Carnival Corporation &
Financial ratios & Valuation

Forward Multiples (2025 – 2027)

202520262027
Price/Earnings ratio
19.8917.1410.38
Price/Sales ratio
1.321.281.24
Earnings per Share (EPS)
$1.48$1.72$2.84

Historical Multiples (2015 – 2024)

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TTM Median
Valuation Ratios
Price/Earnings ratio
22.3413.7818.2113.5610.40-1.51-2.08-1.92-256.8316.90-2.58-1.51
Price/Sales ratio
2.492.332.712.261.492.7610.370.960.881.961.192.76
Price/Book Value ratio
1.651.691.951.741.220.751.621.652.76N/A2.041.22
Price/Cash Flow ratio
8.637.468.917.705.68-2.45-4.81-7.014.43N/A-180.57-2.45
Price/Free Cash Flow ratio
17.4418.4819.9523.74676.2-1.56-2.56-1.7719.06N/A-3.76-1.56
Price/Earnings Growth ratio
0.530.21-5.660.58-3.850.000.050.042.59-0.00-0.06-3.85
Dividend Yield
2.07%2.55%2.29%3.16%4.45%4.44%N/AN/AN/AN/AN/A4.44%
Profitability Indicator Ratios
Gross Profit Margin
39.88%42.74%40.02%41.26%38.01%-47.39%-143.97%3.38%33.69%44.36%-0.25%-47.39%
Operating Profit Margin
16.38%18.73%16.04%17.61%15.73%-158.47%-371.54%-35.97%9.05%21.70%-29.00%-29.00%
Pretax Profit Margin
11.44%17.25%15.22%16.98%14.69%-183.28%-499.05%-49.96%-0.28%11.63%-46.25%-46.25%
Net Profit Margin
11.18%16.95%14.88%16.69%14.35%-182.98%-497.95%-50.07%-0.34%11.63%-46.41%-46.41%
Effective Tax Rate
2.33%1.73%2.25%1.68%2.32%0.16%0.22%-0.23%-20.96%0.05%-0.36%0.16%
Return on Assets
4.47%7.13%6.39%7.43%6.63%-19.09%-17.81%-11.78%-0.15%N/A-9.89%-9.89%
Return On Equity
7.39%12.29%10.76%12.89%11.78%-49.79%-78.22%-86.26%-1.07%N/A-65.54%-49.79%
Return on Capital Employed
7.97%9.63%8.78%10.01%9.11%-19.74%-16.51%-10.65%5.19%N/A-7.96%-7.96%
Liquidity Ratios
Current Ratio
0.350.230.180.240.221.21N/AN/AN/AN/A0.640.22
Quick Ratio
0.300.190.130.190.171.170.930.660.41N/A0.530.17
Cash ratio
0.200.080.040.100.051.090.850.370.21N/A0.490.05
Days of Sales Outstanding
7.036.636.506.927.7817.8147.0511.849.39N/A17.787.78
Days of Inventory outstanding
12.7512.5213.4514.8112.0714.8327.9113.2813.46N/A15.4612.07
Operating Cycle
19.7819.1619.9521.7319.8532.6474.9725.1322.85N/A19.8532.64
Days of Payables Outstanding
24.2227.7326.4824.0221.3727.6262.4932.5929.77N/A35.2821.37
Cash Conversion Cycle
-4.43-8.57-6.53-2.29-1.525.0112.48-7.46-6.91N/A-13.675.01
Debt Ratios
Debt Ratio
0.220.240.220.240.250.500.620.660.62N/A0.870.25
Debt Equity Ratio
0.360.410.370.420.451.312.734.894.44N/A7.020.45
Long-term Debt to Capitalization
0.230.260.220.240.270.510.700.810.80N/A0.840.27
Total Debt to Capitalization
0.260.290.270.290.310.560.730.830.81N/A0.850.31
Interest Coverage Ratio
11.8613.7714.6317.1315.90-7.56N/AN/AN/AN/A-1.71-7.56
Cash Flow to Debt Ratio
0.510.540.570.530.47-0.23-0.12-0.040.14N/A-0.00-0.00
Company Equity Multiplier
1.651.721.681.731.772.604.397.317.13N/A8.021.77
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.280.310.300.290.26-1.12-2.15-0.130.19N/A-0.00-0.00
Free Cash Flow / Operating Cash Flow Ratio
0.490.400.440.320.001.571.873.950.23N/A47.920.00
Cash Flow Coverage Ratio
0.510.540.570.530.47-0.23-0.12-0.040.14N/A-0.00-0.00
Short Term Coverage Ratio
3.304.682.412.282.99-1.26-0.87-0.642.04N/A-0.02-0.02
Dividend Payout Ratio
46.44%35.15%41.71%42.98%46.38%-6.73%N/AN/AN/AN/AN/A-6.73%