Recent News
On September 29, 2025 Carnival raised its annual profit forecast and reported adjusted EPS above expectations for the quarter ending August 31. On September 30, 2025 the company launched a $1.25 billion private offering of 5.125% senior unsecured notes due 2029 intended to redeem $2.0 billion of 6.000% notes. On October 15, 2025 Carnival closed the $1.25 billion notes offering and issued a redemption notice for the 2029 unsecured notes. On November 19, 2025 a lifeboat detached during an unmanned test aboard Carnival Dream while docked in Cozumel; no injuries reported. Separately, the company delayed its Carnival Rewards loyalty-program relaunch and set a new implementation date tied to future program changes.
Technical Analysis
ADX registers 25.43, indicating a strong trend environment that supports directional moves rather than pure quiet consolidation.
Directional indicators show DI- at 27.71 (peak & reversal) and DI+ at 14.26 (decreasing); that combination currently reflects heavier negative directional force while the DI- peak & reversal suggests that selling pressure may have reached a local high.
MACD sits negative at -0.69 with the MACD trend showing a dip & reversal; the MACD line remains just below its signal line (-0.66), indicating nascent bullish momentum that still operates from a negative base.
MRO reads -0.07 with a dip & reversal; the small negative value implies price sits marginally below the WMDST target and leaves only limited upside potential from momentum alone.
RSI at 43.49 with a dip & reversal indicates recovery from lower levels while remaining beneath overbought thresholds, supporting a constructive bias without implying overextension.
Price sits at $24.12, above the 200-day average ($23.29) and the 20-day average ($23.90) but below the 50-day average ($25.89) and the ichimoku cloud (Senkou A/B: $27.36/$27.45). The 12-day EMA shows a dip & reversal at $23.98, and the super trend upper at $25.36 functions as nearby resistance. Bollinger bands span roughly $22.85–$24.95, indicating contained volatility with recent trading inside that band structure.
Fundamental Analysis
Carnival recorded EBIT of $2,174,000,000 and EBITDA of $2,174,000,000, producing an EBIT margin of 26.67% (QoQ change +82.81%, YoY change -3.15%). The EBIT margin lies slightly below the industry peer mean of 27.05% and well below the industry peer median of 35.55%.
Total revenue reached $8,153,000,000 with gross profit of $3,051,000,000 and a gross margin of 37.42% (QoQ +35.32%, YoY +0.40%). Top-line revenue growth shows a QoQ acceleration of 223.46% but a YoY decline of 21.17%.
Operating margin stands at 27.87% (QoQ +91.05%, YoY +1.21%), while return on equity measures 15.53% and return on assets 3.63%. Free cash flow totals $735,000,000, yielding 2.09% (free cash flow yield QoQ -64.30%, YoY -35.25%), and free cash growth records -52.30% QoQ but +309.33% YoY.
Balance-sheet and leverage details show cash of $1,763,000,000 against total debt of $27,860,000,000 and net debt of $24,718,000,000. Debt-to-assets reads 54.81% with debt-to-equity at 233.57% and debt-to-EBITDA near 12.82x; interest coverage stands at 6.86x, providing a cushion for debt servicing while capital structure remains elevated.
