Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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 (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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a moderate level around 0.53 to 0.56 during the period from February 2019 to February 2020, indicating stable utilization of fixed assets. However, there is a sharp decline starting from May 2020, reaching a low point near zero by November 2020 and February 2021. Following this trough, the ratio exhibits a gradual recovery trend from May 2021 onwards, climbing steadily and reaching approximately 0.54 by February 2024. This pattern suggests a significant disruption impacting asset usage around 2020, followed by a consistent improvement leading back to pre-disruption levels.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio closely mirrors the trend observed in the net fixed asset turnover without operating leases. It remains stable around the mid-0.5 range before witnessing a steep decline during 2020, hitting near zero the same as the standard metric. From early 2021, there is a gradual increase toward 0.53 by the end of the series in February 2024. The similarity in trends between both metrics indicates consistent asset utilization changes whether operating leases and right-of-use assets are included or not, highlighting that the lease accounting changes do not significantly alter the turnover trends.
- Total Asset Turnover
- The total asset turnover ratio follows a comparable trajectory to the net fixed asset turnover ratios, with stable levels between approximately 0.44 to 0.47 throughout 2019. The ratio then declines markedly during 2020, bottoming near zero in late 2020 and early 2021. Subsequent quarters show gradual improvement, with the ratio increasing to about 0.45 by February 2024. The trend suggests an overall decline in asset turnover likely linked to external factors impacting the entire asset base, with recovery phases matching those of fixed asset utilization.
- Equity Turnover
- The equity turnover ratio starts at a higher level around 0.77 to 0.86 in early 2019, reflecting relatively efficient use of equity to generate revenue. A notable decline begins around mid-2019, accelerating through 2020, with values dropping to near zero by early 2021. Unlike the other turnover ratios, the recovery in equity turnover after this period is more pronounced with a strong upward trajectory, rising to values exceeding 3.0 by early 2024. This rapid rebound and eventual surpassing of previous peak levels indicate significant changes either in equity base, revenue generation, or both, suggesting improvement in operational efficiency or leverage effects post-disruption.
Net Fixed Asset Turnover
Carnival Corp. & plc, net fixed asset turnover 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) | |||||||||||||||||||||||||||||||||
| Revenues | 5,406) | 5,396) | 6,854) | 4,911) | 4,432) | 3,839) | 4,305) | 2,401) | 1,623) | 1,286) | 546) | 50) | 26) | 35) | 31) | 740) | 4,789) | 4,781) | 6,533) | 4,838) | 4,673) | 4,456) | 5,836) | 4,357) | 4,232) | ||||||||
| Property and equipment, net | 41,515) | 40,116) | 39,952) | 39,584) | 39,359) | 38,687) | 38,137) | 39,262) | 40,183) | 38,107) | 38,917) | 39,499) | 39,583) | 38,073) | 36,926) | 37,139) | 38,023) | 38,131) | 36,466) | 36,814) | 37,005) | 35,336) | 35,178) | 35,227) | 35,027) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 0.54 | 0.54 | 0.50 | 0.44 | 0.38 | 0.31 | 0.25 | 0.15 | 0.09 | 0.05 | 0.02 | 0.00 | 0.02 | 0.15 | 0.28 | 0.45 | 0.55 | 0.55 | 0.56 | 0.54 | 0.52 | 0.53 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Airbnb Inc. | 59.89 | 61.98 | 65.31 | 68.85 | 71.38 | 69.41 | 67.78 | 62.54 | 46.34 | 38.27 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Booking Holdings Inc. | 27.33 | 27.25 | 28.14 | 26.42 | 26.00 | 25.55 | 18.23 | 17.07 | 14.82 | 13.33 | 12.09 | 9.60 | 7.70 | 8.99 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Chipotle Mexican Grill Inc. | 4.63 | 4.55 | 4.56 | 4.59 | 4.53 | 4.43 | 4.50 | 4.49 | 4.40 | 4.27 | 4.18 | 4.11 | 3.91 | 3.78 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| McDonald’s Corp. | 1.04 | 1.02 | 1.05 | 1.00 | 0.98 | 0.98 | 1.02 | 1.01 | 0.97 | 0.94 | 0.92 | 0.88 | 0.80 | 0.77 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Starbucks Corp. | 4.82 | 4.87 | 4.96 | 4.99 | 4.91 | 4.92 | 4.99 | 4.85 | 4.75 | 4.56 | 4.41 | 3.89 | 3.75 | 3.77 | 3.82 | 4.17 | 4.22 | 4.12 | — | — | — | — | — | — | — | ||||||||
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
Net fixed asset turnover
= (RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023
+ RevenuesQ2 2023)
÷ Property and equipment, net
= (5,406 + 5,396 + 6,854 + 4,911)
÷ 41,515 = 0.54
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals discernible trends in the revenues, property and equipment net values, and the net fixed asset turnover ratio over the specified periods.
