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Carnival Corporation (0EV1) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Carnival Corporation $78.04, price $24.98, upside +212.4%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? No
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Broad data
Oct 2, 2026
Carnival Corporation
0EV1 · LSECheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.
✓Fair value $78.04 · Strongly undervalued (+212.4%)
!Quality 47/100
!Mixed Growth (revenue 5y +36.6 %/yr)
✓Solidly profitable · 11.2% net margin (TTM)
!High debt · generates free cash flow
✓1.2% dividend yield · Well covered
!Moderate moat 61/100
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range $6.32 – $33.37 · fair‑value band $25.62 – $111.77 · the $24.98 price screens below the $78.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 2, 2026.
Company profile
Carnival Corporation Ltd., a cruise company, provides leisure travel services in North America, Australia, Europe, and internationally. The company operates through four segments: North America Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other.
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Carnival Corporation Ltd., a cruise company, provides leisure travel services in North America, Australia, Europe, and internationally. The company operates through four segments: North America Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other. It operates port destinations and islands, as well as owns and operates hotels, lodges, glass-domed railcars, and motorcoaches. The company offers its services under the AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn brands. It sells its cruises through travel agents, tour operators, vacation planners, websites, and onboard future cruise consultants. Carnival Corporation Ltd. was founded in 1972 and is headquartered in Miami, Florida.
Stock analysis
Carnival Corporation (0EV1) currently trades at $24.98, while our model-based Fair Value estimate is $78.04, implying the stock looks roughly 68.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $133.34 per share, and 21 of the 26 models we run sit above the $24.98 price.
Bear case: the Asset-Based group reads lowest at $11.76, and 5 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $25.62 (bear) to $111.77 (bull), the price of $24.98 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Carnival Corporation reported revenue of $26.6B in FY2025 versus $1.9B in FY2021, a compound +93.3%/yr. Reported net income was $2.8B in FY2025.
Key figures
Market cap $35.0B · EPS (TTM) $−8.31 · Dividend yield 1.2% · Net margin 10.4% · Return on equity 26.7% · Return on assets (EBIT) 0.1% · Operating margin 12.8% · Revenue (TTM) $27.3B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 212%, 0EV1 screens cheaper than that median.
Fair Value models
Bear $25.62
Fair Value $78.04
Bull $111.77
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
$48.85
$95.70
$241.78
72
EPV
$14.43
$22.70
$29.84
72
Growth DCF
$43.56
$108.61
$235.89
72
All 26 models by family
DCF Models
FCF DCF
$48.85
$95.70
$241.78
72
Owner Earnings
$28.91
$110.26
$274.75
67
5Y Revenue Exit
$12.12
$42.34
$105.06
64
5Y EBITDA Exit
$55.89
$130.83
$277.87
69
5Y P/E Exit
$34.88
$119.33
$233.47
65
10Y Revenue Exit
$22.56
$79.90
$111.75
65
10Y EBITDA Exit
$55.18
$172.00
$376.53
62
10Y P/E Exit
$40.19
$127.80
$269.59
58
Earnings-Based
Graham-Dodd
$26.81
$186.98
$262.40
63
Lynch FV
$72.23
$103.18
$134.14
61
PEG = 1.0
$72.23
$103.18
$134.14
57
EPV
$14.43
$22.70
$29.84
72
Dividend Discount
Gordon GGM
$8.64
$17.23
$26.08
67
DDM Multi-Stage
$8.64
$14.89
$18.18
67
Multiples
P/E Multiple
$65.06
$86.74
$108.43
63
P/S Multiple
$34.23
$45.64
$57.05
58
P/B Multiple
$50.27
$67.03
$83.79
55
EV/EBIT
$48.49
$77.30
$106.12
64
EV/EBITDA
$55.54
$86.71
$117.88
66
EV/Revenue
n/a
$7.66
$21.36
50
Asset-Based
NCAV (Graham)
$8.77
$11.76
$17.55
54
Growth DCF
Growth DCF
$43.56
$108.61
$235.89
72
Rev-Margin DCF
$12.77
$53.99
$132.00
64
Economic Profit
Residual Income
$24.83
$34.54
$66.95
72
ROIC Compounder
$14.43
$30.04
$48.64
68
Growth Earnings
Growth-Adj P/E
$93.34
$133.34
$173.34
67
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Set up alert →Quality Score breakdown
Overall quality
47/100
Of which business quality 44 · Market factors (momentum, volatility) 23
Profitability
46
Margins and returns on capital today
Quality Growth
58
Are margins and returns improving?