Valuation multiples present a mixed picture: price-to-book near 2.95 (below the industry peer mean of 6.50), price-to-sales 4.32, forward P/E about 61.32x, and an enterprise multiple near 28.19x. WMDST values the stock as under-valued, supported by positive free cash flow, improving interest coverage, and recent liability management that shortens weighted interest expense.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-08-31 |
| REPORT DATE: | 2025-09-23 |
| NEXT REPORT DATE: | 2025-12-23 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | — | |
| Capital Expenditures | $ -648.00 M | |
| Change In Working Capital | — | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 8.2 B | |
| Forward Revenue | $ 606.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 5.1 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 5.9 B | |
| PROFITABILITY | ||
| Gross Profit | $ 3.1 B | |
| EBITDA | $ 2.2 B | |
| EBIT | $ 2.2 B | |
| Operating Income | $ 2.3 B | |
| Interest Income | $ 15.0 M | |
| Interest Expense | $ 317.0 M | |
| Net Interest Income | $ -302.00 M | |
| Income Before Tax | $ 1.9 B | |
| Tax Provision | $ 6.0 M | |
| Tax Rate | 0.323 % | |
| Net Income | $ 1.9 B | |
| Net Income From Continuing Operations | $ 1.9 B | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ 0.42 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 50.8 B | |
| Intangible Assets | $ 1.8 B | |
| Net Tangible Assets | $ 10.2 B | |
| Total Current Assets | $ 3.9 B | |
| Cash and Short-Term Investments | $ 1.8 B | |
| Cash | $ 1.8 B | |
| Net Receivables | $ 651.0 M | |
| Inventory | $ 475.0 M | |
| Long-Term Investments | $ 962.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.2 B | |
| Short-Term Debt | $ 1.4 B | |
| Total Current Liabilities | $ 11.4 B | |
| Net Debt | $ 24.7 B | |
| Total Debt | $ 27.9 B | |
| Total Liabilities | $ 38.9 B | |
| EQUITY | ||
| Total Equity | $ 11.9 B | |
| Retained Earnings | $ 4.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.08 | |
| Shares Outstanding | 1.313 B | |
| Revenue Per-Share | $ 6.21 | |
| VALUATION | Market Capitalization | $ 35.2 B |
| Enterprise Value | $ 61.3 B | |
| Enterprise Multiple | 28.19 | |
| Enterprise Multiple QoQ | -50.772 % | |
| Enterprise Multiple YoY | 295.053 % | |
| Enterprise Multiple IPRWA | high: 92.716 median: 47.271 mean: 35.785 CUK: 28.19 low: -68.053 |
|
| EV/R | 7.517 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.261 | |
| Asset To Liability | 1.307 | |
| Debt To Capital | 0.7 | |
| Debt To Assets | 0.548 | |
| Debt To Assets QoQ | -2.111 % | |
| Debt To Assets YoY | 1133.048 % | |
| Debt To Assets IPRWA | high: 0.809 mean: 0.551 CUK: 0.548 median: 0.523 low: 0.043 |
|
| Debt To Equity | 2.336 | |
| Debt To Equity QoQ | -18.404 % | |
| Debt To Equity YoY | 806.955 % | |
| Debt To Equity IPRWA | high: 8.432 mean: 2.543 CUK: 2.336 median: 2.078 low: -6.794 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.95 | |
| Price To Book QoQ | 12.034 % | |
| Price To Book YoY | 30.281 % | |
| Price To Book IPRWA | high: 12.922 median: 8.564 mean: 6.495 CUK: 2.95 low: -4.651 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 4.316 | |
| Price To Sales QoQ | 3.638 % | |
| Price To Sales YoY | 75.062 % | |
| Price To Sales IPRWA | high: 20.219 median: 16.819 mean: 11.99 CUK: 4.316 low: 0.025 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 61.322 | |
| Forward PE/G | — | |
| Forward P/S | 57.976 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.7 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.16 | |
| Asset Turnover Ratio QoQ | 25.941 % | |
| Asset Turnover Ratio YoY | 0.636 % | |
| Asset Turnover Ratio IPRWA | high: 0.267 CUK: 0.16 mean: 0.135 median: 0.131 low: 0.047 |
|
| Receivables Turnover | 13.366 | |
| Receivables Turnover Ratio QoQ | 17.435 % | |
| Receivables Turnover Ratio YoY | -4.701 % | |
| Receivables Turnover Ratio IPRWA | high: 17.37 CUK: 13.366 median: 13.06 mean: 12.059 low: 0.672 |
|
| Inventory Turnover | 10.73 | |
