Latest Ratios: P/E Ratio 13.2x · EV/EBITDA 8.6x · ROE 25.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $36.5B | $36.1B | $35.6B | $19.0B | $11.7B | $19.8B | $15.5B | $31.2B | $42.8B | $47.6B | $38.4B |
| Enterprise Value | $62.6B | $62.2B | $63.2B | $48.5B | $43.6B | $45.5B | $34.4B | $42.2B | $52.1B | $56.4B | $47.2B |
| P/E Ratio → | 13.21 | 12.76 | 17.66 | — | — | — | — | 10.44 | 13.58 | 18.28 | 13.82 |
| P/S Ratio | 1.37 | 1.36 | 1.42 | 0.88 | 0.96 | 10.37 | 2.77 | 1.50 | 2.27 | 2.72 | 2.34 |
| P/B Ratio | 3.04 | 2.94 | 3.84 | 2.76 | 1.66 | 1.63 | 0.75 | 1.23 | 1.75 | 1.97 | 1.70 |
| P/FCF | 14.02 | 13.86 | 27.41 | 19.06 | — | — | — | 678.16 | 23.78 | 20.01 | 18.53 |
| P/OCF | 5.88 | 5.81 | 6.00 | 4.44 | — | — | — | 5.70 | 7.71 | 8.94 | 7.48 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.34 | 2.53 | 2.25 | 3.58 | 23.82 | 6.14 | 2.03 | 2.76 | 3.22 | 2.88 |
| EV / EBITDA | 8.61 | 8.55 | 10.31 | 11.21 | — | — | — | 7.76 | 9.76 | 12.11 | 9.81 |
| EV / EBIT | 13.97 | 15.10 | 17.23 | 24.19 | — | — | — | 12.91 | 15.33 | 19.69 | 15.47 |
| EV / FCF | — | 23.86 | 48.74 | 48.63 | — | — | — | 916.94 | 28.97 | 23.71 | 22.78 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.6% | 29.6% | 37.5% | 33.7% | 3.4% | -144.0% | -47.4% | 38.0% | 41.3% | 40.0% | 42.7% |
| Operating Margin | 16.8% | 16.8% | 14.3% | 9.1% | -36.0% | -371.5% | -158.5% | 15.7% | 17.6% | 16.0% | 18.7% |
| Net Profit Margin | 10.4% | 10.4% | 7.7% | -0.3% | -50.1% | -498.0% | -183.0% | 14.4% | 16.7% | 14.9% | 17.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.6% | 25.6% | 23.8% | -1.1% | -63.4% | -58.1% | -44.6% | 12.0% | 13.0% | 11.1% | 12.0% |
| ROA | 5.5% | 5.5% | 3.9% | -0.1% | -11.6% | -17.8% | -20.8% | 6.8% | 7.6% | 6.5% | 7.1% |
| ROIC | 8.9% | 8.9% | 7.3% | 3.9% | -8.6% | -13.8% | -17.5% | 7.0% | 7.5% | 6.5% | 7.4% |
| ROCE | 11.8% | 11.8% | 9.5% | 5.0% | -10.4% | -16.1% | -21.9% | 9.5% | 10.2% | 8.8% | 9.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.28 | 2.28 | 3.12 | 4.63 | 5.08 | 2.85 | 1.38 | 0.45 | 0.42 | 0.38 | 0.42 |
| Debt / EBITDA | 3.85 | 3.85 | 4.71 | 7.37 | — | — | — | 2.12 | 1.93 | 1.98 | 1.95 |
| Net Debt / Equity | — | 2.12 | 2.99 | 4.28 | 4.51 | 2.11 | 0.92 | 0.43 | 0.38 | 0.36 | 0.39 |
| Net Debt / EBITDA | 3.58 | 3.58 | 4.51 | 6.81 | — | — | — | 2.02 | 1.75 | 1.89 | 1.83 |
| Debt / FCF | — | 10.00 | 21.33 | 29.56 | — | — | — | 238.78 | 5.19 | 3.70 | 4.25 |
| Interest Coverage | 3.05 | 3.05 | 2.09 | 0.97 | -2.78 | -4.95 | -10.46 | 15.85 | 17.53 | 14.46 | 13.68 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.32 | 0.32 | 0.29 | 0.46 | 0.71 | 0.97 | 1.22 | 0.23 | 0.24 | 0.18 | 0.24 |
| Quick Ratio | 0.28 | 0.28 | 0.25 | 0.41 | 0.67 | 0.94 | 1.18 | 0.18 | 0.19 | 0.14 | 0.19 |
| Cash Ratio | 0.15 | 0.15 | 0.10 | 0.21 | 0.38 | 0.88 | 1.10 | 0.06 | 0.11 | 0.04 | 0.09 |
| Asset Turnover | — | 0.52 | 0.51 | 0.44 | 0.24 | 0.04 | 0.10 | 0.46 | 0.45 | 0.43 | 0.42 |
| Inventory Turnover | 37.10 | 37.10 | 30.84 | 27.12 | 27.47 | 13.08 | 24.61 | 30.23 | 24.64 | 27.13 | 29.14 |
| Days Sales Outstanding | — | 9.30 | 8.61 | 9.40 | 11.85 | 47.06 | 17.81 | 7.78 | 6.92 | 6.50 | 6.64 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 4.4% | 4.4% | 3.2% | 2.3% | 2.5% |
| Payout Ratio | — | — | — | — | — | — | — | 46.4% | 43.0% | 41.7% | 35.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 7.8% | 5.7% | — | — | — | — | 9.6% | 7.4% | 5.5% | 7.2% |
| FCF Yield | 7.1% | 7.2% | 3.6% | 5.2% | — | — | — | 0.1% | 4.2% | 5.0% | 5.4% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 0.1% | 1.9% | 3.4% | 1.2% | 6.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 4.5% | 6.4% | 6.6% | 3.4% | 8.6% |
| Shares Outstanding | — | $1.4B | $1.4B | $1.3B | $1.2B | $1.1B | $775M | $692M | $710M | $725M | $747M |
High debt service burden
