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Carnival Corporation CCL Net debt / EBITDA

Net debt / EBITDA at other companies

Royal Caribbean Group logo
Royal Caribbean GroupRCL
-0.1×
Norwegian Cruise Line Holdings Ltd. logo
Norwegian Cruise Line Holdings Ltd.NCLH
5.4×-0.3×
Walt Disney logo
Walt DisneyDIS
2.1×-0.7×
Hyatt Hotels logo
Hyatt HotelsH
6.3×+4.5×
Packaging Corp of America logo
Packaging Corp of AmericaPKG
2.2×+1.0×

Other financials

Income statement

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Revenue$6.2B+6.1%
Gross profit$3.8B+4.9%
Operating income$607.0M+11.8%
Net income$258.0M+431%
EPS (diluted)$0.19+417%

Balance sheet

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Cash & equivalents$1.5B+70.2%
Total debt$28.8B-5.9%
Total equity$13.0B+41.9%
Total assets$51.6B+6.2%

Cash flow

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Operating cash flow$1.3B+36.5%
CapEx$566.0M-6.8%
Free cash flow$697.0M+119%

Valuation

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Market cap$42.76B+34.8%
Enterprise value$70.13B+14.3%
P/E13.8×-1.7×
P/S1.6×+0.3×

Profitability

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Gross margin39.5%+2.5pp
Operating margin16.9%+1.7pp
Net margin11.5%+3.4pp
FCF margin11.1%+3.3pp

Returns & leverage

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Return on equity27.9%+2.0pp
Debt / equity2.2×-1.1×
Current ratio0.3×0.0×

Where this comes from

Calculated from Carnival Corporation’s reported figures.

Based on the most recent quarter.

The official record: Carnival Corporation’s 10-Q, filed March 27, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Carnival Corporation's net debt / EBITDA?
Carnival Corporation (CCL) reported net debt / EBITDA of 3.7× in Q4 2025.
How has Carnival Corporation's net debt / EBITDA changed year-over-year?
Carnival Corporation's net debt / EBITDA decreased by 19.7% year-over-year, from 4.6× to 3.7×.
What is the long-term trend for Carnival Corporation's net debt / EBITDA?
Over 2 years (2023 to 2025), Carnival Corporation's net debt / EBITDA has grown at a -23.9% compound annual growth rate (CAGR), from 7× to 4×.
What does net debt / EBITDA mean?
How many years of operating earnings it would take to pay off the company's net debt.
How do you interpret net debt / EBITDA?
Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.
How does net debt / EBITDA compare across companies?
A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.