Recent News
March 2, 2026 — Carnival published a combined shareholder document outlining a proposed unification of the dual-listed structure under Carnival Corporation and a planned redomiciliation of Carnival Corporation to Bermuda. Recent regulatory filings and press releases also reference the unification agreement announced in mid-February 2026. New options series and corporate communications accompanied the corporate-structure disclosures over the last quarter.
Technical Analysis
Directional indicators show a strong trend environment: ADX at 31.91 confirms strength while DI– reading 31.95 and DI– trend increasing indicate dominant bearish directional pressure; DI+ at 16.08 with a decreasing trend reinforces that bearish bias. That directional profile links directly to near-term downside risk for the share price relative to the stated valuation.
MACD sits negative at −0.87 and trends downward while the MACD signal sits at −0.19; MACD below its signal line and declining denotes bearish momentum that weighs against upside toward the WMDST valuation. Momentum / regression oscillator registers a small positive 2.69 with a decreasing trend, indicating price sits modestly above the model target and suggesting pressure toward a correction rather than acceleration.
Price sits below short- and medium-term averages: last close $26.17 under the 12-day EMA ($28.37, decreasing), 20-day average ($29.37), 50-day average ($30.28) and just under the 200-day average ($26.77). Bollinger positioning places the close beneath the 1‑sigma lower band ($26.65), implying a short-term overshoot that could invite a bounce if directional pressure eases; however, the overall moving-average alignment favors lower prices until the 12-day EMA turns higher.
RSI at 48.87 with a decreasing trend signals neutral-to-fading momentum rather than an oversold setup. Short-term volatility and elevated betas (42-day beta 2.21; 52-week beta 1.90) suggest swings may amplify, with volume above the 10‑day average supporting conviction behind recent moves.
Fundamental Analysis
Revenue and margins: total revenue reached $6.33B while YoY revenue growth registered −9.83% and QoQ revenue change showed −177.53%, indicating sharp quarter-to-quarter variability. Gross margin stands at 26.78% (gross profit $1.695B) and YoY gross margin improved 9.96%. Operating margin at 11.61% and EBIT margin at 11.36% declined QoQ by −58.34% and −57.40% respectively but showed small YoY decreases (operating margin YoY −0.37%; EBIT margin YoY −2.53%). Those margin moves place operating profitability below the industry peer mean (operating margin industry peer mean 13.50%) and well below the industry peer median (21.94%).
Earnings and cash flow: net income $422M and EBIT $719M reflect a profitable year; management reinstated a quarterly cash dividend during the December disclosures. Free cash flow totaled $12.0M, producing a free-cash-flow yield of 0.036%, materially below the industry peer mean free-cash-flow yield (0.433%). The low free-cash-flow yield and a reported free-cash-growth collapse indicate cash generation tightened relative to operating results.
Leverage and liquidity: net debt stands at $24.712B against cash of $1.928B; debt-to-assets at 54.16% sits slightly below the industry peer mean (55.76%) but the debt-to-equity ratio at 227.88% slightly exceeds the industry peer median (219.54%). Interest coverage sits at 2.28x, implying limited buffer versus interest expense; capital expenditures and net working capital contribute to a stretched current ratio (32.23%) and quick ratio (28.37%).
