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Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 6 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-28 | Deeble Helen Director | Open-market sale | 25,000 | $27.75 | $694k |
| 2026-08-25 | 2 co-filers Chairman of the Board | Giftindirect | 248,015 | — | — |
| 2026-08-24 | 2 co-filers Chairman of the Board | Giftindirect | 91,028 | — | — |
| 2026-05-28 | Deynes Bettina Alejandra |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Open-market sale |
| 43,058 |
| $28.10 |
| $1.2m |
| 2026-05-11 | 2 co-filers Group filing | Tax withholding | 616 | $26.38 | $16k |
| 2026-05-11 | 2 co-filers Group filing | Tax withholding | 616 | $26.38 | $16k |
| 2026-05-11 | 2 co-filers Group filing | Tax withholding | 3,625 | $26.38 | $96k |
| 2026-05-11 | 3 co-filers Group filing | Tax withholding | 616 | $26.38 | $16k |
| 2026-05-11 | 2 co-filers Group filing | Tax withholding | 616 | $26.38 | $16k |
| 2026-05-11 | 2 co-filers Group filing | Tax withholding | 3,471 | $26.38 | $92k |
| 2026-05-11 | 2 co-filers Group filing | Tax withholding | 616 | $26.38 | $16k |
| 2026-05-11 | 2 co-filers Group filing | Tax withholding | 616 | $26.38 | $16k |
| 2026-05-11 | 3 co-filers Group filing | Open-market sale | 0 | $25.22 | $5 |
| 2026-05-08 | Bernstein David CFO & CAO | Grant | 49,894 | $0.00 | $0 |
| 2026-05-08 | 2 co-filers Group filing | Grant | 7,712 | $0.00 | $0 |
| 2026-05-08 | Weisenburger Randall J Director | Grant | 7,712 | $0.00 | $0 |
| 2026-05-08 | Weinstein Joshua Ian Chief Executive Officer | Grant | 190,965 | $0.00 | $0 |
| 2026-05-08 | 2 co-filers Group filing | Grant | 7,712 | $0.00 | $0 |
| 2026-05-08 | 3 co-filers Group filing | Grant | 7,712 | $0.00 | $0 |
| 2026-05-08 | Miguez Enrique General Counsel | Grant | 31,399 | $0.00 | $0 |
| 2026-05-08 | Ljoen Lars Jakob Chief Maritime Officer | Grant | 21,795 | $0.00 | $0 |
| 2026-05-08 | 2 co-filers Group filing | Grant | 7,712 | $0.00 | $0 |
| 2026-05-08 | 2 co-filers Group filing | Grant | 7,712 | $0.00 | $0 |
| 2026-05-08 | Deynes Bettina Alejandra Chief Human Resources Officer | Grant | 20,778 | $0.00 | $0 |
| 2026-05-08 | 2 co-filers Group filing | Grant | 7,712 | $0.00 | $0 |
| 2026-05-08 | 2 co-filers Group filing | Grant | 7,712 | $0.00 | $0 |
| 2026-05-08 | 2 co-filers Group filing | Grant | 7,712 | $0.00 | $0 |
| 2026-04-21 | 2 co-filers Chief Human Resources Officer | Tax withholding | 2,304 | $28.74 | $66k |
| 2026-04-21 | 2 co-filers Chief Executive Officer | Tax withholding | 22,185 | $28.74 | $638k |
| 2026-04-21 | 2 co-filers General Counsel | Tax withholding | 2,649 | $28.74 | $76k |
| 2026-04-21 | 2 co-filers Chief Maritime Officer | Tax withholding | 1,710 | $28.74 | $49k |
| 2026-04-21 | 2 co-filers CFO & CAO | Tax withholding | 7,578 | $28.74 | $218k |
| 2026-04-21 | 2 co-filers Chief Executive Officer | Tax withholding | 34,613 | $28.74 | $995k |
| 2026-04-21 | 2 co-filers Chief Maritime Officer | Tax withholding | 3,059 | $28.74 | $88k |
| 2026-04-21 | 2 co-filers Chief Human Resources Officer | Tax withholding | 3,918 | $28.74 | $113k |
| 2026-04-21 | 2 co-filers General Counsel | Tax withholding | 4,465 | $28.74 | $128k |
| 2026-04-21 | 2 co-filers CFO & CAO | Tax withholding | 9,734 | $28.74 | $280k |
| 2026-04-01 | 2 co-filers Group filing | Open-market sale | 11,988 | $26.19 | $314k |
| 2026-03-31 | 2 co-filers Group filing | Open-market sale | 12 | $24.98 | $300 |
| 2026-02-10 | 3 co-filers General Counsel | Grant | 63,581 | $0.00 | $0 |
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 10 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RCL | $82.2B | 19.7× | — | 4.6× | 8.8% | 49.4% | 23.8% | 42.5% | 13.6% | — | 340 |
| CCL | $38.8B | 14.3× | — | 1.5× | 6.4% | — | 10.4% | 22.5% | 7.1% | — | 6 |
