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Shares of Carnival (NYSE: CCL) have taken a step back this year. They trade down about 13.7% so far in 2026 (as of Oct. 8). However, investors who look past the price chart will find a bargain deal just waiting to be discovered.
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During its fiscal 2026 third quarter (ended Aug. 31), Carnival reported record revenue of $8.4 billion and record net income of $1.9 billion. Customer deposits, a leading performance indicator, also set a record. Demand for cruise travel has been robust, despite investor concerns about the uncertain economy.
As we look ahead, it's easy to be bullish. "For full-year 2027, both booked occupancy and pricing are at record levels, providing a strong foundation for another year of solid yield growth," CEO Josh Weinstein said. The business has notable momentum on its side. That's encouraging to see, especially since the entire industry was decimated earlier in the decade due to the COVID-19 pandemic.
The key reason to buy the stock, however, is the valuation. With fundamentals like these, you might assume that shares are way too expensive. This isn't the case.
Carnival stock trades at a forward price-to-earnings ratio of just 8.4. That's more than a 50% discount to the S&P 500 index. If the company can maintain these positive trends, it's not unreasonable to believe the valuation multiple can rerate higher.
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Neil Patel has no position in any of the stocks mentioned. The Motley Fool recommends Carnival Corp. The Motley Fool has a disclosure policy.
1 Reason to Buy Carnival Stock (CCL) in October was originally published by The Motley Fool
