Explain this page
Arphra AIPlain-English read on Carnival Corporation & plc’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
CMixed
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin29.6%
Operating margin16.8%
Net margin10.4%
ROE22.5%
ROA5.3%
ROIC11.6%
Liquidity & leverage
Current ratio0.32×
Quick ratio0.28×
Debt / equity2.28×
Net debt / EBITDA3.77×
Interest coverage3×
Efficiency & per-share
Asset turnover0.52×
Inventory days10
Days sales out.9
FCF / share$1.86
Book value / share$8.76
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $32.4B | $34.02B | — | — | — | — |
| Enterprise value | — | — | — | $60.06B | $60.09B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 2.40 | 2.26 | — | — | — | — |
| EV / FCF | — | — | — | 46.31 | 23.05 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +5.91% | +8.11% | — | — | — | — |
| Free cash flow yield | — | — | — | +4.00% | +7.66% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | -143.97% | +3.39% | +33.70% | +37.50% | +29.62% | +33.89% | +33.21% | +33.65% | +34.13% |
| Operating margin | -371.54% | -35.98% | +9.06% | +14.28% | +16.84% | +13.02% | +13.18% | +13.22% | +13.04% |
| EBITDA margin | -298.11% | -18.05% | +20.26% | +24.89% | +25.96% | +23.48% | +23.30% | +23.17% | +23.76% |
| EBIT margin | -415.15% | -36.74% | +9.28% | +14.67% | +15.48% | +12.89% | +12.94% | +12.93% | +13.27% |
| Pre-tax margin | -499.06% | -49.96% | -0.29% | +7.65% | +10.41% | +5.89% | +5.90% | +5.77% | +6.00% |
| Net margin | -497.96% | -50.07% | -0.34% | +7.66% | +10.37% | +5.91% | +6.01% | +5.87% | +5.86% |
| Cost structure | |||||||||
| Cost of revenue / sales | +243.97% | +96.61% | +66.30% | +62.50% | +70.38% | +67.55% | +68.36% | +64.87% | +66.38% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +98.79% | +20.67% | +13.66% | +13.00% | +12.78% | +13.01% | +13.46% | +12.75% | +13.03% |
| Effective tax rate | — | — | — | -0.05% | +0.43% | +0.19% | +0.19% | +0.19% | +0.19% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | -78.23% | -86.25% | -1.08% | +20.71% | +22.47% | +15.08% | +15.23% | +15.14% | +14.87% |
| Return on assets (ROA) | -17.81% | -11.78% | -0.15% | +3.91% | +5.34% | +2.91% | +2.99% | +2.77% | +2.82% |
| Return on capital (ROC) | -15.16% | -10.20% | +5.04% | +9.37% | +11.13% | +8.21% | +8.28% | +8.27% | +7.90% |
| Return on invested capital (ROIC) | -11.37% | -7.65% | +3.78% | +5.03% | +6.85% | +3.73% | +3.78% | +3.67% | +3.55% |
| Asset turnover | +3.58% | +23.54% | +43.96% | +51.00% | +51.51% | +49.20% | +49.72% | +47.20% | +48.05% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -497.96% | -50.07% | -0.34% | +7.66% | +10.37% | +5.91% | +6.01% | +5.87% | +5.86% |
| Asset turnover (× revenue / assets) | +3.58% | +23.54% | +43.96% | +51.00% | +51.51% | +49.20% | +49.72% | +47.20% | +48.05% |
| Equity multiplier (× assets / equity) | +439.23% | +731.92% | +713.75% | +530.23% | +420.77% | +518.42% | +509.31% | +546.48% | +527.81% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.04 | 0.24 | 0.44 | 0.51 | 0.52 | 0.49 | 0.50 | 0.47 | 0.48 |
| Fixed-asset turnover | 0.05 | 0.30 | 0.52 | 0.58 | 0.59 | — | — | — | — |
| Inventory turnover | 13.08 | 27.47 | 27.12 | 30.84 | 37.10 | — | — | — | — |
| Receivables turnover | 7.76 | 30.81 | 38.84 | 42.41 | 39.27 | — | — | — | — |
| Payables turnover | 5.84 | 11.20 | 12.26 | 13.80 | 15.05 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 47.06 | 11.85 | 9.40 | 8.61 | 9.30 | — | — | — | — |
| Days inventory outstanding (DIO) | 27.91 | 13.29 | 13.46 | 11.83 | 9.84 | — | — | — | — |
| Days payables outstanding (DPO) | 62.49 | 32.60 | 29.78 | 26.44 | 24.25 | — | — | — | — |
| Cash conversion cycle | 12.48 | -7.46 | -6.92 | -6.00 | -5.12 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.43 | 0.27 | -57.85 | 3.09 | 2.25 | 3.84 | 3.62 | 3.76 | 3.87 |