- Revenues (US$ in millions)
- The revenues exhibit a fluctuating pattern over time, with initial values ranging between approximately 4,200 and 6,500 million from early 2018 through early 2020. There is a sharp and significant decline starting in February 2020, dropping to as low as 31 million by May 2020, indicative of a substantial downturn likely linked to external disruptions. Following this low, there is a gradual recovery trend, with revenues increasing steadily through 2021, 2022, and into 2023 and early 2024 periods. By the last reported quarter of February 2024, revenues have rebounded to over 5,400 million, approaching or surpassing pre-decline levels, signaling a strong recovery phase.
- Property and equipment, net (US$ in millions)
- The net value of property and equipment shows a relatively stable but slightly fluctuating trajectory over the entire period. Starting from about 35,000 million in early 2018, values experience modest variations without any drastic changes until around early 2020. From 2020 onward, a gradual upward movement is observed, with the value rising from roughly 37,000 million to over 41,000 million by February 2024. This increase suggests ongoing investments or capital expenditures despite the volatile revenue environment, maintaining or expanding asset base over time.
- Net fixed asset turnover (ratio)
- This ratio, which measures the efficiency in using fixed assets to generate revenue, indicates a declining trend beginning in mid-2018 through mid-2020. The ratio falls sharply from around 0.55 down to near zero during the early 2020 period, aligning with the steep revenue decline observed. This reflects reduced utilization of property and equipment assets to drive revenues during that time. Starting from late 2020, the ratio gradually recovers, increasing steadily toward 0.54 by the beginning of 2024. This recovery trend signals improving operational efficiency and asset utilization as revenues rebound.
Overall, the data outlines a scenario where the company experienced a significant revenue shock around early 2020, coinciding with a drop in asset turnover ratio, while maintaining or slightly increasing its asset base. This was followed by a progressive recovery phase, with revenues and asset efficiency indicators trending upward and nearing pre-shock levels by early 2024.
