Current Ratio
since 2005
Calculation
Carnival Corp. & plc, current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Nov 30, 2023 | 0.46 | = | 5,266) | ÷ | 11,481) |
| Nov 30, 2022 | 0.71 | = | 7,492) | ÷ | 10,605) |
| Nov 30, 2021 | 0.97 | = | 10,133) | ÷ | 10,408) |
| Nov 30, 2020 | 1.22 | = | 10,563) | ÷ | 8,686) |
| Nov 30, 2019 | 0.23 | = | 2,059) | ÷ | 9,127) |
| Nov 30, 2018 | 0.24 | = | 2,225) | ÷ | 9,204) |
| Nov 30, 2017 | 0.18 | = | 1,596) | ÷ | 8,800) |
| Nov 30, 2016 | 0.24 | = | 1,689) | ÷ | 7,072) |
| Nov 30, 2015 | 0.35 | = | 2,451) | ÷ | 6,956) |
| Nov 30, 2014 | 0.22 | = | 1,503) | ÷ | 6,921) |
| Nov 30, 2013 | 0.29 | = | 1,937) | ÷ | 6,720) |
| Nov 30, 2012 | 0.25 | = | 1,821) | ÷ | 7,340) |
| Nov 30, 2011 | 0.21 | = | 1,312) | ÷ | 6,105) |
| Nov 30, 2010 | 0.22 | = | 1,244) | ÷ | 5,755) |
| Nov 30, 2009 | 0.31 | = | 1,518) | ÷ | 4,967) |
| Nov 30, 2008 | 0.29 | = | 1,650) | ÷ | 5,781) |
| Nov 30, 2007 | 0.27 | = | 1,976) | ÷ | 7,260) |
| Nov 30, 2006 | 0.37 | = | 1,995) | ÷ | 5,415) |
| Nov 30, 2005 | 0.43 | = | 2,215) | ÷ | 5,192) |
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$ in millions
The liquidity profile of the entity is characterized by a prolonged period of structural deficiency in current assets relative to current liabilities, interrupted by a significant and temporary spike in liquidity between 2020 and 2021. For the majority of the period from 2005 to 2023, the organization operated with a current ratio well below 1.0, indicating that short-term obligations consistently exceeded liquid assets.
- Current Asset Trends
- From 2005 to 2019, current assets remained relatively stable, fluctuating within a narrow range between US$1.2 billion and US$2.5 billion. A dramatic shift occurred in 2020, where current assets surged to US$10.6 billion. This peak was followed by a progressive decline over the subsequent three years, ending at US$5.3 billion in 2023.
- Current Liability Trends
- Current liabilities demonstrated a consistent long-term upward trajectory. Starting at US$5.2 billion in 2005, liabilities grew to US$11.5 billion by 2023. This steady increase in short-term obligations occurred independently of the fluctuations seen in current assets, contributing to a tightening liquidity position over time.
- Current Ratio Analysis
- The current ratio remained depressed for fifteen years, oscillating between a low of 0.18 in 2017 and a high of 0.43 in 2005. A sharp anomaly is observed in 2020, when the ratio climbed to 1.22, the only instance in the data where current assets fully covered current liabilities. Following this peak, the ratio entered a period of steady decline, falling to 0.97 in 2021, 0.71 in 2022, and returning to 0.46 by 2023.
The data suggests a return to a historical liquidity baseline by 2023. The temporary expansion of the current ratio in 2020 was driven by a massive increase in current assets rather than a reduction in liabilities, a trend that reversed as assets decreased and liabilities continued to climb toward the end of the period.
