Stock Analysis on Net
Stock Analysis on Net

Carnival Corp. & plc (NYSE:CCL)

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

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 (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Feb 29, 2024 6.06% = 0.81% × 7.45
Nov 30, 2023 -1.08% = -0.15% × 7.14
Aug 31, 2023 -23.33% = -3.26% × 7.15
May 31, 2023 -59.13% = -6.69% × 8.84
Feb 28, 2023 -79.34% = -9.42% × 8.43
Nov 30, 2022 -86.24% = -11.78% × 7.32
Aug 31, 2022 -84.91% = -13.70% × 6.20
May 31, 2022 -111.15% = -17.33% × 6.42
Feb 28, 2022 -91.35% = -17.68% × 5.17
Nov 30, 2021 -78.24% = -17.81% × 4.39
Aug 31, 2021 -61.25% = -17.01% × 3.60
May 31, 2021 -51.05% = -16.57% × 3.08
Feb 28, 2021 -57.68% = -19.97% × 2.89
Nov 30, 2020 -49.80% = -19.10% × 2.61
Aug 31, 2020 -38.92% = -14.94% × 2.61
May 31, 2020 -14.17% = -5.93% × 2.39
Feb 29, 2020 7.71% = 3.99% × 1.93
Nov 30, 2019 11.79% = 6.64% × 1.78
Aug 31, 2019 12.10% = 6.95% × 1.74
May 31, 2019 12.39% = 6.71% × 1.85
Feb 28, 2019 12.78% = 7.05% × 1.81
Nov 30, 2018 12.90% = 7.43% × 1.73
Aug 31, 2018 — = — × 1.69
May 31, 2018 — = — × 1.76
Feb 28, 2018 — = — × 1.70

Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).

Three-Component Disaggregation of ROE

Carnival Corp. & plc, decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Feb 29, 2024 6.06% = 1.79% × 0.45 × 7.45
Nov 30, 2023 -1.08% = -0.34% × 0.44 × 7.14
Aug 31, 2023 -23.33% = -8.11% × 0.40 × 7.15
May 31, 2023 -59.13% = -19.83% × 0.34 × 8.84
Feb 28, 2023 -79.34% = -32.68% × 0.29 × 8.43
Nov 30, 2022 -86.24% = -50.07% × 0.24 × 7.32
Aug 31, 2022 -84.91% = -74.00% × 0.19 × 6.20
May 31, 2022 -111.15% = -156.78% × 0.11 × 6.42
Feb 28, 2022 -91.35% = -268.73% × 0.07 × 5.17
Nov 30, 2021 -78.24% = -497.96% × 0.04 × 4.39
Aug 31, 2021 -61.25% = -1,385.69% × 0.01 × 3.60
May 31, 2021 -51.05% = -6,426.76% × 0.00 × 3.08
Feb 28, 2021 -57.68% = -1,373.56% × 0.01 × 2.89
Nov 30, 2020 -49.80% = -182.95% × 0.10 × 2.61
Aug 31, 2020 -38.92% = -73.40% × 0.20 × 2.61
May 31, 2020 -14.17% = -17.53% × 0.34 × 2.39
Feb 29, 2020 7.71% = 8.94% × 0.45 × 1.93
Nov 30, 2019 11.79% = 14.36% × 0.46 × 1.78
Aug 31, 2019 12.10% = 14.93% × 0.47 × 1.74
May 31, 2019 12.39% = 15.08% × 0.44 × 1.85
Feb 28, 2019 12.78% = 16.03% × 0.44 × 1.81
Nov 30, 2018 12.90% = 16.69% × 0.45 × 1.73
Aug 31, 2018 — = — × — × 1.69
May 31, 2018 — = — × — × 1.76
Feb 28, 2018 — = — × — × 1.70

Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).

