US · USD

CCL

Carnival Corporation

$25.76+2.75% ($0.69)Updated 10/2/26, 5:29 PM

Day's range: $25.22 – $25.90
Day's volume: $703.7M
52-week range: $21.79 – $33.45

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CCL in numbers

Market cap: $34.6B

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

10/03/202510/02/2026

Compare with

CCL risk and return

Monthly closes adjusted for splits and distributions.

Metric	12 months	36 months	60 months
Return	+1.53%	+73.80%	+48.55%
Volatility (annualized)	32.34%	41.91%	59.33%
Largest drawdown	-23.42%	-33.72%	-65.42%
Positive months	8/12	20/36	31/60

How much did investing in CCL return?

Amount invested

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

Value today in CCL: $1,485.47

Return over the period: +48.55%

Return per year: +8.38%

In the S&P 500: $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
$2.33
Book value per share
$10.55

Debt

Net debt
$22.7B
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 $25.76.

Graham's fair price: $23.53; 8.64% below the price

√(22.50 × $2.33 × $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 stocks yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years over 6%.

Graham ignores growth and debt; Bazin assumes past distributions repeat. They are references to compare, not a buy recommendation.

CCL's indicators by year

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

Indicator	2025	2024	2023	2022	2021	2020	2019	2018
P/E	13.68	15.14	-280.47	-1.47	-2.09	-1,973.20	8.97	8.24
P/B	3.08	3.14	3.02	1.27	1.63	982.61	1.06	1.06
EV/EBITDA	8.59	9.02	11.31	—	—	—	6.95	6.61
Dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%	2.31%	3.93%	3.96%
Earnings per share	$2.23	$1.65	-$0.07	-$5.47	-$9.63	-$0.01	$5.67	$5.98
Book value per share	$9.92	$7.95	$6.15	$6.34	$12.31	$0.02	$48.07	$46.41
ROE	22.49%	20.71%	-1.08%	-86.24%	-78.24%	-49.80%	11.79%	12.90%
ROIC	12.07%	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 margin	27.32%	24.50%	20.03%	-17.29%	-254.51%	-118.39%	26.10%	28.29%
Net margin	10.37%	7.66%	-0.34%	-50.07%	-497.96%	-182.95%	14.36%	16.69%
Net debt/EBITDA	3.40	4.28	6.51	—	—	—	2.02	1.75

CCL's financial statements

Line	2025	2024	2023	2022	2021	2020
Net revenue	$26.6B	$25B	$21.6B	$12.2B	$1.9B	$5.6B
Cost of revenue	—	-$15.6B	-$14.3B	-$11.8B	-$4.7B	—
Gross profit	—	$9.4B	$7.3B	$411M	-$2.7B	—
EBITDA	$7.3B	$6.1B	$4.3B	-$2.1B	-$4.9B	-$6.6B
EBIT	$4.5B	$3.6B	$2B	-$4.4B	-$7.1B	-$8.9B
Financial result	—	-$1.7B	-$2B	-$1.7B	-$2.4B	-$1.4B
Income before tax	$2.8B	$1.9B	-$62M	-$6.1B	-$9.5B	-$10.3B
Income tax	-$12M	$1M	-$13M	-$14M	$21M	$17M
Net income	$2.8B	$1.9B	-$74M	-$6.1B	-$9.5B	-$10.2B

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
Type	Last day to own	Payment	Per share
Dividend	08/06/2026	08/28/2026	$0.15
Dividend	05/15/2026	05/29/2026	$0.15
Dividend	02/12/2026	02/27/2026	$0.15
Dividend	02/19/2020	03/13/2020	$0.50
Dividend	11/20/2019	12/13/2019	$0.50
Dividend	08/21/2019	09/13/2019	$0.50
Dividend	05/22/2019	06/14/2019	$0.50
Dividend	02/20/2019	03/15/2019	$0.50
Dividend	11/20/2018	12/14/2018	$0.50
Dividend	08/22/2018	09/14/2018	$0.50
Dividend	05/23/2018	06/15/2018	$0.50
Dividend	02/21/2018	03/16/2018	$0.45

See all 17 distributions

Earlier distributions
Type	Last day to own	Payment	Per share
Dividend	11/21/2017	12/15/2017	$0.45
Dividend	08/22/2017	09/15/2017	$0.40
Dividend	05/23/2017	06/16/2017	$0.40
Dividend	02/21/2017	03/17/2017	$0.35
Dividend	11/21/2016	12/16/2016	$0.35

About Carnival

Sector: Transportation and utilities

Questions about CCL

How much is CCL today?

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

How much did CCL pay in dividends in 2025?

CCL paid $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 annualized volatility of 32.34% and a largest drawdown of -23.42%.