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CarnivalCCL +0.69%75 EV-to-OCF is 9.37 as of Aug. 08, 2026, which is 5% above its 10-year median of 8.95. GuruFocus rates CCL with a GF Score™ of 75/100 and a GF Value™ of $24.23 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 856 Travel & Leisure companies, Carnival ranks worse than 51.99% on this metric.
EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, Carnival's Enterprise Value is $63,649 Mil.
Carnival's Cash Flow from Operations for the trailing twelve months (TTM) ended in May. 2026 was $6,794 Mil. Therefore, Carnival's EV-to-OCF for today is 9.37.
The historical rank and industry rank for Carnival's EV-to-OCF or its related term are showing as below:
CCL'
s EV-to-OCF Range Over the Past 10 Years
Min: -645.68 Med: 8.95 Max: 61.51
Current: 9.37
During the past 13 years, the highest EV-to-OCF of Carnival was 61.51. The lowest was -645.68. And the median was 8.95.
CCL's EV-to-OCF is ranked worse than 51.99% of 856
companies
in the Travel & Leisure industry
Industry Median: 9.04
vs CCL: 9.37
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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.
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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 $28.99.
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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Carnival EV-to-OCF Related Terms
Carnival EV-to-OCF Historical Data
* Premium members only.
The historical data trend for Carnival's EV-to-OCF 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-OCF, along with its competitors' market caps and EV-to-OCF 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-OCF vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Carnival's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where Carnival's EV-to-OCF falls into.
Carnival's current Enterprise Value is $63,649 Mil.
Carnival's Cash Flow from Operations 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 $6,794 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-OCF of 9.37 as of Aug. 08, 2026. This is near median its historical median of 8.95. According to the industry distribution chart, Carnival ranks #445 out of 856 companies in the Travel & Leisure industry, placing it in the top 52%.
Is Carnival's EV-to-OCF too high?
Carnival's current EV-to-OCF of 9.37 is near median its 10-year median of 8.95. The Travel & Leisure industry median EV-to-OCF is 9.04. Carnival's value of 9.37 is 3.7% above this industry median. Based on the distribution chart, Carnival ranks #445 out of 856 companies in the Travel & Leisure industry, which is below 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-OCF compare to EXPE and TCOM?
According to the Travel & Leisure industry distribution chart, Carnival ranks #445 out of 856 companies for EV-to-OCF. This places Carnival in the lower half of its industry. The industry median EV-to-OCF is 9.04. Carnival's value of 9.37 is 3.7% above this benchmark. While the company's 10-year median is 8.95 vs. the industry median of 9.04, Carnival has consistently been above 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-OCF for a Travel & Leisure company?
The median EV-to-OCF among Travel & Leisure companies is 9.04, based on 856 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carnival's current EV-to-OCF of 9.37 is 3.7% above 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-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Travel & Leisure industry, the median EV-to-OCF is 9.04 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carnival's current EV-to-OCF is 9.37, which is near median its own 10-year median of 8.95. 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 $24.23, compared to a current price of $28.99 — trading 19.6% above its estimated fair value. The current EV-to-OCF is 9.37, which is near median its 10-year median of 8.95 and 3.7% above the Travel & Leisure industry median of 9.04. 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-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For Carnival (CCL), the current EV-to-OCF is 9.37 as of Aug. 08, 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 $28.99 is trading 19.6% above its estimated GF Value™ of $24.23.
GuruFocus considers Carnival to be Modestly Overvalued.
Key valuation signals for CCL:
EV-to-OCF: 9.37 (near median its 10-year median of 8.95)
GF Value™: $24.23 vs. price of $28.99 (19.6% above fair value)
Industry Position: 3.7% above the Travel & Leisure median (#445 of 856)
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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