Question 1

What is Carnival Corporation's P/B ratio?

Accepted Answer

Carnival Corporation (CCL) P/B ratio is 2.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Carnival Corporation specifically, the relevant sector benchmark is the current sector median of 4.3×.

Question 5

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

Accepted Answer

Carnival Corporation's P/B ratio of 2.8× is above its own 5-year average of 2.6× and below the sector median of 4.3×. That places the current reading at the 47th 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/B ratio range?

Accepted Answer

In the available daily series, Carnival Corporation (CCL) P/B ratio has ranged from a low of 0.6× in 2020 to a high of 4.5× in 2025. The 5-year average is 2.6× and the 5-year median is 2.8×.

Question 7

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

Accepted Answer

Carnival Corporation (CCL) P/B ratio at the end of 2025 was 2.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$34B	$12.3B	2.8×	-0.8×	Nov 30, 2025
2024	$33.1B	$9.25B	3.6×	+0.8×	Nov 30, 2024
2023	$19B	$6.88B	2.8×	+1.0×	Nov 30, 2023
2022	$12.5B	$7.06B	1.8×	+0.1×	Nov 30, 2022
2021	$20B	$12.1B	1.6×	+0.9×	Nov 30, 2021
2020	$15.5B	$20.6B	0.8×	-0.5×	Nov 30, 2020
2019	$30.9B	$25.4B	1.2×	-0.5×	Nov 30, 2019
2018	$42.1B	$24.4B	1.7×	-0.2×	Nov 30, 2018
2017	$47.3B	$24.2B	2.0×	+0.3×	Nov 30, 2017
2016	$37.4B	$22.6B	1.7×	+0.0×	Nov 30, 2016
2015	$39.1B	$23.8B	1.6×	+0.3×	Nov 30, 2015
2014	$32.9B	$24.3B	1.4×	+0.2×	Nov 30, 2014
2013	$28B	$24.6B	1.1×	-0.1×	Nov 30, 2013
2012	$30B	$23.9B	1.3×	+0.2×	Nov 30, 2012
2011	$25.8B	$23.8B	1.1×	-0.3×	Nov 30, 2011
2010	$32.6B	$23B	1.4×	+0.3×	Nov 30, 2010
2009	$25.2B	$22B	1.1×	+0.3×	Nov 30, 2009
2008	$15.4B	$19.1B	0.8×	-1.0×	Nov 30, 2008
2007	$35.8B	$20B	1.8×	-0.4×	Nov 30, 2007
2006	$39.2B	$18.2B	2.2×	-0.4×	Nov 30, 2006
2005	$43.8B	$17B	2.6×	-0.1×	Nov 30, 2005
2004	$42.5B	$15.8B	2.7×	+0.9×	Nov 30, 2004
2003	$25.4B	$13.8B	1.8×	-0.4×	Nov 30, 2003
2002	$16.6B	$7.42B	2.2×	—	Nov 30, 2002


MGM Resorts (MGM)	3.9×
Aureus Greenway Holdings (PUSA)	3.6×
Genuine Parts (GPC)	3.6×
Norwegian Cruise Line (NCLH)	3.5×
V.F. (VFC)	3.5×
Lululemon Athletica (LULU)	3.1×
Ball (BALL)	2.8×
PDD Holdings (PDD)	2.3×
GameStop (GME)	2.0×
XPeng (XPEV)	2.0×
D.R. Horton (DHI)	2.0×
Alibaba (BABA)	1.9×
Li Auto (LI)	1.8×
Amcor (AMCR)	1.7×
Toll Brothers (TOL)	1.6×
Lucid Group (LCID)	1.5×
Leggett & Platt (LEG)	1.3×
Weyco Group (WEYS)	1.2×
Ford Motor (F)	1.2×
LKQ (LKQ)	1.2×
General Motors (GM)	1.1×
Smurfit Westrock (SW)	1.1×
Lennar (LEN)	1.0×
KB Home (KBH)	0.8×
Mohawk Industries (MHK)	0.7×

P/B Ratio for Carnival Corporation (CCL) 2002-2026

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

Historical P/B Ratio for Carnival Corporation (CCL) from 2002 to 2025

About P/B Ratio at Carnival Corporation (CCL)

Carnival Corporation P/B Ratio by Year

Carnival Corporation P/B Ratio 2025: 2.8×

Carnival Corporation P/B Ratio 2024: 3.6×

Carnival Corporation P/B Ratio 2023: 2.8×

Carnival Corporation P/B Ratio 2022: 1.8×

Carnival Corporation P/B Ratio 2021: 1.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Carnival Corporation (CCL) Key Financials