Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Carnival Corp. & plc, solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Carnival Corp. & plc debt to equity ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Carnival Corp. & plc debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Carnival Corp. & plc debt to capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Carnival Corp. & plc debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Carnival Corp. & plc debt to assets ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Carnival Corp. & plc debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Carnival Corp. & plc financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Carnival Corp. & plc interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Carnival Corp. & plc fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity
Carnival Corp. & plc, debt to equity 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) | |||||||
| Short-term borrowings | —) | 200) | 2,790) | 3,084) | 231) | 848) | |
| Current portion of long-term debt | 2,089) | 2,393) | 1,927) | 1,742) | 1,596) | 1,578) | |
| Long-term debt, excluding current portion | 28,483) | 31,953) | 28,509) | 22,130) | 9,675) | 7,897) | |
| Total debt | 30,572) | 34,546) | 33,226) | 26,956) | 11,502) | 10,323) | |
| Shareholders’ equity | 6,882) | 7,065) | 12,144) | 20,555) | 25,365) | 24,443) | |
| Solvency Ratio | |||||||
| Debt to equity1 | 4.44 | 4.89 | 2.74 | 1.31 | 0.45 | 0.42 | |
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Airbnb Inc. | 0.24 | 0.36 | 0.42 | 0.63 | — | — | |
| Booking Holdings Inc. | — | 4.51 | 1.77 | 2.46 | 1.45 | — | |
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| McDonald’s Corp. | — | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | 8.07 | |
| Debt to Equity, Sector | |||||||
| Consumer Services | 38.71 | 33.01 | 6.23 | 6.39 | 3.53 | — | |
| Debt to Equity, Industry | |||||||
| Consumer Discretionary | 1.42 | 1.62 | 1.57 | 2.27 | 2.45 | — | |
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 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 30,572 ÷ 6,882 = 4.44
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Carnival Corp. & plc debt to equity ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Debt to Equity (including Operating Lease Liability)
Carnival Corp. & plc, debt to equity (including operating lease liability) 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) | |||||||
| Short-term borrowings | —) | 200) | 2,790) | 3,084) | 231) | 848) | |
| Current portion of long-term debt | 2,089) | 2,393) | 1,927) | 1,742) | 1,596) | 1,578) | |
| Long-term debt, excluding current portion | 28,483) | 31,953) | 28,509) | 22,130) | 9,675) | 7,897) | |
| Total debt | 30,572) | 34,546) | 33,226) | 26,956) | 11,502) | 10,323) | |
| Current portion of operating lease liabilities | 149) | 146) | 142) | 151) | —) | —) | |
| Long-term operating lease liabilities | 1,170) | 1,189) | 1,239) | 1,273) | —) | —) | |
| Total debt (including operating lease liability) | 31,891) | 35,881) | 34,607) | 28,380) | 11,502) | 10,323) | |
| Shareholders’ equity | 6,882) | 7,065) | 12,144) | 20,555) | 25,365) | 24,443) | |
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | 4.63 | 5.08 | 2.85 | 1.38 | 0.45 | 0.42 | |
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Airbnb Inc. | 0.28 | 0.42 | 0.51 | 0.80 | — | — | |
| Booking Holdings Inc. | — | 4.75 | 1.85 | 2.56 | 1.56 | — | |
| Chipotle Mexican Grill Inc. | 1.32 | 1.58 | 1.53 | 1.56 | 1.69 | — | |
| McDonald’s Corp. | — | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | 8.07 | |
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Consumer Services | 49.14 | 41.60 | 8.07 | 8.32 | 4.44 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Consumer Discretionary | 1.77 | 2.00 | 1.93 | 2.70 | 2.71 | — | |
