Carnival Corporation & plc (CCL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1149.9%

-$316.95

vs $30.19 price

Levered DCF

-$556.41

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.43

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.35×	16.95×	-257×	-1.92×	-2.08×	-1.51×	10.39×	13.55×
P/B	2.77×	3.5×	2.76×	1.66×	1.63×	0.75×	1.23×	1.75×
P/S	1.28×	1.29×	0.88×	0.96×	10.37×	2.77×	1.49×	2.26×
EV / EBITDA	8.69×	9.65×	11.08×	-19.84×	-7.99×	-4.83×	7.76×	9.61×
Gross margin	29.6%	37.5%	33.7%	3.4%	-144.0%	-47.4%	38.0%	41.3%
Operating margin	16.8%	14.3%	9.1%	-36.0%	-371.5%	-158.5%	15.7%	17.6%
Net margin	10.4%	7.7%	-0.3%	-50.1%	-498.0%	-183.0%	14.4%	16.7%
Current ratio	0.32×	0.29×	0.46×	0.71×	0.97×	1.22×	0.23×	0.24×
Debt / equity	2.28×	3.12×	4.63×	5.08×	2.85×	1.38×	0.45×	0.42×
Interest coverage	3.32×	2.04×	0.95×	-2.72×	-4.43×	-9.91×	15.9×	17.14×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	4.4%	4.5%	3.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-6.7%	46.4%	43.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.5%	20.7%	-1.1%	-86.3%	-78.2%	-49.8%	11.8%	12.9%
Return on invested capital	10.8%	9.1%	4.9%	-10.0%	-14.8%	-17.7%	8.5%	9.2%
Return on assets	5.3%	3.9%	-0.2%	-11.8%	-17.8%	-19.1%	6.6%	7.4%
Free cash flow yield	7.7%	4.0%	5.2%	-56.4%	-39.0%	-64.1%	0.1%	4.2%
Earnings yield	8.1%	5.9%	-0.4%	-52.0%	-48.0%	-66.1%	9.6%	7.4%
Enterprise value	$60.1B	$60.1B	$48.5B	$43.6B	$45.5B	$34.4B	$42.1B	$52.1B
Net debt / EBITDA	3.77×	4.44×	6.74×	-14.5×	-4.51×	-2.65×	2.02×	1.72×
Cash conversion cycle (days)	-5	-6	-7	-7	12	5	-2	-2