1 | 16.9 | 12.4 | 13.8 | 12.3 | 12.7 |
| Days payables outstanding | 23.2 | 26.9 | 28.3 | 28.7 | 55.7 | 30.5 | 21.0 | 24.6 | 25.6 | 26.1 |
| Cash conversion cycle (days) | -4.6 | -6.4 | -8.0 | -6.9 | 21.0 | 9.7 | -1.6 | -4.3 | -7.0 | -6.7 |
| Receivables turnover | 41.99 | 43.67 | 45.41 | 37.97 | 7.35 | 15.60 | 51.93 | 56.36 | 57.41 | 54.54 |
| Payables turnover | 15.76 | 13.59 | 12.91 | 12.73 | 6.55 | 11.95 | 17.37 | 14.86 | 14.24 | 14.00 |
| Inventory turnover | 37.03 | 30.22 | 29.95 | 29.99 | 13.47 | 21.64 | 29.44 | 26.50 | 29.62 | 28.78 |
| Asset turnover | 0.53 | 0.51 | 0.43 | 0.23 | 0.04 | 0.11 | 0.48 | 0.45 | 0.44 | 0.42 |
| Average receivables | $634.0M | $573.0M | $475.5M | $320.5M | $259.5M | $358.5M | $401.0M | $335.0M | $305.0M | $300.5M |
| Average payables | $1.19B | $1.15B | $1.11B | $923.5M | $710.5M | $690.0M | $743.0M | $746.0M | $737.5M | $670.0M |
| Average inventory | $506.0M | $517.5M | $478.0M | $392.0M | $345.5M | $381.0M | $438.5M | $418.5M | $354.5M | $326.0M |
| Intangibles / total assets | 3.4% | 3.6% | 3.6% | 3.4% | 3.3% | 3.7% | 9.1% | 9.7% | 10.2% | 10.7% |
Computed from CCL's annual financial statements (latest annual report filed January 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CCL valuation and financial ratios
At the end of fiscal 2025 (November 30, 2025), Carnival traded at 13.1 times earnings, against a 10-year median of 13.7. Based on the latest twelve months, the trailing P/E is 11.4 and the forward P/E is 8.4. Carnival earned a return on equity of 25.6% and a return on invested capital of 11.9% in fiscal 2025. It ended the year with $28.0 billion of debt and $1.9 billion in cash and short-term investments, net debt of $26.1 billion. The share count rose 87.7% from 747.0M to 1.40B over 9 years.
See the CCL income statement, the CCL chart for price history, or the CCL stock overview for the latest quote and news.
CCL key metrics FAQ
What is Carnival's P/E ratio?
Carnival's trailing P/E ratio is 11.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.4. At the end of fiscal 2025 it was 13.1, compared with a 10-year median of 13.7.
What is Carnival's EV/EBITDA?
Carnival's enterprise value was 9.0 times EBITDA at the end of fiscal 2025 (enterprise value $62.2 billion, EBITDA $6.9 billion); the current EV/EBITDA is 7.5.
What is Carnival's return on equity?
Carnival's return on equity (ROE) was 25.6% in fiscal 2025: net income of $2.8 billion on average shareholders' equity of $10.8 billion.
What is Carnival's ROIC?
Carnival's return on invested capital was 11.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Carnival have?
Carnival had total debt of $28.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.28 and $26.1 billion of net debt (3.77 times EBITDA).
What is Carnival's free cash flow yield?
Carnival generated $2.6 billion of free cash flow in fiscal 2025, a free cash flow yield of 7.2% on its market value at year-end ($36.1 billion).
What is Carnival's current ratio?
Carnival's current ratio was 0.32 at the end of fiscal 2025: current assets were 0.32 times current liabilities.