---
title: Carnival (CCL) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/ccl
ticker: CCL
as_of: 2026-10-17
sector: Consumer Cyclical
industry: Travel Services
---
# Carnival (CCL)

Carnival (CCL) closed at $25.90 on Oct 16, 2026, undervalued by 20% vs its model value of $32.18 (from its peers' median P/E).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $25.90 (Oct 16, 2026) |
| Model value (from its peers' median P/E) | $32.18 |
| Price vs model | undervalued by 20% vs model |
| Range of that model | $28.32 – $44.89 |
| Market value | $34.8B |
| P/E (fiscal 2025) | 12.8 |
| Net margin (fiscal 2025) | 10.4% |
| Free cash flow (fiscal 2025) | $2.6B |
| Dividend yield (trailing twelve months) | 1.74% |
| Beta | 2.38 |
| Cost of capital (WACC) | 9.50% |
| Business classification | Cyclical (Moderate growth (~11% recent), Moderate margins (10% net margin), Highly cyclical earnings, High leverage (D/E 2.2x), Strong FCF yield (7.5%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Lowest P/E | #44 | 12.8× | https://sweetvaluelab.com/lists/lowest-pe |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 1.74% |
| Dividends per share, last 12 months | $0.45 |
| Coverage | — |
| Raised | — |
| Growth | — |
| Latest payment | $0.15, ex-date Aug 7, 2026, paid Aug 28, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| Trailing twelve months (to Aug 7, 2026) | $0.95 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $0.00 | $0.00 | $5.89 |
| DCF · Perpetuity growth · 10y | cross check | $0.03 | $0.00 | $12.97 |
| DCF · EBITDA exit · 5y | cross check | $44.25 | $23.73 | $68.43 |
| DCF · EBITDA exit · 10y | cross check | $36.40 | $16.82 | $62.71 |
| P/E · peers | cross check | $32.18 | $28.32 | $44.89 |
| P/E · own history | cross check | $32.64 | $28.21 | $38.74 |
| PEG | sanity check | $28.60 | $28.60 | $28.60 |
| EV/EBITDA · peers | cross check | $48.13 | $39.51 | $66.72 |
| EV/Revenue · peers | cross check | $51.26 | $24.76 | $82.98 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Aug 24, 2026 | ARISON MICKY MEIR | Chairman of the Board | Bona fide gift | 91,028 | — |
| Aug 25, 2026 | ARISON MICKY MEIR | Chairman of the Board | Bona fide gift | 248,015 | — |
| May 28, 2026 | deynes bettina alejandra | Chief Human Resources Officer | Open-market sell | 43,058 | $1.2M |
| May 8, 2026 | WEISENBURGER RANDALL J | Director | Grant / award | 7,712 | $0 |
| May 8, 2026 | weinstein joshua ian | Chief Executive Officer | Grant / award | 190,965 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 29, 2026 | S-3ASR | Shelf registration (automatic) | https://www.sec.gov/Archives/edgar/data/815097/000110465926111934/tm2626109-1_s3asr.htm |
| Sep 29, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/815097/000081509726000107/ccl-20260831.htm |
| Sep 29, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/815097/000081509726000104/ccl-20260929.htm |
| Aug 5, 2026 | 8-K | 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/815097/000095014226002267/eh260815320_8k.htm |
| Jun 26, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/815097/000081509726000096/ccl-20260531.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Sarah Ketterer | 2026-06-30 | 41,190,606 | $1.2B |
| Viking Global | 2026-06-30 | 14,299,953 | $408.5M |

2 tracked managers in all.

## About

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, N…

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Source: https://sweetvaluelab.com/stocks/ccl (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.