| NCLH | $8.1B | 19.1× | 8.3× | 0.8× | 3.7% | 42.6% | 4.3% | 19.2% | 2.5% | 5.3× | 158 |
| KEX | $7.6B | 22.7× | 11.1× | 2.3× | 3.0% | — | 10.5% | 10.5% | 8.3% | 1.1× | 104 |
| MATX | $6.7B | 16.2× | 10.7× | 2.0× | -2.3% | — | 13.3% | 16.1% | 14.3% | 0.3× | 104 |
| INSW | $5.7B | 18.0× | 12.1× | 6.8× | -11.4% | — | 36.7% | 15.3% | 12.0% | 0.9× | 85 |
| GLNG | $4.7B | — | 42.7× | 12.0× | 51.1% | — | 16.7% | 3.6% | 1.4% | 10.8× | 41 |
| TDW | $4.3B | 13.2× | 10.2× | 3.2× | 0.5% | — | 24.7% | 24.5% | 16.6% | 0.2× | 76 |
| TNK | $3.5B | 10.0× | 6.7× | 3.7× | -22.6% | 66.7% | 36.9% | 17.2% | 17.2% | -2.1× | 36 |
| NAT | $1.7B | 131.8× | 19.7× | 5.7× | -16.6% | 62.3% | 4.2% | 2.8% | 1.4% | 3.6× | 62 |
| FLNG | $1.5B | 20.6× | 11.6× | 4.4× | -2.4% | — | 21.5% | 10.4% | 2.9% | 5.6× | 38 |
Peers = companies sharing CCL's sector (Water Transportation) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $28.83 today, the market must believe free cash flow compounds 17.8%/yr for a decade (off $1.63B on the 3-yr avg basis).
On the basis ($1.56B) the requirement is 18.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 17.8% is more optimistic than its 9-yr track record.
Default is 10.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.34B shares (market data) · net debt $24.71B
mean -3607.2% · volatility σ 8848% · implied rate exceeded in 2/6 yrs
Central path = implied 17.8%/yr growth; shaded band = ±1σ (8848%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $2.61B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.62B 100.0% | $25.02B 100.0% | $21.59B 100.0% | $12.17B 100.0% | $1.91B 100.0% | $5.59B 100.0% | $20.82B 100.0% | $18.88B 100.0% | $17.51B 100.0% | $16.39B 100.0% |
| Cost of Revenue | — | $15.64B 62.5% | $14.32B 66.3% | $11.76B 96.6% | $4.66B 244.0% | — | $12.91B 62.0% | $11.09B 58.7% | $10.50B 60.0% | $9.38B 57.3% |
| Selling, General & Admin | $3.40B 12.8% | $3.25B 13.0% | $2.95B 13.7% | $2.52B 20.7% | $1.89B 98.8% | $1.88B 33.6% | $2.48B 11.9% | $2.45B 13.0% | $2.27B 12.9% | $2.20B 13.4% |
| Total Operating Expenses | — | $21.45B 85.7% | $19.64B 90.9% | $16.55B 136.0% | $9.00B 471.5% | $14.46B 258.4% | $17.55B 84.3% | $15.56B 82.4% | $14.70B 84.0% | $13.32B 81.3% |
| Operating Income | $4.48B 16.8% | $3.57B 14.3% | $1.96B 9.1% | -$4.38B -36.0% | -$7.09B -371.5% | -$8.87B -158.4% | $3.28B 15.7% | $3.33B 17.6% | $2.81B 16.0% | $3.07B 18.7% |
| Interest Expense | $1.35B 5.1% | $1.75B 7.0% | $2.07B 9.6% | $1.61B 13.2% | $1.60B 83.9% | $895.0M 16.0% | $206.0M 1.0% | $194.0M 1.0% | $198.0M 1.1% | $223.0M 1.4% |
| Interest & Investment Income | $51.0M 0.2% | $93.0M 0.4% | $233.0M 1.1% | $74.0M 0.6% | $12.0M 0.6% | $18.0M 0.3% | $23.0M 0.1% | $14.0M 0.1% | $9.0M 0.1% | $6.0M 0.0% |
| Other Income (Expense), net | -$4.0M -0.0% | -$1.66B -6.6% | -$2.02B -9.3% | -$1.70B -14.0% | -$2.43B -127.5% | -$1.39B -24.8% | -$215.0M -1.0% | -$118.0M -0.6% | -$143.0M -0.8% | -$243.0M -1.5% |
| Pretax Income | $2.77B 10.4% | $1.92B 7.7% | -$62.0M -0.3% | -$6.08B -50.0% | -$9.52B -499.1% | -$10.25B -183.3% | $3.06B 14.7% | $3.21B 17.0% | $2.67B 15.2% | $2.83B 17.3% |
| Income Tax Expense | $12.0M 0.0% | -$1.0M -0.0% | $13.0M 0.1% | $14.0M 0.1% | -$21.0M -1.1% | -$17.0M -0.3% | $71.0M 0.3% | $54.0M 0.3% | $60.0M 0.3% | -$49.0M -0.3% |
| Net Income | $2.76B 10.4% | $1.92B 7.7% | -$74.0M -0.3% | -$6.09B -50.1% | -$9.50B -498.0% | -$10.24B -182.9% | $2.99B 14.4% | $3.15B 16.7% | $2.61B 14.9% | $2.78B 17.0% |
| Per Share | ||||||||||
| EPS (Basic) | $2.10 | $1.50 | -$0.06 | -$5.16 | -$8.46 | -$13.20 | $4.34 | $4.45 | $3.61 | $3.73 |
| EPS (Diluted) | $2.02 | $1.44 | -$0.06 | -$5.16 | -$8.46 | -$13.20 | $4.32 | $4.44 | $3.59 | $3.72 |
| Weighted Avg Shares (Basic) | 1.31B | 1.27B | 1.26B | 1.18B | 1.12B | 775.0M | 690.0M | 709.0M | 722.0M | 745.0M |
