Price to Sales (P/S)
since 2005
Calculation
Carnival Corp. & plc, P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan 26, 2024 | 0.96 | = | 15.83 | ÷ | 16.53 | 16.53 | = | 21,593 | ÷ | 1,306,275,033 | |
| Jan 27, 2023 | 1.01 | = | 11.02 | ÷ | 10.93 | 10.93 | = | 12,168 | ÷ | 1,113,479,515 | |
| Jan 27, 2022 | 11.73 | = | 19.11 | ÷ | 1.63 | 1.63 | = | 1,908 | ÷ | 1,171,371,854 | |
| Jan 26, 2021 | 3.74 | = | 18.72 | ÷ | 5.01 | 5.01 | = | 5,595 | ÷ | 1,116,315,671 | |
| Jan 28, 2020 | 1.59 | = | 46.50 | ÷ | 29.32 | 29.32 | = | 20,825 | ÷ | 710,173,957 | |
| Jan 28, 2019 | 2.15 | = | 56.40 | ÷ | 26.27 | 26.27 | = | 18,881 | ÷ | 718,595,612 | |
| Jan 29, 2018 | 3.05 | = | 71.94 | ÷ | 23.55 | 23.55 | = | 17,510 | ÷ | 743,516,841 | |
| Jan 30, 2017 | 2.55 | = | 55.64 | ÷ | 21.80 | 21.80 | = | 16,389 | ÷ | 751,874,136 | |
| Jan 29, 2016 | 2.43 | = | 48.13 | ÷ | 19.79 | 19.79 | = | 15,714 | ÷ | 794,200,754 | |
| Jan 29, 2015 | 2.29 | = | 44.88 | ÷ | 19.64 | 19.64 | = | 15,884 | ÷ | 808,740,668 | |
| Jan 29, 2014 | 2.07 | = | 39.54 | ÷ | 19.13 | 19.13 | = | 15,456 | ÷ | 807,952,516 | |
| Jan 29, 2013 | 2.03 | = | 38.72 | ÷ | 19.04 | 19.04 | = | 15,382 | ÷ | 807,776,598 | |
| Jan 30, 2012 | 1.55 | = | 30.13 | ÷ | 19.47 | 19.47 | = | 15,793 | ÷ | 811,033,320 | |
| Jan 31, 2011 | 2.54 | = | 44.71 | ÷ | 17.60 | 17.60 | = | 14,469 | ÷ | 822,252,828 | |
| Jan 29, 2010 | 2.11 | = | 33.33 | ÷ | 15.79 | 15.79 | = | 13,157 | ÷ | 833,484,519 | |
| Jan 29, 2009 | 1.07 | = | 18.60 | ÷ | 17.46 | 17.46 | = | 14,646 | ÷ | 838,624,465 | |
| Jan 29, 2008 | 2.68 | = | 41.76 | ÷ | 15.57 | 15.57 | = | 13,033 | ÷ | 836,806,445 | |
| Feb 12, 2007 | 3.44 | = | 48.66 | ÷ | 14.16 | 14.16 | = | 11,839 | ÷ | 836,222,673 | |
| Feb 9, 2006 | 4.01 | = | 52.24 | ÷ | 13.03 | 13.03 | = | 11,087 | ÷ | 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 Price-to-Sales (P/S) ratio for the period between 2006 and 2024 exhibits significant volatility, characterized by a long-term downward trend punctuated by an extreme anomaly during the 2021-2022 window.
- Historical Valuation Trends (2006–2019)
- From 2006 to 2009, a contraction in the P/S ratio is observed, falling from 4.01 to 1.07. This decline occurred despite a steady increase in sales per share, which rose from 13.03 to 17.46, indicating a reduction in market valuation relative to revenue generation. Between 2010 and 2018, the ratio entered a period of relative stability, generally fluctuating between 1.55 and 3.05. This phase was supported by a consistent upward trajectory in sales per share, which climbed from 15.79 in 2010 to a peak of 23.55 in 2018.
- Revenue Collapse and Ratio Distortion (2020–2022)
- A dramatic divergence occurs between 2020 and 2022. While the P/S ratio in 2020 stood at 1.59, it surged to 3.74 in 2021 and peaked at an anomalous 11.73 in 2022. This spike was not driven by an increase in share price, which remained stagnant near 19.00, but was instead the result of a severe collapse in sales per share, which plummeted to a low of 1.63 in 2022. The resulting P/S peak represents a mathematical distortion caused by the near-total disappearance of revenue rather than a premium market valuation.
- Recent Normalization and Current Valuation (2023–2024)
- The most recent data indicates a return to lower valuation multiples. The P/S ratio dropped sharply to 1.01 in 2023 and further to 0.96 in 2024. This normalization coincides with a recovery in sales per share, which increased to 16.53 by January 2024. The current ratio suggests that the market is now valuing the company at slightly less than its annual revenue per share, marking a historical low in the P/S trend since 2006.
