Core Insights - Carnival Corporation is a significant player in the cruise industry, competing with Royal Caribbean and Norwegian Cruise Line, with a new price target set by Truist Financial at $34, indicating a potential upside of 20.52% from its current trading price of $28.21 [1][6] Financial Performance - The company has achieved profitability metrics not seen since 2006, reporting a return on invested capital (ROIC) of 13% in fiscal 2025, a notable recovery from a loss of $10.24 billion in fiscal 2020 [2][6] - Carnival generated $2.76 billion in net income on $26.62 billion in revenue for fiscal 2025, with a net margin increase to 10.4% and record EBITDA of $6.91 billion, surpassing the pre-pandemic peak of $5.43 billion in 2019 [2][3][6] Debt and Market Position - Despite a substantial debt load of $26.8 billion, Carnival's financial health is improving, with operating margins expanding by 250 basis points year-over-year [3][6] - The company's stock price is currently $28.20, reflecting a slight decrease, with a market capitalization of approximately $37 billion and a trading volume of 502,746 shares today [4] Revenue Insights - Carnival's revenue per passenger day has improved by 5.5%, raising questions about potential structural changes in cruise economics or if it is merely a peak in a cyclical trend, suggesting growth potential for investors [5]