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Royal Caribbean (RCL)

Market Price (5/8/2026): $279.01 | Market Cap: $75.3 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Royal Caribbean (RCL)

Market Price (5/8/2026): $279.01
Market Cap: $75.3 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 6.7 Bil

Stock buyback support
Stock Buyback 3Y Total is 2.0 Bil

Low stock price volatility
Vol 12M is 45%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, Experiential Retail, and Luxury Consumer Goods.

Expensive valuation multiples
P/SPrice/Sales ratio is 4.1x

Key risks
RCL key risks include [1] a heavy, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 6.7 Bil
3 Stock buyback support
Stock Buyback 3Y Total is 2.0 Bil
4 Low stock price volatility
Vol 12M is 45%
5 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, Experiential Retail, and Luxury Consumer Goods.
6 Expensive valuation multiples
P/SPrice/Sales ratio is 4.1x
7 Key risks
RCL key risks include [1] a heavy, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Royal Caribbean (RCL) stock has lost about 15% since 1/31/2026 because of the following key factors:

1. Royal Caribbean Group revised its full-year 2026 adjusted earnings per share (EPS) guidance downward.

Despite reporting strong first-quarter 2026 results with Adjusted EPS of $3.60, surpassing forecasts of $3.22, the company reduced its full-year adjusted EPS guidance to a range of $17.10-$17.50 from the previously announced $17.70-$18.10. This lowered outlook signaled headwinds that tempered investor enthusiasm.

2. Increased fuel costs significantly impacted the company's financial outlook.

Higher than anticipated fuel expenses, largely due to geopolitical developments, were cited as a primary reason for the trimmed full-year guidance, expected to reduce earnings by approximately $0.62 per share. This macroeconomic factor directly affects the company's operating costs and profitability.

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Stock Movement Drivers

Fundamental Drivers

The -13.0% change in RCL stock from 1/31/2026 to 5/7/2026 was primarily driven by a -21.6% change in the company's P/E Multiple.
(LTM values as of)13120265072026Change
Stock Price ($)322.93280.87-13.0%
Change Contribution By: 
Total Revenues ($ Mil)17,43718,3875.4%
Net Income Margin (%)23.3%24.4%4.5%
P/E Multiple21.616.9-21.6%
Shares Outstanding (Mil)2722700.7%
Cumulative Contribution-13.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/7/2026
ReturnCorrelation
RCL-13.0% 
Market (SPY)3.6%61.5%
Sector (XLY)-0.9%65.0%

Fundamental Drivers

The -1.2% change in RCL stock from 10/31/2025 to 5/7/2026 was primarily driven by a -11.0% change in the company's P/E Multiple.
(LTM values as of)103120255072026Change
Stock Price ($)284.34280.87-1.2%
Change Contribution By: 
Total Revenues ($ Mil)17,43718,3875.4%
Net Income Margin (%)23.3%24.4%4.5%
P/E Multiple19.016.9-11.0%
Shares Outstanding (Mil)2722700.7%
Cumulative Contribution-1.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/7/2026
ReturnCorrelation
RCL-1.2% 
Market (SPY)5.5%45.8%
Sector (XLY)0.3%48.1%

Fundamental Drivers

The 32.6% change in RCL stock from 4/30/2025 to 5/7/2026 was primarily driven by a 25.7% change in the company's Net Income Margin (%).
(LTM values as of)43020255072026Change
Stock Price ($)211.80280.8732.6%
Change Contribution By: 
Total Revenues ($ Mil)16,75618,3879.7%
Net Income Margin (%)19.4%24.4%25.7%
P/E Multiple17.516.9-3.5%
Shares Outstanding (Mil)269270-0.4%
Cumulative Contribution32.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/7/2026
ReturnCorrelation
RCL32.6% 
Market (SPY)30.4%46.8%
Sector (XLY)22.5%47.6%

