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CCL (Carnival) E10 : $-0.70 (As of May. 2025)


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What is Carnival E10?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

Carnival's adjusted earnings per share data for the three months ended in May. 2025 was $0.420. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $-0.70 for the trailing ten years ended in May. 2025.

Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the E10 growth rate using E10 data.

During the past 13 years, the highest 3-Year average E10 Growth Rate of Carnival was 35.40% per year. The lowest was -50.20% per year. And the median was 6.85% per year.

As of today (2025-07-04), Carnival's current stock price is $29.96. Carnival's E10 for the quarter that ended in May. 2025 was $-0.70. Carnival's Shiller PE Ratio of today is .

During the past 13 years, the highest Shiller PE Ratio of Carnival was 270.20. The lowest was 2.97. And the median was 21.07.


Carnival E10 Historical Data

The historical data trend for Carnival's E10 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.

* Premium members only.

Carnival E10 Chart

Carnival Annual Data
Trend Nov15 Nov16 Nov17 Nov18 Nov19 Nov20 Nov21 Nov22 Nov23 Nov24
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.41 0.34 -0.38 -0.59 -0.67

Carnival Quarterly Data
Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25
E10 Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.63 -0.71 -0.67 -0.70 -0.70

Competitive Comparison of Carnival's E10

For the Travel Services subindustry, Carnival's Shiller PE Ratio, along with its competitors' market caps and Shiller PE Ratio 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's Shiller PE Ratio Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Carnival's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where Carnival's Shiller PE Ratio falls into.


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Carnival E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today's price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Carnival's adjusted earnings per share data for the three months ended in May. 2025 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of May. 2025 (Change)*Current CPI (May. 2025)
=0.42/135.3468*135.3468
=0.420

Current CPI (May. 2025) = 135.3468.

Carnival Quarterly Data

per share eps CPI Adj_EPS
201508 1.560 100.548 2.100
201511 0.350 100.135 0.473
201602 0.180 100.040 0.244
201605 0.800 101.355 1.068
201608 1.930 101.617 2.571
201611 0.830 101.829 1.103
201702 0.480 102.779 0.632
201705 0.520 103.256 0.682
201708 1.830 103.587 2.391
201711 0.760 104.072 0.988
201802 0.540 105.052 0.696
201805 0.780 106.148 0.995
201808 2.410 106.383 3.066
201811 0.710 106.338 0.904
201902 0.480 106.649 0.609
201905 0.650 108.048 0.814
201908 2.580 108.245 3.226
201911 0.610 108.519 0.761
202002 -1.140 109.139 -1.414
202005 -6.070 108.175 -7.595
202008 -3.690 109.662 -4.554
202011 -2.170 109.793 -2.675
202102 -1.800 110.968 -2.195
202105 -1.830 113.576 -2.181
202108 -2.500 115.421 -2.932
202111 -2.310 117.269 -2.666
202202 -1.660 119.703 -1.877
202205 -1.610 123.323 -1.767
202208 -0.650 124.958 -0.704
202211 -1.270 125.607 -1.368
202302 -0.550 126.928 -0.586
202305 -0.320 128.314 -0.338
202308 0.790 129.538 0.825
202311 -0.040 129.548 -0.042
202402 -0.170 130.930 -0.176
202405 0.070 132.509 0.071
202408 1.260 132.816 1.284
202411 0.230 133.110 0.234
202502 -0.060 134.624 -0.060
202505 0.420 135.347 0.420

Add all the adjusted EPS together and divide 10 will get our e10.


Carnival  (NYSE:CCL) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

During the past 13 years, the highest Shiller P/E Ratio of Carnival was 270.20. The lowest was 2.97. And the median was 21.07.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


Carnival E10 Related Terms

Thank you for viewing the detailed overview of Carnival's E10 provided by GuruFocus.com. Please click on the following links to see related term pages.


Carnival Business Description

Address
3655 N.W. 87th Avenue, Miami, FL, USA, 33178-2428
Carnival is the largest global cruise company, with more than 90 ships in service at the end of fiscal 2024. 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's currently folding 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 14 million guests in 2024.
Executives
David Bernstein officer: Sr. Vice President & CFO 3655 NW 87TH AVENUE, MIAMI FL 33178
Sir Jonathon Band director 33 AUCKLAND ROAD EAST, SOUTHSEA, HAMPSHIRE X0 POS 2HB
Randall J Weisenburger director C/O WASSERSTEIN PERELLA GROUP, 31 WEST 52ND ST 26TH FLOOR, NEW YORK NY 10019
Bettina Alejandra Deynes officer: Chief Human Resources Officer 92 SW 3RD STREET, UNIT 4812, MIAMI FL 33130
Bessemer Trust Co Of Delaware, N.a. 10 percent owner, other: See Remarks 20 MONTCHANIN ROAD, SUITE 1500, WILMINGTON DE 19807
Sara Mathew director CAMPBELL SOUP COMPANY, ONE CAMPBELL PLACE, CAMDEN NJ 08103
William Richard Burke officer: Chief Maritime Officer 6301 COLLINS AVENUE, APT. 1903, MIAMI BEACH FL 33141
Joshua Ian Weinstein director, officer: President & CEO 3273 COACOOCHEE STREET, MIAMI FL 33133
Arnold W Donald director C/O CARNIVAL CORPORATION, 3655 N.W. 87TH AVENUE, MIAMI FL 33178
Enrique Miguez officer: General Counsel 3600 DURANGO STREET, CORAL GABLES FL 33134
Arnaldo Perez officer: Sr. VP, General Counsel & Sec. 3655 NW 87TH AVE, C/O CARNIVAL CORP, MIAMI FL 33178-2428
Peter C. Anderson officer: Chief Ethics & Compliance 1541 BRICKELL AVENUE, UNIT B-2604, MIAMI FL 33129
Ma 1994 B Shares Lp other: See Remarks 1201 NORTH MARKET ST, WILMINGTON DE 19899-1347
Micky Meir Arison director, officer: Chairman & CEO C/O PAUL BERKOWITZ GREENBERG TRAURIG, 333 S.E. 2ND AVENUE, MIAMI FL 33131
Richard Glasier director 219 PIASA ST, ALTON IL 62002