Royal Caribbean Cruises Ltd. (RCL) Financial Ratios
30 years of historical data (1996–2025) · Consumer Cyclical · Travel Services
EV/EBITDA
↓
14.29
↓-41% vs avg
5yr avg: 24.35
30Y Low7.1·High54.1
P/FCF
↓
57.78
+10% vs avg
5yr avg: 52.34
30Y Low11.1·High82.7
P/B Ratio
↑
7.03
+12% vs avg
5yr avg: 6.29
30Y Low0.4·High8.3
ROE
↑
47.5%
↓+3511% vs avg
5yr avg: 1.3%
30Y Low-76%·High48%
Debt/EBITDA
↓
3.47
↓-72% vs avg
5yr avg: 12.41
30Y Low2.8·High37.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
RCL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Royal Caribbean Cruises Ltd. trades at 16.9x earnings, 15% below its 5-year average of 19.8x, sitting at the 50th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.3x, the stock trades at a discount of 12%. On a free-cash-flow basis, the stock trades at 57.8x P/FCF, 10% above the 5-year average of 52.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $71.4B | $76.1B | $64.4B | $36.6B | $12.6B | $19.4B | $16.0B | $28.0B | $20.7B | $25.7B | $17.7B |
| Enterprise Value | $93.2B | $98.0B | $84.8B | $58.3B | $34.7B | $38.4B | $32.3B | $39.5B | $31.2B | $33.1B | $27.0B |
| P/E Ratio → | 16.91 | 17.87 | 21.09 | 20.52 | — | — | — | 14.92 | 11.42 | 15.84 | 13.83 |
| P/S Ratio | 3.98 | 4.25 | 3.90 | 2.64 | 1.43 | 12.64 | 7.25 | 2.56 | 2.18 | 2.93 | 2.09 |
| P/B Ratio | 7.03 | 7.43 | 8.32 | 7.48 | 4.39 | 3.81 | 1.83 | 2.20 | 1.78 | 2.40 | 1.95 |
| P/FCF | 57.78 | 61.61 | 32.23 | 63.18 | — | — | — | 40.52 | — | 11.14 | 794.85 |
| P/OCF | 11.05 | 11.78 | 12.22 | 8.19 | 26.21 | — | — | 7.54 | 5.95 | 8.95 | 7.05 |
P/E links to full P/E history page with 30-year chart
RCL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Royal Caribbean Cruises Ltd.'s enterprise value stands at 14.3x EBITDA, 41% below its 5-year average of 24.4x. The Consumer Cyclical sector median is 11.3x, placing the stock at a 26% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.46 | 5.14 | 4.19 | 3.92 | 25.04 | 14.63 | 3.61 | 3.28 | 3.78 | 3.18 |
| EV / EBITDA | 14.29 | 15.02 | 14.86 | 13.45 | 54.08 | — | — | 11.87 | 10.65 | 12.30 | 11.38 |
| EV / EBIT | 18.99 | 18.50 | 18.90 | 18.76 | — | — | — | 17.06 | 14.50 | 17.22 | 16.97 |
| EV / FCF | — | 79.25 | 42.46 | 100.48 | — | — | — | 57.13 | — | 14.35 | 1209.36 |
RCL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Royal Caribbean Cruises Ltd. earns an operating margin of 27.4%, significantly above the Consumer Cyclical sector average of 2.9%. Operating margins have expanded from 20.7% to 27.4% over the past 3 years, signaling improving operational efficiency. Return on equity of 47.5% is exceptionally high — well above the sector median of 5.8%. ROIC of 12.2% represents solid returns on invested capital versus a sector median of 5.8%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.8% | 46.8% | 47.5% | 44.1% | 25.2% | -78.8% | -25.2% | 44.6% | 44.6% | 44.2% | 41.0% |
| Operating Margin | 27.4% | 27.4% | 24.9% | 20.7% | -8.7% | -252.6% | -208.3% | 19.0% | 20.0% | 19.9% | 17.4% |
| Net Profit Margin | 23.8% | 23.8% | 17.5% | 12.2% | -24.4% | -343.3% | -262.5% | 17.2% | 19.1% | 18.5% | 15.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 47.5% | 47.5% | 45.5% | 43.7% | -54.2% | -76.0% | -53.9% | 15.4% | 16.2% | 16.4% | 14.9% |
| ROA | 10.9% | 10.9% | 8.0% | 4.9% | -6.5% | -16.3% | -18.5% | 6.5% | 7.2% | 7.3% | 6.0% |
| ROIC | 12.2% | 12.2% | 11.3% | 8.4% | -2.3% | -11.8% | -14.0% | 6.7% | 7.1% | 7.2% | 6.4% |
| ROCE | 17.3% | 17.3% | 15.5% | 11.3% | -3.1% | -14.6% | -18.3% | 9.7% | 9.9% | 9.9% | 8.6% |
RCL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Royal Caribbean Cruises Ltd. carries a Debt/EBITDA ratio of 3.5x, which is moderately leveraged (19% below the sector average of 4.3x). Net debt stands at $21.8B ($22.6B total debt minus $825M cash). Interest coverage of 5.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.21 | 2.21 | 2.69 | 4.52 | 8.36 | 4.27 | 2.28 | 0.92 | 0.93 | 0.70 | 1.03 |
| Debt / EBITDA | 3.47 | 3.47 | 3.65 | 5.11 | 37.43 | — | — | 3.53 | 3.68 | 2.80 | 3.96 |
| Net Debt / Equity | — | 2.13 | 2.64 | 4.42 | 7.69 | 3.73 | 1.86 | 0.90 | 0.90 | 0.69 | 1.01 |
