Carnival Corporation (CCL)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	6,682,000	6,882,000	6,960,000	5,865,000	6,170,000	7,065,000	8,379,000	8,260,000	10,311,000	12,144,000	14,863,000	17,876,000	19,813,000	20,555,000	19,503,000	20,840,000	24,290,000	25,365,000	25,295,000	24,108,000
Debt-to-capital ratio		0.81	0.81	0.81	0.84	0.84	0.82	0.77	0.78	0.74	0.70	0.64	0.59	0.57	0.52	0.49	0.42	0.29	0.28	0.26	0.27

February 29, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $28,544,000K ÷ ($28,544,000K + $6,682,000K)
= 0.81

The debt-to-capital ratio of Carnival Corporation has shown some fluctuations over the past several quarters. The ratio stood at 0.81 in February 2024, which remained consistent with the previous quarter in November 2023. Prior to that, there was a slight increase in the ratio from 0.77 in August 2023 to 0.84 in May 2023.

Looking further back, we see a generally increasing trend in the debt-to-capital ratio from February 2022 to November 2021, where it increased from 0.74 to 0.70 and then to 0.64. This upward trend is reversed starting in August 2021, with the ratio decreasing steadily to its lowest point of 0.26 in May 2019. Subsequently, there was a noticeable increase in the ratio to 0.27 in August 2019 and a more significant rise to 0.29 in February 2020.

Overall, the debt-to-capital ratio of Carnival Corporation has experienced fluctuations over the past few years, reaching a peak of 0.84 and a low of 0.26 during this period. The trend has been somewhat volatile, indicating changes in the company's capital structure and debt levels relative to its total capital.