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Friday 6 November 2026 Export CCL’s income statement to Excel — free account

Carnival Corporation

CCL Consumer Cyclical Travel Services

Carnival Corporation’s revenue for fiscal 2025 (year ended November 2025) was $26.6 billion, up 6.40% from fiscal 2024.

Revenue
+3.46%
EPS
0.00%
Free cash flow
−3.26%
Total debt
−9.70%

Quarter to August 2026, against a year earlier

29.59 1.73 −5.52%
Market cap
$39.8B
P/E
12.8×
Fwd P/E
13.1×
Dividend yield
2.03%
F-score
8/9
Altman Z
1.24
Beneish M
−2.69
Dividend safety
56/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Carnival Corporation (CCL) valuation and DCF model

What the price implies · reverse DCF

At $29.59 the price implies free cash flow after share-based pay growing 6.1% a year for ten years.

Free cash flow after share-based pay grew −0.3% a year over the last ten years. The price asks for 6.4 points a year more than its ten-year rate. The industry’s median company is priced for 8.3%.

In November 2017 the price assumed 8.2% a year; Carnival Corporation went on to grow free cash flow after share-based pay 2.6% a year to FY2025.

Price implies
6.1%
Last 10 years, reported
−0.3%
Industry median implies
8.3%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
6.1% a year for ten years
$29.59
today’s price
Its base case
−0.3% a year for five years, then −0.2%
$12.22
58.7% below today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Carnival Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to August 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 6.1% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Carnival Corporation’s own cost of capital: risk-free 4.3% + beta 2.46 × equity premium 4.5% = 15.4% cost of equity; weighted, 15.4%.

Use 15.4%
Equity value $16.96b ▼ below market cap $41.06b
Base case value per share $12.22 equity value ÷ 1.39b shares
Current price $29.59 market price per share
Below today’s price 58.7% downside at the base case’s assumptions

How we got there$19.56b 10 years of cash to equity+$20.08b terminal value−$22.69b net debt=$16.96b equity value÷1.39b shares=$12.22 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Travel Services).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 12.81× 13.26× 14.03× 9% below 19.05× 33% below
P/FCF 12.64× 97.85× 68.37× 82% below 13.14× 4% below
P/B 2.84× 2.72× 2.09× 36% above 2.71× 5% above
EV/EBITDA 8.49× 8.80× 9.41× 10% below 13.28× 36% below
EV/Sales 2.28× 2.47× 4.71× 51% below 3.26× 30% below
P/E P/FCF P/B EV/EBITDA EV/Sales
7.68×9.08×10.47×11.87×10Y avg 9.41×20162017201820192023202420252026

CCL trades at 8.49× EV/EBITDA, against a 10-year average of 9.41× (range 7.59×–11.97×). That is cheaper than 71% of the last 7 year-end readings; re-rating to the average implies $34.54 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.