CCLCarnival Corp Ltd.

Water Transportation

Revenue: $26.6B; 6.4% YoY
Operating margin: 16.8%; 18% YoY
EBITDA: $7.3B; 19% YoY
Market cap: $38.8B
Employees: 101,000; $264K revenue each
Net debt / EBITDA: 3.2×; $23.3B net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
225% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$264K per employee
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$38.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.9B	$12.2B	$21.6B	$25.0B	$26.6B	6.4%
Operating income	−$7.1B	−$4.4B	$2.0B	$3.6B	$4.5B	25%
Net income	−$9.5B	−$6.1B	−$74M	$1.9B	$2.8B	44%
Operating cash flow	−$4.1B	−$1.7B	$4.3B	$5.9B	$6.2B	5.0%
Capex	$3.6B	$4.9B	$3.3B	$4.6B	$3.6B	22%
Stock-based comp	$121M	$101M	$53M	$62M	$98M	58%
Buybacks	$0	$0	—	—	—
Dividends	$0	$0	—	—	—

Deal filings

Filed	Form	Acquirer	Price	Premium
Feb 27, 2026	DEFM14A	—	$57.29	30%

13D filers

Filed	Filer	Form	Stake	Intent
Nov 26, 2025	ARISON MICKY MEIR	SCHEDULE 13D/A	8.1%	Passive
Feb 9, 2024	ARISON MICKY MEIR	SC 13D/A	7.2%	Passive
Jan 27, 2023	ARISON MICKY MEIR	SC 13D/A	10.9%	Passive
Mar 1, 2022	ARISON MICKY MEIR	SC 13D/A	8.2%	Passive
Dec 11, 2020	ARISON MICKY MEIR	SC 13D/A	8.7%	Passive
Nov 12, 2020	ARISON MICKY MEIR	SC 13D/A	11.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $14M · 6
Net: −$14M

Pay vs performance

No pay-versus-performance disclosure yet.