Return on capital (ROC) is after tax rate of return on net business assets. ROIC is unaffected by changes in interest rates or company debt and equity structure. It measures business productivity performance.

Return on Invested Capital (ROIC)
Decomposition of ROIC
Operating Profit Margin (OPM)
Turnover of Capital (TO)
Effective Cash Tax Rate (CTR)

Carnival Corp. & plc, ROIC calculation, comparison to benchmarks

		Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018	Nov 30, 2017
	Selected Financial Data (US$ in millions)
	Net operating profit after taxes (NOPAT)¹
	Invested capital²
	Performance Ratio
	ROIC³
	Benchmarks
	ROIC, Competitors⁴
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.

Based on: 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).

¹ NOPAT. See details »

² Invested capital. See details »

³ 2022 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × ÷ =

⁴ Click competitor name to see calculations.

Performance ratio	Description	The company
ROIC	A measure of the periodic, after tax, cash-on-cash yield earned in the business.	Carnival Corp. & plc ROIC improved from 2020 to 2021 and from 2021 to 2022.

Carnival Corp. & plc, decomposition of ROIC


	ROIC	=	OPM¹	×	TO²	×	1 – CTR³
Nov 30, 2022		=		×		×
Nov 30, 2021		=		×		×
Nov 30, 2020		=		×		×
Nov 30, 2019		=		×		×
Nov 30, 2018		=		×		×
Nov 30, 2017		=		×		×

Based on: 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).

¹ Operating profit margin (OPM). See calculations »

² Turnover of capital (TO). See calculations »

³ Effective cash tax rate (CTR). See calculations »

Carnival Corp. & plc, OPM calculation, comparison to benchmarks

		Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018	Nov 30, 2017
	Selected Financial Data (US$ in millions)
	Net operating profit after taxes (NOPAT)¹
	Add: Cash operating taxes²
	Net operating profit before taxes (NOPBT)

	Revenues
	Profitability Ratio
	OPM³
	Benchmarks
	OPM, Competitors⁴
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.

Based on: 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).

¹ NOPAT. See details »

² Cash operating taxes. See details »

³ 2022 Calculation
OPM = 100 × NOPBT ÷ Revenues
= 100 × ÷ =

⁴ Click competitor name to see calculations.

Profitability ratio	Description	The company
OPM	The operating profit margin (OPM) is the ratio of pretax economic earnings, or NOPBT, to sales.	Carnival Corp. & plc OPM deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Carnival Corp. & plc, TO calculation, comparison to benchmarks

		Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018	Nov 30, 2017
	Selected Financial Data (US$ in millions)
	Revenues
	Invested capital¹
	Efficiency Ratio
	TO²
	Benchmarks
	TO, Competitors³
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.

Based on: 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).

¹ Invested capital. See details »

² 2022 Calculation
TO = Revenues ÷ Invested capital
= ÷ =

³ Click competitor name to see calculations.

Efficiency ratio	Description	The company
TO	The turnover of capital (TO) is the ratio of sales to invested capital. Capital turnover is a function of the efficiency of working capital management and of net fixed assets.	Carnival Corp. & plc TO deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Carnival Corp. & plc, CTR calculation, comparison to benchmarks

		Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018	Nov 30, 2017
	Selected Financial Data (US$ in millions)
	Net operating profit after taxes (NOPAT)¹
	Add: Cash operating taxes²
	Net operating profit before taxes (NOPBT)
	Tax Rate
	CTR³
	Benchmarks
	CTR, Competitors⁴
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.

Based on: 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).

¹ NOPAT. See details »

² Cash operating taxes. See details »

³ 2022 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × ÷ =

⁴ Click competitor name to see calculations.

	Carnival Corp. & plc	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

Carnival Corp. & plc (NYSE:CCL)

Return on Capital (ROC)

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Return on Invested Capital (ROIC)

Decomposition of ROIC

Operating Profit Margin (OPM)

Turnover of Capital (TO)

Effective Cash Tax Rate (CTR)