Carnival Corporation (CCL)

Fixed asset turnover

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019
Revenue	US$ in thousands	19,429,000	10,558,000	1,908,000	4,236,000	20,619,000
Property, plant and equipment	US$ in thousands	40,116,000	38,687,000	38,107,000	38,073,000	38,131,000
Fixed asset turnover		0.48	0.27	0.05	0.11	0.54

November 30, 2023 calculation

Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $19,429,000K ÷ $40,116,000K
= 0.48

The fixed asset turnover ratio for Carnival Corp. has exhibited significant fluctuations over the past five years. In 2019, the ratio stood at 0.55, indicating that the company generated $0.55 in sales for every dollar of fixed assets. This was followed by a sharp decrease to 0.15 in 2020, suggesting a decrease in efficiency in utilizing fixed assets to generate sales. The ratio further declined to 0.05 in 2021, reflecting a substantial decrease in the company's ability to generate sales from its fixed assets. However, there was a notable improvement in 2022, with the ratio increasing to 0.31, indicating a recovery in the efficiency of fixed asset utilization. The most recent data for November 30, 2023, shows a further increase in the ratio to 0.54, signaling continued improvement in the company's ability to generate sales from its fixed assets. Overall, the fluctuation in Carnival Corp.'s fixed asset turnover ratio suggests varying levels of efficiency in generating revenue from its investment in fixed assets over the years.