Carnival price to free cash flow CCL

Market value divided by free cash flow over the last twelve months, since 2010.

Today, Oct 23, 2026: 11.1×
10-year median: 14.7×
Against its 10-year history: 9th; percentile: 0 is its lowest day, 100 its highest
10-year range: 6.9× to 499×
Peer median: 14.8×

Carnival's price to free cash flow is 11.1× as of Oct 23, 2026.

That is below its ten-year median of 14.7×, lower than on 91% of days in the last ten years.

Over that time it ranged from 6.9× in Apr 2020 to 499× in Jan 2020.

The median for 10 travel stocks of a similar size is 14.8×.

Price to free cash flow over time

median 14.7×

The dashed line is the 10-year median and the shaded band the middle half of its days.

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2026 so far	11.1×	9.3×	16.1×
2025	12.3×	9.7×	24.8×
2024	23.6×	10.4×	25.3×
2023	n/m a value too high to mean anything
2022	n/m a value too high to mean anything
2021	n/m a value too high to mean anything
2020	12.9×	6.9×	499×
2019	24.3×	13.0×	97.9×
2018	12.6×	12.4×	16.6×
2017	14.9×	13.8×	16.8×
2016	13.4×	8.9×	19.4×
2015	20.3×	18.4×	54.4×
2014	21.6×	16.5×	36.6×
2013	26.2×	14.8×	34.8×
2012	26.7×	16.7×	64.3×
2011	33.9×	17.1×	121×
2010	225×	182×	225×

Against its peers

Companies in Travel Services nearest Carnival's size, closest first, today.

Company	Price to free cash flow
CCLCarnival	11.1×
EXPEExpedia	7.8×
ROLRollins	27.1×
RCLRoyal Caribbean Cruises	n/m
ABNBAirbnb	n/m
BKNGBooking	12.3×
KEXKirby	14.8×
NCLHNorwegian Cruise Line	n/m
MATXMatson	n/m
GATXGatx	n/m
FTDRFrontdoor	15.1×
Peer median	14.8×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on Carnival

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.