Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Carnival Corp. & plc, EBITDA calculation

US$ in millions

12 months ended:	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Add: Income tax expense	12)	13)	(21)	(17)	71)	54)
Earnings before tax (EBT)	(62)	(6,080)	(9,522)	(10,253)	3,061)	3,206)
Add: Interest expense, net of capitalized interest	2,066)	1,609)	1,601)	895)	206)	194)
Earnings before interest and tax (EBIT)	2,004)	(4,471)	(7,921)	(9,358)	3,267)	3,400)
Add: Depreciation and amortization	2,370)	2,275)	2,233)	2,241)	2,160)	2,017)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,374)	(2,196)	(5,688)	(7,117)	5,427)	5,417)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Carnival Corp. & plc EBITDA increased from 2021 to 2022 and from 2022 to 2023.

Carnival Corp. & plc, current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	50,665)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,374)
Valuation Ratio
EV/EBITDA	11.58
Benchmarks
EV/EBITDA, Competitors¹
Airbnb Inc.	33.56
Booking Holdings Inc.	22.73
Chipotle Mexican Grill Inc.	40.79
McDonald’s Corp.	17.60
Starbucks Corp.	19.32
EV/EBITDA, Sector
Consumer Services	21.40
EV/EBITDA, Industry
Consumer Discretionary	25.13

Based on: 10-K (reporting date: 2023-11-30).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Carnival Corp. & plc, historical EV/EBITDA 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)
Enterprise value (EV)¹	48,824)	42,851)	46,458)	38,340)	44,007)	49,870)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	4,374)	(2,196)	(5,688)	(7,117)	5,427)	5,417)
Valuation Ratio
EV/EBITDA³	11.16	—	—	—	8.11	9.21
Benchmarks
EV/EBITDA, Competitors⁴
Airbnb Inc.	40.65	36.61	338.63	—	—	—
Booking Holdings Inc.	19.60	19.20	45.39	73.17	10.49	—
Chipotle Mexican Grill Inc.	36.37	29.62	40.00	79.87	34.03	—
McDonald’s Corp.	18.04	20.87	17.49	21.03	17.65	—
Starbucks Corp.	17.75	19.88	18.77	38.99	17.27	—
EV/EBITDA, Sector
Consumer Services	20.97	22.11	25.46	59.23	—	—
EV/EBITDA, Industry
Consumer Discretionary	18.14	19.78	21.32	29.33	—	—