| Inventory Turnover Ratio QoQ | 16.485 % | |
| Inventory Turnover Ratio YoY | 8.424 % | |
| Inventory Turnover Ratio IPRWA | CUK: 10.73 high: 9.838 median: 9.612 mean: 8.66 low: 0.036 |
|
| Days Sales Outstanding (DSO) | 6.827 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -7.325 | |
| Cash Conversion Cycle Days QoQ | 36.911 % | |
| Cash Conversion Cycle Days YoY | 44.549 % | |
| Cash Conversion Cycle Days IPRWA | high: 141.823 mean: -3.675 CUK: -7.325 median: -18.413 low: -155.188 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.077 | |
| CapEx To Revenue | -0.079 | |
| CapEx To Depreciation | 0.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 37.0 B | |
| Net Invested Capital | $ 38.4 B | |
| Invested Capital | $ 38.4 B | |
| Net Tangible Assets | $ 10.2 B | |
| Net Working Capital | $ -7.57 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.154 | |
| Current Ratio | 0.338 | |
| Current Ratio QoQ | 0.481 % | |
| Current Ratio YoY | 14.406 % | |
| Current Ratio IPRWA | high: 3.817 mean: 0.46 CUK: 0.338 low: 0.165 median: 0.165 |
|
| Quick Ratio | 0.297 | |
| Quick Ratio QoQ | -1.027 % | |
| Quick Ratio YoY | 16.112 % | |
| Quick Ratio IPRWA | high: 3.123 mean: 0.362 CUK: 0.297 low: 0.141 median: 0.141 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 12.815 | |
| Cost Of Debt | 1.118 % | |
| Interest Coverage Ratio | 6.858 | |
| Interest Coverage Ratio QoQ | 153.369 % | |
| Interest Coverage Ratio YoY | 35.962 % | |
| Interest Coverage Ratio IPRWA | high: 7.367 median: 7.367 CUK: 6.858 mean: 6.106 low: -7.647 |
|
| Operating Cash Flow Ratio | 0.0 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 23.63 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.653 % | |
| Revenue Growth | 28.84 % | |
| Revenue Growth QoQ | 223.463 % | |
| Revenue Growth YoY | -21.17 % | |
| Revenue Growth IPRWA | high: 107.793 % CUK: 28.84 % mean: 13.434 % median: 13.244 % low: -79.06 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 37.422 % | |
| Gross Margin QoQ | 35.317 % | |
| Gross Margin YoY | 0.402 % | |
| Gross Margin IPRWA | high: 95.594 % median: 51.742 % mean: 48.027 % CUK: 37.422 % low: -40.644 % |
|
| EBIT Margin | 26.665 % | |
| EBIT Margin QoQ | 82.812 % | |
| EBIT Margin YoY | -3.153 % | |
| EBIT Margin IPRWA | high: 35.552 % median: 35.552 % mean: 27.048 % CUK: 26.665 % low: -74.393 % |
|
| Return On Sales (ROS) | 27.867 % | |
| Return On Sales QoQ | 91.053 % | |
| Return On Sales YoY | 1.213 % | |
| Return On Sales IPRWA | high: 33.119 % median: 33.119 % CUK: 27.867 % mean: 25.998 % low: -74.535 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 735.0 M | |
| Free Cash Flow Yield | 2.089 % | |
| Free Cash Flow Yield QoQ | -64.303 % | |
| Free Cash Flow Yield YoY | -35.245 % | |
| Free Cash Flow Yield IPRWA | high: 3.562 % CUK: 2.089 % mean: -0.684 % median: -1.144 % low: -119.666 % |
|
| Free Cash Growth | -52.304 % | |
| Free Cash Growth QoQ | -113.589 % | |
| Free Cash Growth YoY | 309.329 % | |
| Free Cash Growth IPRWA | high: -30.256 % CUK: -52.304 % mean: -172.831 % median: -208.681 % low: -369.143 % |
|
| Free Cash To Net Income | 0.397 | |
| Cash Flow Margin | 0.0 % | |
| Cash Flow To Earnings | 0.0 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 3.632 % | |
| Return On Assets QoQ | 220.565 % | |
| Return On Assets YoY | 4.039 % | |
| Return On Assets IPRWA | high: 4.005 % median: 4.005 % CUK: 3.632 % mean: 3.276 % low: -3.214 % |
|
| Return On Capital Employed (ROCE) | 5.518 % | |
| Return On Equity (ROE) | 0.155 | |
| Return On Equity QoQ | 175.04 % | |
| Return On Equity YoY | -23.066 % | |
| Return On Equity IPRWA | high: 0.191 median: 0.156 CUK: 0.155 mean: 0.123 low: -0.437 |
|
| DuPont ROE | 16.886 % | |
| Return On Invested Capital (ROIC) | 5.642 % | |
| Return On Invested Capital QoQ | 134.595 % | |
| Return On Invested Capital YoY | -98.196 % | |
| Return On Invested Capital IPRWA | CUK: 5.642 % high: 5.642 % median: 4.753 % mean: 4.421 % low: -4.932 % |
|