Carnival Corp Ltd. (CCL)

Consumer Discretionary · Hotels, Resorts & Cruise Lines · US stock · S&P 500 component

$27.08 ▼ -0.22 (0.81%)

At close 22 Oct 2026 · USD · Volume 17,894,644

Compare with BKNG

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueUndervalued

$34 +25.8% to fair value

$17fair band $29–$41$51

Day's range

$26.76 – $27.65

52-week range

$21.45 – $34.03

About Carnival Corp Ltd.

Carnival Corporation operates cruise lines such as Carnival Cruise Line, Princess Cruises, Holland America Line, Costa and Cunard. It sells vacation packages on its ships to travelers in North America, Europe and elsewhere. The company earns money from ticket sales and from spending on board, including food, drink, excursions and casino and retail services. Fuel prices, fleet occupancy and borrowing costs are important to its financial results.

Sales came to $27.6 billion in the last twelve months, having expanded at 29.8% a year across the last three years. Its operating margin came to 16.0%, and return on invested capital was 11%. Net debt stands at 3.1 times EBITDA. The company pays a dividend, yielding 1.7%. On the site's X-Ray Score it receives 56 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $21.45 – $34.03Volume 17,894,644Daily, split-adjusted

Vitals

Market cap$37.0B

52-week range$21.45 – $34.03

Volume (last day)17,894,644

P/E (TTM)12.0

EBIT / EV yield7.4%

Free-cash-flow yield8.6%

Dividend yield1.7%

Revenue (TTM)$27.6B

Net income (TTM)$3.1B

Operating margin16.0%

Return on capital10.8%

Debt incl. leases$23.9B

Cash & securities$1.2B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$34middle half of models $28 – $39

Undervalued +25.8% to fair value

Average of the 12 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $27

Undervalued < $29Fair $29 – $41Overvalued > $41

P/E multiple

$28

P/B multiple

$34

P/S multiple

$37

EV/EBITDA multiple

$50

EV/EBIT multiple

$36

EV/revenue multiple

$39

10-year DCF, EBITDA exit

$26

5-year DCF, EBITDA exit

$35

10-year DCF, revenue exit

$41

5-year DCF, revenue exit

$43

10-year DCF, growth exit

$14

5-year DCF, growth exit

$26

Earnings power value · not used

$10

Growth the price implies

5.3%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Weak business, but the price is low

Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 36 The price is not above fair value $34 fair value Debt looks manageable 3.1× EBITDA Revenue has been growing 29.8% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Consumer Discretionary peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Strong

82/100

Cheap against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield7.4%

Free-cash-flow yield8.6%

Fair value vs price1.3×

Growth Strong

77/100

Growing faster than most of its sector.

See the numbers →

Revenue growth (3y)29.8%

Growth consistency100%

Profitability Weak

36/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital10.8%

Operating margin16.0%

Financial health Weak

36/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score7 / 9

Net debt / EBITDA3.1×

Interest cover3.8×

Dividends Weak

42/100

Dividend is modest or less certain than peers.

See the numbers →

Dividend yield1.7%

Dividends vs free cash flow19%

Quarterly results: last 6 quarters

+9.5%

May '25

+3.3%

Aug '25

+6.6%

Nov '25

+6.1%

Feb '26

+5.3%

May '26

+3.5%

Aug '26

Revenue against the same quarter a year earlier. Latest quarter revenue $8.4B, diluted EPS $1.40.

Compare with peers

BKNG Booking Holdings Inc.70 EXPE Expedia Group, Inc.62 ABNB Airbnb, Inc.52 NCLH Norwegian Cruise Line...47

Other Hotels, Resorts & Cruise Lines companies by X-Ray Score.

SWOT analysis: Carnival Corp Ltd.

Strengthsinside the company

Revenue has grown 29.8% a year over three years (median 13.4% for industry peers).
Free cash flow equals 8.6% of the market value, which funds dividends, buybacks or debt paydown.
Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.

Weaknessesinside the company

Return on invested capital of 10.8% is well below the 19.5% median of industry peers.
Altman Z-score of 0.3 is in the zone linked with financial distress in past studies.

Opportunitiesvaluation and setting

Dividends use only 19% of free cash flow, which leaves room to raise them.
Trades at 11.8x earnings, 58% below the 28.4x median of industry peers.
The price is 26% below our fair value estimate, with the gap larger than the margin we allow for error.

