CCLCarnival Corporation
Is the business good?
A genuinely good business: earnings fully cash-backed (1.6×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
A balanced mix of margins, efficiency, and leverage. ROE 23% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CCL?
Carnival Corporation earns 9.4% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 0.45 points above what the capital costs: growth creates value
- Operating margin
- 16%
Operating margin · Travel Services median 16% · 12 months to Q3 2026
- Cash conversion
- 1.56×
Cash conversion · 1.31× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −2.4%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −158% |
| FY2021 | −372% |
| FY2022 | −36% |
| FY2023 | 9.1% |
| FY2024 | 14% |
| FY2025 | 17% |
Details›
- Operating margin12 months to Q3 2026
- 16%
- Net margin12 months to Q3 2026
- 11%
- Free cash flow margin
- 12%
- Revenue, trailing twelve months
- $27.6B
- Free cash flow, trailing twelve months
- $3.18B
- Net income, trailing twelve months
- $3.14B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Travel Services
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