Stock Analysis on Net
Stock Analysis on Net

Carnival Corp. & plc (NYSE:CCL)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Carnival Corp. & plc, decomposition of ROE

Microsoft Excel
ROE = ROA × Financial Leverage
Nov 30, 2023 -1.08% = -0.15% × 7.14
Nov 30, 2022 -86.24% = -11.78% × 7.32
Nov 30, 2021 -78.24% = -17.81% × 4.39
Nov 30, 2020 -49.80% = -19.10% × 2.61
Nov 30, 2019 11.79% = 6.64% × 1.78
Nov 30, 2018 12.90% = 7.43% × 1.73

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).

Three-Component Disaggregation of ROE

Carnival Corp. & plc, decomposition of ROE

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Nov 30, 2023 -1.08% = -0.34% × 0.44 × 7.14
Nov 30, 2022 -86.24% = -50.07% × 0.24 × 7.32
Nov 30, 2021 -78.24% = -497.96% × 0.04 × 4.39
Nov 30, 2020 -49.80% = -182.95% × 0.10 × 2.61
Nov 30, 2019 11.79% = 14.36% × 0.46 × 1.78
Nov 30, 2018 12.90% = 16.69% × 0.45 × 1.73

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).

Five-Component Disaggregation of ROE

Carnival Corp. & plc, decomposition of ROE

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Nov 30, 2023 -1.08% = — × -0.03 × 9.28% × 0.44 × 7.14
Nov 30, 2022 -86.24% = — × — × -36.74% × 0.24 × 7.32
Nov 30, 2021 -78.24% = — × — × -415.15% × 0.04 × 4.39
Nov 30, 2020 -49.80% = — × — × -167.26% × 0.10 × 2.61
Nov 30, 2019 11.79% = 0.98 × 0.94 × 15.69% × 0.46 × 1.78
Nov 30, 2018 12.90% = 0.98 × 0.94 × 18.01% × 0.45 × 1.73

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).

Two-Component Disaggregation of ROA

Carnival Corp. & plc, decomposition of ROA

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Nov 30, 2023 -0.15% = -0.34% × 0.44
Nov 30, 2022 -11.78% = -50.07% × 0.24
Nov 30, 2021 -17.81% = -497.96% × 0.04
Nov 30, 2020 -19.10% = -182.95% × 0.10
Nov 30, 2019 6.64% = 14.36% × 0.46
Nov 30, 2018 7.43% = 16.69% × 0.45

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).

Four-Component Disaggregation of ROA

Carnival Corp. & plc, decomposition of ROA

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Nov 30, 2023 -0.15% = — × -0.03 × 9.28% × 0.44
Nov 30, 2022 -11.78% = — × — × -36.74% × 0.24
Nov 30, 2021 -17.81% = — × — × -415.15% × 0.04
Nov 30, 2020 -19.10% = — × — × -167.26% × 0.10
Nov 30, 2019 6.64% = 0.98 × 0.94 × 15.69% × 0.46
Nov 30, 2018 7.43% = 0.98 × 0.94 × 18.01% × 0.45

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).

Disaggregation of Net Profit Margin

Carnival Corp. & plc, decomposition of net profit margin ratio

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Nov 30, 2023 -0.34% = — × -0.03 × 9.28%
Nov 30, 2022 -50.07% = — × — × -36.74%
Nov 30, 2021 -497.96% = — × — × -415.15%
Nov 30, 2020 -182.95% = — × — × -167.26%
Nov 30, 2019 14.36% = 0.98 × 0.94 × 15.69%
Nov 30, 2018 16.69% = 0.98 × 0.94 × 18.01%

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).