Consumer Discretionary · Hotels, Resorts & Cruise Lines · US stock · price as of 16 Oct 2026
Key indicators
Price
$25.90
52-week range
$21.45 – $33.49
Market cap
$35.4B
P/E (trailing)
11.5×
EV / EBITDA
7.9×
Free-cash-flow yield
9.0%
Dividend yield
1.7%
Revenue (last 12 months)
$27.6B
Revenue growth (3y a year)
29.8%
Operating margin
16.0%
Return on invested capital
10.8%
Net debt / EBITDA
3.1×
Fair value
Blended fair value$85.89 range $72 – $97
Versus priceData under review+0% to fair value
Peer multiples
$46.20
Fundamentals-adjusted multiple
$81.16
10-year DCF (market-scaled)
$130.30
Earnings power value (floor, not blended)
n/m
Model uncertainty
High
X-Ray Score
57/ 100 · Medium confidence · ahead of 74% of sector peers
Valuation86
Growth77
Profitability36
Financial health36
Dividends42
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Carnival Corp Ltd. an X-Ray Score of 57 out of 100 (medium confidence), ahead of 74% of the S&P 500 stocks in its sector. Its strongest lens is valuation (86) and its weakest is financial health (36).
Our fair value blend is $85.89 (range $72.26 to $96.65). At $25.90 the stock trades 70% below that blend, so the label is "Data under review" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Carnival Corp Ltd. (CCL)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$17.34
$9.77
$14.82
$25.03
$25.37
$25.90
Market cap
$19.5B
$11.5B
$18.7B
$35.0B
$35.6B
$35.4B
P/E
–
–
–
17.4×
12.6×
11.5×
EV / revenue
22.8×
3.5×
2.2×
2.4×
2.3×
2.1×
EV / EBITDA
–
–
10.8×
10.0×
8.3×
8.0×
Price / free cash flow
–
–
18.8×
27.0×
13.6×
11.2×
Free-cash-flow yield
−39.6%
−57.3%
5.3%
3.7%
7.3%
9.0%
Price / book
1.6×
1.6×
2.7×
3.8×
2.9×
2.5×
Dividend yield
–
–
–
–
–
1.74%
Fundamentals checklist ● 7 Good · ● 1 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.2%Good
Free-cash-flow yield9.0%Good
Risk models
Altman Z score0.3×Bad
Piotroski F-Score7 of 9Good
Growth
Revenue growth (3y)29.8%Good
Growth consistency100%Good
Balance sheet
Current ratio0.3×Bad
Net debt / EBITDA3.1×Bad
Interest cover3.8×Bad
Valuation
Fair value vs price3.3×Good
EBIT / EV yield7.6%Good
Profitability
Return on invested capital10.8%Bad
Operating margin16.0%Average
XStocksXray
Carnival Corp Ltd. (CCL)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
1,908
12,168
21,593
25,021
26,622
27,593
Gross profit
-2,747
411
7,276
9,383
–
–
Operating income
-7,089
-4,379
1,956
3,574
4,483
4,413
Net income
-9,501
-6,093
-74
1,916
2,760
3,137
Diluted EPS ($)
-8.46
-5.16
-0.06
1.44
2.02
2.26
Free cash flow
-7,716
-6,610
997
1,297
2,607
3,176
Gross margin
−144.0%
3.4%
33.7%
37.5%
–
–
Operating margin
−371.5%
−36.0%
9.1%
14.3%
16.8%
16.0%
Net margin
−498.0%
−50.1%
−0.3%
7.7%
10.4%
11.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
53,344
51,703
49,120
49,057
51,687
50,971
Cash
8,939
4,029
2,415
1,210
1,928
1,220
Total debt
33,226
34,546
30,572
27,474
26,640
23,912
Equity
12,144
7,065
6,882
9,251
12,270
14,188
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.