Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Carnival Corp. & plc, solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Carnival Corp. & plc debt to equity ratio improved from Q3 2023 to Q4 2023 but then deteriorated significantly from Q4 2023 to Q1 2024. |
| Debt to equity (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Carnival Corp. & plc debt to equity ratio (including operating lease liability) improved from Q3 2023 to Q4 2023 but then deteriorated significantly from Q4 2023 to Q1 2024. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Carnival Corp. & plc debt to capital ratio improved from Q3 2023 to Q4 2023 but then deteriorated significantly from Q4 2023 to Q1 2024. |
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Carnival Corp. & plc debt to capital ratio (including operating lease liability) improved from Q3 2023 to Q4 2023 but then deteriorated significantly from Q4 2023 to Q1 2024. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Carnival Corp. & plc debt to assets ratio improved from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Carnival Corp. & plc debt to assets ratio (including operating lease liability) improved from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Carnival Corp. & plc financial leverage ratio decreased from Q3 2023 to Q4 2023 but then increased from Q4 2023 to Q1 2024 exceeding Q3 2023 level. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Carnival Corp. & plc interest coverage ratio improved from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
Debt to Equity
Carnival Corp. & plc, debt to equity calculation (quarterly data)
| Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | May 31, 2018 | Feb 28, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | 200) | 200) | 2,675) | 2,675) | 2,741) | 2,790) | 3,099) | 3,099) | 3,083) | 3,084) | 3,374) | 3,562) | 1,004) | 231) | 238) | 480) | 768) | 848) | 632) | 837) | 1,108) | ||||||||
| Current portion of long-term debt | 2,195) | 2,089) | 1,780) | 1,789) | 2,264) | 2,393) | 2,877) | 3,196) | 2,272) | 1,927) | 1,303) | 1,708) | 1,726) | 1,742) | 2,621) | 2,373) | 2,196) | 1,596) | 1,607) | 1,614) | 1,684) | 1,578) | 688) | 848) | 1,006) | ||||||||
| Long-term debt, excluding current portion | 28,544) | 28,483) | 29,516) | 31,921) | 32,672) | 31,953) | 28,518) | 29,263) | 29,887) | 28,509) | 26,831) | 25,968) | 26,522) | 22,130) | 18,916) | 14,870) | 9,738) | 9,675) | 8,893) | 9,080) | 9,134) | 7,897) | 8,297) | 8,172) | 7,445) | ||||||||
| Total debt | 30,739) | 30,572) | 31,296) | 33,710) | 35,136) | 34,546) | 34,070) | 35,134) | 34,900) | 33,226) | 31,233) | 30,775) | 31,331) | 26,956) | 24,911) | 20,805) | 12,938) | 11,502) | 10,738) | 11,174) | 11,586) | 10,323) | 9,617) | 9,857) | 9,559) | ||||||||
| Shareholders’ equity | 6,682) | 6,882) | 6,960) | 5,865) | 6,170) | 7,065) | 8,379) | 8,260) | 10,311) | 12,144) | 14,863) | 17,876) | 19,813) | 20,555) | 19,503) | 20,840) | 24,290) | 25,365) | 25,295) | 24,108) | 24,241) | 24,443) | 24,654) | 23,933) | 24,382) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to equity1 | 4.60 | 4.44 | 4.50 | 5.75 | 5.69 | 4.89 | 4.07 | 4.25 | 3.38 | 2.74 | 2.10 | 1.72 | 1.58 | 1.31 | 1.28 | 1.00 | 0.53 | 0.45 | 0.42 | 0.46 | 0.48 | 0.42 | 0.39 | 0.41 | 0.39 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||||||
| Airbnb Inc. | 0.25 | 0.24 | 0.22 | 0.39 | 0.38 | 0.36 | 0.36 | 0.38 | 0.42 | 0.42 | 0.45 | 0.58 | 0.63 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Booking Holdings Inc. | — | — | — | — | 11.29 | 4.49 | 2.50 | 2.37 | 2.23 | 1.77 | 1.99 | 2.54 | 2.90 | 2.46 | 2.40 | 2.90 | 2.23 | 1.45 | 1.43 | 1.63 | 1.24 | — | — | — | — | ||||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).
