Carnival

Carnival is the world's largest cruise operator, running a fleet of ships across brands such as Carnival, Princess, Holland America and the Aida and Costa lines in Europe. It carries millions of passengers a year and depends on high occupancy and disciplined pricing to cover the heavy fixed costs of operating and financing a global fleet. Carnival suspended its dividend during the pandemic and carries a large debt burden accumulated during that period, so any recent payout is small and newly restored rather than part of a long, dependable history. The low score reflects that fragile income profile and the priority the company places on repairing its balance sheet.