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 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 31,891 ÷ 6,882 = 4.63
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Carnival Corp. & plc debt to equity ratio (including operating lease liability) deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Debt to Capital
Carnival Corp. & plc, debt to capital 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) | |||||||
| Short-term borrowings | —) | 200) | 2,790) | 3,084) | 231) | 848) | |
| Current portion of long-term debt | 2,089) | 2,393) | 1,927) | 1,742) | 1,596) | 1,578) | |
| Long-term debt, excluding current portion | 28,483) | 31,953) | 28,509) | 22,130) | 9,675) | 7,897) | |
| Total debt | 30,572) | 34,546) | 33,226) | 26,956) | 11,502) | 10,323) | |
| Shareholders’ equity | 6,882) | 7,065) | 12,144) | 20,555) | 25,365) | 24,443) | |
| Total capital | 37,454) | 41,611) | 45,370) | 47,511) | 36,867) | 34,766) | |
| Solvency Ratio | |||||||
| Debt to capital1 | 0.82 | 0.83 | 0.73 | 0.57 | 0.31 | 0.30 | |
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Airbnb Inc. | 0.20 | 0.26 | 0.29 | 0.39 | — | — | |
| Booking Holdings Inc. | 1.24 | 0.82 | 0.64 | 0.71 | 0.59 | — | |
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| McDonald’s Corp. | 1.13 | 1.19 | 1.15 | 1.26 | 1.32 | — | |
| Starbucks Corp. | 2.08 | 2.41 | 1.57 | 1.96 | 2.26 | 0.89 | |
| Debt to Capital, Sector | |||||||
| Consumer Services | 0.97 | 0.97 | 0.86 | 0.86 | 0.78 | — | |
| Debt to Capital, Industry | |||||||
| Consumer Discretionary | 0.59 | 0.62 | 0.61 | 0.69 | 0.71 | — | |
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 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 30,572 ÷ 37,454 = 0.82
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Carnival Corp. & plc debt to capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Debt to Capital (including Operating Lease Liability)
Carnival Corp. & plc, debt to capital (including operating lease liability) 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) | |||||||
| Short-term borrowings | —) | 200) | 2,790) | 3,084) | 231) | 848) | |
| Current portion of long-term debt | 2,089) | 2,393) | 1,927) | 1,742) | 1,596) | 1,578) | |
| Long-term debt, excluding current portion | 28,483) | 31,953) | 28,509) | 22,130) | 9,675) | 7,897) | |
| Total debt | 30,572) | 34,546) | 33,226) | 26,956) | 11,502) | 10,323) | |
| Current portion of operating lease liabilities | 149) | 146) | 142) | 151) | —) | —) | |
| Long-term operating lease liabilities | 1,170) | 1,189) | 1,239) | 1,273) | —) | —) | |
| Total debt (including operating lease liability) | 31,891) | 35,881) | 34,607) | 28,380) | 11,502) | 10,323) | |
| Shareholders’ equity | 6,882) | 7,065) | 12,144) | 20,555) | 25,365) | 24,443) | |
| Total capital (including operating lease liability) | 38,773) | 42,946) | 46,751) | 48,935) | 36,867) | 34,766) | |
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | 0.82 | 0.84 | 0.74 | 0.58 | 0.31 | 0.30 | |
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Airbnb Inc. | 0.22 | 0.30 | 0.34 | 0.44 | — | — | |
| Booking Holdings Inc. | 1.22 | 0.83 | 0.65 | 0.72 | 0.61 | — | |
| Chipotle Mexican Grill Inc. | 0.57 | 0.61 | 0.61 | 0.61 | 0.63 | — | |
| McDonald’s Corp. | 1.10 | 1.14 | 1.10 | 1.18 | 1.21 | — | |
| Starbucks Corp. | 1.48 | 1.58 | 1.29 | 1.46 | 2.26 | 0.89 | |
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Consumer Services | 0.98 | 0.98 | 0.89 | 0.89 | 0.82 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Consumer Discretionary | 0.64 | 0.67 | 0.66 | 0.73 | 0.73 | — | |
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).