1 Q1 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 30,739 ÷ 6,682 = 4.60
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Carnival Corp. & plc debt to equity ratio improved from Q3 2023 to Q4 2023 but then deteriorated significantly from Q4 2023 to Q1 2024. |
Debt to Equity (including Operating Lease Liability)
Carnival Corp. & plc, debt to equity (including operating lease liability) calculation (quarterly data)
| Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | May 31, 2018 | Feb 28, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | 200) | 200) | 2,675) | 2,675) | 2,741) | 2,790) | 3,099) | 3,099) | 3,083) | 3,084) | 3,374) | 3,562) | 1,004) | 231) | 238) | 480) | 768) | 848) | 632) | 837) | 1,108) | ||||||||
| Current portion of long-term debt | 2,195) | 2,089) | 1,780) | 1,789) | 2,264) | 2,393) | 2,877) | 3,196) | 2,272) | 1,927) | 1,303) | 1,708) | 1,726) | 1,742) | 2,621) | 2,373) | 2,196) | 1,596) | 1,607) | 1,614) | 1,684) | 1,578) | 688) | 848) | 1,006) | ||||||||
| Long-term debt, excluding current portion | 28,544) | 28,483) | 29,516) | 31,921) | 32,672) | 31,953) | 28,518) | 29,263) | 29,887) | 28,509) | 26,831) | 25,968) | 26,522) | 22,130) | 18,916) | 14,870) | 9,738) | 9,675) | 8,893) | 9,080) | 9,134) | 7,897) | 8,297) | 8,172) | 7,445) | ||||||||
| Total debt | 30,739) | 30,572) | 31,296) | 33,710) | 35,136) | 34,546) | 34,070) | 35,134) | 34,900) | 33,226) | 31,233) | 30,775) | 31,331) | 26,956) | 24,911) | 20,805) | 12,938) | 11,502) | 10,738) | 11,174) | 11,586) | 10,323) | 9,617) | 9,857) | 9,559) | ||||||||
| Current portion of operating lease liabilities | 138) | 149) | 153) | 161) | 156) | 146) | 139) | 140) | 139) | 142) | 142) | 142) | 142) | 151) | 150) | 153) | 168) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Long-term operating lease liabilities | 1,138) | 1,170) | 1,180) | 1,208) | 1,148) | 1,189) | 1,076) | 1,120) | 1,190) | 1,239) | 1,269) | 1,317) | 1,256) | 1,273) | 1,281) | 1,292) | 1,312) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 32,015) | 31,891) | 32,629) | 35,079) | 36,440) | 35,881) | 35,285) | 36,394) | 36,229) | 34,607) | 32,644) | 32,234) | 32,729) | 28,380) | 26,342) | 22,250) | 14,418) | 11,502) | 10,738) | 11,174) | 11,586) | 10,323) | 9,617) | 9,857) | 9,559) | ||||||||
| Shareholders’ equity | 6,682) | 6,882) | 6,960) | 5,865) | 6,170) | 7,065) | 8,379) | 8,260) | 10,311) | 12,144) | 14,863) | 17,876) | 19,813) | 20,555) | 19,503) | 20,840) | 24,290) | 25,365) | 25,295) | 24,108) | 24,241) | 24,443) | 24,654) | 23,933) | 24,382) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 4.79 | 4.63 | 4.69 | 5.98 | 5.91 | 5.08 | 4.21 | 4.41 | 3.51 | 2.85 | 2.20 | 1.80 | 1.65 | 1.38 | 1.35 | 1.07 | 0.59 | 0.45 | 0.42 | 0.46 | 0.48 | 0.42 | 0.39 | 0.41 | 0.39 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||
| Booking Holdings Inc. | — | — | — | — | 11.79 | 4.69 | 2.58 | 2.45 | 2.31 | 1.83 | 2.04 | 2.60 | 2.97 | 2.53 | 2.49 | 3.01 | 2.35 | 1.53 | 1.51 | 1.73 | 1.31 | — | — | — | — | ||||||||
| Chipotle Mexican Grill Inc. | 1.24 | 1.32 | 1.39 | 1.41 | 1.52 | 1.58 | 1.60 | 1.68 | 1.67 | 1.53 | 1.51 | 1.54 | 1.55 | 1.56 | 1.71 | 1.76 | 1.76 | 1.69 | 1.73 | 1.75 | 1.80 | — | — | — | — | ||||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).
