Carnival Corporation — Earnings Quality Grade F
CCL · Consumer Cyclical
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 9 days, change +1 days YoY
AR growth 14.9% exceeds revenue growth 6.4%
Revenue 6.4%, CFFO 5.0%. Cash follows revenue
Expense Quality
Inventory -0.4% vs COGS 2.0%. Normal
CapEx growth -21.9% vs revenue 6.4%. Normal
SG&A/Gross Profit = 31.9%. Normal
Gross margin 40.1%, change +2.6pp. Stable
Cash Flow Quality
CFFO/NI = 2.25. Profits backed by cash
FCF $2.6B, FCF/NI = 0.94
Accruals ratio = -6.7%. Low accruals
Cash $1.9B covers only 7% of debt $28.0B
Balance Sheet Health
Goodwill+Intangibles $1.8B = 14% of equity. Manageable
Debt/EBITDA = 4.1x (>4x). Financial stress
Other assets 14.8% vs revenue 6.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 1% YoY. Normal
Manipulation Score
M-Score = -2.68 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10