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Carnival Corp. Valuation Multiples
Discover revenue and EBITDA valuation multiples for Carnival Corp. and similar public comparables like Carnival, Viking Cruises, Norwegian Cruise Line, Royal Caribbean and more.
Carnival Corp. Overview
About Carnival Corp.
Carnival is the largest global cruise company, with more than 90 ships in service. Its portfolio of brands includes Carnival Cruise Lines, Holland America, Princess Cruises, and Seabourn in North America; P&O Cruises and Cunard Line in the United Kingdom; Aida in Germany; Costa Cruises in Southern Europe. It recently folded its P&O Australia brand into Carnival. The firm also owns Holland America Princess Alaska Tours in Alaska and the Canadian Yukon. Carnival's brands attracted nearly 14 million guests in 2025.
Founded
1974
HQ
Employees
117.0K
Website
Sectors
Financials (LTM)
EV
$66B
Carnival Corp. Financials
Carnival Corp. reported last 12-month revenue of $27B and EBITDA of $7B.
In the same LTM period, Carnival Corp. generated $7B in EBITDA and $3B in net income.
Revenue (LTM)
Carnival Corp. P&L
In the most recent fiscal year, Carnival Corp. reported revenue of $27B and EBITDA of $7B.
Carnival Corp. expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $27B | XXX | $27B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $11B | XXX | XXX | XXX |
| Gross Margin | — | XXX | 40% | XXX | XXX | XXX |
| EBITDA | $7B | XXX | $7B | XXX | XXX | XXX |
| EBITDA Margin | 27% | XXX | 27% | XXX | XXX | XXX |
| EBIT Margin | 16% | XXX | 17% | XXX | XXX | XXX |
| Net Profit | $3B | XXX | $3B | XXX | XXX | XXX |
| Net Margin | 11% | XXX | 12% | XXX | XXX | XXX |
| Net Debt | — | — | $25B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Carnival Corp. Stock Performance
Carnival Corp. has current market cap of $40B, and enterprise value of $66B.
Market Cap Evolution
Carnival Corp.'s stock price is $29.22.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $66B | $40B | 0.0% | XXX | XXX | XXX | $2.22 |
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Start Free TrialCarnival Corp. Valuation Multiples
Carnival Corp. trades at 2.4x EV/Revenue multiple, and 9.1x EV/EBITDA.
EV / Revenue (LTM)
Carnival Corp. Financial Valuation Multiples
As of April 20, 2026, Carnival Corp. has market cap of $40B and EV of $66B.
Equity research analysts estimate Carnival Corp.'s 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Carnival Corp. has a P/E ratio of 13.2x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $40B | XXX | $40B | XXX | XXX | XXX |
| EV (current) | $66B | XXX | $66B | XXX | XXX | XXX |
| EV/Revenue | 2.4x | XXX | 2.5x | XXX | XXX | XXX |
| EV/EBITDA | 9.1x | XXX | 9.1x | XXX | XXX | XXX |
| EV/EBIT | 15.0x | XXX | 14.6x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 6.2x | XXX | XXX | XXX |
| P/E | 13.2x | XXX | 13.1x | XXX | XXX | XXX |
| EV/FCF | 20.8x | XXX | 22.7x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Carnival Corp. Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Carnival Corp. Margins & Growth Rates
Carnival Corp.'s revenue in the last 12 month grew by 4%.
Carnival Corp.'s revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.
Carnival Corp.'s rule of 40 is 30% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Carnival Corp.'s rule of X is 37% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Carnival Corp. Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 4% | XXX | 5% | XXX | XXX | XXX |
| EBITDA Margin | 27% | XXX | 27% | XXX | XXX | XXX |
| EBITDA Growth | 3% | XXX | 0% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 30% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 37% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 23% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Carnival Corp. Public Comps
See public comps and valuation multiples for other Cruises comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Carnival Corp. | XXX | XXX | XXX | XXX | XXX | XXX |
| Carnival | XXX | XXX | XXX | XXX | XXX | XXX |
| Viking Cruises | XXX | XXX | XXX | XXX | XXX | XXX |
| Norwegian Cruise Line | XXX | XXX | XXX | XXX | XXX | XXX |
| Royal Caribbean | XXX | XXX | XXX | XXX | XXX | XXX |
| EIH | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Carnival Corp. M&A Activity
Carnival Corp. acquired XXX companies to date.
Last acquisition by Carnival Corp. was on XXXXXXXX, XXXXX. Carnival Corp. acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Carnival Corp.
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialCarnival Corp. Investment Activity
Carnival Corp. invested in XXX companies to date.
Carnival Corp. made its latest investment on XXXXXXXX, XXXXX. Carnival Corp. invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Carnival Corp.
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Carnival Corp.
| When was Carnival Corp. founded? | Carnival Corp. was founded in 1974. |
| Where is Carnival Corp. headquartered? | Carnival Corp. is headquartered in United States. |
| How many employees does Carnival Corp. have? | As of today, Carnival Corp. has over 117K employees. |
| Who is the CEO of Carnival Corp.? | Carnival Corp.'s CEO is Josh Weinstein. |
| Is Carnival Corp. publicly listed? | Yes, Carnival Corp. is a public company listed on NYSE. |
| What is the stock symbol of Carnival Corp.? | Carnival Corp. trades under CCL ticker. |
| When did Carnival Corp. go public? | Carnival Corp. went public in 1987. |
| Who are competitors of Carnival Corp.? | Carnival Corp. main competitors are Carnival, Viking Cruises, Norwegian Cruise Line, Royal Caribbean. |
| What is the current market cap of Carnival Corp.? | Carnival Corp.'s current market cap is $40B. |
| What is the current revenue of Carnival Corp.? | Carnival Corp.'s last 12 months revenue is $27B. |
| What is the current revenue growth of Carnival Corp.? | Carnival Corp. revenue growth (NTM/LTM) is 4%. |
| What is the current EV/Revenue multiple of Carnival Corp.? | Current revenue multiple of Carnival Corp. is 2.4x. |
| Is Carnival Corp. profitable? | Yes, Carnival Corp. is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Carnival Corp.? | Carnival Corp.'s last 12 months EBITDA is $7B. |
| What is Carnival Corp.'s EBITDA margin? | Carnival Corp.'s last 12 months EBITDA margin is 27%. |
| What is the current EV/EBITDA multiple of Carnival Corp.? | Current EBITDA multiple of Carnival Corp. is 9.1x. |
| What is the current FCF of Carnival Corp.? | Carnival Corp.'s last 12 months FCF is $3B. |
| What is Carnival Corp.'s FCF margin? | Carnival Corp.'s last 12 months FCF margin is 12%. |
| What is the current EV/FCF multiple of Carnival Corp.? | Current FCF multiple of Carnival Corp. is 20.8x. |
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