Question 1

What is Carnival Corporation's P/B ratio?

Accepted Answer

Carnival Corporation (CCL) P/B ratio is 2.9× as of June 5, 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 4.2×.

Question 5

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

Accepted Answer

Carnival Corporation's P/B ratio of 2.9× is above its own 5-year average of 2.5× and below the sector median of 4.2×. That places the current reading at the 55th 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 2.5× and the 5-year median is 2.6×.

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	$34.05B	$12.28B	2.8×	-0.8×	Nov 30, 2025
2024	$33.06B	$9.25B	3.6×	+0.8×	Nov 30, 2024
2023	$19.02B	$6.88B	2.8×	+1.0×	Nov 30, 2023
2022	$12.50B	$7.06B	1.8×	+0.1×	Nov 30, 2022
2021	$20.00B	$12.14B	1.6×	+0.9×	Nov 30, 2021
2020	$15.48B	$20.55B	0.8×	-0.5×	Nov 30, 2020
2019	$30.92B	$25.36B	1.2×	-0.5×	Nov 30, 2019
2018	$42.08B	$24.44B	1.7×	-0.2×	Nov 30, 2018
2017	$47.26B	$24.22B	2.0×	+0.3×	Nov 30, 2017
2016	$37.38B	$22.60B	1.7×	+0.0×	Nov 30, 2016
2015	$39.11B	$23.77B	1.6×	+0.3×	Nov 30, 2015
2014	$32.89B	$24.29B	1.4×	+0.2×	Nov 30, 2014
2013	$27.99B	$24.56B	1.1×	-0.1×	Nov 30, 2013
2012	$30.04B	$23.93B	1.3×	+0.2×	Nov 30, 2012
2011	$25.83B	$23.83B	1.1×	-0.3×	Nov 30, 2011
2010	$32.55B	$23.03B	1.4×	+0.3×	Nov 30, 2010
2009	$25.21B	$22.04B	1.1×	+0.3×	Nov 30, 2009
2008	$15.40B	$19.10B	0.8×	-1.0×	Nov 30, 2008
2007	$35.78B	$19.96B	1.8×	-0.4×	Nov 30, 2007
2006	$39.17B	$18.21B	2.2×	-0.4×	Nov 30, 2006
2005	$43.84B	$16.97B	2.6×	-0.1×	Nov 30, 2005
2004	$42.55B	$15.76B	2.7×	+0.9×	Nov 30, 2004
2003	$25.39B	$13.79B	1.8×	-0.4×	Nov 30, 2003
2002	$16.57B	$7.42B	2.2×	-0.1×	Nov 30, 2002
2001	$15.30B	$6.59B	2.3×	—	Nov 30, 2001


Norwegian Cruise Line (NCLH)	3.5×
V.F. (VFC)	3.5×
Genuine Parts (GPC)	3.3×
Lululemon Athletica (LULU)	3.1×
Ball (BALL)	2.8×
PDD Holdings (PDD)	2.3×
GameStop (GME)	2.0×
XPeng (XPEV)	2.0×
Alibaba (BABA)	1.9×
Li Auto (LI)	1.8×
PulteGroup (PHM)	1.7×
Amcor (AMCR)	1.7×
D.R. Horton (DHI)	1.7×
Toll Brothers (TOL)	1.6×
Lucid Group (LCID)	1.5×
Sonoco Products (SON)	1.5×
Leggett & Platt (LEG)	1.3×
International Paper (IP)	1.3×
Lennar (LEN)	1.3×
Weyco Group (WEYS)	1.2×
Ford Motor (F)	1.2×
LKQ (LKQ)	1.2×
Smurfit Westrock (SW)	1.1×
General Motors (GM)	1.1×
Mohawk Industries (MHK)	0.7×

P/B Ratio for Carnival Corporation (CCL)

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

Historical P/B Ratio for Carnival Corporation (CCL) from 2001 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

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

Historical P/B Ratio for Carnival Corporation (CCL) from 2001 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

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

+How is the P/B ratio calculated?

+What is the P/B ratio?

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

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

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

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

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

Carnival Corporation (CCL) Key Financials