Latest Ratios: P/E Ratio 13.6x · EV/EBITDA 8.9x · 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 | $38.5B | $33.4B | $32.1B | $17.0B | $10.5B | $18.2B | $13.7B | $29.5B | $42.2B | $47.8B | $38.1B |
| Enterprise Value | $64.6B | $59.5B | $59.8B | $46.5B | $42.4B | $43.8B | $32.6B | $40.4B | $51.5B | $56.6B | $47.0B |
| P/E Ratio → | 13.60 | 11.80 | 15.97 | — | — | — | — | 9.86 | 13.38 | 18.37 | 13.72 |
| P/S Ratio | 1.45 | 1.25 | 1.28 | 0.79 | 0.87 | 9.53 | 2.45 | 1.41 | 2.23 | 2.73 | 2.33 |
| P/B Ratio | 3.14 | 2.72 | 3.47 | 2.47 | 1.49 | 1.50 | 0.67 | 1.16 | 1.73 | 1.97 | 1.69 |
| P/FCF | 14.77 | 12.82 | 24.78 | 17.06 | — | — | — | 640.55 | 23.43 | 20.11 | 18.40 |
| P/OCF | 6.19 | 5.37 | 5.43 | 3.97 | — | — | — | 5.38 | 7.60 | 8.99 | 7.42 |
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 | — | 2.23 | 2.39 | 2.15 | 3.48 | 22.98 | 5.82 | 1.94 | 2.73 | 3.23 | 2.87 |
| EV / EBITDA | 8.88 | 8.18 | 9.75 | 10.75 | — | — | — | 7.44 | 9.64 | 12.16 | 9.77 |
| EV / EBIT | 14.41 | 14.43 | 16.30 | 23.20 | — | — | — | 12.38 | 15.14 | 19.77 | 15.40 |
| EV / FCF | — | 22.81 | 46.11 | 46.63 | — | — | — | 879.33 | 28.62 | 23.81 | 22.67 |
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 | 1.97 |
| 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 | 1.84 |
| Debt / FCF | — | 10.00 | 21.33 | 29.56 | — | — | — | 238.78 | 5.19 | 3.70 | 4.27 |
| 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 | 10.48 | 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 | — | — | — | — | — | — | 5.0% | 4.7% | 3.2% | 2.3% | 2.6% |
| 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 | 7.4% | 8.5% | 6.3% | — | — | — | — | 10.1% | 7.5% | 5.4% | 7.3% |
| FCF Yield | 6.8% | 7.8% | 4.0% | 5.9% | — | — | — | 0.2% | 4.3% | 5.0% | 5.4% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.8% | 1.0% | 0.1% | 2.0% | 3.5% | 1.2% | 6.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.8% | 1.0% | 5.1% | 6.8% | 6.7% | 3.4% | 8.7% |
| Shares Outstanding | — | $1.4B | $1.4B | $1.3B | $1.2B | $1.1B | $775M | $692M | $710M | $725M | $747M |
High Debt Refinancing Exposure
As reported in recent financial filings, Carnival trades at a forward P/E of 12.45, which appears to discount the company's historical volatility compared to the premium valuation commanded by Royal Caribbean, suggesting that investors remain cautious regarding the sustainability of current net yield improvements in a mature cycle.
The current P/S multiple of 1.45 indicates that the market is pricing in a normalized growth trajectory rather than the aggressive expansion seen in previous years. This valuation level warrants investigation, as it implies that any deviation from expected margin expansion could lead to significant multiple compression.
Based on the company's reported figures, ROIC has struggled to exceed 1.2% in 2026Q1, a stark contrast to the capital-intensive nature of the fleet, which suggests that the current asset base is not yet generating returns sufficient to cover the cost of capital in a higher-rate environment.
The low ROIC trend reflects the heavy depreciation burden associated with massive ship investments and the ongoing struggle to optimize margins across a diverse, multi-brand portfolio. Investors should monitor whether fleet modernization efforts can eventually drive returns above the company's weighted average cost of capital.
According to the latest quarterly data, Carnival maintains a negative cash conversion cycle of -5 days, which indicates that the company effectively utilizes customer deposits to fund operations before the actual delivery of services, providing a critical, non-interest-bearing buffer in an otherwise capital-constrained maritime business model.
This negative cycle is a structural advantage that helps mitigate the impact of high fixed costs, though it remains sensitive to booking velocity. Any sustained decline in advance bookings would likely force a rapid deterioration in this efficiency metric, potentially pressuring the company's short-term liquidity position.
As indicated by the reported interest coverage ratio of 2.08 in 2026Q1, Carnival's ability to service its debt remains precarious, with the company's financial flexibility appearing significantly more constrained than its direct peers who have managed to deleverage more aggressively during the post-pandemic recovery period.
While the debt-to-equity ratio has shown improvement, the absolute debt load remains a primary risk factor that limits management's ability to pursue opportunistic capital allocation. The current coverage levels suggest that any unexpected downturn in operating income could quickly lead to covenant pressure or refinancing difficulties.
The P/E ratio is frequently misapplied to Carnival, as it obscures the massive non-cash depreciation charges inherent in the cruise industry, which often lead to distorted earnings figures that fail to capture the true cash-generating capacity of the company's underlying maritime assets and fleet operations.
Analysts should prioritize EV/EBITDA or P/FCF over P/E to better assess the company's ability to service its substantial debt load and fund necessary capital expenditures. Relying on P/E ignores the significant impact of accounting estimates regarding ship useful lives, which can artificially inflate or deflate reported net income.
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Quick answers to the most common questions about buying CUK stock.
Carnival Corporation & plc's current P/E ratio is 13.6x. The historical average is 16.9x. This places it at the 27th percentile of its historical range.
Carnival Corporation & plc's current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.3x.
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 13.6x. This is at the 27th 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.