1 Q1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 32,015 ÷ 6,682 = 4.79
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Carnival Corp. & plc debt to equity ratio (including operating lease liability) improved from Q3 2023 to Q4 2023 but then deteriorated significantly from Q4 2023 to Q1 2024. |
Debt to Capital
Carnival Corp. & plc, debt to capital calculation (quarterly data)
| Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | May 31, 2018 | Feb 28, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | 200) | 200) | 2,675) | 2,675) | 2,741) | 2,790) | 3,099) | 3,099) | 3,083) | 3,084) | 3,374) | 3,562) | 1,004) | 231) | 238) | 480) | 768) | 848) | 632) | 837) | 1,108) | ||||||||
| Current portion of long-term debt | 2,195) | 2,089) | 1,780) | 1,789) | 2,264) | 2,393) | 2,877) | 3,196) | 2,272) | 1,927) | 1,303) | 1,708) | 1,726) | 1,742) | 2,621) | 2,373) | 2,196) | 1,596) | 1,607) | 1,614) | 1,684) | 1,578) | 688) | 848) | 1,006) | ||||||||
| Long-term debt, excluding current portion | 28,544) | 28,483) | 29,516) | 31,921) | 32,672) | 31,953) | 28,518) | 29,263) | 29,887) | 28,509) | 26,831) | 25,968) | 26,522) | 22,130) | 18,916) | 14,870) | 9,738) | 9,675) | 8,893) | 9,080) | 9,134) | 7,897) | 8,297) | 8,172) | 7,445) | ||||||||
| Total debt | 30,739) | 30,572) | 31,296) | 33,710) | 35,136) | 34,546) | 34,070) | 35,134) | 34,900) | 33,226) | 31,233) | 30,775) | 31,331) | 26,956) | 24,911) | 20,805) | 12,938) | 11,502) | 10,738) | 11,174) | 11,586) | 10,323) | 9,617) | 9,857) | 9,559) | ||||||||
| Shareholders’ equity | 6,682) | 6,882) | 6,960) | 5,865) | 6,170) | 7,065) | 8,379) | 8,260) | 10,311) | 12,144) | 14,863) | 17,876) | 19,813) | 20,555) | 19,503) | 20,840) | 24,290) | 25,365) | 25,295) | 24,108) | 24,241) | 24,443) | 24,654) | 23,933) | 24,382) | ||||||||
| Total capital | 37,421) | 37,454) | 38,256) | 39,575) | 41,306) | 41,611) | 42,449) | 43,394) | 45,211) | 45,370) | 46,096) | 48,651) | 51,144) | 47,511) | 44,414) | 41,645) | 37,228) | 36,867) | 36,033) | 35,282) | 35,827) | 34,766) | 34,271) | 33,790) | 33,941) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to capital1 | 0.82 | 0.82 | 0.82 | 0.85 | 0.85 | 0.83 | 0.80 | 0.81 | 0.77 | 0.73 | 0.68 | 0.63 | 0.61 | 0.57 | 0.56 | 0.50 | 0.35 | 0.31 | 0.30 | 0.32 | 0.32 | 0.30 | 0.28 | 0.29 | 0.28 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||||||
| Airbnb Inc. | 0.20 | 0.20 | 0.18 | 0.28 | 0.27 | 0.26 | 0.26 | 0.27 | 0.30 | 0.29 | 0.31 | 0.37 | 0.39 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Booking Holdings Inc. | 1.32 | 1.24 | 1.05 | 1.05 | 0.92 | 0.82 | 0.71 | 0.70 | 0.69 | 0.64 | 0.67 | 0.72 | 0.74 | 0.71 | 0.71 | 0.74 | 0.69 | 0.59 | 0.59 | 0.62 | 0.55 | — | — | — | — | ||||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
| McDonald’s Corp. | 1.15 | 1.14 | 1.15 | 1.16 | 1.18 | 1.20 | 1.23 | 1.23 | 1.21 | 1.15 | 1.19 | 1.20 | 1.25 | 1.26 | 1.29 | 1.32 | 1.31 | 1.32 | 1.35 | 1.26 | 1.25 | — | — | — | — | ||||||||
| Starbucks Corp. | 2.35 | 2.08 | 2.18 | 2.22 | 2.39 | 2.37 | 2.34 | 2.21 | 2.34 | 1.57 | 1.87 | 2.09 | 1.99 | 1.91 | 2.05 | 2.16 | 2.38 | 2.26 | 1.63 | 2.21 | 1.46 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).