Fundamental Drivers

The 339.1% change in RCL stock from 4/30/2023 to 5/7/2026 was primarily driven by a 123.4% change in the company's P/S Multiple.
(LTM values as of)43020235072026Change
Stock Price ($)63.96280.87339.1%
Change Contribution By: 
Total Revenues ($ Mil)8,84018,387108.0%
P/S Multiple1.84.1123.4%
Shares Outstanding (Mil)255270-5.5%
Cumulative Contribution339.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/7/2026
ReturnCorrelation
RCL339.1% 
Market (SPY)78.7%56.5%
Sector (XLY)66.2%55.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
RCL Return3%-36%162%79%22%3%293%
Peers Return-11%-51%80%34%23%10%44%
S&P 500 Return27%-19%24%23%16%8%96%

Monthly Win Rates [3]
RCL Win Rate50%58%67%67%58%40% 
Peers Win Rate47%42%53%58%52%60% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
RCL Max Drawdown-14%-59%-1%-11%-23%-8% 
Peers Max Drawdown-28%-60%-10%-22%-33%-13% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: CCL, NCLH, VIK, LIND. See RCL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/7/2026 (YTD)

How Low Can It Go

EventRCLS&P 500
2025 US Tariff Shock
  % Loss-32.4%-18.8%
  % Gain to Breakeven47.9%23.1%
  Time to Breakeven60 days79 days
2024 Yen Carry Trade Unwind
  % Loss-14.6%-7.8%
  % Gain to Breakeven17.2%8.5%
  Time to Breakeven21 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.2%-9.5%
  % Gain to Breakeven27.0%10.5%
  Time to Breakeven25 days24 days
2023 SVB Regional Banking Crisis
  % Loss-19.5%-6.7%
  % Gain to Breakeven24.2%7.1%
  Time to Breakeven9 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-61.3%-24.5%
  % Gain to Breakeven158.4%32.4%
  Time to Breakeven321 days427 days
2020 COVID-19 Crash
  % Loss-79.7%-33.7%
  % Gain to Breakeven392.2%50.9%
  Time to Breakeven1353 days140 days

Compare to CCL, NCLH, VIK, LIND

In The Past

Royal Caribbean's stock fell -32.4% during the 2025 US Tariff Shock. Such a loss loss requires a 47.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventRCLS&P 500
2025 US Tariff Shock
  % Loss-32.4%-18.8%
  % Gain to Breakeven47.9%23.1%
  Time to Breakeven60 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.2%-9.5%
  % Gain to Breakeven27.0%10.5%
  Time to Breakeven25 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-61.3%-24.5%
  % Gain to Breakeven158.4%32.4%
  Time to Breakeven321 days427 days
2020 COVID-19 Crash
  % Loss-79.7%-33.7%
  % Gain to Breakeven392.2%50.9%
  Time to Breakeven1353 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-29.7%-19.2%
  % Gain to Breakeven42.2%23.7%
  Time to Breakeven128 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-26.2%-12.2%
  % Gain to Breakeven35.4%13.9%
  Time to Breakeven353 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-44.9%-17.9%
  % Gain to Breakeven81.6%21.8%
  Time to Breakeven458 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-39.5%-15.4%
  % Gain to Breakeven65.3%18.2%
  Time to Breakeven118 days125 days
2008-2009 Global Financial Crisis
  % Loss-87.1%-53.4%
  % Gain to Breakeven677.5%114.4%
  Time to Breakeven613 days1085 days

Compare to CCL, NCLH, VIK, LIND

In The Past

Royal Caribbean's stock fell -32.4% during the 2025 US Tariff Shock. Such a loss loss requires a 47.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Royal Caribbean (RCL)

Royal 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.

AI Analysis | Feedback

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Here are 1-2 brief analogies for Royal Caribbean (RCL):

  • The Disney Parks of the high seas.
  • A Marriott International, but on the ocean.
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AI Analysis | Feedback

  • Contemporary & Premium Cruises: These services encompass a broad spectrum of cruise itineraries and onboard amenities, appealing to a wide range of travelers seeking vacations on the high seas under brands like Royal Caribbean International and Celebrity Cruises.
  • Luxury & Expedition Cruises: These services offer high-end, often all-inclusive voyages with personalized service, focusing on unique destinations and immersive experiences, including expedition-style travel under brands like Azamara and Silversea Cruises.