Cashflow
61
Earnings quality: real cash, not paper profit
Fin. Strength
14
Balance sheet, leverage, solvency risk
Investment
45
Disciplined investing over empire-building
Low Volatility
14
Calm price path (market factor)
Momentum
29
Price trend over the last 3–12 months (market factor)
52W Momentum
23
Distance to the 52-week high (market factor)
Net Issuance
49
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+29.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.6%
Start year 2020 (pandemic). Over 10 years: +5.4% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.3%
’13
’14
’15
’16
’17
’18
’19
’20
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−13.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−14.5%
Dividend (yield on the price)1.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−14.5% vs −1.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−85% → 17%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 1.2%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +17.3% a year for the price and +1.0% for the forecasts.
Forecast 2026 (sales)+3.8%
Forecast 2027 (sales)+3.6%
Projected 2028 (sales)+3.4%
Projected 2029 (sales)+3.2%
Projected 2030 (sales)+3.0%
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Travel Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Booking Holdings BKNG | $162.91 | $192.97 | +18% |
| Airbnb, Inc ABNB | $160.65 | $176.72 | +10% |
| Royal Caribbean Cruises Ltd RCL | $265.86 | $209.94 | −21% |
| Viking Holdings VIK | $79.30 | $87.23 | +10% |
| Expedia Group EXPE | $264.17 | $290.59 | +10% |
| Trip.com Group 9961 | HK$309.20 | HK$679.42 | +120% |
| Norwegian Cruise Line Holdings NCLH | $14.80 | $20.28 | +37% |
| Global Business Travel Group GBTG | $9.50 | $5.23 | −45% |
| MakeMyTrip Limited MMYT | $46.75 | $34.50 | −26% |
| Travel + Leisure Co TNL | $63.66 | $36.63 | −42% |
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Frequently asked questions
Is Carnival Corporation (0EV1) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of $78.04 versus a price of $24.98, about +212% upside (undervalued).
What is the fair value of 0EV1?
Our model-based fair value for Carnival Corporation is $78.04 (as of Oct 2, 2026), built from audited fundamentals. The current price: $24.98.
What is the quality score of 0EV1?
Carnival Corporation has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Carnival Corporation (0EV1)?
Our model-based price target is the fair value of $78.04 (as of Oct 2, 2026) from 26 valuation models. Cautious scenario $25.62, optimistic scenario $111.77. It is a calculation from audited fundamentals, not an analyst target.
What is the Carnival Corporation stock forecast for 2026?
Our models put fair value at $78.04, about +212% upside versus a price of $24.98 (undervalued). Cautious scenario $25.62, optimistic scenario $111.77. The calculation is refreshed regularly with new filings.
What is the revenue of Carnival Corporation (0EV1)?
Carnival Corporation reported trailing-twelve-month revenue of about $27.3B (latest available figure, as of Oct 2, 2026).
Does Carnival Corporation pay a dividend?
Carnival Corporation currently shows a dividend yield of about 1.20% relative to its recent price (as of Oct 2, 2026).
What growth is priced into Carnival Corporation (0EV1)?
For today's price to be fair in a discounted-cash-flow model, Carnival Corporation would have to grow free cash flow by +20.0 % per year for five years (discount rate 12.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +36.6 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of 0EV1 use?