Valuation: forward P/E at 41.13 and forward revenue near $3.322B imply elevated near-term expectations while enterprise multiple reads 82.88x. WMDST values the stock as fair-valued, reflecting the balance between recovery in top-line demand, reinstated shareholder returns, and constrained free-cash-flow relative to leverage and liquidity metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-11-30 |
| REPORT DATE: | 2025-12-23 |
| NEXT REPORT DATE: | 2026-03-24 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | — | |
| Capital Expenditures | $ -1.51 B | |
| Change In Working Capital | — | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 6.3 B | |
| Forward Revenue | $ 3.3 B | |
| COSTS | ||
| Cost Of Revenue | $ 4.6 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 5.6 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.7 B | |
| EBITDA | $ 719.0 M | |
| EBIT | $ 719.0 M | |
| Operating Income | $ 735.0 M | |
| Interest Income | $ 17.0 M | |
| Interest Expense | $ 315.0 M | |
| Net Interest Income | $ -298.00 M | |
| Income Before Tax | $ 404.0 M | |
| Tax Provision | $ -18.00 M | |
| Tax Rate | 25.0 % | |
| Net Income | $ 422.0 M | |
| Net Income From Continuing Operations | $ 422.0 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ 0.68 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 51.7 B | |
| Intangible Assets | $ 1.8 B | |
| Net Tangible Assets | $ 10.5 B | |
| Total Current Assets | $ 4.2 B | |
| Cash and Short-Term Investments | $ 1.9 B | |
| Cash | $ 1.9 B | |
| Net Receivables | $ 678.0 M | |
| Inventory | $ 505.0 M | |
| Long-Term Investments | $ 890.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.2 B | |
| Short-Term Debt | $ 2.6 B | |
| Total Current Liabilities | $ 13.1 B | |
| Net Debt | $ 24.7 B | |
| Total Debt | $ 28.0 B | |
| Total Liabilities | $ 39.4 B | |
| EQUITY | ||
| Total Equity | $ 12.3 B | |
| Retained Earnings | $ 4.8 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.36 | |
| Shares Outstanding | 1.313 B | |
| Revenue Per-Share | $ 4.82 | |
| VALUATION | Market Capitalization | $ 33.5 B |
| Enterprise Value | $ 59.6 B | |
| Enterprise Multiple | 82.881 | |
| Enterprise Multiple QoQ | 194.013 % | |
| Enterprise Multiple YoY | 308.812 % | |
| Enterprise Multiple IPRWA | CUK: 82.881 high: 62.908 median: 62.908 mean: 49.573 low: -62.655 |
|
| EV/R | 9.414 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.208 | |
| Asset To Liability | 1.312 | |
| Debt To Capital | 0.695 | |
| Debt To Assets | 0.542 | |
| Debt To Assets QoQ | -1.186 % | |
| Debt To Assets YoY | 1627.56 % | |
| Debt To Assets IPRWA | high: 0.848 mean: 0.558 CUK: 0.542 low: 0.529 median: 0.529 |
|
| Debt To Equity | 2.279 | |
| Debt To Equity QoQ | -2.434 % | |
| Debt To Equity YoY | 1270.884 % | |
| Debt To Equity IPRWA | high: 21.858 mean: 3.134 CUK: 2.279 median: 2.195 low: -5.845 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.729 | |
| Price To Book QoQ | -7.481 % | |
| Price To Book YoY | -6.69 % | |
| Price To Book IPRWA | high: 7.702 median: 7.702 mean: 5.542 CUK: 2.729 low: -4.498 |
|
| 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) | 5.296 | |
| Price To Sales QoQ | 22.72 % | |
| Price To Sales YoY | 16.217 % | |
| Price To Sales IPRWA | high: 19.378 median: 18.155 mean: 12.863 CUK: 5.296 low: 0.039 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 41.131 | |
| Forward PE/G | — | |
| Forward P/S | 10.091 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.993 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.123 | |
| Asset Turnover Ratio QoQ | -22.756 % | |
| Asset Turnover Ratio YoY | 2.797 % | |
| Asset Turnover Ratio IPRWA | high: 0.196 CUK: 0.123 mean: 0.109 median: 0.104 low: 0.047 |
|
| Receivables Turnover | 9.526 | |
| Receivables Turnover Ratio QoQ | -28.728 % | |
| Receivables Turnover Ratio YoY | -1.981 % | |
| Receivables Turnover Ratio IPRWA | high: 12.654 median: 12.654 mean: 10.568 CUK: 9.526 low: 0.463 |
|
| Inventory Turnover | 9.459 | |