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 (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) | |||||||||||||||||||||||||||||||||
| Revenues | 5,406) | 5,396) | 6,854) | 4,911) | 4,432) | 3,839) | 4,305) | 2,401) | 1,623) | 1,286) | 546) | 50) | 26) | 35) | 31) | 740) | 4,789) | 4,781) | 6,533) | 4,838) | 4,673) | 4,456) | 5,836) | 4,357) | 4,232) | ||||||||
| Property and equipment, net | 41,515) | 40,116) | 39,952) | 39,584) | 39,359) | 38,687) | 38,137) | 39,262) | 40,183) | 38,107) | 38,917) | 39,499) | 39,583) | 38,073) | 36,926) | 37,139) | 38,023) | 38,131) | 36,466) | 36,814) | 37,005) | 35,336) | 35,178) | 35,227) | 35,027) | ||||||||
| Operating lease right-of-use assets, net | 1,238) | 1,265) | 1,277) | 1,310) | 1,246) | 1,274) | 1,163) | 1,205) | 1,278) | 1,333) | 1,366) | 1,415) | 1,354) | 1,370) | 1,379) | 1,413) | 1,469) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 42,753) | 41,381) | 41,229) | 40,894) | 40,605) | 39,961) | 39,300) | 40,467) | 41,461) | 39,440) | 40,283) | 40,914) | 40,937) | 39,443) | 38,305) | 38,552) | 39,492) | 38,131) | 36,466) | 36,814) | 37,005) | 35,336) | 35,178) | 35,227) | 35,027) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 0.53 | 0.52 | 0.49 | 0.43 | 0.37 | 0.30 | 0.24 | 0.14 | 0.08 | 0.05 | 0.02 | 0.00 | 0.02 | 0.14 | 0.27 | 0.44 | 0.53 | 0.55 | 0.56 | 0.54 | 0.52 | 0.53 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||||||
| Airbnb Inc. | 36.32 | 35.54 | 35.56 | 34.55 | 33.49 | 32.43 | 29.45 | 26.12 | 16.30 | 13.98 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Booking Holdings Inc. | 14.99 | 14.35 | 14.99 | 14.43 | 13.76 | 13.01 | 12.51 | 11.24 | 9.40 | 8.31 | 7.63 | 5.96 | 4.65 | 5.29 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Chipotle Mexican Grill Inc. | 1.74 | 1.72 | 1.69 | 1.70 | 1.69 | 1.64 | 1.62 | 1.62 | 1.59 | 1.54 | 1.49 | 1.48 | 1.41 | 1.38 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Starbucks Corp. | 2.26 | 2.28 | 2.30 | 2.26 | 2.22 | 2.21 | 2.21 | 2.14 | 2.08 | 1.99 | 1.91 | 1.68 | 1.61 | 1.64 | 1.66 | 1.82 | 1.83 | 4.12 | — | — | — | — | — | — | — | ||||||||
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
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023
+ RevenuesQ2 2023)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (5,406 + 5,396 + 6,854 + 4,911)
÷ 42,753 = 0.53
2 Click competitor name to see calculations.
- Revenues
- Over the examined periods, revenues exhibit significant variability with observable trends. Initially, revenues increased from 4,232 million USD in February 2018 to a peak of 6,533 million USD in August 2019, indicating strong growth. This was followed by a sharp decline starting in early 2020, reaching a nadir of 26 million USD in November 2020, likely reflecting severe operational disruptions. Subsequent quarters show a gradual recovery trend, with revenues climbing back to 6,854 million USD by November 2023, though the most recent figure in February 2024 shows a slight dip to 5,406 million USD. Overall, the data suggests resilience and partial recovery after a substantial downturn.
- Property and Equipment, Net (Including Operating Lease, Right-of-Use Asset)
- This asset category generally shows a steady upward trajectory from 35,027 million USD in February 2018 to 42,753 million USD by February 2024. There are minor fluctuations within the trend, with slight decreases observed around late 2019 and again in late 2021 to early 2022; however, these changes are relatively small compared to the overall growth. The consistent increase indicates ongoing investment or capital accumulation in property and equipment over the period.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio presents the efficiency with which the company employs its fixed assets to generate revenues. Initially, this ratio hovered in the range of 0.52 to 0.56 between August 2018 and November 2019. Starting from early 2020, the ratio drastically dropped, reaching a low of 0.00 in early 2021, a clear indicator of reduced asset utilization likely related to the noted revenue decline in the same period. Since mid-2021, the ratio shows a consistent recovery back towards pre-crisis levels, rising steadily to approximately 0.53 by February 2024. This suggests improved operational efficiency in asset use following the period of disruption.
