CarnivalLSE:CCL -3.77%56 EV-to-FCF is 20.25 as of Jul. 03, 2026, which is 11% below its 10-year median of 22.67. GuruFocus rates LSE:CCL with a GF Score™ of 56/100 and a GF Value™ of £14.99 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 572 Travel & Leisure companies, Carnival ranks worse than 60.49% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Carnival's Enterprise Value is £45,005 Mil.
Carnival's Free Cash Flow for the trailing twelve months (TTM) ended in Feb. 2026 was £2,222 Mil. Therefore, Carnival's EV-to-FCF for today is 20.25.
The historical rank and industry rank for Carnival's EV-to-FCF or its related term are showing as below:
LSE:CCL'
s EV-to-FCF Range Over the Past 10 Years
Min: -88.26 Med: 22.67 Max: 959.24
Current: 20.05
During the past 13 years, the highest EV-to-FCF of Carnival was 959.24. The lowest was -88.26. And the median was 22.67.
LSE:CCL's EV-to-FCF is ranked worse than 60.49% of 572
companies
in the Travel & Leisure industry
Industry Median: 15.75
vs LSE:CCL: 20.05
EV-to-FCF 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-FCF 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 £19.035.
Carnival's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Feb. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was £1.679.
* 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. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Carnival EV-to-FCF Related Terms
Carnival EV-to-FCF Historical Data
* Premium members only.
The historical data trend for Carnival's EV-to-FCF 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-FCF, along with its competitors' market caps and EV-to-FCF 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-FCF vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Carnival's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Carnival's EV-to-FCF falls into.
Carnival's current Enterprise Value is £45,005 Mil.
Carnival's Free Cash Flow for the trailing twelve months (TTM) ended in Feb. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was £2,222 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 (LSE:CCL) has a EV-to-FCF of 20.25 as of Jul. 03, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Carnival and its competitors. This is 11% below median its historical median of 22.67. According to the industry distribution chart, Carnival ranks #346 out of 572 companies in the Travel & Leisure industry, placing it in the top 60.5%.
Is Carnival's EV-to-FCF too high?
Carnival's current EV-to-FCF of 20.25 is 11% below median its 10-year median of 22.67. The Travel & Leisure industry median EV-to-FCF is 15.75. Carnival's value of 20.25 is 28.6% above this industry median. Based on the distribution chart, Carnival ranks #346 out of 572 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Carnival has a GF Score™ of 56/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Carnival's EV-to-FCF compare to CCL and VIK?
According to the Travel & Leisure industry distribution chart, Carnival ranks #346 out of 572 companies for EV-to-FCF. This places Carnival in the lower half of its industry. The industry median EV-to-FCF is 15.75. Carnival's value of 20.25 is 28.6% above this benchmark. While the company's 10-year median is 22.67 vs. the industry median of 15.75, 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-FCF for a Travel & Leisure company?
The median EV-to-FCF among Travel & Leisure companies is 15.75, based on 572 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carnival's current EV-to-FCF of 20.25 is 28.6% 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-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Carnival and its competitors. For the Travel & Leisure industry, the median EV-to-FCF is 15.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carnival's current EV-to-FCF is 20.25, which is 11% below median its own 10-year median of 22.67. 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 (LSE:CCL) is currently considered Modestly Overvalued. The stock's GF Value™ is £14.99, compared to a current price of £19.04 — trading 27% above its estimated fair value. The current EV-to-FCF is 20.25, which is 11% below median its 10-year median of 22.67 and 28.6% above the Travel & Leisure industry median of 15.75. Carnival's overall GF Score™ is 56/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Carnival (LSE:CCL), the current EV-to-FCF is 20.25 as of Jul. 03, 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 (LSE:CCL) Overvalued in 2026?
Based on GuruFocus' analysis, Carnival stock appears to be overvalued.
The current stock price of £19.04 is trading 27% above its estimated GF Value™ of £14.99.
GuruFocus considers Carnival to be Modestly Overvalued.
Key valuation signals for LSE:CCL:
EV-to-FCF: 20.25 (11% below median its 10-year median of 22.67)
GF Value™: £14.99 vs. price of £19.04 (27% above fair value)
Industry Position: 28.6% above the Travel & Leisure median (#346 of 572)
No single metric tells the full story. See the LSE:CCL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Carnival PLC 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.
56GF Score
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