Five-Component Disaggregation of ROE

Carnival Corp. & plc, decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Feb 29, 2024 6.06% = 0.99 × 0.17 × 10.67% × 0.45 × 7.45
Nov 30, 2023 -1.08% = — × -0.03 × 9.28% × 0.44 × 7.14
Aug 31, 2023 -23.33% = — × -3.84 × 2.11% × 0.40 × 7.15
May 31, 2023 -59.13% = — × — × -8.56% × 0.34 × 8.84
Feb 28, 2023 -79.34% = — × — × -20.69% × 0.29 × 8.43
Nov 30, 2022 -86.24% = — × — × -36.74% × 0.24 × 7.32
Aug 31, 2022 -84.91% = — × — × -58.18% × 0.19 × 6.20
May 31, 2022 -111.15% = — × — × -131.45% × 0.11 × 6.42
Feb 28, 2022 -91.35% = — × — × -224.25% × 0.07 × 5.17
Nov 30, 2021 -78.24% = — × — × -415.15% × 0.04 × 4.39
Aug 31, 2021 -61.25% = — × — × -1,146.88% × 0.01 × 3.60
May 31, 2021 -51.05% = — × — × -5,383.10% × 0.00 × 3.08
Feb 28, 2021 -57.68% = — × — × -1,228.85% × 0.01 × 2.89
Nov 30, 2020 -49.80% = — × — × -167.26% × 0.10 × 2.61
Aug 31, 2020 -38.92% = — × — × -67.52% × 0.20 × 2.61
May 31, 2020 -14.17% = — × — × -15.16% × 0.34 × 2.39
Feb 29, 2020 7.71% = 0.96 × 0.90 × 10.33% × 0.45 × 1.93
Nov 30, 2019 11.79% = 0.98 × 0.94 × 15.69% × 0.46 × 1.78
Aug 31, 2019 12.10% = 0.98 × 0.94 × 16.27% × 0.47 × 1.74
May 31, 2019 12.39% = 0.98 × 0.94 × 16.41% × 0.44 × 1.85
Feb 28, 2019 12.78% = 0.98 × 0.94 × 17.34% × 0.44 × 1.81
Nov 30, 2018 12.90% = 0.98 × 0.94 × 18.01% × 0.45 × 1.73
Aug 31, 2018 — = — × — × — × — × 1.69
May 31, 2018 — = — × — × — × — × 1.76
Feb 28, 2018 — = — × — × — × — × 1.70

Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).

Two-Component Disaggregation of ROA

Carnival Corp. & plc, decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Feb 29, 2024 0.81% = 1.79% × 0.45
Nov 30, 2023 -0.15% = -0.34% × 0.44
Aug 31, 2023 -3.26% = -8.11% × 0.40
May 31, 2023 -6.69% = -19.83% × 0.34
Feb 28, 2023 -9.42% = -32.68% × 0.29
Nov 30, 2022 -11.78% = -50.07% × 0.24
Aug 31, 2022 -13.70% = -74.00% × 0.19
May 31, 2022 -17.33% = -156.78% × 0.11
Feb 28, 2022 -17.68% = -268.73% × 0.07
Nov 30, 2021 -17.81% = -497.96% × 0.04
Aug 31, 2021 -17.01% = -1,385.69% × 0.01
May 31, 2021 -16.57% = -6,426.76% × 0.00
Feb 28, 2021 -19.97% = -1,373.56% × 0.01
Nov 30, 2020 -19.10% = -182.95% × 0.10
Aug 31, 2020 -14.94% = -73.40% × 0.20
May 31, 2020 -5.93% = -17.53% × 0.34
Feb 29, 2020 3.99% = 8.94% × 0.45
Nov 30, 2019 6.64% = 14.36% × 0.46
Aug 31, 2019 6.95% = 14.93% × 0.47
May 31, 2019 6.71% = 15.08% × 0.44
Feb 28, 2019 7.05% = 16.03% × 0.44
Nov 30, 2018 7.43% = 16.69% × 0.45
Aug 31, 2018 — = — × —
May 31, 2018 — = — × —
Feb 28, 2018 — = — × —

Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).

