Carnival vs Disney
Add, change or remove companies; up to four.
The short version
- Disney is the larger business, with $94.4B of revenue in fiscal 2025 against $26.6B for Carnival, about 3.5 times as much.
- Carnival grew revenue faster (6.4%, against 3.4%).
- Disney kept more of each dollar of sales as operating profit (18.6% operating margin, against 16.8%).
- Disney turned more of its sales into free cash flow (10.7% FCF margin, against 9.8%).
- Investors pay more for each dollar of Disney’s earnings: a P/E of 23.2x against 11.4x for Carnival.
| Latest fiscal year | CCL · FY25 | DIS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.7B | $196.1B |
| Revenue | $26.6B | $94.4B |
| Free cash flow | $2.6B | $10.1B |
| Net income | $2.8B | $12.4B |
| Growth | ||
| Revenue growth | 6.4% | 3.4% |
| 5-year growth | 36.6% | 7.6% |
| Share count change | 0.3% | −1.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.8% | 18.6% |
| Net margin | 10.4% | 13.1% |
| FCF margin | 9.8% | 10.7% |
| Return on capital | 12.1% | 11.8% |
| Return on equity | 25.6% | 11.8% |
| Balance sheet | ||
| Net debt | $25.5B | $36.5B |
| Net debt / EBITDA | 3.5x | 1.6x |
| Dividends and buybacks | $0.0M | $5.3B |
| Valuation & quality | ||
| P/E | 11.4x | 23.2x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
CCL $16.4B
DIS —
FY17
CCL $17.5B
DIS $55.1B
FY18
CCL $18.9B
DIS $59.4B
FY19
CCL $20.8B
DIS $69.6B
FY20
CCL $5.6B
DIS $65.4B
FY21
CCL $1.9B
DIS $67.4B
FY22
CCL $12.2B
DIS $82.7B
FY23
CCL $21.6B
DIS $88.9B
FY24
CCL $25.0B
DIS $91.4B
FY25
CCL $26.6B
DIS $94.4B
CCL
DIS
Operating margin
FY16
CCL 18.7%
DIS —
FY17
CCL 16.0%
DIS 26.8%
FY18
CCL 17.6%
DIS 26.4%
FY19
CCL 15.7%
DIS 21.3%
FY20
CCL −158.5%
DIS 12.4%
FY21
CCL −371.5%
DIS 11.5%
FY22
CCL −36.0%
DIS 14.7%
FY23
CCL 9.1%
DIS 14.5%
FY24
CCL 14.3%
DIS 17.1%
FY25
CCL 16.8%
DIS 18.6%
CCL
DIS
Free cash flow
FY16
CCL $2.1B
DIS —
FY17
CCL $2.4B
DIS $8.7B
FY18
CCL $1.8B
DIS $9.8B
FY19
CCL $46.0M
DIS $1.1B
FY20
CCL −$9.9B
DIS $3.6B
FY21
CCL −$7.7B
DIS $2.0B
FY22
CCL −$6.6B
DIS $1.1B
FY23
CCL $997M
DIS $4.9B
FY24
CCL $1.3B
DIS $8.6B
FY25
CCL $2.6B
DIS $10.1B
CCL
DIS
Return on capital
FY16
CCL 9.8%
DIS —
FY17
CCL 8.4%
DIS —
FY18
CCL 9.6%
DIS —
FY19
CCL 9.0%
DIS 11.3%
FY20
CCL −18.0%
DIS 4.8%
FY21
CCL −14.0%
DIS 5.9%
FY22
CCL −9.5%
DIS 6.1%
FY23
CCL 4.6%
DIS 6.7%
FY24
CCL 10.4%
DIS 8.4%
FY25
CCL 12.1%
DIS 11.8%
CCL
DIS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.