Analysis of Inventory
Inventory Disclosure
Carnival Corp. & plc, balance sheet: inventory
US$ in millions
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Inventories | 528) | 428) | 356) | 335) | 427) | 450) |
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).
Inventories exhibited a V-shaped trajectory between fiscal years 2018 and 2023, characterized by an initial contraction followed by a sustained period of growth and expansion.
- Inventory Contraction (2018–2020)
- A downward trend is observed from November 30, 2018, to November 30, 2020. Inventory levels decreased from 450 million US$ to 335 million US$, representing a total decline of approximately 25.5%. This period marks the lowest inventory valuation within the analyzed timeframe.
- Recovery and Growth Phase (2021–2023)
- A consistent recovery began in 2021, with inventory values rising incrementally to 356 million US$ in 2021 and 428 million US$ in 2022. This upward momentum accelerated into 2023, reaching a peak of 528 million US$. The increase from the 2020 trough to the 2023 high represents a growth of approximately 57.6%.
- Comparative Period Analysis
- The inventory balance as of November 30, 2023, is 17.3% higher than the balance reported on November 30, 2018. This indicates that the current scale of inventory holdings has not only recovered from the contraction period but has exceeded previous baseline levels, suggesting an increase in operational requirements or stock buffering.
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