Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Carnival Corp. & plc, short-term (operating) 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).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Carnival Corp. & plc inventory turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Carnival Corp. & plc receivables turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Carnival Corp. & plc payables turnover ratio increased from 2021 to 2022 and from 2022 to 2023. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | |
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Carnival Corp. & plc number of days of receivables outstanding improved from 2021 to 2022 and from 2022 to 2023. |
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Carnival Corp. & plc operating cycle improved from 2021 to 2022 and from 2022 to 2023. |
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Carnival Corp. & plc number of days of payables outstanding decreased from 2021 to 2022 and from 2022 to 2023. |
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. |
Inventory Turnover
Carnival Corp. & plc, inventory 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) | |||||||
| Cruise and tour operating expenses | 14,317) | 11,757) | 4,655) | 8,245) | 12,909) | 11,089) | |
| Inventories | 528) | 428) | 356) | 335) | 427) | 450) | |
| Short-term Activity Ratio | |||||||
| Inventory turnover1 | 27.12 | 27.47 | 13.08 | 24.61 | 30.23 | 24.64 | |
| Benchmarks | |||||||
| Inventory Turnover, Competitors2 | |||||||
| Chipotle Mexican Grill Inc. | 185.34 | 184.27 | 177.91 | 186.94 | 170.29 | — | |
| McDonald’s Corp. | 155.76 | 141.94 | 144.74 | 136.62 | 154.59 | — | |
| Starbucks Corp. | 14.46 | 10.97 | 12.89 | 11.90 | 12.44 | — | |
| Inventory Turnover, Sector | |||||||
| Consumer Services | 34.08 | 24.92 | 27.58 | 23.36 | — | — | |
| Inventory Turnover, Industry | |||||||
| Consumer Discretionary | 6.99 | 6.67 | 7.04 | 7.48 | — | — | |
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
Inventory turnover = Cruise and tour operating expenses ÷ Inventories
= 14,317 ÷ 528 = 27.12
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Carnival Corp. & plc inventory turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Receivables Turnover
Carnival Corp. & plc, receivables 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) | |
| Trade and other receivables, net | 556) | 395) | 246) | 273) | 444) | 358) | |
| Short-term Activity Ratio | |||||||
| Receivables turnover1 | 38.84 | 30.81 | 7.76 | 20.49 | 46.90 | 52.74 | |
| Benchmarks | |||||||
| Receivables Turnover, Competitors2 | |||||||
| Airbnb Inc. | 39.83 | 42.00 | 42.04 | 17.80 | — | — | |
| Booking Holdings Inc. | 6.57 | 7.67 | 8.07 | 12.85 | 8.97 | — | |
| Chipotle Mexican Grill Inc. | 85.44 | 80.79 | 75.77 | 57.27 | 69.36 | — | |
| McDonald’s Corp. | 3.92 | 4.14 | 5.23 | 3.86 | 4.24 | — | |
| Starbucks Corp. | 30.38 | 27.44 | 30.92 | 26.62 | 30.15 | — | |
| Receivables Turnover, Sector | |||||||
| Consumer Services | 11.92 | 12.89 | 14.36 | 12.53 | — | — | |
| Receivables Turnover, Industry | |||||||
| Consumer Discretionary | 17.84 | 17.95 | 21.21 | 21.81 | — | — | |
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
Receivables turnover = Revenues ÷ Trade and other receivables, net
= 21,593 ÷ 556 = 38.84
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Carnival Corp. & plc receivables turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Payables Turnover
Carnival Corp. & plc, payables 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) | |||||||
| Cruise and tour operating expenses | 14,317) | 11,757) | 4,655) | 8,245) | 12,909) | 11,089) | |
| Accounts payable | 1,168) | 1,050) | 797) | 624) | 756) | 730) | |
| Short-term Activity Ratio | |||||||
| Payables turnover1 | 12.26 | 11.20 | 5.84 | 13.21 | 17.08 | 15.19 | |
| Benchmarks | |||||||
| Payables Turnover, Competitors2 | |||||||
