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Carnival Valuation Multiples
Discover revenue and EBITDA valuation multiples for Carnival and similar public comparables like Carnival Corp., Viking Cruises, Norwegian Cruise Line, EIH and more.
Carnival Overview
About Carnival
Carnival is the largest global cruise company, with more than 90 ships in service. Its portfolio of brands includes Carnival Cruise Line, Holland America, Princess Cruises, and Seabourn in North America; P&O Cruises and Cunard in the United Kingdom; Aida in Germany; and 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
2000
HQ
Employees
117.0K
Website
Sectors
Financials (LTM)
EV
$64B
Carnival Financials
Carnival reported last 12-month revenue of $27B and EBITDA of $7B.
In the same LTM period, Carnival generated $7B in EBITDA and $3B in net income.
Revenue (LTM)
Carnival P&L
In the most recent fiscal year, Carnival reported revenue of $27B and EBITDA of $7B.
Carnival 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 | $8B | XXX | XXX | XXX |
| Gross Margin | — | XXX | 30% | XXX | XXX | XXX |
| EBITDA | $7B | XXX | $7B | XXX | XXX | XXX |
| EBITDA Margin | 27% | XXX | 27% | XXX | XXX | XXX |
| EBIT Margin | 17% | XXX | 17% | XXX | XXX | XXX |
| Net Profit | $3B | XXX | $3B | XXX | XXX | XXX |
| Net Margin | 12% | XXX | 12% | XXX | XXX | XXX |
| Net Debt | — | — | $25B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Carnival Stock Performance
Carnival has current market cap of $38B, and enterprise value of $64B.
Market Cap Evolution
Carnival's stock price is $28.96.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $64B | $38B | 0.0% | XXX | XXX | XXX | $2.35 |
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Start Free TrialCarnival Valuation Multiples
Carnival trades at 2.4x EV/Revenue multiple, and 8.8x EV/EBITDA.
EV / Revenue (LTM)
Carnival Financial Valuation Multiples
As of March 7, 2026, Carnival has market cap of $38B and EV of $64B.
Equity research analysts estimate Carnival's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Carnival has a P/E ratio of 11.9x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $38B | XXX | $38B | XXX | XXX | XXX |
| EV (current) | $64B | XXX | $64B | XXX | XXX | XXX |
| EV/Revenue | 2.4x | XXX | 2.4x | XXX | XXX | XXX |
| EV/EBITDA | 8.8x | XXX | 8.9x | XXX | XXX | XXX |
| EV/EBIT | 14.2x | XXX | 14.3x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 8.1x | XXX | XXX | XXX |
| P/E | 11.9x | XXX | 12.3x | XXX | XXX | XXX |
| EV/FCF | 19.7x | XXX | 21.8x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Carnival 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 Margins & Growth Rates
Carnival's revenue in the last 12 month grew by 4%.
Carnival's revenue per employee in the last FY averaged $0.2M.
Carnival's rule of 40 is 31% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Carnival'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 Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 4% | XXX | 4% | XXX | XXX | XXX |
| EBITDA Margin | 27% | XXX | 27% | XXX | XXX | XXX |
| EBITDA Growth | 7% | XXX | 7% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 31% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 37% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 13% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 13% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Carnival 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 |
| Viking Cruises | XXX | XXX | XXX | XXX | XXX | XXX |
| Norwegian Cruise Line | XXX | XXX | XXX | XXX | XXX | XXX |
| EIH | XXX | XXX | XXX | XXX | XXX | XXX |
| Bonheur | 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 M&A Activity
Carnival acquired XXX companies to date.
Last acquisition by Carnival was on XXXXXXXX, XXXXX. Carnival acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Carnival
| 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 Investment Activity
Carnival invested in XXX companies to date.
Carnival made its latest investment on XXXXXXXX, XXXXX. Carnival invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Carnival
| 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
| When was Carnival founded? | Carnival was founded in 2000. |
| Where is Carnival headquartered? | Carnival is headquartered in United Kingdom. |
| How many employees does Carnival have? | As of today, Carnival has over 117K employees. |
| Who is the CEO of Carnival? | Carnival's CEO is Josh Weinstein. |
| Is Carnival publicly listed? | Yes, Carnival is a public company listed on NYSE. |
| What is the stock symbol of Carnival? | Carnival trades under CUK ticker. |
| When did Carnival go public? | Carnival went public in 2000. |
| Who are competitors of Carnival? | Carnival main competitors are Carnival Corp., Viking Cruises, Norwegian Cruise Line, EIH. |
| What is the current market cap of Carnival? | Carnival's current market cap is $38B. |
| What is the current revenue of Carnival? | Carnival's last 12 months revenue is $27B. |
| What is the current revenue growth of Carnival? | Carnival revenue growth (NTM/LTM) is 4%. |
| What is the current EV/Revenue multiple of Carnival? | Current revenue multiple of Carnival is 2.4x. |
| Is Carnival profitable? | Yes, Carnival is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Carnival? | Carnival's last 12 months EBITDA is $7B. |
| What is Carnival's EBITDA margin? | Carnival's last 12 months EBITDA margin is 27%. |
| What is the current EV/EBITDA multiple of Carnival? | Current EBITDA multiple of Carnival is 8.8x. |
| What is the current FCF of Carnival? | Carnival's last 12 months FCF is $3B. |
| What is Carnival's FCF margin? | Carnival's last 12 months FCF margin is 12%. |
| What is the current EV/FCF multiple of Carnival? | Current FCF multiple of Carnival is 19.7x. |
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