AI Analysis | Feedback

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Royal Caribbean (RCL) primarily sells its cruise experiences directly to individual consumers rather than to other companies.

The company serves the following categories of individual customers:

  • Families and Mass Market Travelers: This segment includes individuals, couples, and families often seeking a wide array of activities, entertainment, and dining options, often at a value or mid-range price point. Brands like Royal Caribbean International frequently cater to this demographic with family-friendly amenities and diverse itineraries.
  • Premium and Upscale Travelers: This category encompasses individuals and couples looking for a more refined, sophisticated, or destination-focused cruise experience. They often prioritize elevated dining, enhanced service, and unique cultural immersion opportunities. Celebrity Cruises and Azamara typically target this segment.
  • Luxury and Ultra-Luxury Travelers: This segment consists of high-net-worth individuals who seek exclusive, all-inclusive, highly personalized, and often smaller-ship experiences with bespoke itineraries and top-tier amenities. Silversea Cruises is Royal Caribbean's brand dedicated to serving this ultra-luxury market.
```

AI Analysis | Feedback

  • Fincantieri S.p.A. (Symbol: FCT)

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Jason Liberty, Chairman and Chief Executive Officer

Jason Liberty joined Royal Caribbean Group in 2005 as a finance executive and has held multiple senior leadership roles, including Chief Financial Officer from 2013 to 2021, before being named CEO in January 2022. Prior to joining Royal Caribbean, he was a Senior Manager with KPMG, one of the world's leading professional services firms. He also serves as Chairman of the Board for the Cruise Line Industry Association (CLIA) and is on the Board of Directors of WNS Limited, a business process management public company.

Naftali Holtz, Chief Financial Officer

Naftali Holtz was appointed Chief Financial Officer of Royal Caribbean Group in January 2022. He joined the company in 2019, having previously served as a Managing Director and Head of Lodging & Leisure Investment Banking at Goldman Sachs. Holtz is also a veteran of the Israeli Air Force.

Michael Bayley, President and Chief Executive Officer, Royal Caribbean International

Michael Bayley began his extensive career in the cruise industry in 1981 as an assistant purser on Royal Caribbean's m.s. Nordic Prince. He has held various leadership positions within the company, including chairman and managing director of Island Cruises, a joint venture between First Choice Holidays and Royal Caribbean International. Bayley was named president and CEO of Celebrity Cruises in 2012 and subsequently became president and CEO of Royal Caribbean International in 2014. He also previously served as vice president at Caesars Palace in Las Vegas.

Laura Hodges Bethge, President, Celebrity Cruises

Laura Hodges Bethge joined Royal Caribbean Group in 2000 and has held numerous leadership roles across various departments, including hotel and marine operations, sales, marketing, investor relations, and product development. Prior to her appointment as President of Celebrity Cruises in 2023, she was the Executive Vice President of Shared Services Operations for Royal Caribbean Group.

Bert Hernandez, President, Silversea Cruises

Bert Hernandez joined Royal Caribbean Group in 2004 and has held several leadership roles encompassing revenue management, corporate strategy, product development, market development, and corporate finance. He also served as President of China operations for Royal Caribbean International.

AI Analysis | Feedback

The key risks to Royal Caribbean's (RCL) business include its sensitivity to economic conditions and consumer discretionary spending, fluctuating operating costs primarily driven by fuel prices, and the impact of geopolitical tensions and environmental regulations.

  1. Economic Conditions and Consumer Discretionary Spending

    Royal Caribbean's business is highly susceptible to global and local economic conditions, as cruising is largely considered discretionary spending. Weak or uncertain economic environments can reduce consumer confidence, leading to decreased demand for cruises, lower booking volumes, reduced cruise prices, and diminished onboard revenues, ultimately impacting the company's operating results, cash flows, and financial condition.