Four-Component Disaggregation of ROA

Carnival Corp. & plc, decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Feb 29, 2024 0.81% = 0.99 × 0.17 × 10.67% × 0.45
Nov 30, 2023 -0.15% = — × -0.03 × 9.28% × 0.44
Aug 31, 2023 -3.26% = — × -3.84 × 2.11% × 0.40
May 31, 2023 -6.69% = — × — × -8.56% × 0.34
Feb 28, 2023 -9.42% = — × — × -20.69% × 0.29
Nov 30, 2022 -11.78% = — × — × -36.74% × 0.24
Aug 31, 2022 -13.70% = — × — × -58.18% × 0.19
May 31, 2022 -17.33% = — × — × -131.45% × 0.11
Feb 28, 2022 -17.68% = — × — × -224.25% × 0.07
Nov 30, 2021 -17.81% = — × — × -415.15% × 0.04
Aug 31, 2021 -17.01% = — × — × -1,146.88% × 0.01
May 31, 2021 -16.57% = — × — × -5,383.10% × 0.00
Feb 28, 2021 -19.97% = — × — × -1,228.85% × 0.01
Nov 30, 2020 -19.10% = — × — × -167.26% × 0.10
Aug 31, 2020 -14.94% = — × — × -67.52% × 0.20
May 31, 2020 -5.93% = — × — × -15.16% × 0.34
Feb 29, 2020 3.99% = 0.96 × 0.90 × 10.33% × 0.45
Nov 30, 2019 6.64% = 0.98 × 0.94 × 15.69% × 0.46
Aug 31, 2019 6.95% = 0.98 × 0.94 × 16.27% × 0.47
May 31, 2019 6.71% = 0.98 × 0.94 × 16.41% × 0.44
Feb 28, 2019 7.05% = 0.98 × 0.94 × 17.34% × 0.44
Nov 30, 2018 7.43% = 0.98 × 0.94 × 18.01% × 0.45
Aug 31, 2018 — = — × — × — × —
May 31, 2018 — = — × — × — × —
Feb 28, 2018 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).

Disaggregation of Net Profit Margin

Carnival Corp. & plc, decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Feb 29, 2024 1.79% = 0.99 × 0.17 × 10.67%
Nov 30, 2023 -0.34% = — × -0.03 × 9.28%
Aug 31, 2023 -8.11% = — × -3.84 × 2.11%
May 31, 2023 -19.83% = — × — × -8.56%
Feb 28, 2023 -32.68% = — × — × -20.69%
Nov 30, 2022 -50.07% = — × — × -36.74%
Aug 31, 2022 -74.00% = — × — × -58.18%
May 31, 2022 -156.78% = — × — × -131.45%
Feb 28, 2022 -268.73% = — × — × -224.25%
Nov 30, 2021 -497.96% = — × — × -415.15%
Aug 31, 2021 -1,385.69% = — × — × -1,146.88%
May 31, 2021 -6,426.76% = — × — × -5,383.10%
Feb 28, 2021 -1,373.56% = — × — × -1,228.85%
Nov 30, 2020 -182.95% = — × — × -167.26%
Aug 31, 2020 -73.40% = — × — × -67.52%
May 31, 2020 -17.53% = — × — × -15.16%
Feb 29, 2020 8.94% = 0.96 × 0.90 × 10.33%
Nov 30, 2019 14.36% = 0.98 × 0.94 × 15.69%
Aug 31, 2019 14.93% = 0.98 × 0.94 × 16.27%
May 31, 2019 15.08% = 0.98 × 0.94 × 16.41%
Feb 28, 2019 16.03% = 0.98 × 0.94 × 17.34%
Nov 30, 2018 16.69% = 0.98 × 0.94 × 18.01%
Aug 31, 2018 — = — × — × —
May 31, 2018 — = — × — × —
Feb 28, 2018 — = — × — × —

Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).