Carnival (CCL) Stock Overview
A cruise company, provides leisure travel services in North America, Australia, Europe, and internationally. More details
| Snowflake Score | |
|---|---|
| Valuation | 6/6 |
| Future Growth | 2/6 |
| Past Performance | 4/6 |
| Financial Health | 2/6 |
| Dividends | 3/6 |
Rewards
Risk Analysis
CCL Community Fair Values
Create NarrativeSee what 214 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Carnival Corporation Ltd. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$27.85 |
| 52 Week High | US$34.03 |
| 52 Week Low | US$22.11 |
| Beta | 2.33 |
| 1 Month Change | 8.07% |
| 3 Month Change | 7.99% |
| 1 Year Change | 15.95% |
| 3 Year Change | 118.43% |
| 5 Year Change | -6.64% |
| Change since IPO | 607.30% |
Recent News & Updates
Narrative Update • Jun 02
CCL: Fair Value View Balances Fuel Costs With Execution And Capital Returns
Analysts have raised their average price targets on Carnival into the low to mid $30s, citing new Buy initiations with a $36 target, inclusion as a Top Pick at $34, and expectations for Q2 earnings and EBITDA that broadly align with or modestly exceed prior guidance, despite recent industry booking and fuel cost headwinds. Analyst Commentary Recent research on Carnival highlights a mix of optimism around execution and earnings guidance, alongside renewed caution on fuel costs, bookings and headline risk across the cruise group.Seeking Alpha • May 29
Carnival: No Disruption To Party On The Water
Summary The cruise industry has had a number of negative headlines to contend with, but this has not materially impacted names like Carnival Corporation Ltd. Though CCL shares are down YTD, the stock is still performing relatively well despite the negative catalysts. I continue to view the CCL outlook as positive, given the strong bookings trend. I see CCL shares as a Hold at current trading levels. Read the full article on Seeking AlphaRecent updates
Narrative Update • Jun 02
CCL: Fair Value View Balances Fuel Costs With Execution And Capital Returns
Analysts have raised their average price targets on Carnival into the low to mid $30s, citing new Buy initiations with a $36 target, inclusion as a Top Pick at $34, and expectations for Q2 earnings and EBITDA that broadly align with or modestly exceed prior guidance, despite recent industry booking and fuel cost headwinds. Analyst Commentary Recent research on Carnival highlights a mix of optimism around execution and earnings guidance, alongside renewed caution on fuel costs, bookings and headline risk across the cruise group.Seeking Alpha • May 29
Carnival: No Disruption To Party On The Water
Summary The cruise industry has had a number of negative headlines to contend with, but this has not materially impacted names like Carnival Corporation Ltd. Though CCL shares are down YTD, the stock is still performing relatively well despite the negative catalysts. I continue to view the CCL outlook as positive, given the strong bookings trend. I see CCL shares as a Hold at current trading levels. Read the full article on Seeking Alpha
Narrative Update • May 14
CCL: Share Repurchases Will Offset Fuel And Geopolitical Earnings Headwinds
The analyst price target for Carnival has been reduced by about $2 to $42, with analysts broadly pointing to higher discount rates, slightly softer revenue growth assumptions, and updated P/E expectations as they reassess fuel cost and geopolitical risks. Analyst Commentary Recent research on Carnival shows a mix of reduced price targets and selective upgrades, with analysts weighing fuel costs, geopolitical risks, and valuation discipline.Narrative Update • Apr 28
CCL: Fair Value View Will Weigh Fuel Costs Against Execution Delivery
The updated analyst price target for Carnival Corporation & has edged to $28.70, as analysts factor in more measured revenue growth and profit margins, along with a higher assumed future P/E multiple and a slightly adjusted discount rate. Analyst Commentary Recent research on Carnival Corporation & shows a mixed backdrop, with a cluster of bearish analysts trimming price targets even as a few larger firms keep more constructive ratings.Narrative Update • Apr 14
CCL: Fuel Headwinds And Buybacks Will Support Multi Year Earnings Upside
The updated fair value estimate for Carnival Corporation & reflects a small price target cut of about $0.38, as analysts factor in higher fuel cost sensitivity and slightly lower projected profit margins, while still incorporating modestly stronger revenue growth assumptions and a similar future P/E multiple. Analyst Commentary Recent research on Carnival Corporation & points to a mixed but engaged analyst community, with several firms adjusting price targets to reflect updated expectations around fuel costs, earnings guidance, and geopolitical risk.Narrative Update • Mar 31
CCL: Share Repurchases And Strong Cruise Demand Will Support Multi-Year Earnings Upside
The analyst price target for Carnival Corporation & has been trimmed by a few dollars to reflect a slightly higher discount rate, more cautious assumptions on revenue growth and margins, and mixed recent Street research. Several firms reduced targets on fuel and geopolitical risks, while others lifted or maintained targets in light of still solid cruise demand.
