Price to Operating Profit (P/OP)
since 2005
Calculation
Carnival Corp. & plc, P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 26, 2024 | 10.57 | = | 15.83 | ÷ | 1.50 | 1.50 | = | 1,956 | ÷ | 1,306,275,033 | |
| Jan 27, 2023 | — | = | 11.02 | ÷ | -3.93 | -3.93 | = | -4,379 | ÷ | 1,113,479,515 | |
| Jan 27, 2022 | — | = | 19.11 | ÷ | -6.05 | -6.05 | = | -7,089 | ÷ | 1,171,371,854 | |
| Jan 26, 2021 | — | = | 18.72 | ÷ | -7.94 | -7.94 | = | -8,865 | ÷ | 1,116,315,671 | |
| Jan 28, 2020 | 10.08 | = | 46.50 | ÷ | 4.61 | 4.61 | = | 3,276 | ÷ | 710,173,957 | |
| Jan 28, 2019 | 12.19 | = | 56.40 | ÷ | 4.63 | 4.63 | = | 3,325 | ÷ | 718,595,612 | |
| Jan 29, 2018 | 19.04 | = | 71.94 | ÷ | 3.78 | 3.78 | = | 2,809 | ÷ | 743,516,841 | |
| Jan 30, 2017 | 13.62 | = | 55.64 | ÷ | 4.08 | 4.08 | = | 3,071 | ÷ | 751,874,136 | |
| Jan 29, 2016 | 14.85 | = | 48.13 | ÷ | 3.24 | 3.24 | = | 2,574 | ÷ | 794,200,754 | |
| Jan 29, 2015 | 20.25 | = | 44.88 | ÷ | 2.22 | 2.22 | = | 1,792 | ÷ | 808,740,668 | |
| Jan 29, 2014 | 23.63 | = | 39.54 | ÷ | 1.67 | 1.67 | = | 1,352 | ÷ | 807,952,516 | |
| Jan 29, 2013 | 19.05 | = | 38.72 | ÷ | 2.03 | 2.03 | = | 1,642 | ÷ | 807,776,598 | |
| Jan 30, 2012 | 10.84 | = | 30.13 | ÷ | 2.78 | 2.78 | = | 2,255 | ÷ | 811,033,320 | |
| Jan 31, 2011 | 15.66 | = | 44.71 | ÷ | 2.85 | 2.85 | = | 2,347 | ÷ | 822,252,828 | |
| Jan 29, 2010 | 12.90 | = | 33.33 | ÷ | 2.58 | 2.58 | = | 2,154 | ÷ | 833,484,519 | |
| Jan 29, 2009 | 5.72 | = | 18.60 | ÷ | 3.25 | 3.25 | = | 2,729 | ÷ | 838,624,465 | |
| Jan 29, 2008 | 12.82 | = | 41.76 | ÷ | 3.26 | 3.26 | = | 2,725 | ÷ | 836,806,445 | |
| Feb 12, 2007 | 15.57 | = | 48.66 | ÷ | 3.12 | 3.12 | = | 2,613 | ÷ | 836,222,673 | |
| Feb 9, 2006 | 16.85 | = | 52.24 | ÷ | 3.10 | 3.10 | = | 2,639 | ÷ | 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 financial performance from 2006 to 2024 is characterized by a prolonged period of operational stability followed by a severe systemic shock and a subsequent recovery phase. The data indicates a strong correlation between global macroeconomic events and the company's valuation and profitability metrics.
- Share Price Trends
- The share price exhibited significant volatility over the analyzed period. Following a peak of 71.94 US$ in 2018, a precipitous decline occurred, reaching a minimum of 11.02 US$ in 2023. A slight recovery is observed by 2024, with the price ascending to 15.83 US$, although it remains substantially below the historical levels seen between 2006 and 2020.
- Operating Profit per Share
- Operating profit per share remained positive and relatively consistent from 2006 through 2020, fluctuating between 2.58 US$ and 4.63 US$. A critical reversal occurred in 2021, with operating profit collapsing to -7.94 US$ per share. While losses narrowed in 2022 (-6.05 US$) and 2023 (-3.93 US$), the company only returned to positive operating territory in 2024, recording a profit of 1.50 US$ per share.
- Price to Operating Profit (P/OP) Dynamics
- The P/OP ratio highlights shifting market valuations relative to operational earnings. A sharp contraction was noted in 2009, where the ratio dropped to 5.72, indicating a significant undervaluation or a collapse in share price relative to stable profits. This was followed by a valuation expansion that peaked in 2014 at 23.63. Between 2015 and 2020, the ratio trended downward, settling at 10.08. Due to the absence of positive operating profits between 2021 and 2023, the P/OP ratio was not applicable during this interval. The return to a ratio of 10.57 in 2024 suggests a restoration of market valuation levels comparable to those observed immediately prior to the operational crisis.
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Comparison to Competitors
Carnival Corp. & plc, P/OP, 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 | 10.57 | 65.01 | 22.85 | 46.13 | — | 18.35 | 20.44 |
| Jan 27, 2023 | — | 46.78 | 17.91 | 38.25 | — | 20.58 | 24.35 |
| Jan 27, 2022 | — | 232.24 | 40.46 | 54.38 | — | 17.59 | 26.68 |
| Jan 26, 2021 | — | — | — | 149.81 | — | 21.51 | 70.29 |
| Jan 28, 2020 | 10.08 | — | 12.89 | 53.41 | — | 17.27 | 24.39 |
| Jan 28, 2019 | 12.19 | — | 16.06 | 62.41 | — | 15.89 | 21.78 |
| Jan 29, 2018 | 19.04 | — | 19.91 | 27.44 | — | 13.56 | 19.59 |
| Jan 30, 2017 | 13.62 | — | 27.61 | 331.70 | — | 13.65 | 19.46 |
| Jan 29, 2016 | 14.85 | — | 18.81 | 18.10 | — | 14.94 | 25.18 |
| Jan 29, 2015 | 20.25 | — | 20.58 | 29.50 | — | 11.48 | 18.97 |
| Jan 29, 2014 | 23.63 | — | 27.73 | 31.59 | — | 10.90 | — |
| Jan 29, 2013 | 19.05 | — | 18.97 | 21.82 | — | 11.20 | 18.15 |
| Jan 30, 2012 | 10.84 | — | 21.06 | 33.58 | — | 11.98 | 18.12 |
| Jan 31, 2011 | 15.66 | — | 28.74 | 28.63 | — | 10.39 | 16.12 |
| Jan 29, 2010 | 12.90 | — | 22.31 | 16.27 | — | 10.04 | 28.21 |
| Jan 29, 2009 | 5.72 | — | 11.86 | 13.85 | — | 9.38 | 12.31 |
| Jan 29, 2008 | 12.82 | — | 31.73 | 31.86 | — | 16.64 | 15.97 |
| Feb 12, 2007 | 15.57 | — | 32.29 | 33.99 | — | 12.40 | 30.91 |
| Feb 9, 2006 | 16.85 | — | 26.01 | 56.69 | — | 11.01 | 30.54 |
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).