Our models discount Carnival Corporation at 12.8 %: a base by market capitalisation (unknown), damped by beta 2.32, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Carnival Corporation that is +20.0 % per year a year over ten years, using the same discount rate (12.8 %) and the same formula as our fair value.
How much growth has Carnival Corporation (0EV1) delivered so far?
Over the past 5 years revenue at Carnival Corporation grew +36.6 % a year. The price currently implies +20.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Carnival Corporation (0EV1) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into Carnival Corporation (+20.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Carnival Corporation (0EV1)?
The free-cash-flow yield on the price is 7.44 %: that much free cash flow Carnival Corporation produces per unit of market value. When it exceeds the discount rate of our models (12.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Carnival Corporation (0EV1)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Carnival Corporation it is $78.04 per share (as of Oct 2, 2026), against a price of $24.98. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Carnival Corporation stock overvalued or undervalued in 2026?
As of Oct 2, 2026, 0EV1 trades below its calculated fair value: price $24.98, fair value $78.04, a gap of about +212% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0EV1?
No. The price is what the market pays today ($24.98); the fair value is what the company's own numbers justify ($78.04). For Carnival Corporation the two are $53.06 per share apart. That gap is exactly why we show both numbers side by side.
How much is Carnival Corporation worth?
The market values Carnival Corporation at about $35.0B (market capitalisation, as of Oct 2, 2026). Per share that is $24.98; our models calculate a fair value of $78.04 per share.
What do the bullish and bearish scenarios say about 0EV1?
Our models span a range for Carnival Corporation: cautious scenario $25.62, base $78.04, optimistic $111.77 per share (as of Oct 2, 2026, price $24.98). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0EV1 from its 52-week high?
Carnival Corporation trades at $24.98, about 25% below its 52-week high of $33.37 and 14% above the low of $21.84 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of $78.04 is for.
Which stocks are comparable to Carnival Corporation?
From the same area (Consumer Cyclical) we also value Booking Holdings, Airbnb, Inc, Royal Caribbean Cruises Ltd, Viking Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Carnival Corporation stock attractive at the current price?
The data as of Oct 2, 2026: price $24.98, calculated fair value $78.04 (+212%), Quality Score 47/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0EV1 calculated?
We run Carnival Corporation through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $78.04, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Carnival Corporation currently trades 68 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Carnival Corporation (0EV1)?
The closing price on Oct 1, 2026 was $24.98. Our model-based fair value is $78.04, about +212% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Carnival Corporation right now?
The price is below even our cautious bear case ($25.62). The market is more pessimistic than our downside scenario. The model range is unusually wide ($25.62 to $111.77). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Carnival Corporation (0EV1) come from?
Earnings per share at Carnival Corporation grew −4.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.3 %, EBIT margin +1.3 %, tax rate +0.1 %, residual (interest, one-offs) −4.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Carnival Corporation
How large is the market capitalisation of Carnival Corporation (0EV1)?
The market capitalisation of Carnival Corporation is $35.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Carnival Corporation (0EV1)?
Earnings per share at Carnival Corporation are $−8.31. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Carnival Corporation (0EV1)?
The dividend yield of Carnival Corporation is 1.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Carnival Corporation (0EV1)?
The net margin of Carnival Corporation is 10.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Carnival Corporation (0EV1)?
The return on equity (ROE) of Carnival Corporation is 26.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Carnival Corporation (0EV1)?
On an EBIT basis the return on assets of Carnival Corporation is 0.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Carnival Corporation (0EV1)?
The operating margin of Carnival Corporation is 12.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Carnival Corporation (0EV1)?
Revenue at Carnival Corporation is growing +5.3% versus a year earlier (3y avg +29.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Carnival Corporation (0EV1)?
Earnings per share at Carnival Corporation are growing −6.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Carnival Corporation (0EV1) carry?
The net debt of Carnival Corporation is $26.1B (fiscal year 2025, ≈ 10.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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