Narrative Update • Mar 17
CCL: Strong Cruise Demand And New Dividend Are Expected To Support Upside
Analysts have trimmed the fair value estimate for Carnival Corporation & to $37.70 from $38.00 as higher discount rates and fuel cost headwinds offset steady expectations for cruise demand and profitability. Analyst Commentary Recent research on Carnival Corporation & reflects a mix of optimism on demand and profitability, set against caution around fuel costs, geopolitical risks and valuation expectations.Narrative Update • Mar 03
CCL: Strong Cruise Demand And Reinstated Dividend Will Support Multi-Year Earnings Upside
Analysts have nudged their fair value estimate for Carnival Corporation & slightly lower to $45.09, even as they reference improved revenue growth and profit margin assumptions along with a higher future P/E multiple in their updated price target work. Analyst Commentary Recent research on Carnival Corporation & reflects a cluster of constructive views, with several bullish analysts lifting their price targets and highlighting what they see as supportive demand trends for cruises over the coming years.Narrative Update • Feb 17
CCL: Strong Cruise Demand And Favorable Capacity Are Expected To Support Upside
Analysts have lifted their price targets on Carnival Corporation & to as high as $45, pointing to firm cruise spending data, favorable capacity trends through 2029, and what they see as temporary Caribbean yield pressures as key supports for the updated views. Analyst Commentary Recent research notes show a cluster of upward price target revisions on Carnival, reflecting a mix of optimism around demand trends and some caution around regional pricing pressures and earnings execution.Analysis Article • Feb 03
Investors Shouldn't Be Too Comfortable With Carnival Corporation &'s (NYSE:CCL) Earnings
Unsurprisingly, Carnival Corporation & plc's ( NYSE:CCL ) stock price was strong on the back of its healthy earnings...Narrative Update • Feb 03
CCL: Resilient Cruise Demand And Caribbean Capacity Are Expected To Sustain Upside
Analysts have raised their price target for Carnival Corporation & to US$38 from US$35, citing updated assumptions for higher revenue growth, slightly stronger profit margins, a lower discount rate, and a higher future P/E multiple supported by recent research pointing to resilient cruise demand and favorable capacity trends. Analyst Commentary Recent research on Carnival Corporation & points to a cluster of higher price targets, with several firms updating their models following sector work and company specific reports.Narrative Update • Jan 20
CCL: Strong Cruise Demand And New Dividend Will Support Multi-Year Earnings Upside
Narrative Update: Carnival Corporation & Analysts have lifted their price target on Carnival Corporation & to about $45, up from roughly $42.50. They cite stronger cruise spending data, firm demand trends, favorable capacity through fiscal 2029, and updated estimates that point to higher revenue growth, slightly better profit margins, and a lower assumed future P/E multiple.Narrative Update • Jan 05
CCL: Fair Value View Balances Record Bookings With Execution And Capital Risks
Narrative Update Analysts have lifted their fair value estimate for Carnival Corporation & to about US$28.61 from US$24.61, citing higher assumed revenue growth, a stronger profit margin profile and a slightly lower discount rate, alongside recent price target increases that highlight expectations for improved returns on invested capital and ongoing demand for cruising. Analyst Commentary Recent Street research around Carnival has leaned positive on the cruise sector overall, with some analysts pointing to expanding total addressable market, private island attractions supporting demand and what they describe as improving returns on invested capital.Analysis Article • Dec 25
Carnival Corporation & plc's (NYSE:CCL) Shares Leap 26% Yet They're Still Not Telling The Full Story
