CCL (Carnival) Debt-to-EBITDA : (As of May. 2026)

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CCL Carnival Corporation Ltd CCL
79 GF Score
Price $21.84
GF Value $24.34
Valuation Modestly Undervalued
! 4 Warning Signs
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What is Carnival Debt-to-EBITDA?

Debt-to-EBITDA measures a company's ability to pay off its debt.

Carnival's Short-Term Debt & Capital Lease Obligation for the quarter that ended in May. 2026 was $1,639 Mil. Carnival's Long-Term Debt & Capital Lease Obligation for the quarter that ended in May. 2026 was $24,531 Mil. Carnival's annualized EBITDA for the quarter that ended in May. 2026 was $6,256 Mil. Carnival's annualized Debt-to-EBITDA for the quarter that ended in May. 2026 was 4.18.

A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.

The historical rank and industry rank for Carnival's Debt-to-EBITDA or its related term are showing as below:

CCL' s Debt-to-EBITDA Range Over the Past 10 Years
Min: -16.34   Med: 1.96   Max: 7.29
Current: 3.65

During the past 13 years, the highest Debt-to-EBITDA Ratio of Carnival was 7.29. The lowest was -16.34. And the median was 1.96.

CCL's Debt-to-EBITDA is ranked worse than
66.11% of 658 companies
in the Travel & Leisure industry
Industry Median: 2.44 vs CCL: 3.65

Carnival  (NYSE:CCL) Debt-to-EBITDA Explanation

In the calculation of Debt-to-EBITDA, we use the total of Short-Term Debt & Capital Lease Obligation and Long-Term Debt & Capital Lease Obligation divided by EBITDA. In some calculations, Total Liabilities is used to for calculation.

Be Aware

A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.

According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.

Carnival Debt-to-EBITDA Related Terms

Carnival Debt-to-EBITDA Historical Data

* Premium members only.

The historical data trend for Carnival's Debt-to-EBITDA can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Carnival Debt-to-EBITDA Chart

Carnival Annual Data
Trend Nov16 Nov17 Nov18 Nov19 Nov20 Nov21 Nov22 Nov23 Nov24 Nov25
Debt-to-EBITDA
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Carnival Quarterly Data
Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26 May26
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CCL vs TCOM, VIK, EXPE: Debt-to-EBITDA Comparison

For the Travel Services subindustry, Carnival's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Carnival Debt-to-EBITDA vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Carnival's Debt-to-EBITDA distribution charts can be found below:

* The bar in red indicates where Carnival's Debt-to-EBITDA falls into.


CCL
79GF Score
Carnival Corporation Ltd CCL
Debt-to-EBITDA is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Carnival Debt-to-EBITDA Calculation

Debt-to-EBITDA measures a company's ability to pay off its debt.

Carnival's Debt-to-EBITDA for the fiscal year that ended in Nov. 2025 is calculated as

Debt-to-EBITDA=Total Debt / EBITDA
=(Short-Term Debt & Capital Lease Obligation + Long-Term Debt & Capital Lease Obligation) / EBITDA
=(2778 + 25215) / 6911
=4.05

Carnival's annualized Debt-to-EBITDA for the quarter that ended in May. 2026 is calculated as

Debt-to-EBITDA=Total Debt / EBITDA
=(Short-Term Debt & Capital Lease Obligation + Long-Term Debt & Capital Lease Obligation) / EBITDA
=(1639 + 24531) / 6256
=4.18

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data, the EBITDA data used here is four times the quarterly (May. 2026) EBITDA data.

Is Carnival (CCL) Overvalued in 2026?

Based on GuruFocus' analysis, Carnival stock appears to be undervalued. The current stock price of $21.84 is trading 10.3% below its estimated GF Value™ of $24.34. GuruFocus considers Carnival to be Modestly Undervalued.

Key valuation signals for CCL:

  • Debt-to-EBITDA:
  • GF Value™: $24.34 vs. price of $21.84 (10.3% below fair value)
  • GF Score™: 79/100 with 4 warning signs

No single metric tells the full story. See the CCL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Carnival Business Description

Address 3655 N.W. 87th Avenue, Miami, FL, USA, 33178-2428
Carnival is the largest global cruise company, with nearly 100 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.
79GF Score

Get the complete analysis for CCL

Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$21.84
Price
$24.34
GF Value