Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Carnival Corp. & plc, long-term (investment) activity ratios
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrated relative stability in the years 2018 and 2019, with values of 0.53 and 0.55 respectively. However, a significant decline occurred in 2020, reaching a low of 0.15, followed by further reduction to 0.05 in 2021. The ratio showed a recovery trend in 2022 and 2023, improving to 0.31 and 0.54 respectively, nearly returning to pre-2020 levels.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- This metric closely mirrored the net fixed asset turnover pattern, with 2018 and 2019 ratios at 0.53 and 0.55. A steep decline was observed in 2020 to 0.14, and further reduced to 0.05 in 2021. The recovery began in 2022 reaching 0.30 and continued in 2023 at 0.52, aligning closely with the trend of net fixed asset turnover without lease considerations.
- Total Asset Turnover
- The total asset turnover ratio remained relatively stable at 0.45 and 0.46 in 2018 and 2019. In 2020, there was a sharp decrease to 0.10 and a further drop to 0.04 in 2021, indicating a substantial reduction in asset utilization efficiency. The ratio then experienced a notable rebound in the last two years, increasing to 0.24 in 2022 and 0.44 in 2023, approaching earlier performance levels.
- Equity Turnover
- Equity turnover displayed a general upward trajectory over the analyzed period. Starting at 0.77 in 2018 and marginally increasing to 0.82 in 2019, the ratio declined significantly in 2020 and 2021 to 0.27 and 0.16 respectively. From 2021 onwards, the ratio exhibited strong growth, surging to 1.72 in 2022 and an impressive 3.14 in 2023, indicating a greater efficiency in utilizing equity during the most recent periods.
Net Fixed Asset Turnover
Carnival Corp. & plc, net fixed asset turnover calculation, comparison to benchmarks
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenues | 21,593) | 12,168) | 1,908) | 5,595) | 20,825) | 18,881) | |
| Property and equipment, net | 40,116) | 38,687) | 38,107) | 38,073) | 38,131) | 35,336) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover1 | 0.54 | 0.31 | 0.05 | 0.15 | 0.55 | 0.53 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||
| Airbnb Inc. | 61.98 | 69.41 | 38.27 | 12.50 | — | — | |
| Booking Holdings Inc. | 27.25 | 25.55 | 13.33 | 8.99 | — | — | |
| Chipotle Mexican Grill Inc. | 4.55 | 4.43 | 4.27 | 3.78 | — | — | |
| McDonald’s Corp. | 0.95 | 0.92 | 0.94 | 0.77 | — | — | |
| Starbucks Corp. | 4.87 | 4.92 | 4.56 | 3.77 | 4.12 | — | |
| Net Fixed Asset Turnover, Sector | |||||||
| Consumer Services | 2.76 | 2.59 | 2.27 | 1.74 | — | — | |
| Net Fixed Asset Turnover, Industry | |||||||
| Consumer Discretionary | 3.50 | 3.47 | 3.31 | 3.37 | — | — | |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).
1 2023 Calculation
Net fixed asset turnover = Revenues ÷ Property and equipment, net
= 21,593 ÷ 40,116 = 0.54
2 Click competitor name to see calculations.
- Revenue Trends
- Revenues displayed significant fluctuation over the analyzed period. From 2018 to 2019, revenue increased moderately from 18,881 million USD to 20,825 million USD. However, a sharp decline occurred in 2020, reducing revenues dramatically to 5,595 million USD, followed by a further decline to 1,908 million USD in 2021. This downturn was succeeded by a substantial recovery in 2022, with revenues rising to 12,168 million USD, and continued growth into 2023, reaching 21,593 million USD. Overall, the revenue pattern suggests a severe disruption during the 2020 and 2021 periods, followed by a strong rebound in the subsequent years.
