# Carnival Corporation Ltd. (CCL) — Stock CV

Carnival Corporation Ltd. is a $35.3B consumer company. Revenue grew 5.2% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~7.0 years of free cash flow. It trades at 11.3× earnings — in the cheapest third of its own history.

> Carnival is the largest global cruise company, with nearly 100 ships in service. Its portfolio of brands includes Carnival Cruise Lines, Holland America, Princess Cruises, and Seabourn in North America; P&O Cruises and Cunard Line in the United Kingdom; Aida in Germany; Costa Cruises in Southern Europe.

## Identity

- **Ticker**: CCL
- **Sector**: Consumer Cyclical
- **Industry**: Travel Services
- **Headquarters**: MIAMI, FL
- **Employees**: 117 000
- **Website**: https://www.carnivalcorp.com
- **Market cap**: $35.3B
- **Last price**: $26.27
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $27.6B
- **Net income**: $3.14B
- **Free cash flow**: $3.18B
- **Net debt**: $22.1B
- **P/E**: 11.3
- **Revenue growth (YoY)**: 5.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 100 |
| Growth | 45 |
| Profitability | 72 |
| Health | 15 |
| Quality | 72 |
| Moat | 10 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +5.2% YoY
- [x] Profitable — $3.14B TTM
- [x] Profit growing — +44.1% YoY
- [x] Generates cash — $3.18B TTM
- [ ] Debt under control — ~7.0y of cash flow to repay
- [x] Established company — $35.3B market cap
- [ ] Not printing shares — +21.7% shares over ~5y
- [x] Proven track record — 5/9 profitable years
- [ ] Financially stable — health score 10/100
- [x] Pays a dividend — yield 1.74%
- [x] Valuation not extreme — P/E 11.3

## Experience (career milestones)

- **2023** — Carnival restructured its corporate umbrella and created six new separate units that have full…
- **FY2018** — Best year on record: $3.15B net income
- **2018** — Carnival Corporation announced that it had acquired the White Pass and Yukon Route from TWC…
- **FY2016** — First recorded profitable year: $2.78B net income
- **FY2016** — Revenue already above $10B: $16.4B in first reported year
- **2003** — Carnival Corporation acquired P&O Princess Cruises plc
- **2000** — Following the demerger in 2000, the company also acquired AIDA Cruises
- **1993** — It adopted the name Carnival Corporation in 1993, to distinguish the parent company from its flagship cruise line…
- **1989** — Between 1989 and 1999, it acquired Holland America Line, Windstar Cruises, Westours, Seabourn Cruise Line, Costa…
- **1987** — It went public in 1987 with an initial public offering on the New York Stock Exchange (NYSE)
- **1974** — Restructuring of the P&O group in the 20th century led to its cruise operations being rebranded as P&O Cruises and…
- **1972** — Carnival Corporation was founded as the privately owned Carnival Cruise Line in 1972

## Strengths

- High gross margin (54.6%)
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Loss-making in 4 of the recent years
- Net debt equals ~7.0 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.91B | -$9.50B | -$7.72B |
| FY2022 | $12.2B | -$6.09B | -$6.61B |
| FY2023 | $21.6B | -$74.0M | $997M |
| FY2024 | $25.0B | $1.92B | $1.30B |
| FY2025 | $26.6B | $2.76B | $2.61B |

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Source: https://stockcv.com/CCL — derived from company filings; may be delayed or incomplete. Information, not investment advice.