Threatsvaluation and setting

Revenue growth slowed to 6.4% last year from 29.8% a year over three years.
Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare CCL with peers and sector

Medians of 7 Hotels, Resorts & Cruise Lines peers and of 46 Consumer Discretionary stocks in our universe. Largest peers (X-Ray Score): BKNG 70, MAR 42, ABNB 52, HLT 39, RCL 43, EXPE 62.

Metric	CCL	Peers	Sector
X-Ray Score (out of 100)	56	47	50
Valuation	82	24	48
Growth	77	67	50
Profitability	36	52	52
Financial health	36	43	50
Dividends	42	38	52

Sector leaders: highest X-Ray Score in Consumer Discretionary

CCL ranks #11 of 47 in Consumer Discretionary and #3 of 8 in Hotels, Resorts & Cruise Lines by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 DECK Deckers Outdoor Corp	85
#2 LULU lululemon athletica inc.	76
#3 BKNG Booking Holdings Inc.	70
#4 LVS Las Vegas Sands Corp	64
#5 CMG Chipotle Mexican Grill Inc	64
…
#11 CCL Carnival Corp Ltd. (this stock)	56

Metric	CCL	Peers	Sector
P/E ratio	11.8x	28.4x	21.1x
PEG ratio	–	4.26	1.93
Price / book	2.6x	10.5x	7.5x
Price / sales	1.3x	4.1x	2.2x
EV / EBITDA	8.2x	14.3x	15.1x
Price / free cash flow	11.7x	23.3x	22.9x
Dividend yield	1.7%	0.7%	1.9%
Gap to our fair value	+25.8%	−7.9%	+3.5%

Metric	CCL	Peers	Sector
Price change, 1 month	+21.5%	+9.3%	+4.0%
Price change, 3 months	+4.3%	+7.5%	−0.0%
Price change, 6 months	+1.7%	+8.5%	−3.3%
Price change, 1 year	−8.3%	+30.4%	−6.9%

Metric	CCL	Peers	Sector
Market value	$37.0B	$82.0B	$42.3B
Revenue (last 12 months)	$27.6B	$15.7B	$17.1B
EBITDA (last 12 months)	$7.3B	$3.4B	$2.8B
Net income (last 12 months)	$3.1B	$2.3B	$1.7B
Free cash flow (last 12 months)	$3.2B	$2.6B	$1.7B

Metric	CCL	Peers	Sector
Revenue growth, last year	+6.4%	+7.7%	+4.9%
Revenue growth, 3 years a year	+29.8%	+13.4%	+6.4%
EPS growth, 3 years a year	–	+20.0%	+4.0%
Free cash flow growth, 3 years a year	–	+8.0%	+12.1%
Dividend growth	–	–	+6.4%

Metric	CCL	Peers	Sector
Gross margin	–	49.1%	42.5%
EBITDA margin	26.5%	24.9%	17.7%
Operating margin	16.0%	20.8%	14.8%
Net margin	11.4%	12.8%	11.4%
Return on invested capital	10.8%	19.5%	24.9%
Return on equity	22.1%	38.7%	36.1%

Metric	CCL	Peers	Sector
Net debt / EBITDA	3.1x	3.2x	1.6x
Interest cover	3.8x	7.1x	28.1x
Current ratio	0.3x	0.6x	1.1x
Piotroski F-score (0 to 9)	7	7	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for CCL

Each factor is rated by where CCL stands among the 47 Consumer Discretionary stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 9 Good · 6 Average · 4 Bad of 19 Growth: 1 · 1 · 0 Profitability: 0 · 3 · 1 Financial strength: 1 · 0 · 3 Valuation: 5 · 0 · 0 Cash flow: 2 · 1 · 0 Efficiency: 0 · 1 · 0

