Carnival (FRA:3B5) ROCE %: 8.67% (As of May. 2026)

What is Carnival ROCE %?

Carnival FRA:3B5 -2.51% 75 ROCE % is 8.67% as of May. 2026. GuruFocus rates FRA:3B5 with a GF Score™ of 75/100 and a GF Value™ of €20.88 (Modestly Overvalued). The stock has 5 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Carnival's annualized ROCE % for the quarter that ended in May. 2026 was 8.67%.

Carnival (FRA:3B5) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Carnival ROCE % Related Terms

Carnival ROCE % Historical Data

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The historical data trend for Carnival's ROCE % 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 ROCE % Chart

Carnival Annual Data

Trend

Nov16

Nov17

Nov18

Nov19

Nov20

Nov21

Nov22

Nov23

Nov24

Nov25

ROCE %

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-18.36

-11.26

4.93

9.87

10.38

Carnival Quarterly Data
	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26	May26
ROCE %	Get a 7-Day Free Trial															9.44	22.05	7.40	5.81	8.67

75GF Score

Carnival Corporation Ltd FRA:3B5

ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.

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Carnival ROCE % Calculation

Carnival's annualized ROCE % for the fiscal year that ended in Nov. 2025 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Nov. 2025 )		(A: Nov. 2024 )		(A: Nov. 2025 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Nov. 2025 )		(A: Nov. 2024 )		(A: Nov. 2025 )
	=	3564.665	/	( ( (46211.694 - 10943.214)	+	(44709.255 - 11324.58) )	/ 2 )
	=	3564.665	/	( (35268.48	+	33384.675)	/ 2 )
	=	3564.665	/	34326.5775
	=	10.38 %

Carnival's ROCE % of for the quarter that ended in May. 2026 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: May. 2026 )		(Q: Feb. 2026 )		(Q: May. 2026 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: May. 2026 )		(Q: Feb. 2026 )		(Q: May. 2026 )
	=	2876.16	/	( ( (43625.682 - 10507.32)	+	(44707.168 - 11499.504) )	/ 2 )
	=	2876.16	/	( ( 33118.362	+	33207.664 )	/ 2 )
	=	2876.16	/	33163.013
	=	8.67 %

(1) Note: The EBIT data used here is four times the quarterly (May. 2026) EBIT data.

Frequently Asked Questions Learn more about ROCE % →

What does a ROCE % of 8.67% mean?

Carnival (FRA:3B5) has a ROCE % of 8.67% as of May. 2026.

Is Carnival's ROCE % too high?

Carnival's current ROCE % is 8.67%. The Travel & Leisure industry median ROCE % is 6.08. Carnival's value of 8.67% is 42.7% above this industry median. 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 ROCE % compare to VIK and TCOM?

Carnival's ROCE % of 8.67% can be compared against companies in the Travel & Leisure industry. The industry median ROCE % is 6.08. Carnival's value of 8.67% is 42.7% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good ROCE % for a Travel & Leisure company?

The median ROCE % among Travel & Leisure companies is 6.08, based on 838 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carnival's current ROCE % of 8.67% is 42.7% 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 ROCE % mean?

A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Travel & Leisure industry, the median ROCE % is 6.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carnival's current ROCE % is 8.67%. 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 (FRA:3B5) is currently considered Modestly Overvalued. The stock's GF Value™ is €20.88, compared to a current price of €24.90 — trading 19.3% above its estimated fair value. The current ROCE % is 8.67% and 42.7% above the Travel & Leisure industry median of 6.08. 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 ROCE % calculated?

ROCE % is calculated from a company's financial statements. For Carnival (FRA:3B5), the current ROCE % is 8.67% as of May. 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 (FRA:3B5) Overvalued in 2026?

Based on GuruFocus' analysis, Carnival stock appears to be overvalued. The current stock price of €24.90 is trading 19.3% above its estimated GF Value™ of €20.88. GuruFocus considers Carnival to be Modestly Overvalued.

Key valuation signals for FRA:3B5:

ROCE %: 8.67%
GF Value™: €20.88 vs. price of €24.90 (19.3% above fair value)
GF Score™: 75/100 with 5 warning signs
Industry Position: 42.7% above the Travel & Leisure median

No single metric tells the full story. See the FRA:3B5 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Carnival Business Description

Industry Consumer Cyclical Travel & Leisure

Comparable Companies VIK TCOM EXPE NCLH GBTG MMYT TNL LIND RCL TRIP BKNG ABNB BOM:542830 HKSE:00780 XTER:TUI1 LSE:JET2 XMAD:HBX ASX:FLT SHSE:603099 SAU:1810

Other Exchanges CCL:USA CCL:Peru CCL1N:Mexico 0EV1:UK C1CL34:Brazil

Address 3655 N.W. 87th Avenue, Miami, FL, USA, 33178-2428

Website https://www.carnivalcorp.com

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

€24.90

Price

€20.88

GF Value

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