Total Asset Turnover
Carnival Corp. & plc, total asset turnover 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) | |||||||||||||||||||||||||||||||||
| Revenues | 5,406) | 5,396) | 6,854) | 4,911) | 4,432) | 3,839) | 4,305) | 2,401) | 1,623) | 1,286) | 546) | 50) | 26) | 35) | 31) | 740) | 4,789) | 4,781) | 6,533) | 4,838) | 4,673) | 4,456) | 5,836) | 4,357) | 4,232) | ||||||||
| 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) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Total asset turnover1 | 0.45 | 0.44 | 0.40 | 0.34 | 0.29 | 0.24 | 0.19 | 0.11 | 0.07 | 0.04 | 0.01 | 0.00 | 0.01 | 0.10 | 0.20 | 0.34 | 0.45 | 0.46 | 0.47 | 0.44 | 0.44 | 0.45 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Airbnb Inc. | 0.42 | 0.48 | 0.45 | 0.43 | 0.44 | 0.52 | 0.50 | 0.39 | 0.39 | 0.44 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Booking Holdings Inc. | 0.79 | 0.88 | 0.80 | 0.73 | 0.72 | 0.67 | 0.73 | 0.60 | 0.56 | 0.46 | 0.39 | 0.30 | 0.24 | 0.31 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Chipotle Mexican Grill Inc. | 1.21 | 1.23 | 1.21 | 1.23 | 1.27 | 1.25 | 1.23 | 1.24 | 1.21 | 1.13 | 1.09 | 1.08 | 1.03 | 1.00 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| McDonald’s Corp. | 0.48 | 0.45 | 0.48 | 0.48 | 0.45 | 0.46 | 0.48 | 0.48 | 0.47 | 0.43 | 0.43 | 0.42 | 0.38 | 0.36 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Starbucks Corp. | 1.26 | 1.22 | 1.22 | 1.19 | 1.16 | 1.15 | 1.14 | 1.08 | 1.05 | 0.93 | 0.92 | 0.84 | 0.77 | 0.80 | 0.83 | 0.97 | 0.97 | 1.38 | — | — | — | — | — | — | — | ||||||||
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
Total asset turnover
= (RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023
+ RevenuesQ2 2023)
÷ Total assets
= (5,406 + 5,396 + 6,854 + 4,911)
÷ 49,761 = 0.45
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in revenues, total assets, and total asset turnover ratios over the examined period.
- Revenues
- Revenues demonstrated a generally fluctuating pattern with periodic increases and sharp declines. During the initial periods from February 2018 through November 2019, revenues showed seasonal peaks typically in the middle and later parts of each year, reaching highs above 6,500 million USD in August 2019. However, starting from February 2020, there was a marked and sudden decrease, with revenues dropping drastically to values as low as 26 to 50 million USD in parts of 2020 and early 2021, reflecting a significant downturn. Recovery began in mid-2021, with revenues progressively increasing each quarter, reaching a peak of approximately 6,854 million USD in August 2023. The rebound indicates a strong recovery trend, although some fluctuations persisted into early 2024.
- Total Assets
- Total assets grew steadily from around 41,400 million USD at the beginning of 2018 to a peak near 57,200 million USD by early 2021. This period of asset growth coincides with relatively stable or increasing revenues pre-pandemic. After reaching this peak, total assets began a gradual decline, trending downward through to early 2024, falling to approximately 49,760 million USD. The decline in total assets corresponds with the pandemic period and subsequent recovery phases, suggestive of asset divestitures, impairments, or revaluations aligning with operational challenges during the downturn and restructuring efforts thereafter.
- Total Asset Turnover Ratio
- The total asset turnover ratio, which measures efficiency in generating revenue from assets, exhibited a downward trend from 0.45 in late 2018 to very low levels near zero in early 2021. This decline reflects the sharp drop in revenues while assets remained elevated. From mid-2021 onward, the ratio gradually improved, increasing consistently each quarter and reaching back to 0.45 by early 2024. This recovery aligns with the resurgence in revenues and indicates an improvement in asset utilization efficiency following the pandemic-related disruptions.
Overall, the data illustrates a strong seasonal revenue pattern disrupted by an unexpected downturn starting early 2020, likely related to external factors affecting operations. Despite the surge in total assets leading into 2021, asset efficiency deteriorated during the revenue slump. The subsequent months depict a recovery trajectory with revenues and asset turnover ratios improving, coupled with a moderate reduction in total assets, pointing towards a stabilization and adjustment phase in the company's financial position.
