Debt to Equity
since 2005
Calculation
Carnival Corp. & plc, debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Nov 30, 2023 | 4.44 | = | 30,572) | ÷ | 6,882) |
| Nov 30, 2022 | 4.89 | = | 34,546) | ÷ | 7,065) |
| Nov 30, 2021 | 2.74 | = | 33,226) | ÷ | 12,144) |
| Nov 30, 2020 | 1.31 | = | 26,956) | ÷ | 20,555) |
| Nov 30, 2019 | 0.45 | = | 11,502) | ÷ | 25,365) |
| Nov 30, 2018 | 0.42 | = | 10,323) | ÷ | 24,443) |
| Nov 30, 2017 | 0.38 | = | 9,195) | ÷ | 24,216) |
| Nov 30, 2016 | 0.42 | = | 9,454) | ÷ | 22,597) |
| Nov 30, 2015 | 0.37 | = | 8,787) | ÷ | 23,771) |
| Nov 30, 2014 | 0.37 | = | 9,088) | ÷ | 24,288) |
| Nov 30, 2013 | 0.39 | = | 9,560) | ÷ | 24,556) |
| Nov 30, 2012 | 0.37 | = | 8,902) | ÷ | 23,929) |
| Nov 30, 2011 | 0.39 | = | 9,353) | ÷ | 23,832) |
| Nov 30, 2010 | 0.41 | = | 9,364) | ÷ | 23,031) |
| Nov 30, 2009 | 0.46 | = | 10,047) | ÷ | 22,035) |
| Nov 30, 2008 | 0.49 | = | 9,343) | ÷ | 19,098) |
| Nov 30, 2007 | 0.44 | = | 8,852) | ÷ | 19,963) |
| Nov 30, 2006 | 0.43 | = | 7,847) | ÷ | 18,210) |
| Nov 30, 2005 | 0.43 | = | 7,352) | ÷ | 16,972) |
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 financial trajectory of the capital structure exhibits a stark divergence between the period from 2005 to 2019 and the period from 2020 to 2023. For the first fifteen years, the organization maintained a conservative leverage profile characterized by stable debt levels and steadily increasing equity. However, beginning in 2020, there was a systemic shift marked by a rapid escalation in total debt and a simultaneous contraction of shareholders' equity, leading to a significant increase in the debt-to-equity ratio.
- Total Debt Trends
- Between 2005 and 2019, total debt remained relatively contained, fluctuating within a range of 7.35 billion to 11.50 billion US dollars. A critical inflection point occurred in 2020, where debt surged to 26.96 billion US dollars. This upward trend continued, peaking at 34.55 billion US dollars in 2022, before experiencing a slight reduction to 30.57 billion US dollars by 2023.
- Shareholders' Equity Trends
- Equity demonstrated consistent growth for over a decade, rising from 16.97 billion US dollars in 2005 to a peak of 25.37 billion US dollars in 2019. This trend reversed sharply in 2020, with equity falling to 20.56 billion US dollars. The decline accelerated over the subsequent three years, reaching a low of 6.88 billion US dollars by November 30, 2023, representing a substantial erosion of the equity base.
- Debt-to-Equity Ratio Interpretation
- The debt-to-equity ratio remained low and stable from 2005 to 2019, oscillating between a minimum of 0.37 and a maximum of 0.49, indicating a strong equity cushion. Starting in 2020, the ratio climbed rapidly to 1.31, further escalating to 2.74 in 2021 and peaking at 4.89 in 2022. Although a slight correction to 4.44 was observed in 2023, the ratio remains historically elevated, reflecting a fundamental shift toward a highly leveraged capital structure.
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Comparison to Competitors
Carnival Corp. & plc, debt to equity, 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 | 4.44 | 0.00 | — | 0.00 | 0.00 | — | — |
| Nov 30, 2022 | 4.89 | 0.00 | 4.49 | 0.00 | 0.00 | — | — |
| Nov 30, 2021 | 2.74 | 0.00 | 1.77 | 0.00 | 0.00 | — | — |
| Nov 30, 2020 | 1.31 | 0.63 | 2.46 | 0.00 | 0.08 | — | — |
| Nov 30, 2019 | 0.45 | — | 1.45 | 0.00 | — | — | — |
| Nov 30, 2018 | 0.42 | — | 0.98 | 0.00 | — | — | 8.07 |
| Nov 30, 2017 | 0.38 | — | 0.85 | 0.00 | — | — | 0.72 |
| Nov 30, 2016 | 0.42 | — | 0.73 | 0.00 | — | — | 0.61 |
| Nov 30, 2015 | 0.37 | — | 0.70 | 0.00 | — | 3.40 | 0.40 |
| Nov 30, 2014 | 0.37 | — | 0.45 | 0.00 | — | 1.17 | 0.39 |
| Nov 30, 2013 | 0.39 | — | 0.28 | 0.00 | — | 0.88 | 0.29 |
| Nov 30, 2012 | 0.37 | — | 0.37 | 0.00 | — | 0.89 | 0.11 |
| Nov 30, 2011 | 0.39 | — | 0.22 | 0.00 | — | 0.87 | 0.13 |
| Nov 30, 2010 | 0.41 | — | 0.26 | 0.00 | — | 0.79 | 0.15 |
| Nov 30, 2009 | 0.46 | — | 0.15 | 0.00 | — | 0.75 | 0.18 |
| Nov 30, 2008 | 0.49 | — | 0.54 | 0.00 | — | 0.76 | 0.51 |
| Nov 30, 2007 | 0.44 | — | 0.98 | 0.00 | — | 0.61 | 0.55 |
| Nov 30, 2006 | 0.43 | — | 1.63 | 0.00 | — | 0.55 | 0.32 |
| Nov 30, 2005 | 0.43 | — | 0.61 | 0.00 | — | 0.67 | 0.13 |
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, debt to equity, long-term trends, comparison to sector (consumer services)
| Carnival Corp. & plc | Consumer Services | |
|---|---|---|
| Nov 30, 2023 | 4.44 | 26.64 |
| Nov 30, 2022 | 4.89 | 23.03 |
| Nov 30, 2021 | 2.74 | 7.65 |
| Nov 30, 2020 | 1.31 | — |
| Nov 30, 2019 | 0.45 | — |
| Nov 30, 2018 | 0.42 | 9.57 |
| Nov 30, 2017 | 0.38 | 2.90 |
| Nov 30, 2016 | 0.42 | 2.46 |
| Nov 30, 2015 | 0.37 | 1.37 |
| Nov 30, 2014 | 0.37 | 0.73 |
| Nov 30, 2013 | 0.39 | 0.60 |
| Nov 30, 2012 | 0.37 | 0.61 |
| Nov 30, 2011 | 0.39 | 0.61 |
| Nov 30, 2010 | 0.41 | 0.60 |
| Nov 30, 2009 | 0.46 | 0.59 |
| Nov 30, 2008 | 0.49 | 0.69 |
| Nov 30, 2007 | 0.44 | 0.60 |
| Nov 30, 2006 | 0.43 | 0.52 |
| Nov 30, 2005 | 0.43 | 0.59 |
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, debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Carnival Corp. & plc | Consumer Discretionary | |
|---|---|---|
| Nov 30, 2023 | 4.44 | 1.28 |
| Nov 30, 2022 | 4.89 | 1.44 |
| Nov 30, 2021 | 2.74 | 1.41 |
| Nov 30, 2020 | 1.31 | 2.17 |
| Nov 30, 2019 | 0.45 | 2.60 |
| Nov 30, 2018 | 0.42 | 2.59 |
| Nov 30, 2017 | 0.38 | 2.55 |
| Nov 30, 2016 | 0.42 | 2.21 |
| Nov 30, 2015 | 0.37 | 1.88 |
| Nov 30, 2014 | 0.37 | 1.60 |
| Nov 30, 2013 | 0.39 | 1.25 |
| Nov 30, 2012 | 0.37 | 1.19 |
| Nov 30, 2011 | 0.39 | 1.09 |
| Nov 30, 2010 | 0.41 | 1.26 |
| Nov 30, 2009 | 0.46 | 2.58 |
| Nov 30, 2008 | 0.49 | 4.06 |
| Nov 30, 2007 | 0.44 | 2.62 |
| Nov 30, 2006 | 0.43 | 2.96 |
| Nov 30, 2005 | 0.43 | 2.35 |
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).