Carnival (CCL) Valuation Check After Record 2025 Results and Dividend Reinstatement

Carnival Corporation & (CCL) is back on investors radar after reporting record 2025 results and bringing back its quarterly dividend for the first time since 2020, which signals a stronger balance sheet and a clearer growth path.

See our latest analysis for Carnival Corporation &.

The results and dividend news helped push Carnival’s share price to around $31.12, with a 1 month share price return of about 17 percent and a three year total shareholder return approaching 300 percent. This suggests momentum is still firmly with the recovery story.

If this kind of rebound has you rethinking your watchlist, it could be a good moment to explore cruise peers and other travel names via fast growing stocks with high insider ownership.

With earnings at record highs, dividends back on deck and the share price closing in on analyst targets, the key question now is simple: is Carnival still undervalued or is the market already pricing in its next growth leg?

Most Popular Narrative: 13% Undervalued

With the narrative fair value sitting meaningfully above the latest close, the story frames Carnival as having more upside left in this cycle.

The analysts have a consensus price target of $33.091 for Carnival Corporation & based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of $43.0, and the most bearish reporting a price target of just $24.0.

Read the complete narrative.

Curious how steady mid single digit growth, fatter margins, and a disciplined future earnings multiple can still justify meaningful upside from here? Dive into the full narrative to see which specific profit and valuation assumptions underpin that higher fair value target, and how long the momentum is expected to last.

Result: Fair Value of $35.76 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, elevated geopolitical tensions and Carnival’s still sizable debt load could quickly pressure bookings, margins and sentiment, which may challenge the current upside narrative.

Find out about the key risks to this Carnival Corporation & narrative.

Build Your Own Carnival Corporation & Narrative

If you see the story differently or want to dig into the numbers yourself, you can build a custom view in just minutes: Do it your way.

A great starting point for your Carnival Corporation & research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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