Price to Book Value (P/BV)
since 2005
Calculation
Carnival Corp. & plc, P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 26, 2024 | 3.00 | = | 15.83 | ÷ | 5.27 | 5.27 | = | 6,882 | ÷ | 1,306,275,033 | |
| Jan 27, 2023 | 1.74 | = | 11.02 | ÷ | 6.34 | 6.34 | = | 7,065 | ÷ | 1,113,479,515 | |
| Jan 27, 2022 | 1.84 | = | 19.11 | ÷ | 10.37 | 10.37 | = | 12,144 | ÷ | 1,171,371,854 | |
| Jan 26, 2021 | 1.02 | = | 18.72 | ÷ | 18.41 | 18.41 | = | 20,555 | ÷ | 1,116,315,671 | |
| Jan 28, 2020 | 1.30 | = | 46.50 | ÷ | 35.72 | 35.72 | = | 25,365 | ÷ | 710,173,957 | |
| Jan 28, 2019 | 1.66 | = | 56.40 | ÷ | 34.01 | 34.01 | = | 24,443 | ÷ | 718,595,612 | |
| Jan 29, 2018 | 2.21 | = | 71.94 | ÷ | 32.57 | 32.57 | = | 24,216 | ÷ | 743,516,841 | |
| Jan 30, 2017 | 1.85 | = | 55.64 | ÷ | 30.05 | 30.05 | = | 22,597 | ÷ | 751,874,136 | |
| Jan 29, 2016 | 1.61 | = | 48.13 | ÷ | 29.93 | 29.93 | = | 23,771 | ÷ | 794,200,754 | |
| Jan 29, 2015 | 1.49 | = | 44.88 | ÷ | 30.03 | 30.03 | = | 24,288 | ÷ | 808,740,668 | |
| Jan 29, 2014 | 1.30 | = | 39.54 | ÷ | 30.39 | 30.39 | = | 24,556 | ÷ | 807,952,516 | |
| Jan 29, 2013 | 1.31 | = | 38.72 | ÷ | 29.62 | 29.62 | = | 23,929 | ÷ | 807,776,598 | |
| Jan 30, 2012 | 1.03 | = | 30.13 | ÷ | 29.38 | 29.38 | = | 23,832 | ÷ | 811,033,320 | |
| Jan 31, 2011 | 1.60 | = | 44.71 | ÷ | 28.01 | 28.01 | = | 23,031 | ÷ | 822,252,828 | |
| Jan 29, 2010 | 1.26 | = | 33.33 | ÷ | 26.44 | 26.44 | = | 22,035 | ÷ | 833,484,519 | |
| Jan 29, 2009 | 0.82 | = | 18.60 | ÷ | 22.77 | 22.77 | = | 19,098 | ÷ | 838,624,465 | |
| Jan 29, 2008 | 1.75 | = | 41.76 | ÷ | 23.86 | 23.86 | = | 19,963 | ÷ | 836,806,445 | |
| Feb 12, 2007 | 2.23 | = | 48.66 | ÷ | 21.78 | 21.78 | = | 18,210 | ÷ | 836,222,673 | |
| Feb 9, 2006 | 2.62 | = | 52.24 | ÷ | 19.94 | 19.94 | = | 16,972 | ÷ | 850,985,006 |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-11-30), 10-K (reporting date: 2016-11-30), 10-K (reporting date: 2015-11-30), 10-K (reporting date: 2014-11-30), 10-K (reporting date: 2013-11-30), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-11-30), 10-K (reporting date: 2010-11-30), 10-K (reporting date: 2009-11-30), 10-K (reporting date: 2008-11-30), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-11-30), 10-K (reporting date: 2005-11-30).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Carnival Corp. & plc Annual Report.
The analysis of the financial data reveals several notable trends and shifts over the period under review.
- Share Price Trends
- The share price shows significant volatility throughout the years. Starting at $52.24 in early 2006, it declined steadily to a low of $18.60 in early 2009. After this period, the share price recovered gradually, peaking at $71.94 in early 2018. However, from 2018 onwards, the share price experienced a pronounced decline, reaching its lowest point in the dataset at $11.02 in early 2023, followed by a modest increase to $15.83 in early 2024.
