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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
CarnivalCCL +0.14%75 EV-to-EBITDA is 8.66 as of Aug. 01, 2026, which is 4% below its 10-year median of 9.04. GuruFocus rates CCL with a GF Score™ of 75/100 and a GF Value™ of $24.21 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 693 Travel & Leisure companies, Carnival ranks better than 56.57% on this metric.
EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, Carnival's enterprise value is $62,033 Mil.
Carnival's EBITDA for the trailing twelve months (TTM) ended in May. 2026 was $7,167 Mil. Therefore, Carnival's EV-to-EBITDA for today is 8.66.
The historical rank and industry rank for Carnival's EV-to-EBITDA or its related term are showing as below:
CCL'
s EV-to-EBITDA Range Over the Past 10 Years
Min: -100.91 Med: 9.04 Max: 65.85
Current: 8.66
During the past 13 years, the highest EV-to-EBITDA of Carnival was 65.85. The lowest was -100.91. And the median was 9.04.
CCL's EV-to-EBITDA is ranked better than 56.57% of 693
companies
in the Travel & Leisure industry
Industry Median: 9.64
vs CCL: 8.66
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Carnival's share price for today is $27.81.
Carnival's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in May. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $2.220.
* 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.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for Carnival's EV-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.
For the Travel Services subindustry, Carnival's EV-to-EBITDA, along with its competitors' market caps and EV-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 EV-to-EBITDA vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Carnival's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Carnival's EV-to-EBITDA falls into.
Carnival's current Enterprise Value is $62,033 Mil.
Carnival's EBITDA for the trailing twelve months (TTM) ended in May. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $7,167 Mil.
* 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 (CCL) has a EV-to-EBITDA of 8.66 as of Aug. 01, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Carnival. This is near median its historical median of 9.04. According to the industry distribution chart, Carnival ranks #301 out of 693 companies in the Travel & Leisure industry, placing it in the top 43.4%.
Is Carnival's EV-to-EBITDA too high?
Carnival's current EV-to-EBITDA of 8.66 is near median its 10-year median of 9.04. The Travel & Leisure industry median EV-to-EBITDA is 9.64. Carnival's value of 8.66 is 10.2% below this industry median. Based on the distribution chart, Carnival ranks #301 out of 693 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Carnival has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Carnival's EV-to-EBITDA compare to EXPE and TCOM?
According to the Travel & Leisure industry distribution chart, Carnival ranks #301 out of 693 companies for EV-to-EBITDA. This puts Carnival in the upper half of its industry. The industry median EV-to-EBITDA is 9.64. Carnival's value of 8.66 is 10.2% below this benchmark. While the company's 10-year median is 9.04 vs. the industry median of 9.64, Carnival has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-EBITDA for a Travel & Leisure company?
The median EV-to-EBITDA among Travel & Leisure companies is 9.64, based on 693 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carnival's current EV-to-EBITDA of 8.66 is 10.2% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Carnival. For the Travel & Leisure industry, the median EV-to-EBITDA is 9.64 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carnival's current EV-to-EBITDA is 8.66, which is near median its own 10-year median of 9.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carnival stock overvalued right now?
Based on GuruFocus' analysis, Carnival (CCL) is currently considered Modestly Overvalued. The stock's GF Value™ is $24.21, compared to a current price of $27.81 — trading 14.9% above its estimated fair value. The current EV-to-EBITDA is 8.66, which is near median its 10-year median of 9.04 and 10.2% below the Travel & Leisure industry median of 9.64. Carnival's overall GF Score™ is 75/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For Carnival (CCL), the current EV-to-EBITDA is 8.66 as of Aug. 01, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Carnival (CCL) Overvalued in 2026?
Based on GuruFocus' analysis, Carnival stock appears to be overvalued.
The current stock price of $27.81 is trading 14.9% above its estimated GF Value™ of $24.21.
GuruFocus considers Carnival to be Modestly Overvalued.
Key valuation signals for CCL:
EV-to-EBITDA: 8.66 (near median its 10-year median of 9.04)
GF Value™: $24.21 vs. price of $27.81 (14.9% above fair value)
Industry Position: 10.2% below the Travel & Leisure median (#301 of 693)
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 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.
75GF Score
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