Royal Caribbean Cruises Ltd. (RCL) 10-Year Financial Performance & Capital Metrics

RCL • • Industrial / General

Consumer CyclicalTravel ServicesCruise OperatorsMajor Cruise Lines

AboutRoyal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, Azamara, and Silversea Cruises brands, which comprise a range of itineraries that call on approximately 1,000 destinations. As of February 25, 2022, it operated 61 ships. The company was founded in 1968 and is headquartered in Miami, Florida.Show more

Revenue $16.48B +18.6%
EBITDA $5.71B +31.7%
Net Income $2.88B +69.5%
EPS (Diluted) 10.94 +73.4%
Gross Margin 47.52% +7.8%
EBITDA Margin 34.61% +11.0%
Operating Margin 24.91% +20.3%
Net Margin 17.45% +43.0%
ROE 45.54% +4.2%
ROIC 11.26% +34.2%
Debt/Equity 2.69 -40.4%
Interest Coverage 2.58 +25.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 2.7x
✗Expensive at 10.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.4%

5Y8.52%

3Y120.77%

TTM8.61%

Profit (Net Income) CAGR

10Y14.18%

5Y8.89%

3Y-

TTM56.45%

EPS CAGR

10Y12.3%

5Y4.1%

3Y-

TTM52.62%

ROCE

10Y Avg3.42%

5Y Avg-1.84%

3Y Avg7.92%

Latest15.5%

Peer Comparison

Major Cruise Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RCLRoyal Caribbean Cruises Ltd.	75.84B	278.11	25.42	18.6%	23.35%	39.57%	2.63%	2.69
NCLHNorwegian Cruise Line Holdings Ltd.	10.41B	22.87	12.10	10.87%	6.85%	30.26%	8.06%	9.76