- Book Value per Share (BVPS) Trends
- BVPS generally exhibited a rising trend from $19.94 in early 2006 up to $35.72 in early 2020. This steady increase indicates growth in the company's net asset value per share over this period. However, a sharp decline followed from 2020 onward, with BVPS falling dramatically to $5.27 by early 2024, suggesting a substantial erosion in the company's equity base or asset value during recent years.
- Price-to-Book Value Ratio (P/BV) Trends
- The P/BV ratio fluctuated notably during the period. Initially, it decreased from 2.62 in 2006 to a low of 0.82 in 2009, aligning with the drop in share price amid steady BVPS, indicating a period where the market undervalued the company's book value. From 2009 to 2018, the ratio generally increased, reaching 2.21, reflecting growing investor confidence and a premium over book value. Subsequently, after 2018, the P/BV ratio showed irregular movements with a dip to nearly 1.0 in 2021, followed by higher ratios of 1.84 and 1.74 in 2022 and 2023, and a sharp rise to 3.00 in 2024, suggesting volatility in market perceptions relative to book value during recent years.
Overall, the data illustrates a period of growth and recovery between 2009 and 2018, both in asset value and market valuation, followed by a phase of uncertainty and decline starting in 2020. The disproportionately large drop in book value per share coupled with volatile share prices and fluctuating P/BV ratios in the last five years indicates financial strain or structural challenges faced by the company in this recent timeframe.
Comparison to Competitors
Carnival Corp. & plc, P/BV, long-term trends, comparison to competitors
| Carnival Corp. & plc | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|---|
| Jan 26, 2024 | 3.00 | 12.09 | — | 23.47 | 6.85 | — | — |
| Jan 27, 2023 | 1.74 | 15.16 | 32.84 | 18.74 | 3.15 | — | — |
| Jan 27, 2022 | 1.84 | 20.88 | 16.35 | 19.05 | 7.65 | — | — |
| Jan 26, 2021 | 1.02 | 43.27 | 20.46 | 21.52 | 10.36 | — | — |
| Jan 28, 2020 | 1.30 | — | 11.61 | 14.09 | — | — | — |
| Jan 28, 2019 | 1.66 | — | 9.77 | 11.19 | — | — | 72.30 |
| Jan 29, 2018 | 2.21 | — | 8.03 | 5.45 | — | — | 14.86 |
| Jan 30, 2017 | 1.85 | — | 8.17 | 8.18 | — | — | 13.79 |
| Jan 29, 2016 | 1.61 | — | 6.97 | 6.49 | — | 15.06 | 15.59 |
| Jan 29, 2015 | 1.49 | — | 7.38 | 10.42 | — | 7.10 | 11.09 |
| Jan 29, 2014 | 1.30 | — | 9.68 | 10.94 | — | 5.97 | 13.55 |
| Jan 29, 2013 | 1.31 | — | 8.91 | 7.98 | — | 6.30 | 7.10 |
| Jan 30, 2012 | 1.03 | — | 11.44 | 11.27 | — | 7.10 | 7.14 |
| Jan 31, 2011 | 1.60 | — | 12.47 | 10.16 | — | 5.31 | 6.23 |
| Jan 29, 2010 | 1.26 | — | 7.95 | 4.71 | — | 4.90 | 5.21 |
| Jan 29, 2009 | 0.82 | — | 4.70 | 2.76 | — | 4.52 | 2.49 |
| Jan 29, 2008 | 1.75 | — | 7.55 | 6.13 | — | 4.22 | 7.37 |
| Feb 12, 2007 | 2.23 | — | 5.73 | 4.44 | — | 3.57 | 12.40 |
| Feb 9, 2006 | 2.62 | — | 2.53 | 5.68 | — | 2.92 | 11.40 |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-11-30), 10-K (reporting date: 2016-11-30), 10-K (reporting date: 2015-11-30), 10-K (reporting date: 2014-11-30), 10-K (reporting date: 2013-11-30), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-11-30), 10-K (reporting date: 2010-11-30), 10-K (reporting date: 2009-11-30), 10-K (reporting date: 2008-11-30), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-11-30), 10-K (reporting date: 2005-11-30).