Based on current market data, CCL trades at a forward P/E of 13.00, which appears to incorporate a significant discount relative to peers like Royal Caribbean, likely reflecting investor caution regarding the company's prolonged deleveraging timeline and the lingering impact of pandemic-era equity dilution on per-share growth.
The valuation multiple suggests that the market is pricing in a recovery trajectory that remains tethered to debt reduction rather than pure earnings expansion. Investors should monitor whether the current P/E compression persists as the company continues to improve its interest coverage ratios and fleet efficiency.
As reported in recent financial statements, CCL's ROIC has struggled to gain sustained momentum, peaking at only 4.6% in 2025Q3, which remains structurally lower than the returns generated by more agile competitors in the leisure sector, indicating that the massive capital base is not yet compounding efficiently.
The low ROIC reflects the heavy burden of a capital-intensive fleet that requires constant reinvestment just to maintain operational status. Until the company can significantly reduce its debt-to-EBITDA ratio, the return on invested capital will likely remain suppressed by high interest expenses and depreciation charges.
According to quarterly filings, CCL maintains a negative cash conversion cycle, often hovering around -5 to -8 days, which demonstrates the company's ability to utilize customer deposits as a vital, interest-free source of working capital to fund its high-frequency operational requirements throughout the seasonal cruise cycle.
This negative CCC is a critical structural feature that allows the company to manage its liquidity despite a thin cash buffer. However, this efficiency is highly dependent on the booking curve remaining robust; any contraction in advance ticket sales would immediately strain the company's short-term liquidity position.
Based on the provided figures, CCL has made progress in reducing its debt-to-equity ratio from 4.79 in 2024Q1 to 2.02 by 2026Q2, yet the interest coverage ratio of 2.99 suggests that the company remains vulnerable to interest rate volatility and potential refinancing risks in the near term.
While the downward trend in leverage is a positive signal for long-term solvency, the absolute debt load continues to limit management's flexibility regarding capital allocation. Investors should remain cautious, as the current interest coverage level leaves little room for error should a cyclical downturn impact operating cash flows.
The price-to-book ratio is frequently misapplied to CCL, as the company's book value has been significantly distorted by pandemic-era equity raises and massive asset impairments, failing to capture the true replacement value of its proprietary port infrastructure and the long-term earnings potential of its modern fleet.
Analysts should instead focus on EV/EBITDA or FCF yield, which better account for the company's capital structure and the cash-generative nature of its onboard revenue streams. Relying on P/B in this context obscures the underlying operational recovery and the value of the company's unique, hard-to-replicate physical assets.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CCL stock.
Carnival Corporation & plc's current P/E ratio is 13.2x. The historical average is 18.3x. This places it at the 12th percentile of its historical range.
Carnival Corporation & plc's current EV/EBITDA is 8.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.7x.
Carnival Corporation & plc's return on equity (ROE) is 25.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 6.0%.
Based on historical data, Carnival Corporation & plc is trading at a P/E of 13.2x. This is at the 12th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Carnival Corporation & plc has 29.6% gross margin and 16.8% operating margin. Operating margin between 10-20% is typical for established companies.
Carnival Corporation & plc's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.