- Property and Equipment, Net
- The net value of property and equipment remained relatively stable with a gradual upward trend. Starting at 35,336 million USD in 2018, the value increased steadily each year, reaching 40,116 million USD by 2023. There were no significant declines, indicating continuous investment or maintenance in fixed assets throughout the period.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency in using fixed assets to generate revenue, mirrored the revenue trends with notable changes. It was relatively stable and moderate at 0.53 and 0.55 in 2018 and 2019, respectively. The ratio plummeted in 2020 and 2021 to 0.15 and 0.05, respectively, reflecting the drastic drop in revenue while fixed assets remained relatively unchanged. Thereafter, the ratio improved to 0.31 in 2022 and almost returned to pre-2020 levels with 0.54 in 2023, indicating a restoration of asset utilization efficiency alongside revenue recovery.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Carnival Corp. & plc, net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenues | 21,593) | 12,168) | 1,908) | 5,595) | 20,825) | 18,881) | |
| Property and equipment, net | 40,116) | 38,687) | 38,107) | 38,073) | 38,131) | 35,336) | |
| Operating lease right-of-use assets, net | 1,265) | 1,274) | 1,333) | 1,370) | —) | —) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 41,381) | 39,961) | 39,440) | 39,443) | 38,131) | 35,336) | |
| Long-term Activity Ratio | |||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 0.52 | 0.30 | 0.05 | 0.14 | 0.55 | 0.53 | |
| Benchmarks | |||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||
| Airbnb Inc. | 35.54 | 32.43 | 13.98 | 5.16 | — | — | |
| Booking Holdings Inc. | 14.35 | 13.01 | 8.31 | 5.29 | — | — | |
| Chipotle Mexican Grill Inc. | 1.72 | 1.64 | 1.54 | 1.38 | — | — | |
| McDonald’s Corp. | 0.66 | 0.64 | 0.61 | 0.50 | — | — | |
| Starbucks Corp. | 2.28 | 2.21 | 1.99 | 1.64 | 4.12 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | |||||||
| Consumer Services | 1.66 | 1.55 | 1.29 | 0.99 | — | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | |||||||
| Consumer Discretionary | 2.68 | 2.66 | 2.51 | 2.57 | — | — | |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).
1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 21,593 ÷ 41,381 = 0.52
2 Click competitor name to see calculations.
- Revenues
-
Revenue experienced a significant decline starting in the fiscal year 2020, dropping sharply from 20,825 million US dollars in 2019 to 5,595 million US dollars in 2020. This downward trend continued in 2021, reaching a low of 1,908 million US dollars. However, the revenue figures began to recover noticeably in 2022, increasing to 12,168 million US dollars, and further improved in 2023, surpassing pre-decline levels to reach 21,593 million US dollars.
- Property and equipment, net (including operating lease, right-of-use asset)
-
The net value of property and equipment showed a steady upward trend over the entire period under review. Beginning at 35,336 million US dollars in 2018, the asset base increased consistently each year, reaching 41,381 million US dollars by 2023. This growth indicates ongoing investments or capital expenditures aimed at expanding or upgrading the fixed asset base.
- Net fixed asset turnover (including operating lease, right-of-use asset)
-
The net fixed asset turnover ratio reflected a strong decline coinciding with the revenue downturn observed in 2020 and 2021. Starting from 0.55 in 2019, the turnover ratio dropped drastically to 0.14 in 2020 and further plummeted to 0.05 in 2021. A recovery trend emerged in 2022, with the ratio improving to 0.30 and nearly returning to pre-decline levels at 0.52 in 2023. This pattern aligns with the revenue rebound and suggests improved utilization efficiency of fixed assets in recent years.
Total Asset Turnover
Carnival Corp. & plc, total asset turnover calculation, comparison to benchmarks
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenues | 21,593) | 12,168) | 1,908) | 5,595) | 20,825) | 18,881) | |
| Total assets | 49,120) | 51,703) | 53,344) | 53,593) | 45,058) | 42,401) | |
| Long-term Activity Ratio | |||||||
| Total asset turnover1 | 0.44 | 0.24 | 0.04 | 0.10 | 0.46 | 0.45 | |
| Benchmarks | |||||||
| Total Asset Turnover, Competitors2 | |||||||
| Airbnb Inc. | 0.48 | 0.52 | 0.44 | 0.32 | — | — | |
| Booking Holdings Inc. | 0.88 | 0.67 | 0.46 | 0.31 | — | — | |
| Chipotle Mexican Grill Inc. | 1.23 | 1.25 | 1.13 | 1.00 | — | — | |
| McDonald’s Corp. | 0.45 | 0.46 | 0.43 | 0.36 | — | — | |
| Starbucks Corp. | 1.22 | 1.15 | 0.93 | 0.80 | 1.38 | — | |
| Total Asset Turnover, Sector | |||||||
| Consumer Services | 0.74 | 0.71 | 0.59 | 0.49 | — | — | |
| Total Asset Turnover, Industry | |||||||
| Consumer Discretionary | 0.97 | 0.96 | 0.88 | 0.84 | — | — | |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).
