Stock Analysis on Net
Stock Analysis on Net

Carnival Corp. & plc (NYSE:CCL)

This company has been moved to the archive! The financial data has not been updated since March 27, 2024.

Common-Size Balance Sheet: Assets

Carnival Corp. & plc, common-size consolidated balance sheet: assets

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Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
Cash and cash equivalents 4.92 7.79 16.76 17.75 1.15 2.32
Restricted cash 0.02 3.85 0.03 0.00 0.00 0.00
Short-term investments 0.00 0.00 0.37 0.00 0.00 0.00
Trade and other receivables, net 1.13 0.76 0.46 0.51 0.99 0.84
Inventories 1.07 0.83 0.67 0.63 0.95 1.06
Prepaid expenses and other 3.57 1.26 0.71 0.82 1.49 1.03
Current assets 10.72% 14.49% 19.00% 19.71% 4.57% 5.25%
Property and equipment, net 81.67 74.83 71.44 71.04 84.63 83.34
Operating lease right-of-use assets, net 2.58 2.46 2.50 2.56 0.00 0.00
Goodwill 1.18 1.12 1.09 1.51 6.46 6.90
Other intangibles 2.38 2.24 2.21 2.21 2.61 2.77
Other assets 1.48 4.86 3.77 2.97 1.74 1.74
Long-term assets 89.28% 85.51% 81.00% 80.29% 95.43% 94.75%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset structure of the entity is characterized by a heavy concentration in long-term assets, specifically property and equipment, which consistently represent the vast majority of the total asset base. A significant volatility in the composition of current assets is observed between 2020 and 2022, indicating a period of substantial liquidity adjustment followed by a gradual return toward pre-2020 levels.

Liquidity and Current Asset Dynamics
Current assets experienced a sharp increase from 5.25% in 2018 to a peak of 19.71% in 2020. This surge was driven almost exclusively by cash and cash equivalents, which rose from 2.32% in 2018 to 17.75% in 2020. Following this peak, a steady contraction occurred, with current assets declining to 10.72% by 2023 and cash returning to 4.92%. This pattern suggests a massive influx of liquidity during the 2020-2021 period, subsequently utilized for operational needs or debt obligations.
Fixed Asset Dominance and Proportional Shifts
Property and equipment, net, remain the primary asset driver. While the nominal value may have shifted, the proportion of total assets decreased from 83.34% in 2018 to 71.04% in 2020, coinciding with the spike in cash holdings. As liquidity levels normalized, property and equipment recovered to represent 81.67% of total assets by 2023, reflecting the capital-intensive nature of the business model.
Intangible Asset Impairment
A significant reduction in goodwill is evident, falling from 6.90% of total assets in 2018 to 1.51% in 2020, eventually stabilizing near 1.18% in 2023. This sharp decline indicates substantial impairment charges recognized during the 2020 fiscal period. Other intangibles remained relatively stable, fluctuating narrowly between 2.21% and 2.77%.
Long-Term Asset Concentration
Long-term assets consistently dominate the balance sheet, though their share dipped from approximately 95% in 2018-2019 to 80.29% in 2020 due to the temporary increase in current assets. By 2023, long-term assets returned to 89.28% of the total asset mix, underscoring a reliance on long-term infrastructure and fixed investments.

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