1 Q1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 30,739 ÷ 37,421 = 0.82
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Carnival Corp. & plc debt to capital ratio improved from Q3 2023 to Q4 2023 but then deteriorated significantly from Q4 2023 to Q1 2024. |
Debt to Capital (including Operating Lease Liability)
Carnival Corp. & plc, debt to capital (including operating lease liability) calculation (quarterly data)
| Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | May 31, 2018 | Feb 28, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | 200) | 200) | 2,675) | 2,675) | 2,741) | 2,790) | 3,099) | 3,099) | 3,083) | 3,084) | 3,374) | 3,562) | 1,004) | 231) | 238) | 480) | 768) | 848) | 632) | 837) | 1,108) | ||||||||
| Current portion of long-term debt | 2,195) | 2,089) | 1,780) | 1,789) | 2,264) | 2,393) | 2,877) | 3,196) | 2,272) | 1,927) | 1,303) | 1,708) | 1,726) | 1,742) | 2,621) | 2,373) | 2,196) | 1,596) | 1,607) | 1,614) | 1,684) | 1,578) | 688) | 848) | 1,006) | ||||||||
| Long-term debt, excluding current portion | 28,544) | 28,483) | 29,516) | 31,921) | 32,672) | 31,953) | 28,518) | 29,263) | 29,887) | 28,509) | 26,831) | 25,968) | 26,522) | 22,130) | 18,916) | 14,870) | 9,738) | 9,675) | 8,893) | 9,080) | 9,134) | 7,897) | 8,297) | 8,172) | 7,445) | ||||||||
| Total debt | 30,739) | 30,572) | 31,296) | 33,710) | 35,136) | 34,546) | 34,070) | 35,134) | 34,900) | 33,226) | 31,233) | 30,775) | 31,331) | 26,956) | 24,911) | 20,805) | 12,938) | 11,502) | 10,738) | 11,174) | 11,586) | 10,323) | 9,617) | 9,857) | 9,559) | ||||||||
| Current portion of operating lease liabilities | 138) | 149) | 153) | 161) | 156) | 146) | 139) | 140) | 139) | 142) | 142) | 142) | 142) | 151) | 150) | 153) | 168) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Long-term operating lease liabilities | 1,138) | 1,170) | 1,180) | 1,208) | 1,148) | 1,189) | 1,076) | 1,120) | 1,190) | 1,239) | 1,269) | 1,317) | 1,256) | 1,273) | 1,281) | 1,292) | 1,312) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 32,015) | 31,891) | 32,629) | 35,079) | 36,440) | 35,881) | 35,285) | 36,394) | 36,229) | 34,607) | 32,644) | 32,234) | 32,729) | 28,380) | 26,342) | 22,250) | 14,418) | 11,502) | 10,738) | 11,174) | 11,586) | 10,323) | 9,617) | 9,857) | 9,559) | ||||||||
| Shareholders’ equity | 6,682) | 6,882) | 6,960) | 5,865) | 6,170) | 7,065) | 8,379) | 8,260) | 10,311) | 12,144) | 14,863) | 17,876) | 19,813) | 20,555) | 19,503) | 20,840) | 24,290) | 25,365) | 25,295) | 24,108) | 24,241) | 24,443) | 24,654) | 23,933) | 24,382) | ||||||||
| Total capital (including operating lease liability) | 38,697) | 38,773) | 39,589) | 40,944) | 42,610) | 42,946) | 43,664) | 44,654) | 46,540) | 46,751) | 47,507) | 50,110) | 52,542) | 48,935) | 45,845) | 43,090) | 38,708) | 36,867) | 36,033) | 35,282) | 35,827) | 34,766) | 34,271) | 33,790) | 33,941) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.83 | 0.82 | 0.82 | 0.86 | 0.86 | 0.84 | 0.81 | 0.82 | 0.78 | 0.74 | 0.69 | 0.64 | 0.62 | 0.58 | 0.57 | 0.52 | 0.37 | 0.31 | 0.30 | 0.32 | 0.32 | 0.30 | 0.28 | 0.29 | 0.28 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||