Carnival Corporation & plc ( NYSE:CCL ) shareholders would be excited to see that the share price has had a great...Narrative Update • Dec 15
CCL: Record Bookings And Private Destinations Will Drive Multi-Year Earnings Upside
Carnival Corporation & plc's fair value estimate has been raised slightly to about $42.50 from roughly $41.57, as analysts factor in a wave of higher price targets driven by record Q3 results, robust booking trends out into 2026, and expanding returns from the cruise sector and private island initiatives. Analyst Commentary Bullish analysts are increasingly constructive on Carnival Corporation, pointing to a combination of record financial performance, strengthening pricing power, and growing demand visibility that supports higher valuation levels.Narrative Update • Dec 01
CCL: Expanding Caribbean Destinations Will Sustain Demand Into 2026
Carnival Corporation & Plc's analyst price target has been raised slightly to $35.76, reflecting analysts' optimism over robust earnings momentum, positive booking trends, and expanding demand for cruise travel. Analyst Commentary Recent research updates reflect overall optimism surrounding Carnival Corporation, with several analysts raising their price targets and maintaining positive ratings.Narrative Update • Nov 17
CCL: Record Forward Bookings Will Drive Revenue Momentum Into 2026
The analyst price target for Carnival Corporation & has been revised slightly downward to $35.70 from $35.84. This change reflects minor adjustments in fair value estimates as analysts balance strong recent performance and record bookings with updated expectations for future revenue growth and margins.Narrative Update • Nov 01
CCL: Record Bookings And Improved Guidance Will Drive Upside Into 2026
Analysts have raised their price targets for Carnival Corporation, with increases up to $42 per share. They cite stronger-than-expected third quarter results, robust forward bookings, and improving long-term revenue visibility.Narrative Update • Oct 18
Fleet Modernization And Private Destinations Will Expand Global Reach
The consensus analyst price target for Carnival Corporation & has increased slightly to $35.84. This reflects confidence in the company's strong forward bookings, robust quarterly results, and improved margin outlook.Narrative Update • Oct 04
Fleet Modernization And Private Destinations Will Expand Global Reach
Carnival Corporation & saw its average analyst price target rise to $35.75 from $34.27. This adjustment is based on analysts citing stronger-than-expected earnings, resilient demand, and improving booking trends for the company.Analysis Article • Oct 02
The Carnival Corporation & plc (NYSE:CCL) Third-Quarter Results Are Out And Analysts Have Published New Forecasts
Carnival Corporation & plc ( NYSE:CCL ) shareholders are probably feeling a little disappointed, since its shares fell...Narrative Update • Sep 19
Fleet Modernization And Private Destinations Will Expand Global Reach
Carnival Corporation’s consensus price target has increased to $34.27 as analysts cite robust consumer demand, strong booking trends, and ongoing margin expansion from fleet modernization and strategic initiatives, reflecting raised growth forecasts and a favorable risk/reward profile. Analyst Commentary Bullish analysts cite consistently strong consumer demand and solid booking trends, supported by positive Q2 and Q3 earnings surprises and raised forward guidance.Narrative Update • Sep 04
Fleet Modernization And Private Destinations Will Expand Global Reach
Analysts maintain a positive outlook on Carnival Corporation & due to strong consumer demand, robust booking trends, margin expansion opportunities, and consistent earnings outperformance, resulting in an unchanged consensus price target of $33.36. Analyst Commentary Strong consumer demand and robust booking trends driving revenue and cash flow growth, further bolstered by Carnival’s strategic fleet modernization.Analysis Article • Aug 17
Is Carnival Corporation & (NYSE:CCL) Using Too Much Debt?
NYSE:CCL 1 Year Share Price vs Fair Value Explore Carnival Corporation &'s Fair Values from the Community and select...Analysis Article • Jul 25
Estimating The Fair Value Of Carnival Corporation & plc (NYSE:CCL)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Carnival Corporation & fair value estimate is US$35.11...Analysis Article • Jul 13
Further Upside For Carnival Corporation & plc (NYSE:CCL) Shares Could Introduce Price Risks After 28% Bounce
Carnival Corporation & plc ( NYSE:CCL ) shares have continued their recent momentum with a 28% gain in the last month...Seeking Alpha • Apr 28
Carnival Corporation: More Than A Recovery Story
Summary I am bullish on Carnival Corporation & plc, rating it a buy due to its resilience, operational leverage, cost discipline, and prudent debt management. Carnival's financial recovery and structural changes have driven significant revenue and EBITDA growth, yet the market undervalues its operational efficiencies. The experience economy and aging population present unique growth drivers, positioning Carnival for sustainable long-term growth. Sensitivity analysis indicates a 64% upside potential with manageable downside risk, supporting my buy recommendation despite potential global recession and debt overhang risks. Read the full article on Seeking AlphaSeeking Alpha • Apr 20
Carnival's Selloff Triggers Near Doubling Upside Potential - Reiterate Buy
Summary CCL has had the much needed selloff from recent heights, with it already triggering the cheaper valuations and near doubling upside potential over the next few years. Part of the headwinds are naturally attributed to the near-term risks from rising anti-US sentiments and ongoing pullback in foreign tourism, thanks to the ongoing tariff war. Even so, readers must note CCL's growing customer deposits at higher yields, as similarly observed in the management's raised FY2025 guidance. This is significantly aided by the raised consensus estimates, lower short interest volumes, emergence of clear uptrend support line since October 2022 bottom, and recent bounce at $16.43 floor. We shall further discuss why we are reiterating our Buy rating for the CCL stock here. Read the full article on Seeking AlphaSeeking Alpha • Mar 20
Carnival: Likely Cruising To Investment Grade Ahead Of Schedule
Summary Carnival’s leading market share in the cruise industry sets it up to benefit the most from the forecasted industry growth. I expect Carnival to outperform its FY 2025 guidance, potentially generating $7.49 billion in EBITDA. I’m forecasting Carnival to reduce its debt balance by $3.78 billion in FY 2025, allowing it to exit the year as investment grade, a year ahead of guidance. I’m reiterating my buy rating for Carnival stock with a 1-year price target of $43, representing 113% upside from its current valuation. Read the full article on Seeking AlphaSeeking Alpha • Feb 24
Carnival Corp: Shaping Up Value, Shipping Out Debt
Summary Carnival Corp. has effectively managed debt and improved performance, despite high interest rates with debt falling 10% y/y and interest expenses falling 15% y/y. Management's focus on transferring value from debt holders to shareholders has resulted in significant EBITDA growth and debt reduction. Carnival's net yields and adjusted cruise costs are projected to normalize, supporting further EBITDA margin expansion and shareholder returns. Interest rate risks remain, but Carnival's management is expected to navigate these challenges successfully, maintaining an attractive investment outlook. Read the full article on Seeking AlphaSeeking Alpha • Feb 11
Carnival: Investigating The Unit Economics
Summary Analysts have consistently underestimated Carnival's profitability, and I believe consensus 2025 earnings expectations may be 9% to 20% too low. Muted global capacity growth in 2026 and 2027 as a result of low ordering activity during the pandemic will push cruise prices higher. Carnival's margins are benefitting from strong onboard spending growth. Read the full article on Seeking AlphaSeeking Alpha • Jan 21
Carnival: Continued FCF Generation Will Support Future Upside
Summary Carnival has gained +40% since my first article, where I highlighted that 60% upside was possible due to FCF growth and debt repayment. The basis of the analysis is the relationship between Enterprise Value and Market Cap, with debt repayment expected to transfer value from bondholders back to shareholders. Carnival generated more FCF than I expected in FY '24, which is a positive tailwind for future years. My updated forecast sees no issue in terms of debt repayment. The 30% upside is based on my Net Income FY '26 forecast of $3B at 10x Price to Earnings, while the 100% assumes $7.5B in EBITDA at 12x EV/EBITDA. In either case, Carnival is a Buy. Investors can monitor price action, FCF growth and Debt repayment to confirm which scenario is more likely. Read the full article on Seeking AlphaSeeking Alpha • Jan 07
Carnival Set To Cruise Higher In 2025
Summary Carnival Corporation is rated Strong Buy with a projected 25-30% upside, driven by record-breaking operational performance and robust booking trends for 2025. Exceptional booking patterns, pricing power, and advanced bookings at record highs provide visibility into future revenues and reflect strong consumer confidence. Significant margin expansion and disciplined cost management have led to substantial profitability improvements, with net income swinging from a loss to $303 million. Rapid deleveraging and balance sheet transformation, with net debt to adjusted EBITDA improving to 4.3x, position Carnival for potential further credit rating upgrades. Read the full article on Seeking AlphaSeeking Alpha • Dec 16
Carnival: Riding The Wave Into Earnings, What The Option Market Says
Summary Travel stocks have surged since the Tokyo Crash of August 2024, with the CRUZ ETF outperforming the S&P 500, driven by high travel demand. Carnival Corporation is a buy due to strong earnings, record customer deposits, and positive growth prospects despite some valuation concerns and macro risks. CCL's Q3 results showed a significant earnings beat, record adjusted EBITDA, and strong future bookings, with a high expected earnings swing for Q4. Technically, the Company is undervalued with potential upside to $31.50, supported by a rising 200-day moving average and positive momentum heading into earnings. Read the full article on Seeking AlphaSeeking Alpha • Nov 14
Carnival Cruise Lines: Knockout Q3 2024 Results May Auger A Rocket Ride Beyond Bullish Analyst PTs
Summary CCL has outperformed in 3Q24, aiming for even stronger results in guidance through this year and the next three. The stock spiked on the earnings call indicating more to come based on management guidance conviction for balance of '24 and '25. CCL's strength in the Millennial generations will power its growth ahead while maintaining its grip on the over 62 base customer. Read the full article on Seeking AlphaSeeking Alpha • Nov 08
Carnival Cruise Lines: Interest Payments Will Continue To Pressure Bottom Line
Summary In 3Q24, CCL generated $7.89 billion and $1.7 billion in revenues and net income respectively, representing a year-on-year growth of 15.20% and 61.55% respectively. Multiple indicators suggest that overall demand in the cruise industry remains strong and will continue to serve as tailwinds for the company. Paying down debt is CCL's utmost priority; it is an achievable but challenging task. CCL must manage its liquidity tactically. Fortunately, customer deposits stand at a high of $6.4 billion. Valuation analysis suggests that upside potential is limited as the company's bottom line is significantly affected by interest payment. Read the full article on Seeking AlphaShareholder Returns
| CCL | US Hospitality | US Market | |
|---|---|---|---|
| 7D | -0.3% | -1.0% | 0.3% |
| 1Y | 15.9% | -8.4% | 26.2% |
Return vs Industry: CCL exceeded the US Hospitality industry which returned -8.4% over the past year.
Return vs Market: CCL underperformed the US Market which returned 26.2% over the past year.
Price Volatility
| CCL volatility | |
|---|---|
| CCL Average Weekly Movement | 8.1% |
| Hospitality Industry Average Movement | 7.4% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.8% |
| 10% least volatile stocks in US Market | 3.0% |
Stable Share Price: CCL has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: CCL's weekly volatility (8%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1972 | 160,000 | Josh Weinstein | www.carnivalcorp.com |
Carnival Corporation Ltd., a cruise company, provides leisure travel services in North America, Australia, Europe, and internationally. The company operates through four segments: North America Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other. It operates port destinations and islands, as well as owns and operates hotels, lodges, glass-domed railcars, and motorcoaches.
Carnival Corporation Ltd. Fundamentals Summary
| CCL fundamental statistics | |
|---|---|
| Market cap | US$37.58b |
| Earnings (TTM) | US$3.10b |
| Revenue (TTM) | US$26.98b |
12.4x
P/E Ratio1.4x
P/S RatioIs CCL overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| CCL income statement (TTM) | |
|---|---|
| Revenue | US$26.98b |
| Cost of Revenue | US$11.88b |
| Gross Profit | US$15.10b |
| Other Expenses | US$12.00b |
| Earnings | US$3.10b |
Last Reported Earnings
Feb 28, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 2.24 |
| Gross Margin | 55.97% |
| Net Profit Margin | 11.48% |
| Debt/Equity Ratio | 193.8% |
How did CCL perform over the long term?
See historical performance and comparisonDividends
2.2%
Current Dividend Yield6%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/04 21:33 |
| End of Day Share Price | 2026/06/04 00:00 |
| Earnings | 2026/02/28 |
| Annual Earnings | 2025/11/30 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Carnival Corporation Ltd. is covered by 44 analysts. 24 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| John Staszak | Argus Research Company |
| Brandt Montour | Barclays |
| Felicia Kantor Hendrix | Barclays |