Carnival Corporation & plc — Intrinsic Value & Fair Price

CCL

NYSEConsumer CyclicalTravel ServicesCIK 0000815097carnivalcorp.comAbout CCL

Last close · Oct 16, 202625.90−0.56 (−2.12%)

Market cap$34.8B

Model value · P/E · peers

32.18

Carnival closed at $25.90 — undervalued by 20% vs model.

28.32the model's range44.89

P/E · peers leads because DCF · Perpetuity growth · 5y returned no positive value. From its peers' median P/E.

Other models

0.03 – 51.26

Wall St. target

32.25 20% below

Below model, 1y

20 of 20 days

Price and model value

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What the marks mean

Daily close

Valuation models

price $25.90 · as of Oct 17, 2026

DCF · Perpetuity growth · 10y—0.0377890% overvalued DCF · EBITDA exit · 5y23.73 – 68.4344.2541% undervalued DCF · EBITDA exit · 10y16.82 – 62.7136.4029% undervalued P/E · peersused28.32 – 44.8932.1820% undervalued P/E · own history28.21 – 38.7432.6421% undervalued PEG—28.609% undervalued EV/EBITDA · peers39.51 – 66.7248.1346% undervalued EV/Revenue · peers24.76 – 82.9851.2649% undervalued Wall St. consensus target—32.2520% below Cost of capital (WACC)—9.50%—

P/E · peers leads because DCF · Perpetuity growth · 5y returned no positive value. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026

Yield, trailing 12 months

1.74%

Past 2 years

low 3.28%high 5.44%

Dividends per share, a year at a time

Coverage: —
Raised: —
Growth: —
Last change: −70.0% · Feb 2026

Every payment, with ex-dates · latest $0.15, paid Aug 28, 2026

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How it is valued

Valued asCyclical

Moderate growth (~11% recent)Moderate margins (10% net margin)Highly cyclical earningsHigh leverage (D/E 2.2x)Strong FCF yield (7.5%)

What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for cyclical companies

P/E

12.8×

EV / EBITDA

8.6×

FCF yield

7.7%

Dividend yield, TTM

1.74%

Beta

2.38

Cost of capital (WACC)

9.50%

On the lists: #44 Lowest P/E

Full financials

Superinvestors

13F · Q2 2026

Sarah KettererCauseway Capital Management LLC$1.2B Viking GlobalViking Global Investors LP$408.5M

All 2 holders

Analyst actions

third-party, quoted

10-01Wells Fargo · target34.00

10-01Argus Research · target30.00

09-30UBS · target36.00

03-30HSBC · “Buy” from “Hold”upgrade

Ratings, targets and estimates

Recent

filings, insider trades and key news

09-29S-3ASRShelf registration (automatic)09-2910-QQuarterly report 09-298-K · 2.02Results of Operations (Earnings)08-25Form 4 · GARISON MICKY MEIR · 248,015 sh 08-24Form 4 · GARISON MICKY MEIR · 91,028 sh 08-058-K · 7.01Regulation FD Disclosure

78 filings · 40 insider transactions

Comparable companies

by business, not by industry label

RCLRoyal Caribbean Group NCLHNorwegian Cruise Line Holdings MARMarriott International HLTHilton Worldwide DALDelta Air Lines UALUnited Airlines Holdings

Side by side:vs RCL vs NCLH

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just CCL. No account.

About Carnival

Carnival Corporation & plc operates as a prominent global entity in the leisure travel sector. Its extensive fleet of vessels navigates to nearly 700 different ports globally, sailing under a diverse portfolio of acclaimed brands such as Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard. Beyond its core cruise operations, the company also provides port services and other related offerings. Its holdings include and it manages hotels, lodges, unique glass-domed railcars, and motor coaches. Customers primarily book their cruises through a network of travel agencies, tour operators, vacation planners, and direct online channels. The corporation maintains a broad international presence, with operations spanning the United States, Canada, continental Europe, the United Kingdom, Australia, New Zealand, Asia, and other global markets. It commands a significant fleet of 87 ships, collectively providing capacity for 223,000 passengers in lower berths. Carnival Corporation & plc was established in 1972 and has its headquarters situated in Miami, Florida.

CEO: Joshua Ian Weinstein
Headquarters: Miami, FL
Employees: 160,000
IPO: 1987-07-24

Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.