| Booking Holdings Inc. | 1.30 | 1.23 | 1.05 | 1.05 | 0.92 | 0.82 | 0.72 | 0.71 | 0.70 | 0.65 | 0.67 | 0.72 | 0.75 | 0.72 | 0.71 | 0.75 | 0.70 | 0.61 | 0.60 | 0.63 | 0.57 | — | — | — | — | ||||||||
| Chipotle Mexican Grill Inc. | 0.55 | 0.57 | 0.58 | 0.58 | 0.60 | 0.61 | 0.62 | 0.63 | 0.62 | 0.61 | 0.60 | 0.61 | 0.61 | 0.61 | 0.63 | 0.64 | 0.64 | 0.63 | 0.63 | 0.64 | 0.64 | — | — | — | — | ||||||||
| Starbucks Corp. | 1.54 | 1.48 | 1.52 | 1.53 | 1.57 | 1.58 | 1.57 | 1.54 | 1.55 | 1.29 | 1.41 | 1.48 | 1.46 | 1.45 | 1.50 | 1.49 | 1.49 | 2.26 | 1.63 | 2.21 | 1.46 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).
1 Q1 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 32,015 ÷ 38,697 = 0.83
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Carnival Corp. & plc debt to capital ratio (including operating lease liability) improved from Q3 2023 to Q4 2023 but then deteriorated significantly from Q4 2023 to Q1 2024. |
Debt to Assets
Carnival Corp. & plc, debt to assets calculation (quarterly data)
| Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | May 31, 2018 | Feb 28, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | 200) | 200) | 2,675) | 2,675) | 2,741) | 2,790) | 3,099) | 3,099) | 3,083) | 3,084) | 3,374) | 3,562) | 1,004) | 231) | 238) | 480) | 768) | 848) | 632) | 837) | 1,108) | ||||||||
| Current portion of long-term debt | 2,195) | 2,089) | 1,780) | 1,789) | 2,264) | 2,393) | 2,877) | 3,196) | 2,272) | 1,927) | 1,303) | 1,708) | 1,726) | 1,742) | 2,621) | 2,373) | 2,196) | 1,596) | 1,607) | 1,614) | 1,684) | 1,578) | 688) | 848) | 1,006) | ||||||||
| Long-term debt, excluding current portion | 28,544) | 28,483) | 29,516) | 31,921) | 32,672) | 31,953) | 28,518) | 29,263) | 29,887) | 28,509) | 26,831) | 25,968) | 26,522) | 22,130) | 18,916) | 14,870) | 9,738) | 9,675) | 8,893) | 9,080) | 9,134) | 7,897) | 8,297) | 8,172) | 7,445) | ||||||||
| Total debt | 30,739) | 30,572) | 31,296) | 33,710) | 35,136) | 34,546) | 34,070) | 35,134) | 34,900) | 33,226) | 31,233) | 30,775) | 31,331) | 26,956) | 24,911) | 20,805) | 12,938) | 11,502) | 10,738) | 11,174) | 11,586) | 10,323) | 9,617) | 9,857) | 9,559) | ||||||||
| Total assets | 49,761) | 49,120) | 49,756) | 51,873) | 51,985) | 51,703) | 51,917) | 52,988) | 53,281) | 53,344) | 53,514) | 55,064) | 57,226) | 53,593) | 50,818) | 49,817) | 46,943) | 45,058) | 44,001) | 44,512) | 43,930) | 42,401) | 41,753) | 42,184) | 41,441) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to assets1 | 0.62 | 0.62 | 0.63 | 0.65 | 0.68 | 0.67 | 0.66 | 0.66 | 0.66 | 0.62 | 0.58 | 0.56 | 0.55 | 0.50 | 0.49 | 0.42 | 0.28 | 0.26 | 0.24 | 0.25 | 0.26 | 0.24 | 0.23 | 0.23 | 0.23 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||||||