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	8.3B	8.5B	8.78B	9.49B	10.95B	2.21B	1.53B	8.84B	13.9B	16.48B
Revenue Growth %	0.03%	0.02%	0.03%	0.08%	0.15%	-0.8%	-0.31%	4.77%	0.57%	0.19%
Cost of Goods Sold+	5.1B	5.02B	4.9B	5.26B	6.06B	2.77B	2.74B	6.62B	7.78B	8.65B
COGS % of Revenue	0.61%	0.59%	0.56%	0.55%	0.55%	1.25%	1.79%	0.75%	0.56%	0.52%
Gross Profit+	3.2B	3.48B	3.88B	4.23B	4.89B	-556.3M	-1.21B	2.22B	6.13B	7.83B
Gross Margin %	0.39%	0.41%	0.44%	0.45%	0.45%	-0.25%	-0.79%	0.25%	0.44%	0.48%
Gross Profit Growth %	0.16%	0.09%	0.12%	0.09%	0.16%	-1.11%	-1.17%	2.84%	1.75%	0.28%
Operating Expenses+	2.32B	2B	2.14B	2.34B	2.81B	4.05B	2.66B	2.99B	3.25B	3.73B
OpEx % of Revenue	0.28%	0.24%	0.24%	0.25%	0.26%	1.83%	1.74%	0.34%	0.23%	0.23%
Selling, General & Admin	1.09B	1.11B	1.19B	1.3B	1.56B	1.2B	1.37B	1.58B	1.79B	2.13B
SG&A % of Revenue	0.13%	0.13%	0.14%	0.14%	0.14%	0.54%	0.89%	0.18%	0.13%	0.13%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.24B	894.91M	951.19M	1.03B	1.25B	2.85B	1.29B	1.41B	1.46B	1.6B
Operating Income+	874.9M	1.48B	1.74B	1.89B	2.08B	-4.6B	-3.87B	-766M	2.88B	4.11B
Operating Margin %	0.11%	0.17%	0.2%	0.2%	0.19%	-2.08%	-2.53%	-0.09%	0.21%	0.25%
Operating Income Growth %	-0.07%	0.69%	0.18%	0.09%	0.1%	-3.21%	0.16%	0.8%	4.76%	0.43%
EBITDA+	1.7B	2.37B	2.7B	2.93B	3.33B	-3.32B	-2.58B	641M	4.33B	5.71B
EBITDA Margin %	0.21%	0.28%	0.31%	0.31%	0.3%	-1.5%	-1.68%	0.07%	0.31%	0.35%
EBITDA Growth %	-0.01%	0.39%	0.14%	0.09%	0.14%	-2%	0.22%	1.25%	5.76%	0.32%
D&A (Non-Cash Add-back)	827.01M	894.91M	951.19M	1.03B	1.25B	1.28B	1.29B	1.41B	1.46B	1.6B
EBIT	943.51M	1.59B	1.93B	2.15B	2.32B	-4.93B	-3.97B	-792M	3.11B	4.49B
Net Interest Income+	-265.7M	-286.51M	-269.88M	-300.87M	-381.57M	-823.2M	-1.27B	-1.33B	-1.37B	-1.57B
Interest Income	12.03M	20.86M	30.1M	32.8M	26.95M	21.04M	17M	36M	36M	16M
Interest Expense	277.73M	307.37M	299.98M	333.67M	408.51M	844.24M	1.29B	1.36B	1.4B	1.59B
Other Income/Expense	-209.12M	-193.82M	-118.92M	-79.01M	-175.1M	-1.17B	-1.39B	-1.39B	-1.17B	-1.21B
Pretax Income+	665.78M	1.28B	1.63B	1.82B	1.91B	-5.78B	-5.26B	-2.16B	1.7B	2.9B
Pretax Margin %	0.08%	0.15%	0.19%	0.19%	0.17%	-2.61%	-3.43%	-0.24%	0.12%	0.18%
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	0.98%	1%	1%	1%	1%	0.99%
Net Income+	665.78M	1.28B	1.63B	1.81B	1.88B	-5.8B	-5.26B	-2.16B	1.7B	2.88B
Net Margin %	0.08%	0.15%	0.19%	0.19%	0.17%	-2.62%	-3.43%	-0.24%	0.12%	0.17%
Net Income Growth %	-0.13%	0.93%	0.27%	0.11%	0.04%	-4.09%	0.09%	0.59%	1.79%	0.7%
Net Income (Continuing)	665.78M	1.28B	1.63B	1.82B	1.91B	-5.78B	-5.26B	-2.16B	1.7B	2.9B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	542.02M	569.98M	0	0	0	175M	172M
EPS (Diluted)+	3.02	5.93	7.53	8.56	8.95	-27.05	-20.89	-8.45	6.31	10.94
EPS Growth %	-0.12%	0.96%	0.27%	0.14%	0.05%	-4.02%	0.23%	0.6%	1.75%	0.73%
EPS (Basic)	3.03	5.96	7.57	8.60	8.97	-27.05	-20.89	-8.45	6.63	11.00
Diluted Shares Outstanding	220.69M	216.32M	215.69M	211.55M	209.93M	214.34M	251.81M	255.01M	283M	279M