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Comparison to Competitors
Carnival Corp. & plc, P/S, 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 | 0.96 | 9.95 | 6.24 | 7.28 | 5.40 | 8.38 | 3.34 |
| Jan 27, 2023 | 1.01 | 10.04 | 5.35 | 5.14 | 3.23 | 8.32 | 3.49 |
| Jan 27, 2022 | 11.73 | 16.64 | 9.22 | 5.80 | 7.30 | 7.85 | 4.47 |
| Jan 26, 2021 | 3.74 | 37.16 | 14.73 | 7.26 | 16.87 | 8.20 | 4.67 |
| Jan 28, 2020 | 1.59 | — | 4.57 | 4.24 | — | 7.43 | 3.75 |
| Jan 28, 2019 | 2.15 | — | 5.91 | 3.31 | — | 6.67 | 3.42 |
| Jan 29, 2018 | 3.05 | — | 7.13 | 1.66 | — | 5.68 | 3.62 |
| Jan 30, 2017 | 2.55 | — | 7.47 | 2.94 | — | 4.29 | 3.81 |
| Jan 29, 2016 | 2.43 | — | 6.65 | 3.07 | — | 4.20 | 4.73 |
| Jan 29, 2015 | 2.29 | — | 7.49 | 5.10 | — | 3.33 | 3.55 |
| Jan 29, 2014 | 2.07 | — | 9.85 | 5.24 | — | 3.40 | 4.08 |
| Jan 29, 2013 | 2.03 | — | 6.60 | 3.64 | — | 3.50 | 2.73 |
| Jan 30, 2012 | 1.55 | — | 6.76 | 5.19 | — | 3.78 | 2.68 |
| Jan 31, 2011 | 2.54 | — | 7.33 | 4.49 | — | 3.23 | 2.14 |
| Jan 29, 2010 | 2.11 | — | 4.49 | 2.18 | — | 3.02 | 1.62 |
| Jan 29, 2009 | 1.07 | — | 1.82 | 1.29 | — | 2.57 | 0.60 |
| Jan 29, 2008 | 2.68 | — | 3.11 | 3.17 | — | 2.83 | 1.79 |
| Feb 12, 2007 | 3.44 | — | 1.78 | 2.56 | — | 2.55 | 3.55 |
| Feb 9, 2006 | 4.01 | — | 0.97 | 2.80 | — | 2.17 | 3.74 |
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/S, long-term trends, comparison to sector (consumer services)
| Carnival Corp. & plc | Consumer Services | |
|---|---|---|
| Jan 26, 2024 | 0.96 | 6.15 |
| Jan 27, 2023 | 1.01 | 5.69 |
| Jan 27, 2022 | 11.73 | 7.25 |
| Jan 26, 2021 | 3.74 | 9.47 |
| Jan 28, 2020 | 1.59 | 5.11 |
| Jan 28, 2019 | 2.15 | 5.02 |
| Jan 29, 2018 | 3.05 | 4.94 |
| Jan 30, 2017 | 2.55 | 4.60 |
| Jan 29, 2016 | 2.43 | 4.67 |
| Jan 29, 2015 | 2.29 | 4.15 |
| Jan 29, 2014 | 2.07 | 4.53 |
| Jan 29, 2013 | 2.03 | 3.63 |
| Jan 30, 2012 | 1.55 | 3.85 |
| Jan 31, 2011 | 2.54 | 3.31 |
| Jan 29, 2010 | 2.11 | 2.70 |
| Jan 29, 2009 | 1.07 | 1.93 |
| Jan 29, 2008 | 2.68 | 2.57 |
| Feb 12, 2007 | 3.44 | 2.77 |
| Feb 9, 2006 | 4.01 | 2.49 |
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/S, long-term trends, comparison to industry (consumer discretionary)
| Carnival Corp. & plc | Consumer Discretionary | |
|---|---|---|
| Jan 26, 2024 | 0.96 | 2.63 |
| Jan 27, 2023 | 1.01 | 2.27 |
| Jan 27, 2022 | 11.73 | 3.58 |
| Jan 26, 2021 | 3.74 | 3.81 |
| Jan 28, 2020 | 1.59 | 2.33 |
| Jan 28, 2019 | 2.15 | 2.05 |
| Jan 29, 2018 | 3.05 | 2.06 |
| Jan 30, 2017 | 2.55 | 1.68 |
| Jan 29, 2016 | 2.43 | 1.57 |
| Jan 29, 2015 | 2.29 | 1.32 |
| Jan 29, 2014 | 2.07 | 1.33 |
| Jan 29, 2013 | 2.03 | 1.06 |
| Jan 30, 2012 | 1.55 | 0.97 |
| Jan 31, 2011 | 2.54 | 0.96 |
| Jan 29, 2010 | 2.11 | 0.92 |
| Jan 29, 2009 | 1.07 | 0.66 |
| Jan 29, 2008 | 2.68 | 0.79 |
| Feb 12, 2007 | 3.44 | 0.86 |
| Feb 9, 2006 | 4.01 | 0.79 |
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).