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CCL

Carnival Corporation

US$25.76+2.75% (US$0.69)
Day's range
US$25.22 – US$25.90
Day's volume
US$703.7m
52-week range
US$21.79 – US$33.45

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See how CCL weighs in your net worth, what it has paid you and how far it is from your target allocation.

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CCL in numbers

Market cap
US$34.6bn
P/E
11.04
P/B
2.44
Dividend yield (12m)
1.75%
Net debt/EBITDA
3.10

The 12-month dividend yield of CCL is 1.75%, above its 5-year average of 0.00%.

CCL price history

03/10/202502/10/2026
Compare with

CCL risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+1.53%+73.80%+48.55%
Volatility (annualised)32.34%41.91%59.33%
Largest drawdown-23.42%-33.72%-65.42%
Positive months8/1220/3631/60

How much did investing in CCL return?

US$1,000.00 invested on 01/11/2021 would be worth US$1,485.47 today.

Value today in CCL
US$1,485.47
Return over the period
+48.55%
Return per year
+8.38%
In the S&P 500
US$1,690.98

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

CCL fundamentals

Valuation

  • P/E
    11.04
  • P/B
    2.44
  • EV/EBITDA
    7.84
  • EV/EBIT
    12.99
  • EV/Revenue
    2.08
  • P/EBIT
    7.85
  • P/S
    1.26
  • P/OCF
    5.08
  • P/FCF
    10.91
  • Earnings yield
    7.70%
  • PEG ratio
    —
  • Earnings per share
    US$2.33
  • Book value per share
    US$10.55

Debt

  • Net debt
    US$22.7bn
  • Net debt/EBITDA
    3.10
  • Net debt/Equity
    1.60
  • Debt/Equity
    1.69
  • Current ratio
    0.27
  • Quick ratio
    0.23
  • Cash ratio
    0.10

Efficiency

  • Gross margin
    —
  • EBITDA margin
    26.50%
  • Operating margin
    15.99%
  • Net margin
    11.37%
  • Asset turnover
    0.54

Profitability

  • ROE
    22.11%
  • ROA
    6.15%
  • ROIC
    11.85%
  • Payout
    19.29%

Growth

  • Revenue CAGR (5 years)
    111.24%
  • Earnings CAGR (5 years)
    —
  • Revenue growth (year)
    —
  • Earnings growth (year)
    —
  • Revenue growth (quarter)
    —
  • Earnings growth (quarter)
    —

What is CCL's fair price?

Two classic value formulas, with today's numbers. The current price is US$25.76.

Graham's fair price
US$23.53
8.64% below the price

√(22.50 × US$2.33 × US$10.55)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price
—
Does not apply to CCL: it paid no distributions in the last five years.

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

CCL indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator20252024202320222021202020192018
P/E13.6815.14-280.47-1.47-2.09-1,973.208.978.24
P/B3.083.143.021.271.63982.611.061.06
EV/EBITDA8.599.0211.31———6.956.61
Dividend yield0.00%0.00%0.00%0.00%0.00%2.31%3.93%3.96%
Earnings per shareUS$2.23US$1.65-US$0.07-US$5.47-US$9.63-US$0.01US$5.67US$5.98
Book value per shareUS$9.92US$7.95US$6.15US$6.34US$12.31US$0.02US$48.07US$46.41
ROE22.49%20.71%-1.08%-86.24%-78.24%-49.80%11.79%12.90%
ROIC12.07%10.06%5.58%-11.65%-19.52%-23.29%8.80%9.68%
Gross margin—37.50%33.70%3.38%-143.97%—38.01%41.27%
EBITDA margin27.32%24.50%20.03%-17.29%-254.51%-118.39%26.10%28.29%
Net margin10.37%7.66%-0.34%-50.07%-497.96%-182.95%14.36%16.69%
Net debt/EBITDA3.404.286.51———2.021.75

CCL financial statements

Line202520242023202220212020
Net revenueUS$26.6bnUS$25bnUS$21.6bnUS$12.2bnUS$1.9bnUS$5.6bn
Cost of sales—-US$15.6bn-US$14.3bn-US$11.8bn-US$4.7bn—
Gross profit—US$9.4bnUS$7.3bnUS$411m-US$2.7bn—
EBITDAUS$7.3bnUS$6.1bnUS$4.3bn-US$2.1bn-US$4.9bn-US$6.6bn
EBITUS$4.5bnUS$3.6bnUS$2bn-US$4.4bn-US$7.1bn-US$8.9bn
Net finance result—-US$1.7bn-US$2bn-US$1.7bn-US$2.4bn-US$1.4bn
Profit before taxUS$2.8bnUS$1.9bn-US$62m-US$6.1bn-US$9.5bn-US$10.3bn
Income tax-US$12mUS$1m-US$13m-US$14mUS$21mUS$17m
Net incomeUS$2.8bnUS$1.9bn-US$74m-US$6.1bn-US$9.5bn-US$10.2bn

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does CCL pay dividends?

Dividend yield per year

  • 2.41%2017
  • 3.96%2018
  • 3.93%2019
  • 2.31%2020
  • 0.00%2021
  • 0.00%2022
  • 0.00%2023
  • 0.00%2024
  • 0.00%2025
  • 1.75%2026
Payment history
TypeLast day to ownPaymentPer share
Dividend06/08/202628/08/2026US$0.15
Dividend15/05/202629/05/2026US$0.15
Dividend12/02/202627/02/2026US$0.15
Dividend19/02/202013/03/2020US$0.50
Dividend20/11/201913/12/2019US$0.50
Dividend21/08/201913/09/2019US$0.50
Dividend22/05/201914/06/2019US$0.50
Dividend20/02/201915/03/2019US$0.50
Dividend20/11/201814/12/2018US$0.50
Dividend22/08/201814/09/2018US$0.50
Dividend23/05/201815/06/2018US$0.50
Dividend21/02/201816/03/2018US$0.45
See all 17 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Dividend21/11/201715/12/2017US$0.45
Dividend22/08/201715/09/2017US$0.40
Dividend23/05/201716/06/2017US$0.40
Dividend21/02/201717/03/2017US$0.35
Dividend21/11/201616/12/2016US$0.35

About Carnival

Sector
Transportation and utilities

Questions about CCL

How much is CCL today?

CCL is at US$25.76 (2.75% on the day), last traded on 02/10/2026.

How much did CCL pay in dividends in 2025?

CCL paid US$0.00 per share in 2025, a dividend yield of 0.00%.

What are the P/E and P/B of CCL?

CCL trades at a P/E of 11.04 and a P/B of 2.44.

How much did CCL return in 12 months?

CCL returned 1.53% in 12 months, with annualised volatility of 32.34% and a largest drawdown of -23.42%.