Question 1

What is Carnival Corporation's P/E ratio?

Accepted Answer

Carnival Corporation (CCL) P/E ratio is 11.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Carnival Corporation specifically, the relevant sector benchmark is the current sector median of 21.7×.

Question 5

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

Accepted Answer

Carnival Corporation's P/E ratio of 11.8× is below its own 5-year average of 18.3× and below the sector median of 21.7×. That places the current reading at the 6th 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/E ratio range?

Accepted Answer

In the available daily series, Carnival Corporation (CCL) P/E ratio has ranged from a low of 6.5× in 2009 to a high of 57.3× in 2024. The 5-year average is 18.3× and the 5-year median is 14.7×.

Question 7

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

Accepted Answer

Carnival Corporation (CCL) P/E ratio at the end of 2025 was 12.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$2.76B	12.3×	-4.9×	Nov 30, 2025
2024	$33.1B	$1.92B	17.3×	—	Nov 30, 2024
2023	$19B	-$74M	—	—	Nov 30, 2023
2022	$12.5B	-$6.09B	—	—	Nov 30, 2022
2021	$20B	-$9.5B	—	—	Nov 30, 2021
2020	$15.5B	-$10.2B	—	—	Nov 30, 2020
2019	$30.9B	$2.99B	10.3×	-3.0×	Nov 30, 2019
2018	$42.1B	$3.15B	13.4×	-4.8×	Nov 30, 2018
2017	$47.3B	$2.61B	18.1×	+4.7×	Nov 30, 2017
2016	$37.4B	$2.78B	13.4×	-8.8×	Nov 30, 2016
2015	$39.1B	$1.76B	22.3×	-4.8×	Nov 30, 2015
2014	$32.9B	$1.22B	27.0×	+1.1×	Nov 30, 2014
2013	$28B	$1.08B	26.0×	+2.8×	Nov 30, 2013
2012	$30B	$1.3B	23.1×	+9.6×	Nov 30, 2012
2011	$25.8B	$1.91B	13.5×	-2.9×	Nov 30, 2011
2010	$32.6B	$1.98B	16.5×	+2.4×	Nov 30, 2010
2009	$25.2B	$1.79B	14.1×	+7.5×	Nov 30, 2009
2008	$15.4B	$2.33B	6.6×	-8.3×	Nov 30, 2008
2007	$35.8B	$2.41B	14.9×	-2.3×	Nov 30, 2007
2006	$39.2B	$2.28B	17.2×	-2.2×	Nov 30, 2006
2005	$43.8B	$2.27B	19.3×	-3.6×	Nov 30, 2005
2004	$42.5B	$1.85B	23.0×	+1.7×	Nov 30, 2004
2003	$25.4B	$1.19B	21.3×	+5.0×	Nov 30, 2003
2002	$16.6B	$1.02B	16.3×	—	Nov 30, 2002


Ulta Beauty (ULTA)	19.6×
Avery Dennison (AVY)	19.3×
Darden Restaurants (DRI)	19.1×
Williams-Sonoma (WSM)	19.1×
Expedia Group (EXPE)	18.9×
Domino's Pizza (DPZ)	17.7×
Etsy (ETSY)	16.9×
Ball (BALL)	16.8×
Royal Caribbean Cruises (RCL)	16.6×
GameStop (GME)	15.6×
D.R. Horton (DHI)	15.3×
Norwegian Cruise Line (NCLH)	15.0×
Hasbro (HAS)	15.0×
NVR (NVR)	14.8×
LKQ (LKQ)	14.5×
Mohawk Industries (MHK)	14.3×
Deckers Outdoor (DECK)	13.8×
Lennar (LEN)	13.5×
Weyco Group (WEYS)	12.8×
KB Home (KBH)	11.7×
Best Buy Co. (BBY)	11.1×
PDD Holdings (PDD)	10.7×
Toll Brothers (TOL)	10.5×
Lululemon Athletica (LULU)	10.2×
Leggett & Platt (LEG)	6.1×

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

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

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

About P/E Ratio at Carnival Corporation (CCL)

Carnival Corporation P/E Ratio by Year

Carnival Corporation P/E Ratio 2025: 12.3×

Carnival Corporation P/E Ratio 2024: 17.3×

Carnival Corporation P/E Ratio 2019: 10.3×

Carnival Corporation P/E Ratio 2018: 13.4×

Carnival Corporation P/E Ratio 2017: 18.1×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Carnival Corporation (CCL) Key Financials