| FCF / Net income | 0.81 | 1.08 | -13.47 | 0.68 | 0.94 | 1.11 | 1.11 | 1.12 | 1.14 |
| FCF margin | -404.40% | -54.32% | +4.62% | +5.18% | +9.79% | +6.59% | +6.67% | +6.58% | +6.71% |
| OCF margin | -215.36% | -13.72% | +19.83% | +23.67% | +23.36% | +22.68% | +21.77% | +22.09% | +22.69% |
| CapEx / Revenue | +189.05% | +40.59% | +15.21% | +18.49% | +13.56% | +15.30% | +16.19% | +15.98% | +15.31% |
| CapEx / D&A | 1.62 | 2.17 | 1.39 | 1.81 | 1.29 | — | — | — | — |
| Stock-based comp / Revenue | +6.34% | +0.83% | +0.25% | +0.25% | +0.37% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -8.46 | -5.16 | -0.06 | 1.44 | 2.02 | 2.22 | 2.61 | 3.02 | 3.43 |
| EPS · basic | -8.46 | -5.16 | -0.06 | 1.50 | 2.10 | 2.26 | 2.69 | 3.10 | 3.52 |
| Book value / share | 10.81 | 5.99 | 5.45 | 6.62 | 8.76 | 7.75 | 8.08 | 8.31 | 8.69 |
| Tangible BV / share | 9.25 | 4.52 | 4.07 | 5.37 | 7.51 | 7.75 | 8.08 | 8.31 | 8.69 |
| Sales / share | 1.70 | 10.31 | 17.11 | 17.90 | 18.99 | 19.76 | 20.46 | 21.43 | 22.03 |
| Operating CF / share | -3.66 | -1.42 | 3.39 | 4.24 | 4.44 | 4.48 | 4.45 | 4.73 | 5.00 |
| Free cash flow / share | -6.87 | -5.60 | 0.79 | 0.93 | 1.86 | 1.30 | 1.37 | 1.41 | 1.48 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +537.79% | +77.44% | +15.88% | +6.40% | +4.64% | +3.50% | +4.04% | +3.89% | +41.78% |
| Gross profit · YoY | — | +115.00% | +1666.02% | +28.96% | -15.97% | +19.74% | +1.40% | +5.44% | +5.37% | — |
| Profit | ||||||||||
| Operating income · YoY | — | +38.23% | +144.67% | +82.72% | +25.43% | -19.08% | +4.74% | +4.37% | +2.43% | — |
| EBITDA · YoY | — | +61.39% | +299.18% | +42.36% | +10.98% | -5.36% | +2.71% | +3.46% | +6.51% | — |
| Net income · YoY | — | +35.87% | +98.79% | +2689.19% | +44.05% | -40.33% | +5.28% | +1.55% | +3.78% | — |
| Operating | ||||||||||
| EBIT · YoY | — | +43.56% | +144.82% | +83.13% | +12.29% | -12.89% | +3.95% | +3.92% | +6.61% | — |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +39.01% | +98.86% | +2557.34% | +40.28% | +9.88% | +17.41% | +15.74% | +13.63% | — |
| EPS · basic · YoY | — | +39.01% | +98.86% | +2659.73% | +40.00% | +7.50% | +19.12% | +15.33% | +13.55% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $34.61B | $35.88B | $31.89B | $28.88B | $27.99B | $33.28B | $34.48B | $36.32B | $39.17B |
| Net debt | $25.67B | $31.85B | $29.48B | $27.67B | $26.07B | $31.16B | $32.3B | $34.05B | $36.71B |
| Net debt / EBITDA | -4.51 | -14.50 | 6.74 | 4.44 | 3.77 | 4.76 | 4.81 | 4.90 | 4.96 |
| Debt / equity | 2.85 | 5.08 | 4.63 | 3.12 | 2.28 | 3.05 | 3.03 | 3.12 | 3.19 |
| Debt / assets | +64.88% | +69.40% | +64.92% | +58.86% | +54.16% | +58.78% | +59.47% | +57.15% | +60.39% |
| Equity / assets | +22.77% | +13.66% | +14.01% | +18.86% | +23.77% | +19.29% | +19.63% | +18.30% | +18.95% |
| Coverage | |||||||||
| EBITDA / interest expense | -3.55 | -1.36 | 2.12 | 3.55 | 5.12 | 3.16 | 3.23 | 3.23 | 3.28 |
| Operating income / interest | -4.43 | -2.72 | 0.95 | 2.04 | 3.32 | 1.75 | 1.83 | 1.84 | 1.80 |
| Interest expense | $1.6B | $1.61B | $2.07B | $1.76B | $1.35B | $2.07B | $2.08B | $2.15B | $2.25B |
| Liquidity | |||||||||
| Current ratio | 0.97 | 0.71 | 0.46 | 0.29 | 0.32 | — | — | — | — |
| Quick ratio | 0.90 | 0.42 | 0.26 | 0.15 | 0.20 | — | — | — | — |
| Cash ratio | 0.86 | 0.38 | 0.21 | 0.10 | 0.15 | — | — | — | — |
| Working capital | -$275M | -$3.11B | -$6.22B | -$8.24B | -$8.87B | — | — | — | — |
| Working capital / revenue | -14.41% | -25.58% | -28.78% | -32.93% | -33.33% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 2.26x | 2.40x |
| Earnings yield | 8.1% | 5.9% |
| FCF yield | 7.7% | 4.0% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 22.5% | 20.7% |
| ROA | 5.3% | 3.9% |
| ROIC | 10.8% | 9.1% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 3.77 | 4.44 |
| Interest coverage | — | — |
| Current ratio | 0.32x | 0.29x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).