Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Current Valuation Ratios
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Carnival Corp. & plc, current price multiples

	Carnival Corp. & plc		Airbnb Inc.	Booking Holdings Inc.	Chipotle Mexican Grill Inc.	McDonald’s Corp.	Starbucks Corp.		Consumer Services		Consumer Discretionary
Selected Financial Data
Current share price (P)
No. shares of common stock outstanding

Earnings per share (EPS)
Operating profit per share
Sales per share
Book value per share (BVPS)
Valuation Ratios (Price Multiples)
Price to operating profit (P/OP)
Price to sales (P/S)
Price to book value (P/BV)

Based on: 10-K (reporting date: 2023-11-30).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.

Carnival Corp. & plc, historical price multiples

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	Price to earnings (P/E)
	Price to operating profit (P/OP)
	Price to sales (P/S)
	Price to book value (P/BV)

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).

Price to Earnings (P/E) Ratio: The P/E ratio decreased from 12.86 in 2018 to 11.04 in 2019, indicating a reduction in the price investors were willing to pay for each unit of earnings. The data for subsequent years is missing, preventing further trend analysis in this category.
Price to Operating Profit (P/OP) Ratio: This ratio showed a decline from 12.19 in 2018 to 10.08 in 2019, suggesting a similar trend as the P/E ratio with a lower valuation relative to operating profit. However, data is missing for the years 2020 to 2022, and in 2023, it rose again to 10.57, indicating a slight increase in price relative to operating profit.
Price to Sales (P/S) Ratio: The P/S ratio demonstrated significant volatility over the six-year period. It fell from 2.15 in 2018 to 1.59 in 2019, then sharply increased to 3.74 in 2020 and surged further to 11.73 in 2021. This was followed by a steep decline to 1.18 in 2022 and a small decrease to 0.96 in 2023. This pattern indicates fluctuating investor sentiment about sales performance or varying sales levels, with an extreme peak suggesting possible market overvaluation or significant structural changes in revenue during 2021.
Price to Book Value (P/BV) Ratio: The P/BV ratio has shown an upward trend from 1.66 in 2018 to 3.00 in 2023. There was a dip to 1.30 in 2019 and a further decline to near 1.02 in 2020, followed by consistent increases in the following years, culminating in the highest value observed in 2023. This suggests increasing market valuation relative to the company's book value, potentially reflecting improved asset quality, investor confidence, or changes in accounting measures.

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Carnival Corp. & plc, historical P/E calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Net income (loss) (in millions)
	Earnings per share (EPS)²
	Share price^1, 3
	Valuation Ratio
	P/E ratio⁴
	Benchmarks
	P/E Ratio, Competitors⁵
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	P/E Ratio, Sector
	Consumer Services
	P/E Ratio, Industry
	Consumer Discretionary

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 Data adjusted for splits and stock dividends.

² 2023 Calculation
EPS = Net income (loss) ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Carnival Corp. & plc Annual Report.

⁴ 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =

⁵ Click competitor name to see calculations.

Share Price Trend: The share price exhibited a declining trend from 56.4 US$ in 2018 to 11.02 US$ in 2022, reflecting a substantial decrease over this period. In 2023, there was a slight recovery to 15.83 US$, indicating some improvement, although the level remained significantly lower than in 2018.
Earnings Per Share (EPS) Trend: EPS decreased steadily from 4.39 US$ in 2018 to 4.21 US$ in 2019, followed by a sharp decline into negative territory beginning in 2020 (-9.17 US$). Negative EPS values persisted through 2021 (-8.11 US$), 2022 (-4.69 US$), and 2023 (-0.06 US$), with a gradual reduction in losses observed in the most recent year.
Price-to-Earnings (P/E) Ratio Trend: The P/E ratio declined from 12.86 in 2018 to 11.04 in 2019. Data for subsequent years is unavailable, likely due to negative earnings which typically render the ratio undefined or irrelevant.
Summary of Financial Performance: The financial indicators demonstrate a distressed performance from 2020 onwards, as evidenced by significant losses and a corresponding drop in share price. The slight recovery in share price and diminishing losses in EPS in 2023 suggest initial signs of stabilization. However, overall profitability remains negative, and valuation metrics are incomplete or unavailable beyond 2019.

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Carnival Corp. & plc, historical P/OP calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Operating income (loss) (in millions)
	Operating profit per share²
	Share price^1, 3
	Valuation Ratio
	P/OP ratio⁴
	Benchmarks
	P/OP Ratio, Competitors⁵
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	P/OP Ratio, Sector
	Consumer Services
	P/OP Ratio, Industry
	Consumer Discretionary

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 Data adjusted for splits and stock dividends.

² 2023 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Carnival Corp. & plc Annual Report.

⁴ 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =

⁵ Click competitor name to see calculations.