| Airbnb Inc. | 0.08 | 0.10 | 0.09 | 0.09 | 0.10 | 0.12 | 0.12 | 0.10 | 0.12 | 0.14 | 0.15 | 0.13 | 0.16 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Booking Holdings Inc. | 0.61 | 0.58 | 0.54 | 0.53 | 0.48 | 0.49 | 0.42 | 0.39 | 0.44 | 0.46 | 0.47 | 0.51 | 0.58 | 0.55 | 0.53 | 0.55 | 0.48 | 0.40 | 0.40 | 0.40 | 0.38 | — | — | — | — | ||||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | ||||||||
| McDonald’s Corp. | 0.70 | 0.70 | 0.72 | 0.71 | 0.71 | 0.71 | 0.72 | 0.70 | 0.67 | 0.66 | 0.67 | 0.68 | 0.70 | 0.71 | 0.75 | 0.78 | 0.77 | 0.72 | 0.72 | 0.71 | 0.71 | — | — | — | — | ||||||||
| Starbucks Corp. | 0.51 | 0.52 | 0.54 | 0.54 | 0.53 | 0.54 | 0.54 | 0.55 | 0.51 | 0.47 | 0.50 | 0.52 | 0.53 | 0.56 | 0.58 | 0.51 | 0.42 | 0.58 | 0.53 | 0.52 | 0.46 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).
1 Q1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 30,739 ÷ 49,761 = 0.62
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Carnival Corp. & plc debt to assets ratio improved from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
Debt to Assets (including Operating Lease Liability)
Carnival Corp. & plc, debt to assets (including operating lease liability) calculation (quarterly data)
| Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | May 31, 2018 | Feb 28, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | —) | —) | —) | —) | 200) | 200) | 2,675) | 2,675) | 2,741) | 2,790) | 3,099) | 3,099) | 3,083) | 3,084) | 3,374) | 3,562) | 1,004) | 231) | 238) | 480) | 768) | 848) | 632) | 837) | 1,108) | ||||||||
| Current portion of long-term debt | 2,195) | 2,089) | 1,780) | 1,789) | 2,264) | 2,393) | 2,877) | 3,196) | 2,272) | 1,927) | 1,303) | 1,708) | 1,726) | 1,742) | 2,621) | 2,373) | 2,196) | 1,596) | 1,607) | 1,614) | 1,684) | 1,578) | 688) | 848) | 1,006) | ||||||||
| Long-term debt, excluding current portion | 28,544) | 28,483) | 29,516) | 31,921) | 32,672) | 31,953) | 28,518) | 29,263) | 29,887) | 28,509) | 26,831) | 25,968) | 26,522) | 22,130) | 18,916) | 14,870) | 9,738) | 9,675) | 8,893) | 9,080) | 9,134) | 7,897) | 8,297) | 8,172) | 7,445) | ||||||||
| Total debt | 30,739) | 30,572) | 31,296) | 33,710) | 35,136) | 34,546) | 34,070) | 35,134) | 34,900) | 33,226) | 31,233) | 30,775) | 31,331) | 26,956) | 24,911) | 20,805) | 12,938) | 11,502) | 10,738) | 11,174) | 11,586) | 10,323) | 9,617) | 9,857) | 9,559) | ||||||||
| Current portion of operating lease liabilities | 138) | 149) | 153) | 161) | 156) | 146) | 139) | 140) | 139) | 142) | 142) | 142) | 142) | 151) | 150) | 153) | 168) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Long-term operating lease liabilities | 1,138) | 1,170) | 1,180) | 1,208) | 1,148) | 1,189) | 1,076) | 1,120) | 1,190) | 1,239) | 1,269) | 1,317) | 1,256) | 1,273) | 1,281) | 1,292) | 1,312) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Total debt (including operating lease liability) | 32,015) | 31,891) | 32,629) | 35,079) | 36,440) | 35,881) | 35,285) | 36,394) | 36,229) | 34,607) | 32,644) | 32,234) | 32,729) | 28,380) | 26,342) | 22,250) | 14,418) | 11,502) | 10,738) | 11,174) | 11,586) | 10,323) | 9,617) | 9,857) | 9,559) | ||||||||
