Is the business good?
How good a business is CCL?
Carnival Corporation earns 9.9% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
9.9%
Return on invested capital · cost of capital 9.0% · 0.90 points above what the capital costs: growth creates value
- Operating margin
- 16%
Operating margin · Travel Services median 16% · 12 months to Q2 2026
- Cash conversion
- 1.04×
Cash conversion · 1.11× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −0.86%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −158% |
| FY2021 | −372% |
| FY2022 | −36% |
| FY2023 | 9.1% |
| FY2024 | 14% |
| FY2025 | 17% |
Details›
- Operating margin12 months to Q2 2026
- 16%
- Net margin12 months to Q2 2026
- 11%
- Free cash flow margin
- 12%
- Revenue, trailing twelve months
- $27.3B
- Free cash flow, trailing twelve months
- $3.20B
- Net income, trailing twelve months
- $3.07B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.9%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Travel Services
Ranks #7 of 11 by Smart Score