Aureus
FRed Flag

Carnival Corporation(CCL)

F

Financial data as of Nov 30, 2025Declining · Consumer Discretionary

FCF Margin9.8%Free Cash Flow / Revenue
Cash Conversion225.3%Operating CF / Net Income
Free Cash Flow$2.6B
Revenue$26.6B
Net Cash-$26.1BNet debt position
Debt / FCF10.7xElevated debt burden
Current Ratio0.32Tight short-term liquidity
YoY FCF Growth-96.2%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseB
→
-2Very high debt-to-FCF ratio (10.7x)
→
-1Current ratio below 1.0 (0.32)
→
-1Significant YoY FCF decline (-96.2%)
→
-0.5Highly volatile FCF (consistency: 0.91)
→
FinalF

Analysis Summary

Strengths

  • Excellent cash conversion (225%)

Concerns

  • Low FCF margin (9.8%)
  • Heavy debt position ($26.1B net debt, 10.7x FCF)
  • High debt-to-FCF ratio (10.7x)
  • Current ratio below 1.0 — tight short-term liquidity
  • Significant YoY FCF decline (-96.2%)
  • Highly volatile quarterly FCF

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin9.8%
Net Margin10.4%
Operating CF Margin23.4%
CapEx Ratio13.6%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$26.1BNet debt position
Debt / FCF10.7xElevated debt burden
Current Ratio0.32Tight liquidity
Debt / Equity2.28High leverage

Quarterly FCF Trend

-96.2% YoYDeclining (-96.2%)

Free cash flow per quarter

Sector Comparison — Consumer Discretionary

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameCarnival Corporation
SectorConsumer Discretionary
Free Cash Flow$2.6B
Revenue$26.6B
Net Income$2.8B
Operating Cash Flow$6.2B
Capital Expenditure$3.6B
FCF Margin9.8%
Cash Conversion Rate225.3%
Net Margin10.4%
Total Debt$28.0B
Total Cash$1.9B
Net Cash-$26.1B
Current Ratio0.32
Debt / Equity2.28
Debt / FCF10.7x
YoY FCF Growth-96.2%
Positive Quarters5 of 5
Trend DirectionDeclining
Report DateNov 30, 2025
GradeF
Data SourceYahoo Finance

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