Basic Shares Outstanding	219.54M	215.39M	214.62M	210.57M	209.41M	214.34M	251.81M	255.01M	256M	261M
Dividend Payout Ratio	0.42%	0.27%	0.27%	0.29%	0.32%	-	-	-	-	0.04%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	837.02M	748.3M	907.64M	1.24B	1.16B	4.31B	3.6B	3.21B	1.79B	1.71B
Cash & Short-Term Investments	121.56M	132.6M	120.11M	287.85M	243.74M	3.68B	2.7B	1.94B	497M	388M
Cash Only	121.56M	132.6M	120.11M	287.85M	243.74M	3.68B	2.7B	1.94B	497M	388M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	238.97M	291.9M	318.64M	324.51M	305.82M	284.15M	408.07M	531M	405M	371M
Days Sales Outstanding	10.51	12.54	13.25	12.48	10.19	46.95	97.22	21.92	10.63	8.21
Inventory	121.33M	114.09M	111.39M	153.57M	162.11M	118.7M	150.22M	224M	248M	265M
Days Inventory Outstanding	8.68	8.3	8.3	10.65	9.76	15.67	20.02	12.36	11.64	11.18
Other Current Assets	134.57M	0	99.32M	19.57M	21.75M	70.08M	54.18M	515M	642M	681M
Total Non-Current Assets+	19.95B	21.56B	21.45B	26.46B	29.16B	28.15B	28.66B	30.57B	33.34B	35.37B
Property, Plant & Equipment	18.78B	20.16B	19.74B	23.47B	26.15B	25.85B	26.45B	28.08B	30.73B	32.51B
Fixed Asset Turnover	0.44x	0.42x	0.44x	0.40x	0.42x	0.09x	0.06x	0.31x	0.45x	0.51x
Goodwill	286.76M	288.39M	288.51M	1.38B	1.39B	809.48M	809.38M	809M	809M	808M
Intangible Assets	0	0	0	502.1M	488.57M	444.85M	434.56M	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	880.48M	1.11B	1.43B	1.11B	1.13B	1.05B	964.07M	1.68B	1.8B	2.05B
Total Assets+	20.78B	22.31B	22.36B	27.7B	30.32B	32.47B	32.26B	33.78B	35.13B	37.07B
Asset Turnover	0.40x	0.38x	0.39x	0.34x	0.36x	0.07x	0.05x	0.26x	0.40x	0.44x
Asset Growth %	0%	0.07%	0%	0.24%	0.09%	0.07%	-0.01%	0.05%	0.04%	0.06%
Total Current Liabilities+	4.29B	4.44B	4.85B	7.11B	7.95B	4.54B	7.29B	8.57B	9.4B	9.82B
Accounts Payable	302.07M	305.31M	360.11M	488.21M	563.71M	353.42M	545.98M	647M	792M	919M
Days Payables Outstanding	21.62	22.22	26.84	33.86	33.94	46.65	72.76	35.69	37.18	38.77
Short-Term Debt	899.54M	1.29B	1.19B	2.42B	2.62B	1.37B	2.24B	2.09B	1.72B	1.6B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	651.87M	146.59M	47.46M	78.48M	94.88M	56.69M	127.24M	131M	35M	90M
Current Ratio	0.19x	0.17x	0.19x	0.17x	0.15x	0.95x	0.49x	0.37x	0.19x	0.17x
Quick Ratio	0.17x	0.14x	0.16x	0.15x	0.13x	0.92x	0.47x	0.35x	0.16x	0.15x
Cash Conversion Cycle	-2.43	-1.38	-5.29	-10.74	-13.98	15.97	44.48	-1.41	-14.9	-19.38
Total Non-Current Liabilities+	8.43B	8.75B	6.8B	8.94B	9.63B	19.17B	19.89B	22.33B	20.83B	19.52B
Long-Term Debt	7.63B	8.1B	6.35B	8.36B	8.41B	17.96B	18.85B	21.3B	19.73B	18.47B
Capital Lease Obligations	0	0	0	0	601.64M	563.88M	534.73M	523M	613M	670M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	798.61M	645.61M	452.81M	583.25M	617.81M	645.57M	505.18M	508M	486M	375M
Total Liabilities	12.72B	13.19B	11.66B	16.05B	17.59B	23.7B	27.17B	30.91B	30.23B	29.34B
Total Debt+	8.53B	9.39B	7.54B	10.78B	11.73B	20B	21.69B	23.99B	22.13B	20.82B
Net Debt	8.41B	9.25B	7.42B	10.49B	11.49B	16.31B	18.99B	22.06B	21.63B	20.43B
