Carnival Corporation &

CCL

Travel Services · Consumer Cyclical

Also trades as: 0EV1.L · CCL.L

Price

$25.73

+0.36 (+1.42%)

Market Cap

$35.24B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

Dividends

Weak

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Share count rising — dilution

+24.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.12B (2021) → 1.40B (2025)

Winston Score History

The full picture

Carnival Corporation is the world's largest cruise company. It owns nine cruise line brands, including Carnival Cruise Line, Princess Cruises, Holland America, and Costa Cruises. These ships carry millions of vacationing passengers each year across the Caribbean, Europe, Alaska, and beyond.

Carnival makes money by selling cruise tickets and then earning additional revenue onboard through dining, drinks, casinos, and shore excursions. The company operates globally, with ships sailing on nearly every major ocean, and its sheer size gives it a cost advantage over smaller rivals when buying ships and fuel. The biggest risk the business faces is its heavy debt load, built up during the COVID-19 pandemic when ships sat idle for months, which limits financial flexibility if demand were to slow or interest rates stay elevated.

Politician Trades

21 trades / 12mo

13 Congressional buys and 8 sells on CCL in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-9.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.4%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$2.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Carnival Corporation & is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

25.7%

Modest — 25.7% gross margin

Profit after running costs

Operating Margin

12.8%

Healthy — 12.8% operating margin

Return on the money invested

ROCE

11.8%

Below par — 11.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+5.2%

Slow sales growth (+5.2% YoY)

Profit growth

EPS YoY

+20.9%

Earnings growing fast (+20.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

221%

Turns 221% of profit into real cash

Spare cash per sale

FCF Margin

11.7%

Modest free cash flow (11.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.92

Elevated debt (1.92)

Covers its interest

Interest Cover

3.76x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.1x

Attractive valuation — P/E 11.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.60%

Small dividend — 1.60% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-52.5%

Dividend cut (-52.5% YoY) — warning sign

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