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
- Net Income (Loss) Trends
- From 2005 to 2019, net income exhibited a generally positive and stable trend, with values fluctuating between approximately 1,000 and 3,150 million US dollars. Peaks occurred in 2017 and 2018 with net income above 3,000 million. However, a sharp and significant decline was observed starting in 2020, turning into substantial losses exceeding 10,000 million US dollars in both 2020 and 2021. Losses began to reduce in magnitude in 2022 and 2023, but net income remained negative, approaching near-break-even levels by 2023.
- Shareholders’ Equity Trends
- Shareholders' equity generally increased from 2005 through 2019, rising from about 17,000 million to over 25,000 million US dollars. This growth indicates an accumulation of retained earnings and possibly capital inflow during this period. However, starting in 2020, there is a pronounced decline in shareholders' equity, falling sharply through to 2023, where it decreases to below 7,000 million US dollars. This reduction corresponds with the period of significant net losses and may reflect the financial strain experienced.
- Return on Equity (ROE) Trends
- ROE was relatively stable and moderately strong between 2005 and 2019, mostly ranging from around 4% to above 13%. The highest returns were observed in 2018 at 12.9%. Beginning with 2020, there is a drastic negative shift in ROE, coinciding with the large net losses, riding as low as -86.24% in 2022. Although it rebounds somewhat in 2023 to near zero, the ROE remains negative, signaling that the company struggled to generate profits from shareholders' equity during this challenging period.
- Overall Analysis
- The financial data reveals a stable and profitable trajectory up to 2019, with growth in net income, shareholders' equity, and consistent positive returns on equity. The years from 2020 to 2023 reflect a period of exceptional financial distress, marked by large net losses, steep declines in equity, and sharply negative returns. This suggests significant operational or market challenges impacting profitability and financial stability, with partial recovery signs towards the end but still falling short of returning to pre-2020 performance levels.
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. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Nov 30, 2023 | -1.08% | 58.69% | — | 40.13% | — | — |
| Nov 30, 2022 | -86.24% | 34.05% | 109.92% | 37.97% | — | — |
| Nov 30, 2021 | -78.24% | -7.37% | 18.86% | 28.42% | — | — |
| Nov 30, 2020 | -49.80% | -158.00% | 1.21% | 17.61% | — | — |
| 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% | — |
| Nov 30, 2022 | -86.24% | — |
| Nov 30, 2021 | -78.24% | 396.84% |
| 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% | 30.61% |
| Nov 30, 2022 | -86.24% | 21.65% |
| Nov 30, 2021 | -78.24% | 34.37% |
| Nov 30, 2020 | -49.80% | 25.29% |
| 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).