Carnival Corporation (CCL)

Debt-to-assets ratio

		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
Long-term debt	US$ in thousands	28,544,000	28,483,000	29,516,000	31,921,000	32,672,000	31,953,000	28,518,000	29,263,000	29,887,000	28,509,000	26,831,000	25,968,000	26,522,000	22,130,000	18,916,000	14,870,000	9,738,000	9,675,000	8,893,000	9,080,000
Total assets	US$ in thousands	49,761,000	49,120,000	49,756,000	51,873,000	51,985,000	51,703,000	51,917,000	52,988,000	53,281,000	53,344,000	53,514,000	55,064,000	57,226,000	53,593,000	50,818,000	49,817,000	46,943,000	45,058,000	44,001,000	44,512,000
Debt-to-assets ratio		0.57	0.58	0.59	0.62	0.63	0.62	0.55	0.55	0.56	0.53	0.50	0.47	0.46	0.41	0.37	0.30	0.21	0.21	0.20	0.20

February 29, 2024 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $28,544,000K ÷ $49,761,000K
= 0.57

The debt-to-assets ratio of Carnival Corporation has shown a fluctuating trend over the past few quarters, ranging from 0.20 to 0.63. The ratio indicates the proportion of the company's assets financed by debt.

The ratio was at its lowest point of 0.20 in November 2019 and February 2020, suggesting a higher proportion of assets being financed by equity during that period. Subsequently, there was an increase in the ratio to 0.63 in February 2023, indicating a higher reliance on debt to finance assets.

The trend appears to have been somewhat unstable, with fluctuations between 0.47 and 0.63 over the past few quarters. However, it is important to note that a higher debt-to-assets ratio may raise concerns about the company's financial leverage and ability to meet its debt obligations.

Overall, the varying debt-to-assets ratio of Carnival Corporation implies that the company has utilized both debt and equity for financing its assets, with changes in the ratio potentially reflecting shifts in the company's capital structure and financing decisions.