Equity Turnover
Carnival Corp. & plc, equity turnover 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) | |||||||||||||||||||||||||||||||||
| Revenues | 5,406) | 5,396) | 6,854) | 4,911) | 4,432) | 3,839) | 4,305) | 2,401) | 1,623) | 1,286) | 546) | 50) | 26) | 35) | 31) | 740) | 4,789) | 4,781) | 6,533) | 4,838) | 4,673) | 4,456) | 5,836) | 4,357) | 4,232) | ||||||||
| 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) | ||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Equity turnover1 | 3.38 | 3.14 | 2.88 | 2.98 | 2.43 | 1.72 | 1.15 | 0.71 | 0.34 | 0.16 | 0.04 | 0.01 | 0.04 | 0.27 | 0.53 | 0.81 | 0.86 | 0.82 | 0.81 | 0.82 | 0.80 | 0.77 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| Airbnb Inc. | 1.30 | 1.21 | 1.05 | 1.80 | 1.65 | 1.51 | 1.45 | 1.41 | 1.40 | 1.25 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Booking Holdings Inc. | — | — | — | — | 16.92 | 6.14 | 4.37 | 3.66 | 2.86 | 1.77 | 1.66 | 1.50 | 1.19 | 1.39 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Chipotle Mexican Grill Inc. | 3.04 | 3.22 | 3.30 | 3.36 | 3.62 | 3.65 | 3.62 | 3.78 | 3.67 | 3.29 | 3.11 | 3.15 | 3.01 | 2.96 | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| 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
Equity turnover
= (RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023
+ RevenuesQ2 2023)
÷ Shareholders’ equity
= (5,406 + 5,396 + 6,854 + 4,911)
÷ 6,682 = 3.38
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns over the examined periods.
- Revenues
- Revenues exhibit significant fluctuations throughout the periods. Initially, from February 2018 to November 2019, revenues generally increased with a peak in August 2019 at 6,533 million USD before declining slightly thereafter. A dramatic drop in revenues is observed beginning February 2020 through November 2020, coinciding with the onset of the global pandemic, reaching a low of 26 million USD in November 2020. From February 2021 onwards, a recovery trend is apparent as revenues gradually climb, achieving a substantial rebound in February 2023 at 4,305 million USD. Revenues fluctuate moderately in subsequent quarters but maintain a relatively higher level compared to the pandemic lows.
- Shareholders’ Equity
- Shareholders’ equity demonstrates a clear downward trajectory over the analyzed timeframe. Starting at 24,382 million USD in February 2018, equity remains relatively stable until February 2020. During the pandemic periods (from May 2020 to November 2021), shareholders’ equity declines steadily from 20,840 million USD to a low of 12,144 million USD. A further decrease is noted until May 2023, reaching 5,865 million USD. A slight increase in equity occurs in the last two reported quarters, but overall, the trend is markedly negative, indicating sustained erosion of the equity base across these years.
- Equity Turnover
- Equity turnover, which measures the efficiency of using equity to generate revenues, starts with missing data for earlier periods but becomes available beginning August 2018, where it stabilizes around 0.77 to 0.86. A sharp decline occurs during the pandemic quarters, plummeting to a low of 0.01 in November 2020. Post-pandemic, equity turnover reveals a strong recovery trend, rising substantially from 0.04 in February 2021 to 3.38 in February 2024. This increase suggests an improved capacity to generate revenue from the equity base despite the reduction in shareholders’ equity, reflecting operational recovery and possibly more efficient capital utilization during the later periods.
In summary, the financial data reflect a severe impact on revenues and equity due to external challenges around early 2020, followed by a gradual operational recovery evidenced by rising revenues and significant improvement in equity turnover. However, the continuous decline in shareholders’ equity indicates ongoing balance sheet pressures that may require management attention.