Carnival vs Disney
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KIRA’s take AI analyst
I put Carnival and Disney side by side, using each one’s latest annual report. Here is what stands out:
- 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 22.8x against 11.7x for Carnival.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Carnival
CCL
4/10
Revenue growth5-year growthReturn on capitalReturn on equity
Disney
DIS
5/10
Operating marginNet marginFCF marginNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | CCL FY25 | DIS FY25 |
|---|---|---|
| Size | ||
| Market cap | $36.7B | $192.4B |
| 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 | 11.7x | 22.8x |
| Piotroski F-score | 7 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.