Debt / Equity	1.06x	1.03x	0.70x	0.93x	0.92x	2.28x	4.27x	8.36x	4.52x	2.69x
Debt / EBITDA	5.01x	3.96x	2.80x	3.68x	3.53x	-	-	37.43x	5.11x	3.65x
Net Debt / EBITDA	4.94x	3.90x	2.75x	3.58x	3.45x	-	-	34.41x	4.99x	3.58x
Interest Coverage	3.15x	4.81x	5.81x	5.68x	5.10x	-5.45x	-3.00x	-0.56x	2.05x	2.58x
Total Equity+	8.06B	9.12B	10.7B	11.65B	12.73B	8.76B	5.09B	2.87B	4.9B	7.74B
Equity Growth %	-0.03%	0.13%	0.17%	0.09%	0.09%	-0.31%	-0.42%	-0.44%	0.71%	0.58%
Book Value per Share	36.54	42.17	49.62	55.06	60.66	40.87	20.20	11.25	17.31	27.72
Total Shareholders' Equity	8.06B	9.12B	10.7B	11.11B	12.16B	8.76B	5.09B	2.87B	4.72B	7.56B
Common Stock	2.34M	2.35M	2.35M	2.36M	2.37M	2.65M	2.83M	3M	3M	3M
Retained Earnings	6.94B	7.86B	9.02B	10.26B	11.52B	5.56B	302.28M	-1.71B	-10M	2.61B
Treasury Stock	-853.35M	-1.15B	-1.38B	-1.95B	-2.06B	-2.06B	-2.07B	-2.07B	-2.07B	-2.08B
Accumulated OCI	-1.33B	-916.48M	-334.26M	-627.73M	-797.71M	-739.34M	-710.88M	-644M	-674M	-802M
Minority Interest	0	0	0	542.02M	569.98M	0	0	0	175M	172M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.95B	2.52B	2.87B	3.48B	3.72B	-3.73B	-1.88B	481M	4.48B	5.26B
Operating CF Margin %	0.23%	0.3%	0.33%	0.37%	0.34%	-1.69%	-1.23%	0.05%	0.32%	0.32%
Operating CF Growth %	0.12%	0.29%	0.14%	0.21%	0.07%	-2%	0.5%	1.26%	8.31%	0.18%
Net Income	665.78M	1.28B	1.63B	1.82B	1.91B	-5.78B	-5.26B	-2.16B	1.7B	2.9B
Depreciation & Amortization	827.01M	894.91M	951.19M	1.03B	1.25B	1.28B	1.29B	1.41B	1.46B	1.6B
Stock-Based Compensation	36.07M	32.66M	69.46M	46.06M	75.93M	39.78M	64M	36M	126M	267M
Deferred Taxes	-10M	2.61M	1.73M	-2.68M	7.75M	-8.79M	-43M	-22M	-8M	0
Other Non-Cash Items	460.48M	41.77M	-111.19M	152.02M	34.46M	2.06B	588M	243M	29M	298M
Working Capital Changes	-32.98M	261.35M	338.24M	434.25M	444.69M	-1.33B	1.48B	973M	1.17B	204M
Change in Receivables	63.1M	4.76M	-32.04M	-9.57M	-9.9M	121.06M	-182M	-234M	99M	52M
Change in Inventory	1.2M	-1.68M	2.42M	-23.85M	-8.53M	27.08M	-35M	-74M	-24M	-17M
Change in Payables	-25.28M	29.56M	36.78M	91.74M	75.28M	-133.81M	189M	75M	124M	120M
Cash from Investing+	-1.74B	-2.72B	-213.59M	-4.49B	-3.09B	-2.18B	-2.15B	-2.99B	-3.92B	-3.45B
Capital Expenditures	-1.61B	-2.49B	-564.14M	-3.66B	-3.02B	-1.97B	-2.23B	-2.71B	-3.9B	-3.27B
CapEx % of Revenue	0.19%	0.29%	0.06%	0.39%	0.28%	0.89%	1.46%	0.31%	0.28%	0.2%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	105.13M	-8.17M	297.72M	122.51M	20.04M	32.63M	185M	26M	56M	5M
Cash from Financing+	-253.51M	243.81M	-2.68B	1.2B	-670.37M	9.35B	3.04B	1.74B	-1.99B	-1.92B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-280.21M	-346.49M	-437.45M	-527.49M	-602.67M	-326.42M	0	0	0	-107M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-54.25M	-82.73M	-45.22M	-91.46M	-60.86M	-385.4M	-202M	-268M	12M	-57M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	333.03M	22.33M	2.31B	-180.89M	691.7M	-5.7B	-4.11B	-2.23B	580M	2B
FCF Margin %	0.04%	0%	0.26%	-0.02%	0.06%	-2.58%	-2.68%	-0.25%	0.04%	0.12%
FCF Growth %	5.92%	-0.93%	102.48%	-1.08%	4.82%	-9.24%	0.28%	0.46%	1.26%	2.44%
FCF per Share	1.51	0.10	10.71	-0.86	3.29	-26.58	-16.31	-8.74	2.05	7.16
FCF Conversion (FCF/Net Income)	2.92x	1.96x	1.77x	1.92x	1.98x	0.64x	0.36x	-0.22x	2.64x	1.83x
Interest Paid	248.61M	256.77M	249.62M	252.47M	246.31M	418.16M	834M	960M	1.44B	1.21B
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.15%	14.94%	16.4%	16.21%	15.41%	-53.94%	-75.98%	-54.21%	43.69%	45.54%
Return on Invested Capital (ROIC)	3.98%	6.36%	7.17%	7.06%	6.74%	-14%	-11.81%	-2.34%	8.39%	11.26%
Gross Margin	38.55%	40.97%	44.22%	44.57%	44.64%	-25.19%	-78.79%	25.16%	44.06%	47.52%
Net Margin	8.02%	15.11%	18.51%	19.08%	17.16%	-262.47%	-343.34%	-24.39%	12.21%	17.45%
Debt / Equity	1.06x	1.03x	0.70x	0.93x	0.92x	2.28x	4.27x	8.36x	4.52x	2.69x
Interest Coverage	3.15x	4.81x	5.81x	5.68x	5.10x	-5.45x	-3.00x	-0.56x	2.05x	2.58x
FCF Conversion	2.92x	1.96x	1.77x	1.92x	1.98x	0.64x	0.36x	-0.22x	2.64x	1.83x
Revenue Growth	2.79%	2.38%	3.31%	8.16%	15.34%	-79.83%	-30.64%	477.02%	57.24%	18.6%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Cruise Itinerary	9.13B	10.43B	2.01B	1.43B	8.38B	13.23B	15.7B
Cruise Itinerary Growth	-	14.32%	-80.69%	-29.19%	487.67%	57.86%	18.62%
Other Products And Services	368.12M	518.45M	194.32M	105.76M	458.25M	668M	788M
Other Products And Services Growth	-	40.84%	-62.52%	-45.57%	333.29%	45.77%	17.96%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
North America	5.4B	6.39B	1.34B	1.04B	5.72B	8.71B	10.59B
North America Growth	-	18.38%	-79.00%	-22.54%	449.75%	52.32%	21.67%
Europe	1.91B	1.94B	18.6M	180.26M	1.75B	2.69B	2.7B
Europe Growth	-	1.44%	-99.04%	868.91%	873.17%	53.06%	0.45%
Asia Pacific	1.46B	1.53B	411.87M	128.35M	372.24M	993M	1.38B
Asia Pacific Growth	-	4.57%	-73.08%	-68.84%	190.02%	166.77%	38.97%
Other Region	348.14M	567.9M	241.59M	77.98M	539.68M	847M	1.02B
Other Region Growth	-	63.12%	-57.46%	-67.72%	592.03%	56.94%	21.02%

Frequently Asked Questions

Valuation & Price

Royal Caribbean Cruises Ltd. (RCL) has a price-to-earnings (P/E) ratio of 25.4x. This suggests investors expect higher future growth.

Growth & Financials

Royal Caribbean Cruises Ltd. (RCL) reported $17.44B in revenue for fiscal year 2024. This represents a 131% increase from $7.54B in 2011.

Royal Caribbean Cruises Ltd. (RCL) grew revenue by 18.6% over the past year. This is strong growth.

Yes, Royal Caribbean Cruises Ltd. (RCL) is profitable, generating $4.07B in net income for fiscal year 2024 (17.5% net margin).

Dividend & Returns

Yes, Royal Caribbean Cruises Ltd. (RCL) pays a dividend with a yield of 0.14%. This makes it attractive for income-focused investors.

Royal Caribbean Cruises Ltd. (RCL) has a return on equity (ROE) of 45.5%. This is excellent, indicating efficient use of shareholder capital.

Royal Caribbean Cruises Ltd. (RCL) generated $2.04B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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