Price to Earnings (P/E)
since 2005
Calculation
Carnival Corp. & plc, P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 26, 2024 | — | = | 15.83 | ÷ | -0.06 | -0.06 | = | -74 | ÷ | 1,306,275,033 | |
| Jan 27, 2023 | — | = | 11.02 | ÷ | -5.47 | -5.47 | = | -6,093 | ÷ | 1,113,479,515 | |
| Jan 27, 2022 | — | = | 19.11 | ÷ | -8.11 | -8.11 | = | -9,501 | ÷ | 1,171,371,854 | |
| Jan 26, 2021 | — | = | 18.72 | ÷ | -9.17 | -9.17 | = | -10,236 | ÷ | 1,116,315,671 | |
| Jan 28, 2020 | 11.04 | = | 46.50 | ÷ | 4.21 | 4.21 | = | 2,990 | ÷ | 710,173,957 | |
| Jan 28, 2019 | 12.86 | = | 56.40 | ÷ | 4.39 | 4.39 | = | 3,152 | ÷ | 718,595,612 | |
| Jan 29, 2018 | 20.53 | = | 71.94 | ÷ | 3.50 | 3.50 | = | 2,606 | ÷ | 743,516,841 | |
| Jan 30, 2017 | 15.05 | = | 55.64 | ÷ | 3.70 | 3.70 | = | 2,779 | ÷ | 751,874,136 | |
| Jan 29, 2016 | 21.76 | = | 48.13 | ÷ | 2.21 | 2.21 | = | 1,757 | ÷ | 794,200,754 | |
| Jan 29, 2015 | 29.37 | = | 44.88 | ÷ | 1.53 | 1.53 | = | 1,236 | ÷ | 808,740,668 | |
| Jan 29, 2014 | 29.63 | = | 39.54 | ÷ | 1.33 | 1.33 | = | 1,078 | ÷ | 807,952,516 | |
| Jan 29, 2013 | 24.10 | = | 38.72 | ÷ | 1.61 | 1.61 | = | 1,298 | ÷ | 807,776,598 | |
| Jan 30, 2012 | 12.78 | = | 30.13 | ÷ | 2.36 | 2.36 | = | 1,912 | ÷ | 811,033,320 | |
| Jan 31, 2011 | 18.59 | = | 44.71 | ÷ | 2.41 | 2.41 | = | 1,978 | ÷ | 822,252,828 | |
| Jan 29, 2010 | 15.52 | = | 33.33 | ÷ | 2.15 | 2.15 | = | 1,790 | ÷ | 833,484,519 | |
| Jan 29, 2009 | 6.69 | = | 18.60 | ÷ | 2.78 | 2.78 | = | 2,330 | ÷ | 838,624,465 | |
| Jan 29, 2008 | 14.51 | = | 41.76 | ÷ | 2.88 | 2.88 | = | 2,408 | ÷ | 836,806,445 | |
| Feb 12, 2007 | 17.85 | = | 48.66 | ÷ | 2.73 | 2.73 | = | 2,279 | ÷ | 836,222,673 | |
| Feb 9, 2006 | 19.70 | = | 52.24 | ÷ | 2.65 | 2.65 | = | 2,257 | ÷ | 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 price-to-earnings (P/E) ratio from 2006 to 2024 reveals distinct phases of valuation volatility, expansion, and a subsequent collapse in earnings capacity. Between 2006 and 2020, the P/E ratio fluctuated significantly, reflecting changing market sentiment and varying levels of profitability. Starting in 2021, the P/E ratio ceased to be a applicable metric due to the onset of negative earnings per share.
- Valuation Compression (2006–2009)
- A consistent decline in the P/E ratio is observed during this period, falling from 19.70 in 2006 to a low of 6.69 in 2009. This contraction was primarily driven by a sharp reduction in share price, which fell from 52.24 to 18.60, while earnings per share remained relatively stable, fluctuating only slightly between 2.65 and 2.88.
- Valuation Expansion and Peak (2010–2015)
- A period of valuation expansion occurred after 2009, with the P/E ratio climbing to a peak of 29.63 in 2014. This trend indicates that the share price recovered more aggressively than earnings grew. Specifically, during 2013 and 2014, the P/E ratio surged to its highest levels despite a decline in earnings per share, which dropped to 1.33 in 2014.
- Normalization and EPS Growth (2016–2020)
- From 2016 to 2020, a general downward trend in the P/E ratio is evident, moving from 21.76 to 11.04. This compression coincided with a period of strong earnings growth, where earnings per share rose from 2.21 in 2016 to a peak of 4.39 in 2019. The decreasing ratio suggests that earnings growth outpaced the growth in share price during this interval.
- Earnings Collapse and Metric Inapplicability (2021–2024)
- The final phase is characterized by a transition to negative earnings per share, starting at -9.17 in 2021 and gradually improving to -0.06 by 2024. Because the P/E ratio cannot be meaningfully calculated for companies with negative earnings, there is a complete absence of P/E data for these years. This period marks a fundamental shift from valuation analysis to loss-recovery analysis.