1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 31,891 ÷ 38,773 = 0.82
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Carnival Corp. & plc debt to capital ratio (including operating lease liability) deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Debt to Assets
Carnival Corp. & plc, debt to assets 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) | |||||||
| Short-term borrowings | —) | 200) | 2,790) | 3,084) | 231) | 848) | |
| Current portion of long-term debt | 2,089) | 2,393) | 1,927) | 1,742) | 1,596) | 1,578) | |
| Long-term debt, excluding current portion | 28,483) | 31,953) | 28,509) | 22,130) | 9,675) | 7,897) | |
| Total debt | 30,572) | 34,546) | 33,226) | 26,956) | 11,502) | 10,323) | |
| Total assets | 49,120) | 51,703) | 53,344) | 53,593) | 45,058) | 42,401) | |
| Solvency Ratio | |||||||
| Debt to assets1 | 0.62 | 0.67 | 0.62 | 0.50 | 0.26 | 0.24 | |
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Airbnb Inc. | 0.10 | 0.12 | 0.14 | 0.17 | — | — | |
| Booking Holdings Inc. | 0.59 | 0.49 | 0.46 | 0.55 | 0.40 | — | |
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | |
| McDonald’s Corp. | 0.73 | 0.74 | 0.66 | 0.71 | 0.72 | — | |
| Starbucks Corp. | 0.52 | 0.53 | 0.47 | 0.54 | 0.58 | 0.39 | |
| Debt to Assets, Sector | |||||||
| Consumer Services | 0.55 | 0.57 | 0.53 | 0.54 | 0.47 | — | |
| Debt to Assets, Industry | |||||||
| Consumer Discretionary | 0.35 | 0.36 | 0.37 | 0.42 | 0.44 | — | |
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 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 30,572 ÷ 49,120 = 0.62
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Carnival Corp. & plc debt to assets ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Debt to Assets (including Operating Lease Liability)
Carnival Corp. & plc, debt to assets (including operating lease liability) 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) | |||||||
| Short-term borrowings | —) | 200) | 2,790) | 3,084) | 231) | 848) | |
| Current portion of long-term debt | 2,089) | 2,393) | 1,927) | 1,742) | 1,596) | 1,578) | |
| Long-term debt, excluding current portion | 28,483) | 31,953) | 28,509) | 22,130) | 9,675) | 7,897) | |
| Total debt | 30,572) | 34,546) | 33,226) | 26,956) | 11,502) | 10,323) | |
| Current portion of operating lease liabilities | 149) | 146) | 142) | 151) | —) | —) | |
| Long-term operating lease liabilities | 1,170) | 1,189) | 1,239) | 1,273) | —) | —) | |
| Total debt (including operating lease liability) | 31,891) | 35,881) | 34,607) | 28,380) | 11,502) | 10,323) | |
| Total assets | 49,120) | 51,703) | 53,344) | 53,593) | 45,058) | 42,401) | |
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | 0.65 | 0.69 | 0.65 | 0.53 | 0.26 | 0.24 | |
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Airbnb Inc. | 0.11 | 0.15 | 0.18 | 0.22 | — | — | |
| Booking Holdings Inc. | 0.62 | 0.52 | 0.48 | 0.57 | 0.43 | — | |
| Chipotle Mexican Grill Inc. | 0.50 | 0.54 | 0.53 | 0.53 | 0.56 | — | |
| McDonald’s Corp. | 0.95 | 0.97 | 0.92 | 0.98 | 1.00 | — | |
| Starbucks Corp. | 0.83 | 0.84 | 0.75 | 0.84 | 0.58 | 0.39 | |
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Consumer Services | 0.70 | 0.71 | 0.68 | 0.71 | 0.60 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Consumer Discretionary | 0.44 | 0.45 | 0.45 | 0.50 | 0.49 | — | |
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 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 31,891 ÷ 49,120 = 0.65
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Carnival Corp. & plc debt to assets ratio (including operating lease liability) deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Financial Leverage
Carnival Corp. & plc, financial leverage 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) | |||||||
| Total assets | 49,120) | 51,703) | 53,344) | 53,593) | 45,058) | 42,401) | |
| Shareholders’ equity | 6,882) | 7,065) | 12,144) | 20,555) | 25,365) | 24,443) | |
| Solvency Ratio | |||||||
| Financial leverage1 | 7.14 | 7.32 | 4.39 | 2.61 | 1.78 | 1.73 | |
