Return on Capital (ROC)
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)
Carnival Corp. & plc, ROIC calculation, comparison to benchmarks
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net operating profit after taxes (NOPAT)1 | 2,207) | (4,485) | (7,863) | (9,312) | 3,226) | 3,339) | |
| Invested capital2 | 39,428) | 44,143) | 46,517) | 49,017) | 38,330) | 35,074) | |
| Performance Ratio | |||||||
| ROIC3 | 5.60% | -10.16% | -16.90% | -19.00% | 8.42% | 9.52% | |
| Benchmarks | |||||||
| ROIC, Competitors4 | |||||||
| Airbnb Inc. | 28.83% | 30.22% | 7.96% | -98.14% | — | — | |
| Booking Holdings Inc. | 32.92% | 21.73% | 4.47% | 4.60% | 46.12% | — | |
| Chipotle Mexican Grill Inc. | 23.36% | 19.01% | 14.35% | 12.43% | 12.20% | — | |
| McDonald’s Corp. | 18.51% | 15.69% | 17.77% | 13.16% | 17.62% | — | |
| Starbucks Corp. | 20.76% | 18.24% | 19.53% | 6.42% | 11.14% | 47.45% | |
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).
1 NOPAT. See details »
2 Invested capital. See details »
3 2023 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × 2,207 ÷ 39,428 = 5.60%
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 2021 to 2022 and from 2022 to 2023. |
Decomposition of ROIC
Carnival Corp. & plc, decomposition of ROIC
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).
1 Operating profit margin (OPM). See calculations »
2 Turnover of capital (TO). See calculations »
3 Effective cash tax rate (CTR). See calculations »
Operating Profit Margin (OPM)
Carnival Corp. & plc, OPM calculation, comparison to benchmarks
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net operating profit after taxes (NOPAT)1 | 2,207) | (4,485) | (7,863) | (9,312) | 3,226) | 3,339) | |
| Add: Cash operating taxes2 | (358) | 10) | (17) | (15) | 77) | 57) | |
| Net operating profit before taxes (NOPBT) | 1,849) | (4,476) | (7,881) | (9,328) | 3,303) | 3,396) | |
| Revenues | 21,593) | 12,168) | 1,908) | 5,595) | 20,825) | 18,881) | |
| Profitability Ratio | |||||||
| OPM3 | 8.56% | -36.78% | -413.03% | -166.71% | 15.86% | 17.99% | |
| Benchmarks | |||||||
| OPM, Competitors4 | |||||||
| Airbnb Inc. | 17.09% | 24.64% | 9.31% | -151.42% | — | — | |
| Booking Holdings Inc. | 25.31% | 24.15% | 13.04% | 15.18% | 40.35% | — | |
| Chipotle Mexican Grill Inc. | 18.74% | 16.00% | 13.23% | 8.03% | 11.18% | — | |
| McDonald’s Corp. | 48.59% | 40.79% | 46.68% | 41.21% | 45.99% | — | |
| Starbucks Corp. | 17.05% | 14.97% | 20.82% | 7.99% | 17.94% | 41.85% | |
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).
1 NOPAT. See details »
2 Cash operating taxes. See details »
3 2023 Calculation
OPM = 100 × NOPBT ÷ Revenues
= 100 × 1,849 ÷ 21,593 = 8.56%
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 improved from 2021 to 2022 and from 2022 to 2023. |
Turnover of Capital (TO)
Carnival Corp. & plc, TO calculation, comparison to benchmarks
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenues | 21,593) | 12,168) | 1,908) | 5,595) | 20,825) | 18,881) | |
| Invested capital1 | 39,428) | 44,143) | 46,517) | 49,017) | 38,330) | 35,074) | |
| Efficiency Ratio | |||||||
| TO2 | 0.55 | 0.28 | 0.04 | 0.11 | 0.54 | 0.54 | |
| Benchmarks | |||||||
| TO, Competitors3 | |||||||
| Airbnb Inc. | 1.74 | 1.27 | 1.11 | 0.65 | — | — | |
| Booking Holdings Inc. | 1.87 | 1.25 | 0.73 | 0.47 | 1.37 | — | |
| Chipotle Mexican Grill Inc. | 1.65 | 1.61 | 1.38 | 1.22 | 1.33 | — | |
| McDonald’s Corp. | 0.51 | 0.51 | 0.49 | 0.41 | 0.49 | — | |
| Starbucks Corp. | 1.62 | 1.57 | 1.23 | 1.03 | 1.30 | 1.19 | |
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).
1 Invested capital. See details »
2 2023 Calculation
TO = Revenues ÷ Invested capital
= 21,593 ÷ 39,428 = 0.55
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 improved from 2021 to 2022 and from 2022 to 2023. |
Effective Cash Tax Rate (CTR)
Carnival Corp. & plc, CTR calculation, comparison to benchmarks
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net operating profit after taxes (NOPAT)1 | 2,207) | (4,485) | (7,863) | (9,312) | 3,226) | 3,339) | |
| Add: Cash operating taxes2 | (358) | 10) | (17) | (15) | 77) | 57) | |
| Net operating profit before taxes (NOPBT) | 1,849) | (4,476) | (7,881) | (9,328) | 3,303) | 3,396) | |
| Tax Rate | |||||||
| CTR3 | -19.35% | — | — | — | 2.32% | 1.69% | |
| Benchmarks | |||||||
| CTR, Competitors4 | |||||||
| Airbnb Inc. | 3.21% | 3.19% | 23.04% | — | — | — | |
| Booking Holdings Inc. | 30.52% | 28.16% | 53.06% | 35.06% | 16.37% | — | |
| Chipotle Mexican Grill Inc. | 24.38% | 25.95% | 21.28% | -27.06% | 17.83% | — | |
| McDonald’s Corp. | 25.22% | 24.66% | 21.80% | 22.33% | 22.57% | — | |
| Starbucks Corp. | 24.73% | 22.36% | 23.58% | 21.57% | 52.35% | 4.80% | |
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).
1 NOPAT. See details »
2 Cash operating taxes. See details »
3 2023 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × -358 ÷ 1,849 = -19.35%
4 Click competitor name to see calculations.