Return on Equity (ROE)
since 2005
Calculation
Carnival Corp. & plc, ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss)1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Nov 30, 2023 | -1.08% | = | 100 | × | (74) | ÷ | 6,882) |
| Nov 30, 2022 | -86.24% | = | 100 | × | (6,093) | ÷ | 7,065) |
| Nov 30, 2021 | -78.24% | = | 100 | × | (9,501) | ÷ | 12,144) |
| Nov 30, 2020 | -49.80% | = | 100 | × | (10,236) | ÷ | 20,555) |
| Nov 30, 2019 | 11.79% | = | 100 | × | 2,990) | ÷ | 25,365) |
| Nov 30, 2018 | 12.90% | = | 100 | × | 3,152) | ÷ | 24,443) |
| Nov 30, 2017 | 10.76% | = | 100 | × | 2,606) | ÷ | 24,216) |
| Nov 30, 2016 | 12.30% | = | 100 | × | 2,779) | ÷ | 22,597) |
| Nov 30, 2015 | 7.39% | = | 100 | × | 1,757) | ÷ | 23,771) |
| Nov 30, 2014 | 5.09% | = | 100 | × | 1,236) | ÷ | 24,288) |
| Nov 30, 2013 | 4.39% | = | 100 | × | 1,078) | ÷ | 24,556) |
| Nov 30, 2012 | 5.42% | = | 100 | × | 1,298) | ÷ | 23,929) |
| Nov 30, 2011 | 8.02% | = | 100 | × | 1,912) | ÷ | 23,832) |
| Nov 30, 2010 | 8.59% | = | 100 | × | 1,978) | ÷ | 23,031) |
| Nov 30, 2009 | 8.12% | = | 100 | × | 1,790) | ÷ | 22,035) |
| Nov 30, 2008 | 12.20% | = | 100 | × | 2,330) | ÷ | 19,098) |
| Nov 30, 2007 | 12.06% | = | 100 | × | 2,408) | ÷ | 19,963) |
| Nov 30, 2006 | 12.52% | = | 100 | × | 2,279) | ÷ | 18,210) |
| Nov 30, 2005 | 13.30% | = | 100 | × | 2,257) | ÷ | 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 Return on Equity (ROE) for the period between 2005 and 2023 exhibits three distinct phases: a period of relative stability with a gradual decline, a recovery phase, and a severe contraction followed by recent stabilization efforts.
- Long-term ROE Trends (2005–2019)
- From 2005 to 2011, ROE experienced a general downward trend, decreasing from 13.30% to 8.02%. This was primarily driven by a steady increase in shareholders' equity, which grew from 16,972 million USD to 23,832 million USD, while net income remained relatively flat. A subsequent trough occurred in 2013, where ROE reached a period low of 4.39%, coinciding with a dip in net income to 1,078 million USD. However, a recovery phase followed from 2014 to 2018, with ROE returning to double digits and peaking at 12.90% in 2018, supported by net income growth reaching 3,152 million USD.
- Crisis Impact and Capital Erosion (2020–2022)
- The period starting in 2020 is characterized by a catastrophic collapse in profitability and equity. Net losses escalated rapidly, peaking at 10,236 million USD in 2020. This resulted in a sharp dive in ROE to -49.80% in 2020, further deteriorating to -78.24% in 2021 and reaching a nadir of -86.24% in 2022. This extreme volatility in ROE was compounded by a significant erosion of the equity base, which fell from 25,365 million USD in 2019 to 7,065 million USD by 2022, indicating that losses were heavily absorbing the company's retained earnings.
- Recent Recovery and Stabilization (2023)
- The 2023 fiscal year shows a marked reversal of the downward trajectory. Net losses were nearly eliminated, narrowing to 74 million USD. Consequently, ROE improved significantly from -86.24% to -1.08%. While the company has not yet returned to positive profitability, the substantial reduction in net loss suggests a stabilization of operations, although the shareholders' equity remains at a historically low level of 6,882 million USD.