  2. Operating Costs, Particularly Fuel Prices

    The company faces significant exposure to increases in operating costs, with fuel prices being a primary concern. Fluctuations in fuel, food, payroll, and other operational expenses can substantially affect profitability. While hedging strategies are employed, they do not fully mitigate the risk of elevated fuel prices, which can be exacerbated by geopolitical events.

  3. Geopolitical Tensions and Environmental Regulations

    Operating globally exposes Royal Caribbean to various geopolitical risks, including regional and local political instability, changes in taxes or duties, and compliance with diverse international laws. Geopolitical uncertainties, such as those affecting Middle East routing, can impact travel itineraries and consumer confidence in international travel. Furthermore, the cruise industry faces growing scrutiny over its environmental impact and carbon footprint, leading to increasing pressure to invest in cleaner fuels and technologies, which could result in higher operating costs and capital expenditures due to new or evolving environmental regulations.

AI Analysis | Feedback

Increased Environmental Scrutiny and Regulation

Growing global awareness of climate change, stricter international and local environmental regulations (e.g., emissions, waste management), and increasing pressure from environmental advocacy groups represent a clear emerging threat. These factors can lead to significantly higher operating costs for fuel and waste treatment, require costly retrofits for existing ships, restrict access to certain destinations, and damage brand reputation among environmentally conscious consumers. The cruise industry is often singled out for its visible environmental footprint, making it particularly vulnerable to escalating regulatory and public pressure.

Enduring Post-Pandemic Health & Safety Perceptions

The severe impact of the COVID-19 pandemic on the cruise industry created a lasting memory and heightened sensitivity among consumers and regulators regarding infectious disease transmission in close-quarters environments. While the immediate crisis has subsided, the persistent public perception of cruise ships as vulnerable to outbreaks, coupled with the potential for future pandemics or novel pathogens, remains a clear and emerging threat. This can lead to sustained periods of reduced consumer demand, necessitate costly ongoing health and safety protocols, and expose the company to rapid and severe operational shutdowns in response to future public health crises.

AI Analysis | Feedback

The addressable market for Royal Caribbean's main product, cruises, can be identified by examining the global and regional cruise tourism markets.

The global cruise tourism market was valued at approximately USD 86.31 billion in 2025. This market is projected to grow to USD 204.93 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 10.15% during the forecast period.

Regionally, North America is a significant addressable market. The North America cruise tourism market was valued at approximately USD 31.8 billion in 2025. In 2025, North America accounted for 36.84% of the global cruise tourism market.

For Europe, the cruise market generated a revenue of approximately USD 2.53 billion in 2025. This market is expected to grow at a CAGR of 12.1% from 2026 to 2033, reaching a projected revenue of approximately USD 6.31 billion by 2033.

AI Analysis | Feedback

Royal Caribbean (RCL) is poised for significant revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions:

  1. Capacity Expansion and New Ship Deliveries: The company is increasing its overall capacity through the introduction of new ships, including the Royal Caribbean Discovery class vessels and an expansion of its Celebrity River Cruises fleet. This growth in available passenger cruise days (APCDs) directly translates to the potential for higher passenger volume and revenue. Royal Caribbean projects capacity increases of 6.7% in 2026, 4% in 2027, and 6% in 2028.
  2. Strong Pricing Power and Yield Growth: Royal Caribbean anticipates continued strength in pricing, leading to robust net yield growth. This is fueled by strong demand for its vacation experiences and the company's ability to command higher ticket prices. Net yield growth is projected to be between 1.5% and 3.5% in 2026.