Comparison to Sector (Consumer Services)
Carnival Corp. & plc, P/BV, long-term trends, comparison to sector (consumer services)
| Carnival Corp. & plc | Consumer Services | |
|---|---|---|
| Jan 26, 2024 | 3.00 | 264.40 |
| Jan 27, 2023 | 1.74 | 198.47 |
| Jan 27, 2022 | 1.84 | 74.08 |
| Jan 26, 2021 | 1.02 | — |
| Jan 28, 2020 | 1.30 | — |
| Jan 28, 2019 | 1.66 | 63.58 |
| Jan 29, 2018 | 2.21 | 20.82 |
| Jan 30, 2017 | 1.85 | 18.69 |
| Jan 29, 2016 | 1.61 | 11.44 |
| Jan 29, 2015 | 1.49 | 8.15 |
| Jan 29, 2014 | 1.30 | 8.29 |
| Jan 29, 2013 | 1.31 | 6.94 |
| Jan 30, 2012 | 1.03 | 7.80 |
| Jan 31, 2011 | 1.60 | 6.28 |
| Jan 29, 2010 | 1.26 | 5.15 |
| Jan 29, 2009 | 0.82 | 4.17 |
| Jan 29, 2008 | 1.75 | 4.77 |
| Feb 12, 2007 | 2.23 | 4.69 |
| Feb 9, 2006 | 2.62 | 3.95 |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-11-30), 10-K (reporting date: 2016-11-30), 10-K (reporting date: 2015-11-30), 10-K (reporting date: 2014-11-30), 10-K (reporting date: 2013-11-30), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-11-30), 10-K (reporting date: 2010-11-30), 10-K (reporting date: 2009-11-30), 10-K (reporting date: 2008-11-30), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-11-30), 10-K (reporting date: 2005-11-30).
Comparison to Industry (Consumer Discretionary)
Carnival Corp. & plc, P/BV, long-term trends, comparison to industry (consumer discretionary)
| Carnival Corp. & plc | Consumer Discretionary | |
|---|---|---|
| Jan 26, 2024 | 3.00 | 10.06 |
| Jan 27, 2023 | 1.74 | 9.41 |
| Jan 27, 2022 | 1.84 | 13.21 |
| Jan 26, 2021 | 1.02 | 17.99 |
| Jan 28, 2020 | 1.30 | 13.59 |
| Jan 28, 2019 | 1.66 | 11.35 |
| Jan 29, 2018 | 2.21 | 10.74 |
| Jan 30, 2017 | 1.85 | 8.39 |
| Jan 29, 2016 | 1.61 | 7.17 |
| Jan 29, 2015 | 1.49 | 5.83 |
| Jan 29, 2014 | 1.30 | 5.12 |
| Jan 29, 2013 | 1.31 | 4.39 |
| Jan 30, 2012 | 1.03 | 3.84 |
| Jan 31, 2011 | 1.60 | 4.04 |
| Jan 29, 2010 | 1.26 | 4.73 |
| Jan 29, 2009 | 0.82 | 4.98 |
| Jan 29, 2008 | 1.75 | 3.91 |
| Feb 12, 2007 | 2.23 | 4.50 |
| Feb 9, 2006 | 2.62 | 3.49 |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30), 10-K (reporting date: 2017-11-30), 10-K (reporting date: 2016-11-30), 10-K (reporting date: 2015-11-30), 10-K (reporting date: 2014-11-30), 10-K (reporting date: 2013-11-30), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-11-30), 10-K (reporting date: 2010-11-30), 10-K (reporting date: 2009-11-30), 10-K (reporting date: 2008-11-30), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-11-30), 10-K (reporting date: 2005-11-30).