1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 21,593 ÷ 49,120 = 0.44
2 Click competitor name to see calculations.
- Revenue Trends
- Revenues exhibited a rising trend from 2018 to 2019, increasing from 18,881 million US dollars to 20,825 million US dollars. However, in 2020, revenues sharply declined to 5,595 million US dollars and further decreased in 2021 to 1,908 million US dollars, indicating a significant drop during these years. Following this downturn, revenues recovered substantially in 2022, reaching 12,168 million US dollars, and continued to improve in 2023, achieving 21,593 million US dollars, nearly returning to pre-2020 levels.
- Total Assets
- Total assets increased steadily from 42,401 million US dollars in 2018 to a peak of 53,593 million US dollars in 2020. Subsequently, assets remained relatively stable but showed a slight downward trend, decreasing to 53,344 million US dollars in 2021 and further declining to 49,120 million US dollars by 2023. This suggests some asset reduction or disposals after the peak period.
- Total Asset Turnover Ratio
- The total asset turnover ratio was relatively stable around 0.45 from 2018 to 2019. This ratio dropped sharply to 0.10 in 2020 and then further decreased to 0.04 in 2021, reflecting a significant decline in the efficiency of asset use to generate revenue during these years. From 2022, the ratio improved to 0.24 and nearly recovered to pre-2020 levels reaching 0.44 in 2023, suggesting a restoration in asset utilization efficiency corresponding to revenue recovery.
Equity Turnover
Carnival Corp. & plc, equity turnover calculation, comparison to benchmarks
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Revenues | 21,593) | 12,168) | 1,908) | 5,595) | 20,825) | 18,881) | |
| Shareholders’ equity | 6,882) | 7,065) | 12,144) | 20,555) | 25,365) | 24,443) | |
| Long-term Activity Ratio | |||||||
| Equity turnover1 | 3.14 | 1.72 | 0.16 | 0.27 | 0.82 | 0.77 | |
| Benchmarks | |||||||
| Equity Turnover, Competitors2 | |||||||
| Airbnb Inc. | 1.21 | 1.51 | 1.25 | 1.16 | — | — | |
| Booking Holdings Inc. | — | 6.14 | 1.77 | 1.39 | — | — | |
| Chipotle Mexican Grill Inc. | 3.22 | 3.65 | 3.29 | 2.96 | — | — | |
| McDonald’s Corp. | — | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | — | |
| Equity Turnover, Sector | |||||||
| Consumer Services | — | — | 23.06 | — | — | — | |
| Equity Turnover, Industry | |||||||
| Consumer Discretionary | 3.86 | 4.21 | 3.74 | 4.82 | — | — | |
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).
1 2023 Calculation
Equity turnover = Revenues ÷ Shareholders’ equity
= 21,593 ÷ 6,882 = 3.14
2 Click competitor name to see calculations.
- Revenues
- Revenues exhibited a significant decline from 20,825 million USD in 2019 to 1,908 million USD in 2021, reflecting a challenging period. However, there was a notable recovery from 2021 onwards, with revenues increasing to 12,168 million USD in 2022 and further to 21,593 million USD in 2023, surpassing the pre-decline levels observed in 2019.
- Shareholders’ Equity
- Shareholders' equity gradually decreased over the analyzed timeframe. Starting at 24,443 million USD in 2018, it peaked slightly in 2019 at 25,365 million USD, followed by a steady decline to 6,882 million USD in 2023. This downward trend suggests a reduction in net assets or accumulated losses during the period.
- Equity Turnover
- Equity turnover demonstrated high volatility across the years. It decreased sharply from 0.82 in 2019 to 0.16 in 2021, reflecting diminished efficiency in generating revenues from shareholders’ equity during that period. Subsequently, there was a marked improvement with the ratio rising to 1.72 in 2022 and further to 3.14 in 2023, indicating enhanced utilization of equity in generating revenues and a potentially more effective operational performance.