Carnival (CCL): analysis in plain words
Is Carnival cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Carnival (CCL) is listed on the NYSE and we classify it in travel, leisure and gaming. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Carnival according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Carnival (CCL) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $31.32 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 13.8x | Price over earnings per share |
| Revenue growth | +3.5% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 11.4% | Profit for every 100 of sales |
| Net debt / EBITDA | 3.3x | Years of operating profit to repay debt |
| Dividend yield | 1.54% | Annual dividend over price |
| Market cap | $42.1 billion | What the stock market values it at |
The Carnival figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any CCL figure that is not available shows as N/A: we do not estimate it.
How Carnival makes money
Carnival Corporation runs a portfolio of cruise lines including Carnival Cruise Line, Princess, Holland America, AIDA, Costa and P&O Cruises. Its segments are North America and Australia, the larger one, and Europe. Revenue comes from cruise fares and from onboard spending on drinks, shore excursions, casinos and shops.
Over the last 12 months, Carnival brought in revenue of $27.6 billion. For every 100 it sells, Carnival keeps 55.4 after the direct cost of what it sells (gross margin) and 26.4 after all operating costs (operating margin).
Carnival against its sector
To know whether a Carnival figure is high or low you have to put it next to similar companies. This table compares Carnival with the median of the 13 travel, leisure and gaming companies Fintols covers, with data as of November 4, 2026.
| Figure | Carnival | travel, leisure and gaming median |
|---|---|---|
| P/E | 13.8x | 17.8x (13) |
| Revenue growth | +3.5% | +8.8% (14) |
| Net margin | 11.4% | 11.6% (14) |
| Dividend yield | 1.54% | 1.31% (14) |
| Net debt / EBITDA | 3.3x | 2.8x (14) |
In short, against the typical travel, leisure and gaming company, Carnival trades on a lower P/E, grows more slowly and pays a higher dividend yield. By size, Carnival ranks number 7 of 11 travel, leisure and gaming companies quoted in USD on Fintols.
The bull case for Carnival
What works in favour of Carnival, according to its figures as of November 4, 2026:
- Carnival earns 24.0% a year on its shareholders' money (return on equity).
- On a P/E basis Carnival trades cheaper than its sector: 13.8x its annual earnings, against 17.8x for the travel, leisure and gaming median (13 companies with data).
- Carnival generates real cash: $1.8 billion of free cash flow over 12 months, 4.3% of its stock market value.
The main risk for Carnival
Debt is heavy: Carnival carries net debt equal to 3.3x its annual EBITDA. With high interest rates or a weak year, interest payments eat into what it can invest or pay out.
On top of that: carnival stock moves much more than the market: its beta is 2.46, so in a broad sell-off it tends to fall further than the index.
And, like the rest of travel, leisure and gaming, Carnival is exposed to people travelling and spending less on leisure if the economy worsens, plus fuel prices.
Frequently asked questions about Carnival
Is it a good time to buy Carnival stock?
Fintols does not tell you whether to buy or sell Carnival, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Carnival stock trades at $31.32, 8% below its 52-week high ($34.03) and 46% above its low ($21.45). Its P/E is 13.8x against a travel, leisure and gaming median of 17.8x, and 12.2x on the earnings analysts expect over the next 12 months. With Carnival, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Carnival pay a dividend?
Yes. As of November 4, 2026, Carnival pays $0.45 per share a year, which at today's price is a yield of 1.54%. It uses 20% of its profit to pay it, which leaves room to keep paying it if profit dips.
Is Carnival stock expensive?
It depends on what you compare it with. On P/E, Carnival trades at 13.8x its last 12 months of earnings: cheaper than the travel, leisure and gaming median (17.8x). A high P/E alone does not make Carnival expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Carnival's competitors?
On Fintols we compare Carnival with Delta Air Lines, United Airlines and Royal Caribbean, which are also in travel, leisure and gaming. As of November 4, 2026, Delta Air Lines is worth $58.7 billion and trades on a P/E of 17.8; United Airlines is worth $37.6 billion and trades on a P/E of 10.6; Royal Caribbean is worth $89.1 billion and trades on a P/E of 19.7. Each has a side-by-side comparison with Carnival below.
Carnival competitors
- Delta Air Lines (DAL) analysis · Carnival vs Delta Air Lines comparison
- United Airlines (UAL) analysis · Carnival vs United Airlines comparison
- Royal Caribbean (RCL) analysis · Carnival vs Royal Caribbean comparison
To understand Carnival better
- How to Read a Balance Sheet: A Beginner's Guide
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like Carnival: travel, leisure and gaming stocks and S&P 500 companies. Open the full CCL analysis with its valuation and scenarios. Educational content about Carnival, not investment advice.