| Total assets | 49,761) | 49,120) | 49,756) | 51,873) | 51,985) | 51,703) | 51,917) | 52,988) | 53,281) | 53,344) | 53,514) | 55,064) | 57,226) | 53,593) | 50,818) | 49,817) | 46,943) | 45,058) | 44,001) | 44,512) | 43,930) | 42,401) | 41,753) | 42,184) | 41,441) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.64 | 0.65 | 0.66 | 0.68 | 0.70 | 0.69 | 0.68 | 0.69 | 0.68 | 0.65 | 0.61 | 0.59 | 0.57 | 0.53 | 0.52 | 0.45 | 0.31 | 0.26 | 0.24 | 0.25 | 0.26 | 0.24 | 0.23 | 0.23 | 0.23 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||
| Booking Holdings Inc. | 0.63 | 0.61 | 0.56 | 0.55 | 0.50 | 0.51 | 0.43 | 0.40 | 0.45 | 0.48 | 0.49 | 0.52 | 0.60 | 0.57 | 0.55 | 0.57 | 0.50 | 0.42 | 0.42 | 0.43 | 0.41 | — | — | — | — | ||||||||
| Chipotle Mexican Grill Inc. | 0.49 | 0.50 | 0.51 | 0.51 | 0.53 | 0.54 | 0.55 | 0.55 | 0.55 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.55 | 0.56 | 0.57 | 0.56 | 0.57 | 0.58 | 0.58 | — | — | — | — | ||||||||
| Starbucks Corp. | 0.84 | 0.84 | 0.85 | 0.86 | 0.84 | 0.85 | 0.85 | 0.86 | 0.82 | 0.75 | 0.80 | 0.83 | 0.83 | 0.86 | 0.88 | 0.83 | 0.74 | 0.58 | 0.53 | 0.52 | 0.46 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).
1 Q1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 32,015 ÷ 49,761 = 0.64
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Carnival Corp. & plc debt to assets ratio (including operating lease liability) improved from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
Financial Leverage
Carnival Corp. & plc, financial leverage calculation (quarterly data)
| Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | May 31, 2018 | Feb 28, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Total assets | 49,761) | 49,120) | 49,756) | 51,873) | 51,985) | 51,703) | 51,917) | 52,988) | 53,281) | 53,344) | 53,514) | 55,064) | 57,226) | 53,593) | 50,818) | 49,817) | 46,943) | 45,058) | 44,001) | 44,512) | 43,930) | 42,401) | 41,753) | 42,184) | 41,441) | ||||||||
| Shareholders’ equity | 6,682) | 6,882) | 6,960) | 5,865) | 6,170) | 7,065) | 8,379) | 8,260) | 10,311) | 12,144) | 14,863) | 17,876) | 19,813) | 20,555) | 19,503) | 20,840) | 24,290) | 25,365) | 25,295) | 24,108) | 24,241) | 24,443) | 24,654) | 23,933) | 24,382) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Financial leverage1 | 7.45 | 7.14 | 7.15 | 8.84 | 8.43 | 7.32 | 6.20 | 6.42 | 5.17 | 4.39 | 3.60 | 3.08 | 2.89 | 2.61 | 2.61 | 2.39 | 1.93 | 1.78 | 1.74 | 1.85 | 1.81 | 1.73 | 1.69 | 1.76 | 1.70 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||||||
| Airbnb Inc. | 3.11 | 2.53 | 2.35 | 4.19 | 3.78 | 2.88 | 2.90 | 3.63 | 3.60 | 2.87 | 3.05 | 4.56 | 3.91 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Booking Holdings Inc. | — | — | — | — | 23.47 | 9.12 | 6.01 | 6.12 | 5.12 | 3.83 | 4.21 | 4.98 | 4.97 | 4.47 | 4.51 | 5.23 | 4.66 | 3.61 | 3.60 | 4.05 | 3.23 | — | — | — | — | ||||||||
| Chipotle Mexican Grill Inc. | 2.50 | 2.63 | 2.74 | 2.73 | 2.84 | 2.93 | 2.93 | 3.04 | 3.03 | 2.90 | 2.87 | 2.91 | 2.93 | 2.96 | 3.12 | 3.15 | 3.11 | 3.03 | 3.04 | 3.03 | 3.12 | — | — | — | — | ||||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).
