Core Insights - Carnival Corporation & plc (CCL) has resumed its quarterly dividend of 15 cents per share, indicating a shift from balance sheet repair to capital returns, following a period of suspension due to the pandemic [1][7] - The decision comes after CCL closed fiscal 2025 with record revenues, EBITDA, and net income, contributing over $3 billion to the bottom line, driven by strong pricing, resilient onboard spending, and disciplined cost control [2][4] Financial Performance - CCL achieved a net debt-to-EBITDA ratio of 3.4, ahead of its deleveraging timeline, having reduced total debt by over $10 billion in less than three years [2][7] - The company projects EBITDA to exceed $7.6 billion in the absence of new ship deliveries in 2026, allowing it to fund dividends while continuing to deleverage towards a sub-3X leverage target [3][7] Market Position - CCL's stock has declined 3.5% over the past three months, outperforming the industry average decline of 4.3%, while competitors like Royal Caribbean and Norwegian Cruise Line have seen larger drops [5] - Currently, CCL is trading at a forward 12-month price-to-earnings (P/E) multiple of 11.29, significantly below the industry average of 16.3, indicating a potential undervaluation [8] Analyst Sentiment - The Zacks Consensus Estimate for CCL's fiscal 2026 earnings per share has been revised upward from $2.72 to $2.77, reflecting strong analyst confidence in the stock's near-term prospects [9][12]