Factor	CCL	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+29.8%	Good beats 97%	+6.5%	–	–
Revenue growth, last year	+6.4%	Average beats 55%	+4.9%	+15.9%	▼ Worse
Profitability
Operating margin	16.0%	Average beats 61%	14.9%	9.1%	▲ Better
Net margin	11.4%	Average beats 49%	11.4%	-0.3%	▲ Better
Return on invested capital	10.8%	Bad beats 20%	24.6%	–	–
Return on equity	22.1%	Average beats 35%	35.3%	-1.1%	▲ Better
Financial strength
Net debt / EBITDA	3.1x	Bad beats 29%	1.8x	4.3x	▲ Better
Interest cover	3.8x	Bad beats 8%	25.3x	0.9x	▲ Better
Current ratio	0.27	Bad beats 6%	1.10	0.46	▼ Worse
Piotroski F-score	7 / 9	Good beats 76%	6 / 9	–	–
Valuation
P/E ratio	11.8x	Good beats 90%	21.1x	–	–
Price / book	2.6x	Good beats 79%	7.2x	2.8x	≈ In line
Price / sales	1.3x	Good beats 69%	2.1x	1.4x	≈ In line
EV / EBITDA	8.2x	Good beats 83%	15.0x	10.1x	▲ Better
Free cash flow yield	8.6%	Good beats 81%	4.3%	3.6%	▲ Better
Cash flow
Free cash flow margin	11.5%	Average beats 55%	10.8%	4.6%	▲ Better
Cash from operations / net income	2.17	Good beats 76%	1.37	–	–
Accruals (lower is better)	−7.2%	Good beats 67%	−5.3%	–	–
Efficiency
Days sales outstanding	9 days	Average beats 64%	14 days	9 days	≈ In line

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 7 Good · ● 1 Average · ● 5 Bad

Cash quality

Earnings backed by cashGood

Free-cash-flow yieldGood

Risk models

Altman Z''Bad

Piotroski F-ScoreGood

Growth

Revenue growth (3y)Good

Growth consistencyGood

Balance sheet

Current ratioBad

Net debt / EBITDABad

Interest coverBad

Valuation

Fair value vs priceGood

EBIT / EV yieldGood

Profitability

Return on invested capitalBad

Operating marginAverage

Each check is graded against the company's sector, not a fixed number. Checklist score 60/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$1.9B	$12.2B	$21.6B	$25.0B	$26.6B
Operating income	−$7.1B	−$4.4B	$2.0B	$3.6B	$4.5B
Net income	−$9.5B	−$6.1B	−$74M	$1.9B	$2.8B
Operating cash flow	−$4.1B	−$1.7B	$4.3B	$5.9B	$6.2B
Operating margin	-371.5%	-36.0%	9.1%	14.3%	16.8%
Free cash flow	−$7.7B	−$6.6B	$997M	$1.3B	$2.6B
Diluted EPS	$-8.46	$-5.16	$-0.06	$1.44	$2.02

Fiscal years, from SEC filings.

Technical summary

Daily

Strongly bullish

12 bullish · 4 neutral · 0 bearish

Weekly

Bullish

8 bullish · 1 neutral · 3 bearish

Monthly

Bullish

5 bullish · 1 neutral · 2 bearish

Moving averages (daily)

SMA 10	26.58	Bullish
EMA 10	26.53	Bullish
SMA 20	25.75	Bullish
EMA 20	25.85	Bullish
SMA 50	24.79	Bullish
EMA 50	25.42	Bullish
SMA 100	26.26	Bullish
EMA 100	25.83	Bullish
SMA 200	26.99	Bullish
EMA 200	26.31	Bullish

Oscillators (daily)

RSI (14)	62.65	Neutral
MACD (12, 26)	0.76	Bullish
Momentum (12)	1.88	Bullish
Stochastic %K (14)	70.73	Neutral
Williams %R (14)	-29.27	Neutral
CCI (20)	98.12	Neutral

Pivot points (classic, last session)

25.79

26.27

26.68

Pivot

27.16

27.57

28.05

28.46

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

0.45 USD

Yield on today's price

1.66%

Frequency

Quarterly

Next ex-dividend date

Not announced

Ex-dividend date	Amount per share
7 Aug 2026	0.1500
18 May 2026	0.1500
13 Feb 2026	0.1500
20 Feb 2020	0.5000
21 Nov 2019	0.5000
22 Aug 2019	0.5000
23 May 2019	0.5000
21 Feb 2019	0.5000

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold CCL

ETF	Share of the fund
RPG Invesco S&P 500 Pure Growth	1.42%
SPHB Invesco S&P 500 High Beta	1.24%
XLY Consumer Discretionary Select Sector S...	0.91%
COWZ Pacer US Cash Cows 100	0.90%
VOT Vanguard Mid-Cap Growth	0.78%
FDIS Fidelity MSCI Consumer Discretionary I...	0.59%
VLUE iShares MSCI USA Value Factor	0.58%
VCR Vanguard Consumer Discretionary	0.57%

The eight funds with the largest weight in CCL among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.