(NYSE: CCL)(NYSE: CUK) stock made an unbelievable comeback last year, gaining 130% after falling to lows when cruises were on hold. However, it's still 70% off its highs from before the pandemic. There's still plenty of room to move up, and 2024 might be the best time to buy. Here's why.

Buying Carnival shares over the past few years came with a lot of risk. It had no revenue and was taking on huge debt. On the positive side, it was -- and still is -- the largest cruise operator in the world with a history of growth. However, there was no way to know if and when it would bounce back. That could tie up an investor's money at the very least in the short term and, at worst, create total losses.

Risk-tolerant investors had a better chance of seeing gains if they bought as the recovery began to take shape. It's now almost complete. In the 2023 fiscal year (ended Nov. 30), revenue hit an all-time high of $21.6 billion, and it generated $2.1 billion in adjusted free cash flow. Customer deposits reached a fourth-quarter record of $6.4 billion, and Carnival came into the new year with its best position ever for both occupancy and ticket price. It's also front-loaded for the year, with two-thirds occupancy for 2024, sold at higher ticket prices.

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Source Fool.com