1 Q1 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 49,761 ÷ 6,682 = 7.45
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Carnival Corp. & plc financial leverage ratio decreased from Q3 2023 to Q4 2023 but then increased from Q4 2023 to Q1 2024 exceeding Q3 2023 level. |
Interest Coverage
Carnival Corp. & plc, interest coverage calculation (quarterly data)
| Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | May 31, 2018 | Feb 28, 2018 | |||||||||
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| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Net income (loss) | (214) | (48) | 1,074) | (407) | (693) | (1,598) | (770) | (1,834) | (1,891) | (2,620) | (2,836) | (2,072) | (1,973) | (2,223) | (2,858) | (4,374) | (781) | 423) | 1,780) | 451) | 336) | 493) | 1,707) | 561) | 391) | ||||||||
| Add: Income tax expense | —) | 9) | (9) | 5) | 7) | (4) | 11) | 3) | 3) | (4) | (23) | 12) | (6) | (15) | (2) | (11) | 11) | 14) | 47) | 8) | 2) | 14) | 37) | 3) | —) | ||||||||
| Add: Interest expense, net of capitalized interest | 471) | 467) | 518) | 542) | 539) | 449) | 422) | 370) | 368) | 348) | 418) | 437) | 398) | 348) | 310) | 182) | 55) | 49) | 52) | 54) | 51) | 48) | 49) | 49) | 48) | ||||||||
| Earnings before interest and tax (EBIT) | 257) | 428) | 1,583) | 140) | (147) | (1,153) | (337) | (1,461) | (1,520) | (2,276) | (2,441) | (1,623) | (1,581) | (1,890) | (2,550) | (4,203) | (715) | 486) | 1,879) | 513) | 389) | 555) | 1,793) | 613) | 439) | ||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Interest coverage1 | 1.21 | 0.97 | 0.21 | -0.77 | -1.74 | -2.78 | -3.71 | -5.12 | -5.00 | -4.95 | -4.71 | -5.12 | -8.26 | -10.46 | -11.71 | -7.55 | 10.30 | 15.86 | 16.27 | 16.09 | 17.01 | 17.53 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||||||||||
| Airbnb Inc. | 29.67 | 26.33 | 166.72 | 145.45 | 96.66 | 83.88 | 81.06 | 58.89 | 40.98 | 0.31 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Booking Holdings Inc. | 7.63 | 7.11 | 8.82 | 9.14 | 10.82 | 11.03 | 11.24 | 7.95 | 3.94 | 5.39 | 3.50 | 3.03 | 3.59 | 2.59 | 6.44 | 12.20 | 17.17 | 23.40 | — | — | — | — | — | — | — | ||||||||
| McDonald’s Corp. | 8.60 | 8.73 | 8.82 | 8.73 | 7.84 | 7.48 | 7.44 | 7.64 | 8.43 | 8.70 | 8.38 | 7.89 | 6.37 | 6.04 | 6.32 | 6.39 | 7.77 | 8.15 | — | — | — | — | — | — | — | ||||||||
| Starbucks Corp. | 11.07 | 10.82 | 10.22 | 10.01 | 9.66 | 9.76 | 12.25 | 12.95 | 13.08 | 12.40 | 8.49 | 3.76 | 2.78 | 3.66 | 5.23 | 12.29 | 14.35 | 14.49 | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).
1 Q1 2024 Calculation
Interest coverage
= (EBITQ1 2024
+ EBITQ4 2023
+ EBITQ3 2023
+ EBITQ2 2023)
÷ (Interest expenseQ1 2024
+ Interest expenseQ4 2023
+ Interest expenseQ3 2023
+ Interest expenseQ2 2023)
= (257 + 428 + 1,583 + 140)
÷ (471 + 467 + 518 + 542)
= 1.21
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Carnival Corp. & plc interest coverage ratio improved from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |