Does Carnival Corporation Ltd. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Carnival Corporation Ltd. (CCL) 24.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 35, returns on capital 29, balance-sheet safety 10, capital discipline 17.

How has CCL's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 24.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Carnival Corporation Ltd.

CCL · Industrials · $32.7B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power35

Median gross margin 37.8% over 8y, variable.

Returns on capital29

Median ROIC 8.5%, above the 9% hurdle in 40% of years.

Balance-sheet safety10

Net debt/EBITDA 3.5x, interest coverage 3x.

Capital discipline17

Owner earnings -0.1%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $26.41
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $13.0B (FY2007) to $26.6B (FY2025) — about 4.0% a year compounded over 18 years.

It earned 11.8% on invested capital in FY2025, with a median of 8.3% across 19 filed years. The Returns on Capital filter above scores it 29/100.

The balance sheet carried $27.4B of total debt in FY2025 against $2.8B of owner earnings — roughly 9.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 10/100.

The share count rose 99.5% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 17/100.

Put together: Pricing Power is the strongest of the four filters (35/100) and Balance-Sheet Safety the weakest (10/100), which is how CCL lands at 25/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$26.6B FY2025

Gross marginRevenue kept after cost of goods37.5% FY2024

Return on invested capitalOperating profit on the capital employed11.8% FY2025

Owner earningsCash an owner could take out$2.8B FY2025

Gaps in a line mean that item isn’t in CCL’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale24.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CCL has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#234 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#232MSN EMERSON RADIO CORP25.1 out of 100, No moatNo moat
#233TWIN TWIN DISC INC25.1 out of 100, No moatNo moat
#235GFF GRIFFON CORPORATION24.8 out of 100, No moatNo moat
#236OCC OPTICAL CABLE CORPORATION24.5 out of 100, No moatNo moat

Compare CCL with its nearest peers →All Industrials companies on the Index →

Common questions about CCL

Does Carnival Corporation Ltd. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Carnival Corporation Ltd. (CCL) 24.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 35, returns on capital 29, balance-sheet safety 10, capital discipline 17.
How has CCL's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 24.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CCL. See the disclaimer.