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Airbnb Inc. | 2.53 | 2.88 | 2.87 | 3.62 | — | — | |
| Booking Holdings Inc. | — | 9.12 | 3.83 | 4.47 | 3.61 | — | |
| Chipotle Mexican Grill Inc. | 2.63 | 2.93 | 2.90 | 2.96 | 3.03 | — | |
| McDonald’s Corp. | — | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | 20.66 | |
| Financial Leverage, Sector | |||||||
| Consumer Services | 70.48 | 58.22 | 11.80 | 11.80 | 7.46 | — | |
| Financial Leverage, Industry | |||||||
| Consumer Discretionary | 4.05 | 4.45 | 4.27 | 5.43 | 5.59 | — | |
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 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 49,120 ÷ 6,882 = 7.14
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Carnival Corp. & plc financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023. |
Interest Coverage
Carnival Corp. & plc, interest coverage 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 income (loss) | (74) | (6,093) | (9,501) | (10,236) | 2,990) | 3,152) | |
| Add: Income tax expense | 12) | 13) | (21) | (17) | 71) | 54) | |
| Add: Interest expense, net of capitalized interest | 2,066) | 1,609) | 1,601) | 895) | 206) | 194) | |
| Earnings before interest and tax (EBIT) | 2,004) | (4,471) | (7,921) | (9,358) | 3,267) | 3,400) | |
| Solvency Ratio | |||||||
| Interest coverage1 | 0.97 | -2.78 | -4.95 | -10.46 | 15.86 | 17.53 | |
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Airbnb Inc. | 26.33 | 83.88 | 0.31 | -26.27 | — | — | |
| Booking Holdings Inc. | 7.11 | 11.03 | 5.39 | 2.59 | 23.40 | — | |
| Chipotle Mexican Grill Inc. | — | — | — | — | — | — | |
| McDonald’s Corp. | 8.73 | 7.48 | 8.70 | 6.04 | 8.15 | — | |
| Starbucks Corp. | 10.82 | 9.76 | 12.40 | 3.66 | 14.49 | 34.94 | |
| Interest Coverage, Sector | |||||||
| Consumer Services | 6.06 | 4.52 | 2.72 | -1.20 | 12.41 | — | |
| Interest Coverage, Industry | |||||||
| Consumer Discretionary | 10.56 | 7.69 | 10.79 | 6.23 | 9.81 | — | |
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 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 2,004 ÷ 2,066 = 0.97
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Carnival Corp. & plc interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |
Fixed Charge Coverage
Carnival Corp. & plc, fixed charge coverage 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 income (loss) | (74) | (6,093) | (9,501) | (10,236) | 2,990) | 3,152) | |
| Add: Income tax expense | 12) | 13) | (21) | (17) | 71) | 54) | |
| Add: Interest expense, net of capitalized interest | 2,066) | 1,609) | 1,601) | 895) | 206) | 194) | |
| Earnings before interest and tax (EBIT) | 2,004) | (4,471) | (7,921) | (9,358) | 3,267) | 3,400) | |
| Add: Operating lease expense | 213) | 192) | 203) | 203) | —) | —) | |
| Earnings before fixed charges and tax | 2,217) | (4,279) | (7,718) | (9,155) | 3,267) | 3,400) | |
| Interest expense, net of capitalized interest | 2,066) | 1,609) | 1,601) | 895) | 206) | 194) | |
| Operating lease expense | 213) | 192) | 203) | 203) | —) | —) | |
| Fixed charges | 2,279) | 1,801) | 1,804) | 1,098) | 206) | 194) | |
| Solvency Ratio | |||||||
| Fixed charge coverage1 | 0.97 | -2.38 | -4.28 | -8.34 | 15.86 | 17.53 | |
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Airbnb Inc. | 15.91 | 20.69 | 0.42 | -16.81 | — | — | |
| Booking Holdings Inc. | 6.09 | 8.12 | 3.82 | 2.03 | 14.27 | — | |
| Chipotle Mexican Grill Inc. | 4.71 | 3.98 | 3.23 | 1.88 | 2.49 | — | |
| McDonald’s Corp. | 4.62 | 3.92 | 4.32 | 3.28 | 3.94 | — | |
| Starbucks Corp. | 3.51 | 3.08 | 3.61 | 1.58 | 3.52 | 4.62 | |
| Fixed Charge Coverage, Sector | |||||||
| Consumer Services | 3.79 | 2.73 | 1.87 | 0.03 | 5.02 | — | |
| Fixed Charge Coverage, Industry | |||||||
| Consumer Discretionary | 4.72 | 3.35 | 5.00 | 3.18 | 4.31 | — | |
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 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 2,217 ÷ 2,279 = 0.97
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Carnival Corp. & plc fixed charge coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |