Question 1

What is Carnival Corporation's P/FCF ratio?

Accepted Answer

Carnival Corporation (CCL) P/FCF ratio is 12.8× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Carnival Corporation?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Carnival Corporation specifically, the relevant sector benchmark is the current sector median of 17.8×.

Question 5

Is Carnival Corporation's P/FCF ratio high or low?

Accepted Answer

Carnival Corporation's P/FCF ratio of 12.8× is below its own 5-year average of 15.7× and below the sector median of 17.8×. That places the current reading at the 15th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Carnival Corporation's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Carnival Corporation (CCL) P/FCF ratio has ranged from a low of 10.8× in 2025 to a high of 672.3× in 2019. The 5-year average is 15.7× and the 5-year median is 14.9×.

Question 7

What was Carnival Corporation's P/FCF ratio in 2025?

Accepted Answer

Carnival Corporation (CCL) P/FCF ratio at the end of 2025 was 13.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Carnival Corporation's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$34.05B	$2.61B	13.1×	-12.4×	Nov 30, 2025
2024	$33.06B	$1.30B	25.5×	+6.4×	Nov 30, 2024
2023	$19.02B	$997.00M	19.1×	—	Nov 30, 2023
2022	$12.50B	−$6.61B	—	—	Nov 30, 2022
2021	$20.00B	−$7.72B	—	—	Nov 30, 2021
2020	$15.48B	−$9.92B	—	—	Nov 30, 2020
2019	$30.92B	$46.00M	672.3×	+648.9×	Nov 30, 2019
2018	$42.08B	$1.80B	23.4×	+3.5×	Nov 30, 2018
2017	$47.26B	$2.38B	19.9×	+1.8×	Nov 30, 2017
2016	$37.38B	$2.07B	18.0×	+0.7×	Nov 30, 2016
2015	$39.11B	$2.25B	17.4×	-21.5×	Nov 30, 2015
2014	$32.89B	$847.00M	38.8×	-2.0×	Nov 30, 2014
2013	$27.99B	$685.00M	40.9×	-4.2×	Nov 30, 2013
2012	$30.04B	$667.00M	45.0×	+20.9×	Nov 30, 2012
2011	$25.83B	$1.07B	24.1×	-112.1×	Nov 30, 2011
2010	$32.55B	$239.00M	136.2×	—	Nov 30, 2010
2009	$25.21B	−$38.00M	—	—	Nov 30, 2009
2008	$15.40B	$38.00M	405.2×	+357.9×	Nov 30, 2008
2007	$35.78B	$757.00M	47.3×	+13.3×	Nov 30, 2007
2006	$39.17B	$1.15B	34.0×	+3.4×	Nov 30, 2006
2005	$43.84B	$1.43B	30.6×	—	Nov 30, 2005
2004	$42.55B	−$370.00M	—	—	Nov 30, 2004
2003	$25.39B	−$583.00M	—	—	Nov 30, 2003
2002	$16.57B	−$517.45M	—	—	Nov 30, 2002
2001	$15.30B	$412.37M	37.1×	—	Nov 30, 2001


Las Vegas Sands (LVS)	15.5×
DraftKings (DKNG)	15.5×
Avery Dennison (AVY)	15.2×
Wynn Resorts (WYNN)	15.1×
NVR (NVR)	14.9×
Booking Holdings (BKNG)	14.7×
PulteGroup (PHM)	13.7×
Masco (MAS)	13.0×
V.F. (VFC)	12.6×
Deckers Outdoor (DECK)	12.0×
Lululemon Athletica (LULU)	11.6×
D.R. Horton (DHI)	11.3×
Toll Brothers (TOL)	11.1×
LKQ (LKQ)	9.3×
Hasbro (HAS)	9.3×
Mohawk Industries (MHK)	8.4×
MercadoLibre (MELI)	8.2×
Best Buy Co. (BBY)	7.9×
Etsy (ETSY)	7.2×
Leggett & Platt (LEG)	6.6×
Weyco Group (WEYS)	6.2×
Expedia Group (EXPE)	6.0×
General Motors (GM)	5.5×
MGM Resorts (MGM)	5.5×
Ford Motor (F)	3.9×

P/FCF Ratio for Carnival Corporation (CCL)

P/FCF Ratio daily chart for Carnival Corporation (CCL)

Historical P/FCF Ratio for Carnival Corporation (CCL) from 2001 to 2025

About P/FCF Ratio at Carnival Corporation (CCL)

Carnival Corporation P/FCF Ratio by Year

Carnival Corporation P/FCF Ratio 2025: 13.1×

Carnival Corporation P/FCF Ratio 2024: 25.5×

Carnival Corporation P/FCF Ratio 2023: 19.1×

Carnival Corporation P/FCF Ratio 2019: 672.3×

Carnival Corporation P/FCF Ratio 2018: 23.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Carnival Corporation (CCL) Key Financials

P/FCF Ratio daily chart for Carnival Corporation (CCL)

Historical P/FCF Ratio for Carnival Corporation (CCL) from 2001 to 2025

About P/FCF Ratio at Carnival Corporation (CCL)

Carnival Corporation P/FCF Ratio by Year

Carnival Corporation P/FCF Ratio 2025: 13.1×

Carnival Corporation P/FCF Ratio 2024: 25.5×

Carnival Corporation P/FCF Ratio 2023: 19.1×

Carnival Corporation P/FCF Ratio 2019: 672.3×

Carnival Corporation P/FCF Ratio 2018: 23.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Carnival Corporation's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Carnival Corporation?

+Is Carnival Corporation's P/FCF ratio high or low?

+What is Carnival Corporation's historical P/FCF ratio range?

+What was Carnival Corporation's P/FCF ratio in 2025?

+Why does Carnival Corporation's P/FCF ratio change over time?

Carnival Corporation (CCL) Key Financials