Share Price: The share price experienced a significant decline from 56.4 US dollars in late 2018 to 11.02 US dollars by the end of 2022. In 2023, there was a moderate recovery to 15.83 US dollars. Overall, the trend shows a sharp decrease over the five-year period, with a slight improvement in the most recent year.
Operating Profit Per Share: Operating profit per share remained relatively stable at around 4.6 US dollars from 2018 to 2019. However, there was a sharp downturn starting in 2020, showing negative values of -7.94 and -6.05 US dollars in 2020 and 2021 respectively. This negative trend continued, though with some improvement, reducing the loss to -3.37 US dollars in 2022. By 2023, operating profit per share turned positive again, reaching 1.5 US dollars, indicating a partial recovery in operational performance.
Price to Operating Profit (P/OP) Ratio: The P/OP ratio decreased from 12.19 in 2018 to 10.08 in 2019, reflecting a slight improvement in valuation relative to operating profit. Data for the years 2020 to 2022 is missing, likely due to negative operating profit values in those periods. In 2023, the P/OP ratio was 10.57, suggesting a recovery in earnings valuation as operating profitability returned to positive territory.

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Carnival Corp. & plc, historical P/S calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Revenues (in millions)
	Sales per share²
	Share price^1, 3
	Valuation Ratio
	P/S ratio⁴
	Benchmarks
	P/S Ratio, Competitors⁵
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	P/S Ratio, Sector
	Consumer Services
	P/S Ratio, Industry
	Consumer Discretionary

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 Data adjusted for splits and stock dividends.

² 2023 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Carnival Corp. & plc Annual Report.

⁴ 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =

⁵ Click competitor name to see calculations.

Share Price Trend: The share price experienced a significant decline from US$56.4 in 2018 to US$46.5 in 2019, followed by a sharp drop to US$18.72 in 2020. This lower level was largely maintained through 2021, with a slight increase to US$19.11. The decline continued into 2022, reaching a low of US$11.02, before recovering moderately to US$15.83 in 2023. Overall, there is a clear downward trend with some stabilization and partial recovery in the last year.
Sales Per Share Development: Sales per share rose from US$26.27 in 2018 to US$29.32 in 2019, indicating growth before a drastic fall to US$5.01 in 2020. The decline continued to US$1.63 in 2021, reflecting considerable decreases in revenue generation on a per-share basis. After 2021, sales per share showed an improving trend, increasing to US$9.36 in 2022 and further to US$16.53 in 2023, signaling a recovery in sales performance post the steep lows.
Price-to-Sales (P/S) Ratio Movement: The P/S ratio declined from 2.15 in 2018 to 1.59 in 2019, then sharply increased to 3.74 in 2020 and peaked at 11.73 in 2021. This dramatic rise suggests that the share price was high relative to sales during the 2020-2021 period despite a fall in sales per share, possibly reflecting market expectations or external factors affecting valuation. From 2021 onward, the ratio decreased significantly, dropping to 1.18 in 2022 and further to 0.96 in 2023, indicating that the share price became more aligned or even undervalued relative to the sales generated per share as the company’s sales recovered.
Overall Insights: The data reveals a challenging period from 2019 through 2021, characterized by substantial reductions in share price and sales per share, alongside an anomalous spike in the P/S ratio indicative of valuation dislocation. A recovery phase is evident from 2022 to 2023, with sales per share improving markedly and the share price showing partial rebound, while the P/S ratio normalized to below historical levels. These patterns suggest initial business and market difficulties followed by gradual operational and market confidence restoration.

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Carnival Corp. & plc, historical P/BV calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Shareholders’ equity (in millions)
	Book value per share (BVPS)²
	Share price^1, 3
	Valuation Ratio
	P/BV ratio⁴
	Benchmarks
	P/BV Ratio, Competitors⁵
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	P/BV Ratio, Sector
	Consumer Services
	P/BV Ratio, Industry
	Consumer Discretionary

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 Data adjusted for splits and stock dividends.

² 2023 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Carnival Corp. & plc Annual Report.

⁴ 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =

⁵ Click competitor name to see calculations.

Share Price Trend: The share price exhibited a significant decline from US$56.4 in late 2018 to a low point of US$11.02 by the end of 2022. This represents a substantial reduction of approximately 80%. A moderate recovery is observed in 2023, with the share price rising to US$15.83, though it remains well below the 2018 level. This downward trend reflects considerable market valuation pressures over the period, punctuated by a late-stage partial rebound.
Book Value Per Share (BVPS) Development: Book value per share consistently decreased throughout the period analyzed, starting at US$34.01 in 2018 and falling sharply to US$5.27 by 2023. The most pronounced decline occurred between 2019 and 2022, where BVPS dropped from US$35.72 to US$5.44. This downward trend indicates deteriorating net asset value on a per-share basis and suggests financial challenges impacting equity value.
Price-to-Book Value Ratio (P/BV) Movements: The P/BV ratio reflects fluctuations in market valuation relative to book value. Initially, the ratio decreased from 1.66 in 2018 to near parity at 1.02 in 2020, indicating the market price closely matched the book value per share. Subsequently, an ascending trend is evident, with the ratio rising to 3.0 in 2023. This increase suggests that despite the continuing decrease in book value, market price per share has started to overvalue net assets again, indicating a possible shift in investor sentiment or market expectations.

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Carnival Corp. & plc (NYSE:CCL)

Common Stock Valuation Ratios (Price Multiples)

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Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)