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Comparison to Competitors
Carnival Corp. & plc, current ratio, 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. | |
|---|---|---|---|---|---|---|---|
| Nov 30, 2023 | 0.46 | 1.66 | 1.28 | 1.57 | 1.64 | 1.16 | 0.78 |
| Nov 30, 2022 | 0.71 | 1.86 | 1.86 | 1.28 | 1.86 | 1.43 | 0.77 |
| Nov 30, 2021 | 0.97 | 1.95 | 2.10 | 1.58 | 2.59 | 1.78 | 1.20 |
| Nov 30, 2020 | 1.22 | 1.73 | 3.56 | 1.73 | 3.94 | 1.01 | 1.06 |
| Nov 30, 2019 | 0.23 | — | 1.83 | 1.61 | — | 0.98 | 0.92 |
| Nov 30, 2018 | 0.24 | — | 2.36 | 1.81 | — | 1.36 | 2.20 |
| Nov 30, 2017 | 0.18 | — | 2.58 | 1.94 | — | 1.84 | 1.25 |
| Nov 30, 2016 | 0.24 | — | 1.89 | 1.85 | — | 1.40 | 1.05 |
| Nov 30, 2015 | 0.35 | — | 2.47 | 2.91 | — | 3.27 | 1.19 |
| Nov 30, 2014 | 0.22 | — | 3.82 | 3.58 | — | 1.52 | 1.37 |
| Nov 30, 2013 | 0.29 | — | 5.41 | 3.34 | — | 1.59 | 1.02 |
| Nov 30, 2012 | 0.25 | — | 3.89 | 2.93 | — | 1.45 | 1.90 |
| Nov 30, 2011 | 0.21 | — | 2.77 | 3.18 | — | 1.25 | 1.83 |
| Nov 30, 2010 | 0.22 | — | 4.15 | 3.30 | — | 1.49 | 1.55 |
| Nov 30, 2009 | 0.31 | — | 2.50 | 2.91 | — | 1.14 | 1.29 |
| Nov 30, 2008 | 0.29 | — | 1.14 | 2.75 | — | 1.39 | 0.80 |
| Nov 30, 2007 | 0.27 | — | 0.88 | 2.75 | — | 0.80 | 0.79 |
| Nov 30, 2006 | 0.37 | — | 5.00 | 2.92 | — | 1.21 | 0.79 |
| Nov 30, 2005 | 0.43 | — | 3.15 | 0.42 | — | 1.45 | 0.99 |
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, current ratio, long-term trends, comparison to sector (consumer services)
| Carnival Corp. & plc | Consumer Services | |
|---|---|---|
| Nov 30, 2023 | 0.46 | 1.28 |
| Nov 30, 2022 | 0.71 | 1.49 |
| Nov 30, 2021 | 0.97 | 1.77 |
| Nov 30, 2020 | 1.22 | 1.73 |
| Nov 30, 2019 | 0.23 | 1.27 |
| Nov 30, 2018 | 0.24 | 2.04 |
| Nov 30, 2017 | 0.18 | 1.85 |
| Nov 30, 2016 | 0.24 | 1.39 |
| Nov 30, 2015 | 0.35 | 2.21 |
| Nov 30, 2014 | 0.22 | 1.96 |
| Nov 30, 2013 | 0.29 | 1.84 |
| Nov 30, 2012 | 0.25 | 2.11 |
| Nov 30, 2011 | 0.21 | 1.72 |
| Nov 30, 2010 | 0.22 | 1.79 |
| Nov 30, 2009 | 0.31 | 1.33 |
| Nov 30, 2008 | 0.29 | 1.14 |
| Nov 30, 2007 | 0.27 | 0.82 |
| Nov 30, 2006 | 0.37 | 1.14 |
| Nov 30, 2005 | 0.43 | 1.36 |
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, current ratio, long-term trends, comparison to industry (consumer discretionary)
| Carnival Corp. & plc | Consumer Discretionary | |
|---|---|---|
| Nov 30, 2023 | 0.46 | 1.20 |
| Nov 30, 2022 | 0.71 | 1.15 |
| Nov 30, 2021 | 0.97 | 1.25 |
| Nov 30, 2020 | 1.22 | 1.19 |
| Nov 30, 2019 | 0.23 | 1.10 |
| Nov 30, 2018 | 0.24 | 1.15 |
| Nov 30, 2017 | 0.18 | 1.15 |
| Nov 30, 2016 | 0.24 | 1.12 |
| Nov 30, 2015 | 0.35 | 1.25 |
| Nov 30, 2014 | 0.22 | 1.11 |
| Nov 30, 2013 | 0.29 | 1.15 |
| Nov 30, 2012 | 0.25 | 1.14 |
| Nov 30, 2011 | 0.21 | 1.31 |
| Nov 30, 2010 | 0.22 | 1.24 |
| Nov 30, 2009 | 0.31 | 1.25 |
| Nov 30, 2008 | 0.29 | 0.96 |
| Nov 30, 2007 | 0.27 | 1.21 |
| Nov 30, 2006 | 0.37 | 1.15 |
| Nov 30, 2005 | 0.43 | 1.10 |
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).