| Weighted Avg Shares (Diluted) | 1.40B | 1.40B | 1.26B | 1.18B | 1.12B | 775.0M | 692.0M | 710.0M | 725.0M | 747.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 45th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 22% against ROIC 7% — 15% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 25.6% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 4.0× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 58.7 | 62.0 | — | 244.0 | 96.6 | 66.3 | 62.5 | — |
| SG&A | 13.0 | 11.9 | 33.6 | 98.8 | 20.7 | 13.7 | 13.0 | 12.8 |
| Operating Income | 17.6 | 15.7 | -158.4 | -371.5 | -36.0 | 9.1 | 14.3 | 16.8 |
| Income Tax | 0.3 | 0.3 | -0.3 | -1.1 | 0.1 | 0.1 | -0.0 | 0.0 |
| Net Income | 16.7 | 14.4 | -182.9 | -498.0 | -50.1 | -0.3 | 7.7 | 10.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CCL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.93B is below the $2.82B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-08-31 (10-Q). The cash figure is from 2025-11-30, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~5.1% on $26.64B of debt.
Cash of $1.93B is below short-term debt of $2.60B — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Earns 1.18pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 9.3% | 10.5% (today's — no rate published for this year) | -1.2pts |
| FY2020 | -23.4% | 10.5% (today's — no rate published for this year) | -33.9pts |
| FY2021 | -19.7% | 10.8% | -30.5pts |
| FY2022 | -11.9% | 11.8% | -23.6pts |
| FY2023 | 5.3% | 13.2% | -7.9pts |
| FY2024 | 9.5% | 11.8% | -2.3pts |
| FY2025 | 11.5% | 9.8% | 1.7pts |
| Now | 7.1% | 10.5% | -3.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 42.7% | 18.7% | 17.0% |
| FY2017 | 40.0% | 16.0% | 14.9% |
| FY2018 | 41.3% | 17.6% | 16.7% |
| FY2019 | 38.0% | 15.7% | 14.4% |
| FY2020 | not reported | -158.4% | -182.9% |
| FY2021 | -144.0% | -371.5% | -498.0% |
| FY2022 | 3.4% | -36.0% | -50.1% |
| FY2023 | 33.7% | 9.1% | -0.3% |
| FY2024 | 37.5% | 14.3% | 7.7% |
| FY2025 | not reported | 16.8% | 10.4% |
Leverage and buybacks account for 15 points of the 22% return on equity in FY2025. The business earns 7% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$579M of goodwill — 2% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread is 1.18pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Cash conversion of 0.55x sits below the level that would make the earnings clearly cash-backed.
Shares outstanding are up 90% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-08-31 (10-Q); cash from the 2025-11-30 balance sheet; FCF from FY2025.
Balance sheet at 2025-11-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $28.83, free cash flow must compound 18.04%/yr for 10 years. It has done 95.99%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −21667.4% | 18.0% |
| FY2024 | 30.1% | 18.0% |
| FY2025 | 101.0% | 18.0% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 2 of the last 3 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.76B | $2.76B |
| Share-based comp | $98M | $2.86B |
| Other non-cash & working capital | $3.36B | $6.22B |
| Operating cash flow | $6.22B | $6.22B |
| Capex | −$3.61B | $2.61B |
| Free cash flow | $2.61B | $2.61B |
| FCF after SBC | $2.51B | $2.51B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -73.1% | not reported | not reported |
| FY2021 | -65.9% | not reported | not reported |
| FY2022 | 537.7% | not reported | not reported |
| FY2023 | 77.5% | not reported | not reported |
| FY2024 | 15.9% | not reported | not reported |
| FY2025 | 6.4% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -5.5 percent |
| FY2020 | -7.3 percent |
| FY2021 | -10.1 percent |
| FY2022 | -8.6 percent |
| FY2023 | -8.9 percent |
| FY2024 | -8.2 percent |
| FY2025 | -6.7 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.