A couple of years ago, looking at the size of Carnival Corp.'s (NYSE: CCL) debt was enough to make investors cringe -- and flee the stock. Cruise operators were forced to halt sailings during the early stages of the pandemic, and as a result, Carnival took on more and more debt to stay afloat (excuse the pun).

Fast forward to the present, and things look a lot different. Yes, Carnival still carries significant debt, but it's started paying it down -- and has what it takes to continue doing so. On top of this, Carnival has posted record after record this year when it comes to revenue and bookings. And that's pushed the shares higher, to gains of 138% since the start of 2023. Does all of this make this top-performing stock a buy as we head into 2024 -- or have the shares become too pricey? 

Image source: The Motley Fool.

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Source Fool.com