Carnival Corporation (CCL)

Activity ratios

Short-term

Turnover ratios

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020
Inventory turnover	30.85	31.37	29.57	27.71	27.12	29.72	31.53	29.10	27.47	24.31	19.88	16.45	13.91	10.74	11.01	16.65	24.42	30.46	34.85	30.20
Receivables turnover	41.47	37.13	44.20	31.72	34.92	36.86	34.53	25.68	26.73	21.70	12.47	9.34	5.14	2.33	0.64	2.59	19.62	26.74	27.33	51.19
Payables turnover	13.80	14.53	14.16	13.34	12.26	13.01	13.26	12.76	11.20	11.10	9.26	8.35	6.21	5.15	6.80	10.29	13.11	15.39	6.97	14.70
Working capital turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.10	0.17	2.85	—	—	—

Inventory Turnover Ratio:
- Carnival Corporation's inventory turnover ratio has been fluctuating over the years. It was relatively high in early 2020 and has been declining since then. The company's ability to turn over inventory has decreased, indicating a potential slow-down in sales or ineffective inventory management.

Receivables Turnover Ratio:
- The receivables turnover ratio for Carnival Corporation shows a significant decrease from early 2020 through mid-2021 but has been increasing steadily since then. This could suggest an improvement in the company's collection of receivables or a reduction in credit sales.

Payables Turnover Ratio:
- The payables turnover ratio for Carnival Corporation has shown a consistent pattern of gradually increasing over the years. This indicates that the company is taking longer to pay its suppliers, which could be a strategy to improve cash flows or maintain liquidity.

Working Capital Turnover:
- The working capital turnover ratio for Carnival Corporation has been unavailable for most of the period analyzed, indicating insufficient data. However, in late 2020, the ratio was relatively low, suggesting that the company was not effectively utilizing its working capital to generate revenue.

Overall, based on the activity ratios analyzed, Carnival Corporation may need to focus on improving its inventory management efficiency, maintaining a balance between collecting receivables and paying payables, and utilizing working capital more effectively to enhance overall operational performance and financial health.

Average number of days

		Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020
Days of inventory on hand (DOH)	days	11.83	11.63	12.34	13.17	13.46	12.28	11.57	12.54	13.29	15.01	18.36	22.19	26.24	33.99	33.15	21.93	14.94	11.98	10.47	12.08
Days of sales outstanding (DSO)	days	8.80	9.83	8.26	11.51	10.45	9.90	10.57	14.22	13.65	16.82	29.28	39.09	71.04	156.83	572.45	140.82	18.60	13.65	13.36	7.13
Number of days of payables	days	26.44	25.11	25.78	27.37	29.78	28.05	27.54	28.61	32.60	32.88	39.40	43.71	58.74	70.93	53.71	35.49	27.84	23.72	52.34	24.83

Carnival Corporation's activity ratios provide insights into the efficiency of its operations in managing inventory, collecting receivables, and paying payables.

1. Days of Inventory on Hand (DOH):
- The DOH ratio indicates the number of days a company holds inventory before selling it.
- Carnival Corporation's DOH has fluctuated over the years, ranging from a low of 10.47 days to a high of 33.99 days.
- A decreasing trend in DOH, as observed from August 31, 2022, to August 31, 2024, suggests improved inventory management efficiency, leading to faster inventory turnover.

2. Days of Sales Outstanding (DSO):
- The DSO ratio measures the average number of days it takes for a company to collect payment after making a sale.
- Carnival Corporation's DSO experienced significant fluctuations, with the highest DSO at 572.45 days on May 31, 2021, and the lowest at 8.26 days on May 31, 2024.
- The decreasing trend in DSO from May 31, 2021, indicates the company has improved its accounts receivable collection process, potentially enhancing cash flow and liquidity.

3. Number of Days of Payables:
- This ratio indicates the average number of days a company takes to pay its suppliers or vendors.
- Carnival Corporation's payables days ranged from 23.72 days to 70.93 days over the evaluated period.
- The increasing trend in payables days from August 31, 2021, to August 31, 2024, suggests a longer payment cycle or potential negotiation leverage with suppliers to extend payment terms.

Overall, these activity ratios provide valuable insights into Carnival Corporation's operational efficiency and effectiveness in managing working capital components.

Long-term

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020
Fixed asset turnover	0.59	0.55	0.52	0.49	0.48	0.45	0.39	0.34	0.27	0.20	0.11	0.06	0.03	0.02	0.00	0.02	0.14	0.27	0.44	0.55
Total asset turnover	0.50	0.47	0.44	0.41	0.40	0.36	0.30	0.25	0.20	0.15	0.08	0.05	0.02	0.01	0.00	0.01	0.10	0.20	0.33	0.44

The fixed asset turnover ratio for Carnival Corporation has shown a fluctuating trend over the period analyzed. It started at 0.55 on February 29, 2020, decreased sharply to 0.02 by February 28, 2021, and gradually increased to 0.59 by November 30, 2024. This ratio measures how efficiently the company generates sales from its fixed assets, such as ships and infrastructure.

On the other hand, the total asset turnover ratio, which indicates how well the company utilizes all its assets to generate revenue, also experienced fluctuations. It started at 0.44 on February 29, 2020, dropped to 0.01 by February 28, 2021, and then increased to 0.50 by November 30, 2024.

Overall, the fixed asset turnover ratio has shown more volatility compared to the total asset turnover ratio throughout the period analyzed. The increase in both ratios from 2021 to 2024 suggests an improvement in efficiency in generating sales relative to fixed and total assets, which is a positive indicator of the company's operational performance and asset utilization.