| Airbnb Inc. | 12.08 | 10.94 | 9.77 | 10.96 | — | — | |
| Booking Holdings Inc. | 6.14 | 6.82 | 6.91 | 9.25 | 12.16 | — | |
| Chipotle Mexican Grill Inc. | 36.86 | 35.61 | 35.79 | 40.52 | 38.37 | — | |
| McDonald’s Corp. | 7.46 | 7.53 | 7.99 | 9.42 | 7.85 | — | |
| Starbucks Corp. | 16.92 | 16.57 | 17.06 | 18.50 | 15.99 | — | |
| Payables Turnover, Sector | |||||||
| Consumer Services | 10.01 | 10.75 | 11.42 | 14.22 | — | — | |
| Payables Turnover, Industry | |||||||
| Consumer Discretionary | 5.18 | 4.80 | 4.66 | 4.74 | — | — | |
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
Payables turnover = Cruise and tour operating expenses ÷ Accounts payable
= 14,317 ÷ 1,168 = 12.26
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Carnival Corp. & plc payables turnover ratio increased from 2021 to 2022 and from 2022 to 2023. |
Working Capital Turnover
Carnival Corp. & plc, working capital 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) | |||||||
| Current assets | 5,266) | 7,492) | 10,133) | 10,563) | 2,059) | 2,225) | |
| Less: Current liabilities | 11,481) | 10,605) | 10,408) | 8,686) | 9,127) | 9,204) | |
| Working capital | (6,215) | (3,113) | (275) | 1,877) | (7,068) | (6,979) | |
| Revenues | 21,593) | 12,168) | 1,908) | 5,595) | 20,825) | 18,881) | |
| Short-term Activity Ratio | |||||||
| Working capital turnover1 | — | — | — | 2.98 | — | — | |
| Benchmarks | |||||||
| Working Capital Turnover, Competitors2 | |||||||
| Airbnb Inc. | 1.51 | 1.22 | 0.99 | 0.89 | — | — | |
| Booking Holdings Inc. | 5.77 | 2.33 | 1.59 | 0.77 | 3.37 | — | |
| Chipotle Mexican Grill Inc. | 16.73 | 34.00 | 14.86 | 10.01 | 13.77 | — | |
| McDonald’s Corp. | 8.64 | 5.39 | 3.13 | 131.28 | — | — | |
| Starbucks Corp. | — | — | 18.11 | 51.17 | — | — | |
| Working Capital Turnover, Sector | |||||||
| Consumer Services | 8.74 | 5.39 | 3.49 | 3.50 | — | — | |
| Working Capital Turnover, Industry | |||||||
| Consumer Discretionary | 14.99 | 18.57 | 11.02 | 13.68 | — | — | |
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
Working capital turnover = Revenues ÷ Working capital
= 21,593 ÷ -6,215 = —
2 Click competitor name to see calculations.
Average Inventory Processing Period
Carnival Corp. & plc, average inventory processing period 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 | |||||||
| Inventory turnover | 27.12 | 27.47 | 13.08 | 24.61 | 30.23 | 24.64 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average inventory processing period1 | 13 | 13 | 28 | 15 | 12 | 15 | |
| Benchmarks (no. days) | |||||||
| Average Inventory Processing Period, Competitors2 | |||||||
| Chipotle Mexican Grill Inc. | 2 | 2 | 2 | 2 | 2 | — | |
| McDonald’s Corp. | 2 | 3 | 3 | 3 | 2 | — | |
| Starbucks Corp. | 25 | 33 | 28 | 31 | 29 | — | |
| Average Inventory Processing Period, Sector | |||||||
| Consumer Services | 11 | 15 | 13 | 16 | — | — | |
| Average Inventory Processing Period, Industry | |||||||
| Consumer Discretionary | 52 | 55 | 52 | 49 | — | — | |
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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 27.12 = 13
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. |
Average Receivable Collection Period
Carnival Corp. & plc, average receivable collection period 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 | |||||||
| Receivables turnover | 38.84 | 30.81 | 7.76 | 20.49 | 46.90 | 52.74 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average receivable collection period1 | 9 | 12 | 47 | 18 | 8 | 7 | |
| Benchmarks (no. days) | |||||||
| Average Receivable Collection Period, Competitors2 | |||||||
| Airbnb Inc. | 9 | 9 | 9 | 21 | — | — | |
| Booking Holdings Inc. | 56 | 48 | 45 | 28 | 41 | — | |
| Chipotle Mexican Grill Inc. | 4 | 5 | 5 | 6 | 5 | — | |
| McDonald’s Corp. | 93 | 88 | 70 | 95 | 86 | — | |
| Starbucks Corp. | 12 | 13 | 12 | 14 | 12 | — | |