| Net Debt / EBITDA | 3.34 | 3.34 | 3.58 | 4.99 | 34.41 | — | — | 3.45 | 3.58 | 2.75 | 3.90 |
| Debt / FCF | — | 17.65 | 10.23 | 37.30 | — | — | — | 16.61 | — | 3.21 | 414.51 |
| Interest Coverage | 5.34 | 5.34 | 2.82 | 2.22 | -0.58 | -3.07 | -5.84 | 5.67 | 6.44 | 6.42 | 5.18 |
RCL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.18x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.18 | 0.18 | 0.17 | 0.19 | 0.37 | 0.49 | 0.95 | 0.15 | 0.17 | 0.19 | 0.17 |
| Quick Ratio | 0.16 | 0.16 | 0.15 | 0.16 | 0.35 | 0.47 | 0.92 | 0.13 | 0.15 | 0.16 | 0.14 |
| Cash Ratio | 0.08 | 0.08 | 0.04 | 0.05 | 0.23 | 0.37 | 0.81 | 0.03 | 0.04 | 0.02 | 0.03 |
| Asset Turnover | — | 0.43 | 0.44 | 0.40 | 0.26 | 0.05 | 0.07 | 0.36 | 0.34 | 0.39 | 0.38 |
| Inventory Turnover | 36.12 | 36.12 | 32.65 | 31.35 | 29.54 | 18.23 | 23.29 | 37.40 | 34.27 | 43.96 | 43.96 |
| Days Sales Outstanding | — | 6.45 | 8.21 | 10.63 | 21.92 | 97.22 | 46.95 | 10.19 | 12.48 | 13.25 | 12.54 |
RCL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Royal Caribbean Cruises Ltd. returns 2.0% to shareholders annually — split between a 0.4% dividend yield and 1.6% buyback yield. The payout ratio of 6.2% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.3% | 0.2% | — | — | — | 2.0% | 2.2% | 2.5% | 1.7% | 2.0% |
| Payout Ratio | 6.2% | 6.2% | 3.7% | — | — | — | — | 32.1% | 29.1% | 26.9% | 27.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 5.6% | 4.7% | 4.9% | — | — | — | 6.7% | 8.8% | 6.3% | 7.2% |
| FCF Yield | 1.7% | 1.6% | 3.1% | 1.6% | — | — | — | 2.5% | — | 9.0% | 0.1% |
| Buyback Yield | 1.6% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 2.8% | 0.9% | 1.7% |
| Total Shareholder Yield | 2.0% | 1.9% | 0.2% | 0.0% | 0.0% | 0.0% | 2.0% | 2.5% | 5.3% | 2.6% | 3.6% |
| Shares Outstanding | — | $273M | $279M | $283M | $255M | $252M | $214M | $210M | $212M | $216M | $216M |
Peer Comparison
Compare RCL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 RCLYou | $71B | 16.9 | 14.3 | 57.8 | 46.8% | 27.4% | 47.5% | 12.2% | 3.5 |
 CCL | $32B | 12.8 | 8.0 | 12.2 | 29.6% | 16.8% | 25.6% | 8.9% | 3.8 |
 NCLH | $8B | 18.8 | 8.1 | — | 32.0% | 16.2% | 23.3% | 7.5% | 5.3 |
 VIK | $26B | 31.8 | 15.5 | 19.8 | 39.0% | 23.1% | 254.3% | 37.1% | 3.2 |
 HLT | $71B | 51.1 | 29.9 | 35.1 | 41.1% | 22.4% | — | 24.7% | 5.5 |
 MAR | $94B | 37.4 | 24.9 | 29.2 | 21.3% | 15.8% | — | 25.0% | 3.8 |
 H | $15B | -300.0 | 22.0 | 97.3 | 11.2% | 7.8% | -1.4% | 5.8% | 5.4 |
 VAC | $3B | -8.3 | 10.7 | — | 15.1% | 11.0% | -13.9% | 5.7% | 8.2 |
 TNL | $4B | 18.3 | 10.2 | 7.5 | 27.2% | 17.8% | — | 13.0% | 5.8 |
 BA | $177B | 90.5 | — | — | 4.8% | -6.1% | 289.7% | -9.5% | — |
 AAL | $8B | 72.8 | 12.3 | — | 19.2% | 2.7% | — | 3.5% | 10.5 |
| Consumer Cyclical Median | — | 19.3 | 11.3 | 14.6 | 37.9% | 2.9% | 5.8% | 5.8% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonRCL — Frequently Asked Questions
Quick answers to the most common questions about buying RCL stock.
What is Royal Caribbean Cruises Ltd.'s P/E ratio?
Royal Caribbean Cruises Ltd.'s current P/E ratio is 16.9x. The historical average is 17.8x. This places it at the 50th percentile of its historical range.
What is Royal Caribbean Cruises Ltd.'s EV/EBITDA?
Royal Caribbean Cruises Ltd.'s current EV/EBITDA is 14.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
What is Royal Caribbean Cruises Ltd.'s ROE?
Royal Caribbean Cruises Ltd.'s return on equity (ROE) is 47.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 6.6%.
Is RCL stock overvalued?
Based on historical data, Royal Caribbean Cruises Ltd. is trading at a P/E of 16.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Royal Caribbean Cruises Ltd.'s dividend yield?
Royal Caribbean Cruises Ltd.'s current dividend yield is 0.37% with a payout ratio of 6.2%.
What are Royal Caribbean Cruises Ltd.'s profit margins?
Royal Caribbean Cruises Ltd. has 46.8% gross margin and 27.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Royal Caribbean Cruises Ltd. have?
Royal Caribbean Cruises Ltd.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.