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Comparison to Competitors
Carnival Corp. & plc, P/E, 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 | — | 20.59 | 31.09 | 58.48 | — | 25.23 | 29.09 |
| Jan 27, 2023 | — | 44.53 | 29.87 | 49.37 | — | 31.22 | 34.26 |
| Jan 27, 2022 | — | — | 86.68 | 67.03 | — | 24.15 | 30.95 |
| Jan 26, 2021 | — | — | 1,696.44 | 122.18 | — | 33.31 | 118.26 |
| Jan 28, 2020 | 11.04 | — | 14.16 | 67.72 | — | 25.99 | 27.63 |
| Jan 28, 2019 | 12.86 | — | 21.46 | 91.33 | — | 23.66 | 18.71 |
| Jan 29, 2018 | 20.53 | — | 38.61 | 42.15 | — | 24.95 | 28.08 |
| Jan 30, 2017 | 15.05 | — | 37.59 | 499.87 | — | 22.55 | 28.81 |
| Jan 29, 2016 | 21.76 | — | 24.03 | 29.06 | — | 23.56 | 32.88 |
| Jan 29, 2015 | 29.37 | — | 26.12 | 47.09 | — | 19.19 | 28.27 |
| Jan 29, 2014 | 29.63 | — | 35.35 | 51.40 | — | 17.10 | 7,312.64 |
| Jan 29, 2013 | 24.10 | — | 24.45 | 35.78 | — | 17.64 | 26.20 |
| Jan 30, 2012 | 12.78 | — | 27.88 | 54.76 | — | 18.57 | 25.14 |
| Jan 31, 2011 | 18.59 | — | 42.86 | 46.04 | — | 15.70 | 24.20 |
| Jan 29, 2010 | 15.52 | — | 21.46 | 26.12 | — | 15.10 | 40.57 |
| Jan 29, 2009 | 6.69 | — | 17.74 | 21.96 | — | 14.02 | 19.66 |
| Jan 29, 2008 | 14.51 | — | 28.14 | 48.84 | — | 26.95 | 25.02 |
| Feb 12, 2007 | 17.85 | — | 27.59 | 50.83 | — | 15.55 | 48.96 |
| Feb 9, 2006 | 19.70 | — | 4.89 | 46.61 | — | 17.02 | 48.21 |
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/E, long-term trends, comparison to sector (consumer services)
| Carnival Corp. & plc | Consumer Services | |
|---|---|---|
| Jan 26, 2024 | — | 30.62 |
| Jan 27, 2023 | — | 39.20 |
| Jan 27, 2022 | — | 46.48 |
| Jan 26, 2021 | — | 569.28 |
| Jan 28, 2020 | 11.04 | 23.50 |
| Jan 28, 2019 | 12.86 | 22.35 |
| Jan 29, 2018 | 20.53 | 29.11 |
| Jan 30, 2017 | 15.05 | 28.83 |
| Jan 29, 2016 | 21.76 | 26.42 |
| Jan 29, 2015 | 29.37 | 24.14 |
| Jan 29, 2014 | 29.63 | 30.71 |
| Jan 29, 2013 | 24.10 | 20.75 |
| Jan 30, 2012 | 12.78 | 21.79 |
| Jan 31, 2011 | 18.59 | 19.91 |
| Jan 29, 2010 | 15.52 | 17.70 |
| Jan 29, 2009 | 6.69 | 14.65 |
| Jan 29, 2008 | 14.51 | 27.08 |
| Feb 12, 2007 | 17.85 | 20.57 |
| Feb 9, 2006 | 19.70 | 21.30 |
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/E, long-term trends, comparison to industry (consumer discretionary)
| Carnival Corp. & plc | Consumer Discretionary | |
|---|---|---|
| Jan 26, 2024 | — | 33.63 |
| Jan 27, 2023 | — | 46.01 |
| Jan 27, 2022 | — | 39.27 |
| Jan 26, 2021 | — | 73.74 |
| Jan 28, 2020 | 11.04 | 39.37 |
| Jan 28, 2019 | 12.86 | 33.13 |
| Jan 29, 2018 | 20.53 | 47.03 |
| Jan 30, 2017 | 15.05 | 29.19 |
| Jan 29, 2016 | 21.76 | 24.70 |
| Jan 29, 2015 | 29.37 | 29.48 |
| Jan 29, 2014 | 29.63 | 26.50 |
| Jan 29, 2013 | 24.10 | 20.90 |
| Jan 30, 2012 | 12.78 | 11.38 |
| Jan 31, 2011 | 18.59 | 17.54 |
| Jan 29, 2010 | 15.52 | 18.66 |
| Jan 29, 2009 | 6.69 | 303.41 |
| Jan 29, 2008 | 14.51 | 24.33 |
| Feb 12, 2007 | 17.85 | 117.34 |
| Feb 9, 2006 | 19.70 | 17.54 |
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).