Carnival Corp. & plc, current enterprise value calculation

Current share price (P)	$15.18
No. shares of common stock outstanding	1,309,995,783
US$ in millions
Common equity (market value)¹	19,886)
Total equity	19,886)
Add: Short-term borrowings (per books)	—)
Add: Current portion of long-term debt (per books)	2,089)
Add: Long-term debt, excluding current portion (per books)	28,483)
Total equity and debt	50,458)
Less: Cash and cash equivalents	2,415)
Less: Restricted cash	11)
Less: Short-term investments	—)
Enterprise value (EV)	48,032)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 15.18 × 1,309,995,783

Carnival Corp. & plc, EV calculation

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Share price^1, 2	$15.83	$11.02	$19.11	$18.72	$46.50	$56.40
No. shares of common stock outstanding¹	1,306,275,033	1,299,615,610	1,171,371,854	1,116,315,671	710,173,957	718,595,612
US$ in millions
Common equity (market value)³	20,678)	14,322)	22,385)	20,897)	33,023)	40,529)
Total equity	20,678)	14,322)	22,385)	20,897)	33,023)	40,529)
Add: Short-term borrowings (book value)	—)	200)	2,790)	3,084)	231)	848)
Add: Current portion of long-term debt (book value)	2,089)	2,393)	1,927)	1,742)	1,596)	1,578)
Add: Long-term debt, excluding current portion (book value)	28,483)	31,953)	28,509)	22,130)	9,675)	7,897)
Total equity and debt	51,250)	48,868)	55,611)	47,853)	44,525)	50,852)
Less: Cash and cash equivalents	2,415)	4,029)	8,939)	9,513)	518)	982)
Less: Restricted cash	11)	1,988)	14)	—)	—)	—)
Less: Short-term investments	—)	—)	200)	—)	—)	—)
Enterprise value (EV)	48,824)	42,851)	46,458)	38,340)	44,007)	49,870)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Carnival Corp. & plc Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 15.83 × 1,306,275,033

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Carnival Corp. & plc EV decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Carnival Corp. & plc (NYSE:CCL)

Enterprise Value (EV)