Overall, the analysis indicates that while the company maintained a sustainable ROE between 4% and 13% for fifteen years, the subsequent systemic shocks led to a near-total depletion of equity and extreme negative returns, with only the most recent year showing a return toward a break-even state.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Comparison to Competitors
Carnival Corp. & plc, ROE, 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 | -1.08% | 58.69% | — | 40.13% | -8.20% | — | — |
| Nov 30, 2022 | -86.24% | 34.05% | 109.92% | 37.97% | -20.21% | — | — |
| Nov 30, 2021 | -78.24% | -7.37% | 18.86% | 28.42% | -10.03% | — | — |
| Nov 30, 2020 | -49.80% | -158.00% | 1.21% | 17.61% | -9.81% | — | — |
| Nov 30, 2019 | 11.79% | — | 82.00% | 20.81% | — | — | — |
| Nov 30, 2018 | 12.90% | — | 45.51% | 12.25% | — | — | 386.34% |
| Nov 30, 2017 | 10.76% | — | 20.79% | 12.92% | — | — | 52.93% |
| Nov 30, 2016 | 12.30% | — | 21.74% | 1.64% | — | — | 47.89% |
| Nov 30, 2015 | 7.39% | — | 29.01% | 22.35% | — | 63.90% | 47.39% |
| Nov 30, 2014 | 5.09% | — | 28.27% | 22.13% | — | 37.02% | 39.23% |
| Nov 30, 2013 | 4.39% | — | 27.39% | 21.29% | — | 34.89% | 0.19% |
| Nov 30, 2012 | 5.42% | — | 36.43% | 22.31% | — | 35.73% | 27.09% |
| Nov 30, 2011 | 8.02% | — | 41.04% | 20.58% | — | 38.24% | 28.41% |
| Nov 30, 2010 | 8.59% | — | 29.09% | 22.07% | — | 33.80% | 25.73% |
| Nov 30, 2009 | 8.12% | — | 37.04% | 18.03% | — | 32.43% | 12.83% |
| Nov 30, 2008 | 12.20% | — | 26.49% | 12.56% | — | 32.23% | 12.67% |
| Nov 30, 2007 | 12.06% | — | 27.12% | 12.55% | — | 15.67% | 29.45% |
| Nov 30, 2006 | 12.52% | — | 21.36% | 8.74% | — | 22.93% | 25.32% |
| Nov 30, 2005 | 13.30% | — | 52.22% | 12.19% | — | 17.18% | 23.65% |
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, ROE, long-term trends, comparison to sector (consumer services)
| Carnival Corp. & plc | Consumer Services | |
|---|---|---|
| Nov 30, 2023 | -1.08% | 863.51% |
| Nov 30, 2022 | -86.24% | 506.32% |
| Nov 30, 2021 | -78.24% | 159.36% |
| Nov 30, 2020 | -49.80% | — |
| Nov 30, 2019 | 11.79% | — |
| Nov 30, 2018 | 12.90% | 284.52% |
| Nov 30, 2017 | 10.76% | 71.55% |
| Nov 30, 2016 | 12.30% | 64.84% |
| Nov 30, 2015 | 7.39% | 43.28% |
| Nov 30, 2014 | 5.09% | 33.77% |
| Nov 30, 2013 | 4.39% | 27.00% |
| Nov 30, 2012 | 5.42% | 33.45% |
| Nov 30, 2011 | 8.02% | 35.81% |
| Nov 30, 2010 | 8.59% | 31.52% |
| Nov 30, 2009 | 8.12% | 29.09% |
| Nov 30, 2008 | 12.20% | 28.45% |
| Nov 30, 2007 | 12.06% | 17.62% |
| Nov 30, 2006 | 12.52% | 22.82% |
| Nov 30, 2005 | 13.30% | 18.57% |
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, ROE, long-term trends, comparison to industry (consumer discretionary)
| Carnival Corp. & plc | Consumer Discretionary | |
|---|---|---|
| Nov 30, 2023 | -1.08% | 29.93% |
| Nov 30, 2022 | -86.24% | 20.78% |
| Nov 30, 2021 | -78.24% | 33.71% |
| Nov 30, 2020 | -49.80% | 24.49% |
| Nov 30, 2019 | 11.79% | 34.62% |
| Nov 30, 2018 | 12.90% | 34.33% |
| Nov 30, 2017 | 10.76% | 22.85% |
| Nov 30, 2016 | 12.30% | 28.74% |
| Nov 30, 2015 | 7.39% | 29.03% |
| Nov 30, 2014 | 5.09% | 20.60% |
| Nov 30, 2013 | 4.39% | 20.34% |
| Nov 30, 2012 | 5.42% | 21.97% |
| Nov 30, 2011 | 8.02% | 34.92% |
| Nov 30, 2010 | 8.59% | 24.34% |
| Nov 30, 2009 | 8.12% | 25.32% |
| Nov 30, 2008 | 12.20% | 1.64% |
| Nov 30, 2007 | 12.06% | 16.06% |
| Nov 30, 2006 | 12.52% | 3.84% |
| Nov 30, 2005 | 13.30% | 19.92% |
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).