Carnival Corporation (CCL)

Activity ratios

Short-term

Turnover ratios

	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	Nov 30, 2019	Aug 31, 2019	May 31, 2019
Inventory turnover	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	30.23	26.09	23.95
Receivables turnover	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	46.44	46.13	48.64
Payables turnover	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	17.08	18.09	15.15
Working capital turnover	—	—	—	—	—	—	—	—	—	—	—	0.10	0.17	2.85	—	—	—	—	—	—

Carnival Corporation's activity ratios provide insights into the efficiency of its operations over time.

1. Inventory turnover has shown a generally increasing trend over the periods provided, reaching a peak of 31.53 in May 2023. This indicates that Carnival is selling its inventory more quickly in recent periods, reflecting efficient inventory management.

2. Receivables turnover has been volatile, with fluctuations between periods. The company's ability to collect on receivables improved significantly in some periods, as evidenced by peaks such as 36.86 in Aug 2023. However, there were also periods of lower turnover rates, suggesting potential challenges in collecting outstanding payments.

3. Payables turnover has generally been stable, indicating consistent payment practices. Carnival's payables turnover ranged between 9.26 and 17.08, with a peak in Aug 2019. This suggests that Carnival has been managing its payables effectively, possibly negotiating favorable payment terms.

4. The working capital turnover data is not provided for most periods, making it difficult to analyze this ratio's trend over time.

Overall, Carnival Corporation's activity ratios reflect an efficient management of inventory and payables turnover, with some variability in receivables turnover. Monitoring these ratios can help assess the company's operational efficiency and working capital management strategies.

Average number of days

		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	Nov 30, 2019	Aug 31, 2019	May 31, 2019
Days of inventory on hand (DOH)	days	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	12.07	13.99	15.24
Days of sales outstanding (DSO)	days	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	7.86	7.91	7.50
Number of days of payables	days	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	21.38	20.17	24.09

Days of inventory on hand (DOH) measures how many days, on average, a company takes to convert its inventory into sales. A lower DOH indicates efficient inventory management and faster turnover of inventory. Carnival Corporation's DOH has fluctuated over the periods provided, ranging from 10.47 days to 33.99 days. The trend shows that the company has been able to reduce its inventory holding period over time, reflecting improved efficiency in managing its inventory levels.

Days of sales outstanding (DSO) reflects the average number of days it takes for a company to collect revenue after a sale is made. A lower DSO indicates quicker collection of receivables and better cash flow management. In the case of Carnival Corporation, the DSO has exhibited significant variability, ranging from 7.13 days to 572.45 days. The prolonged DSO periods in some periods may suggest challenges in timely collection of receivables, which could impact cash flow and liquidity.

Number of days of payables measures how long a company takes to pay off its suppliers. A longer number of days of payables implies that the company is taking longer to settle its payables, which can be beneficial for cash flow but might strain supplier relationships. Carnival Corporation's days of payables have fluctuated between 20.17 days and 70.93 days. The trend indicates some variability in the company's payment practices, with periods of both shorter and longer payment cycles.

Overall, analyzing Carnival Corporation's activity ratios shows fluctuations in inventory turnover, collection of receivables, and payment to suppliers over the periods provided. Monitoring these ratios can provide insights into the company's operational efficiency, working capital management, and financial performance.

Long-term

	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	Nov 30, 2019	Aug 31, 2019	May 31, 2019
Fixed asset turnover	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	0.54	0.56	0.54
Total asset turnover	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	0.46	0.46	0.44

Carnival Corporation's long-term activity ratios, specifically the fixed asset turnover and total asset turnover, provide insights into how efficiently the company is utilizing its fixed and total assets to generate revenue.

The fixed asset turnover ratio measures how efficiently Carnival is generating sales from its fixed assets. Over the period, the fixed asset turnover ratio has been fluctuating, ranging from 0.00 to 0.56. The ratio shows a general increasing trend over time, indicating that the company has improved its efficiency in generating revenue from its fixed assets.

On the other hand, the total asset turnover ratio reflects how well Carnival is utilizing all its assets to generate sales. The total asset turnover ratio has also shown fluctuations over the period, varying between 0.00 and 0.46. Similar to the fixed asset turnover ratio, the total asset turnover ratio has trended upwards, suggesting an improvement in the efficiency of revenue generation from total assets.

Overall, the increasing trend in both fixed asset turnover and total asset turnover ratios indicates that Carnival Corporation has become more efficient in utilizing its assets to generate revenue over the analyzed period. However, further analysis and comparison with industry benchmarks may be necessary to assess the company's performance more comprehensively.