| Average Receivable Collection Period, Sector | |||||||
| Consumer Services | 31 | 28 | 25 | 29 | — | — | |
| Average Receivable Collection Period, Industry | |||||||
| Consumer Discretionary | 20 | 20 | 17 | 17 | — | — | |
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 38.84 = 9
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Carnival Corp. & plc number of days of receivables outstanding improved from 2021 to 2022 and from 2022 to 2023. |
Operating Cycle
Carnival Corp. & plc, operating cycle calculation, comparison to benchmarks
No. days
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Average inventory processing period | 13 | 13 | 28 | 15 | 12 | 15 | |
| Average receivable collection period | 9 | 12 | 47 | 18 | 8 | 7 | |
| Short-term Activity Ratio | |||||||
| Operating cycle1 | 22 | 25 | 75 | 33 | 20 | 22 | |
| Benchmarks | |||||||
| Operating Cycle, Competitors2 | |||||||
| Chipotle Mexican Grill Inc. | 6 | 7 | 7 | 8 | 7 | — | |
| McDonald’s Corp. | 95 | 91 | 73 | 98 | 88 | — | |
| Starbucks Corp. | 37 | 46 | 40 | 45 | 41 | — | |
| Operating Cycle, Sector | |||||||
| Consumer Services | 42 | 43 | 38 | 45 | — | — | |
| Operating Cycle, Industry | |||||||
| Consumer Discretionary | 72 | 75 | 69 | 66 | — | — | |
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
Operating cycle = Average inventory processing period + Average receivable collection period
= 13 + 9 = 22
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Carnival Corp. & plc operating cycle improved from 2021 to 2022 and from 2022 to 2023. |
Average Payables Payment Period
Carnival Corp. & plc, average payables payment period 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 | |||||||
| Payables turnover | 12.26 | 11.20 | 5.84 | 13.21 | 17.08 | 15.19 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average payables payment period1 | 30 | 33 | 62 | 28 | 21 | 24 | |
| Benchmarks (no. days) | |||||||
| Average Payables Payment Period, Competitors2 | |||||||
| Airbnb Inc. | 30 | 33 | 37 | 33 | — | — | |
| Booking Holdings Inc. | 59 | 54 | 53 | 39 | 30 | — | |
| Chipotle Mexican Grill Inc. | 10 | 10 | 10 | 9 | 10 | — | |
| McDonald’s Corp. | 49 | 48 | 46 | 39 | 46 | — | |
| Starbucks Corp. | 22 | 22 | 21 | 20 | 23 | — | |
| Average Payables Payment Period, Sector | |||||||
| Consumer Services | 36 | 34 | 32 | 26 | — | — | |
| Average Payables Payment Period, Industry | |||||||
| Consumer Discretionary | 70 | 76 | 78 | 77 | — | — | |
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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 12.26 = 30
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Carnival Corp. & plc number of days of payables outstanding decreased from 2021 to 2022 and from 2022 to 2023. |
Cash Conversion Cycle
Carnival Corp. & plc, cash conversion cycle calculation, comparison to benchmarks
No. days
| Nov 30, 2023 | Nov 30, 2022 | Nov 30, 2021 | Nov 30, 2020 | Nov 30, 2019 | Nov 30, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Average inventory processing period | 13 | 13 | 28 | 15 | 12 | 15 | |
| Average receivable collection period | 9 | 12 | 47 | 18 | 8 | 7 | |
| Average payables payment period | 30 | 33 | 62 | 28 | 21 | 24 | |
| Short-term Activity Ratio | |||||||
| Cash conversion cycle1 | -8 | -8 | 13 | 5 | -1 | -2 | |
| Benchmarks | |||||||
| Cash Conversion Cycle, Competitors2 | |||||||
| Chipotle Mexican Grill Inc. | -4 | -3 | -3 | -1 | -3 | — | |
| McDonald’s Corp. | 46 | 43 | 27 | 59 | 42 | — | |
| Starbucks Corp. | 15 | 24 | 19 | 25 | 18 | — | |
| Cash Conversion Cycle, Sector | |||||||
| Consumer Services | 6 | 9 | 6 | 19 | — | — | |
| Cash Conversion Cycle, Industry | |||||||
| Consumer Discretionary | 2 | -1 | -9 | -11 | — | — | |
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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 13 + 9 – 30 = -8
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. |