| Inventory Turnover Ratio QoQ | -11.842 % | |
| Inventory Turnover Ratio YoY | 5.184 % | |
| Inventory Turnover Ratio IPRWA | CUK: 9.459 high: 9.013 median: 8.409 mean: 7.525 low: 0.208 |
|
| Days Sales Outstanding (DSO) | 9.579 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -3.28 | |
| Cash Conversion Cycle Days QoQ | -55.215 % | |
| Cash Conversion Cycle Days YoY | 101.525 % | |
| Cash Conversion Cycle Days IPRWA | high: 259.029 mean: -0.169 CUK: -3.28 low: -15.748 median: -15.748 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.713 | |
| CapEx To Revenue | -0.238 | |
| CapEx To Depreciation | 0.0 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 36.3 B | |
| Net Invested Capital | $ 38.9 B | |
| Invested Capital | $ 38.9 B | |
| Net Tangible Assets | $ 10.5 B | |
| Net Working Capital | $ -8.87 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.147 | |
| Current Ratio | 0.322 | |
| Current Ratio QoQ | -4.722 % | |
| Current Ratio YoY | 10.826 % | |
| Current Ratio IPRWA | high: 4.104 mean: 0.506 CUK: 0.322 low: 0.183 median: 0.183 |
|
| Quick Ratio | 0.284 | |
| Quick Ratio QoQ | -4.385 % | |
| Quick Ratio YoY | 14.785 % | |
| Quick Ratio IPRWA | high: 2.984 mean: 0.398 CUK: 0.284 low: 0.162 median: 0.162 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 38.933 | |
| Cost Of Debt | 1.118 % | |
| Interest Coverage Ratio | 2.283 | |
| Interest Coverage Ratio QoQ | -66.717 % | |
| Interest Coverage Ratio YoY | 32.928 % | |
| Interest Coverage Ratio IPRWA | high: 4.169 median: 4.169 mean: 2.735 CUK: 2.283 low: -10.273 |
|
| Operating Cash Flow Ratio | 0.0 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 21.623 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.684 % | |
| Revenue Growth | -22.36 % | |
| Revenue Growth QoQ | -177.531 % | |
| Revenue Growth YoY | -9.828 % | |
| Revenue Growth IPRWA | high: 30.778 % mean: -17.001 % median: -17.143 % CUK: -22.36 % low: -26.555 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 26.777 % | |
| Gross Margin QoQ | -28.446 % | |
| Gross Margin YoY | 9.958 % | |
| Gross Margin IPRWA | high: 75.707 % median: 47.37 % mean: 42.709 % CUK: 26.777 % low: -11.769 % |
|
| EBIT Margin | 11.359 % | |
| EBIT Margin QoQ | -57.401 % | |
| EBIT Margin YoY | -2.531 % | |
| EBIT Margin IPRWA | high: 26.139 % median: 26.139 % mean: 14.979 % CUK: 11.359 % low: -75.927 % |
|
| Return On Sales (ROS) | 11.611 % | |
| Return On Sales QoQ | -58.334 % | |
| Return On Sales YoY | -0.369 % | |
| Return On Sales IPRWA | high: 21.935 % median: 21.935 % mean: 13.501 % CUK: 11.611 % low: -79.489 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 12.0 M | |
| Free Cash Flow Yield | 0.036 % | |
| Free Cash Flow Yield QoQ | -98.277 % | |
| Free Cash Flow Yield YoY | -96.947 % | |
| Free Cash Flow Yield IPRWA | high: 4.651 % mean: 0.433 % median: 0.15 % CUK: 0.036 % low: -20.819 % |
|
| Free Cash Growth | -98.367 % | |
| Free Cash Growth QoQ | 88.068 % | |
| Free Cash Growth YoY | 99.917 % | |
| Free Cash Growth IPRWA | high: 67.632 % CUK: -98.367 % mean: -108.49 % median: -111.729 % low: -207.371 % |
|
| Free Cash To Net Income | 0.028 | |
| Cash Flow Margin | 0.0 % | |
| Cash Flow To Earnings | 0.0 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.823 % | |
| Return On Assets QoQ | -77.34 % | |
| Return On Assets YoY | 34.258 % | |
| Return On Assets IPRWA | high: 1.845 % median: 1.845 % mean: 1.041 % CUK: 0.823 % low: -4.33 % |
|
| Return On Capital Employed (ROCE) | 1.863 % | |
| Return On Equity (ROE) | 0.034 | |
| Return On Equity QoQ | -77.876 % | |
| Return On Equity YoY | 4.885 % | |
| Return On Equity IPRWA | high: 0.075 median: 0.075 mean: 0.053 CUK: 0.034 low: -0.32 |
|
| DuPont ROE | 3.486 % | |
| Return On Invested Capital (ROIC) | 1.385 % | |
| Return On Invested Capital QoQ | -75.452 % | |
| Return On Invested Capital YoY | -99.125 % | |
| Return On Invested Capital IPRWA | high: 2.802 % median: 2.802 % mean: 1.775 % CUK: 1.385 % low: -5.254 % |
|