  3. Growth in Onboard Revenue and Exclusive Destinations: Investments in private destinations, such as the Royal Beach Club Paradise Island, Cozumel Beach Club, Santorini Beach Club, and Perfect Day Mexico, are expected to enhance the guest experience and drive increased onboard spending. These exclusive destinations contribute to higher guest satisfaction and ancillary revenue.
  4. Enhanced Digital Engagement and Operational Efficiencies: Royal Caribbean is investing in AI and digital platforms to improve customer personalization and operational efficiency. These technological advancements are designed to streamline the booking process, enhance the guest experience, and ultimately increase conversion rates and onboard spending.
  5. Robust Demand and Record Bookings: The company is experiencing strong booking trends for upcoming years at record rates, indicating sustained consumer preference for cruise vacations. This solid demand environment provides a strong foundation for future revenue growth.

AI Analysis | Feedback

Share Repurchases

  • Royal Caribbean Group initiated a $1.0 billion share repurchase program in February 2025, with $100 million in shares already purchased through open market transactions.
  • In December 2025, the board authorized a new $2.0 billion share repurchase program.
  • The company completed a prior $1.0 billion share repurchase program, and as of December 31, 2025, $1.8 billion remained under its current program authorization.

Share Issuance

  • In March 2025, Royal Caribbean completed exchange transactions involving approximately $213 million in convertible senior notes for around 3.3 million shares of common stock and $214 million in cash.
  • The number of outstanding shares increased by 10.98% in 2023 from 2022, reaching 0.283 billion.

Outbound Investments

  • In January 2025, Royal Caribbean announced the launch of Celebrity River Cruises with an initial order for 10 ships set to sail in 2027.
  • The company is expanding its portfolio of private destinations from three to eight by 2028, including the development of new Royal Beach Club collections like Perfect Day Mexico.

Capital Expenditures

  • Royal Caribbean's capital expenditures were $3.897 billion in 2023, $3.268 billion in 2024, and peaked at $5.229 billion in 2025.
  • Expected capital expenditures for 2026 are approximately $5 billion, primarily dedicated to new ship orders and the development of private destinations.
  • The company anticipates welcoming seven new cruise ships into its fleet by the end of 2029.

Better Bets vs. Royal Caribbean (RCL)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Earn 14% Today or Buy RCL 30% Cheaper - It's a Win-Win04/28/2026
2Forget Timing the Bottom: Earn 13% While You Wait for RCL on Sale04/16/2026
3Stress Testing RCL: Historical Drawdowns and Macro Risks03/17/2026
4Royal Caribbean vs Booking: Which Stock Could Rally?03/11/2026
5Forget Timing the Bottom: Earn 12% While You Wait for RCL on Sale03/06/2026
6Earn 9.4% Today or Buy RCL 30% Cheaper - It's a Win-Win02/12/2026
7How Royal Caribbean Stock Gained 30%02/10/2026
8Royal Caribbean Stock (+19%): Bullish 2026 Guidance Ignites Algo Chase01/30/2026
9RCL Stock Falls -13% In 6-Day Spree On Stifel's Price Target Cut To $38001/21/2026
10ARTICLES 
11Buying RCL at a Discount? You Are Getting Paid to Do It04/24/2026
12Is Royal Caribbean Stock A Trap Or A Missed Opportunity?04/20/2026
13Stronger Bet Than Hilton Worldwide Stock: RCL, BKNG Deliver More04/18/2026
14S&P 500 Movers | Winners: RCL, UAL, CCL | Losers: LYB, DOW, NFLX04/17/2026
15S&P 500 Movers | Winners: ALB, ON, DELL | Losers: SCHW, ABT, RCL04/17/2026
Title
0DASHBOARDS
1Earn 14% Today or Buy RCL 30% Cheaper - It's a Win-Win
2Forget Timing the Bottom: Earn 13% While You Wait for RCL on Sale
3Stress Testing RCL: Historical Drawdowns and Macro Risks
4Royal Caribbean vs Booking: Which Stock Could Rally?
5Forget Timing the Bottom: Earn 12% While You Wait for RCL on Sale
6Earn 9.4% Today or Buy RCL 30% Cheaper - It's a Win-Win
7How Royal Caribbean Stock Gained 30%
8Royal Caribbean Stock (+19%): Bullish 2026 Guidance Ignites Algo Chase
9RCL Stock Falls -13% In 6-Day Spree On Stifel's Price Target Cut To $380
10ARTICLES
11Buying RCL at a Discount? You Are Getting Paid to Do It
12Is Royal Caribbean Stock A Trap Or A Missed Opportunity?
13Stronger Bet Than Hilton Worldwide Stock: RCL, BKNG Deliver More
14S&P 500 Movers | Winners: RCL, UAL, CCL | Losers: LYB, DOW, NFLX
15S&P 500 Movers | Winners: ALB, ON, DELL | Losers: SCHW, ABT, RCL

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Peer Comparisons

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Financials

RCLCCLNCLHVIKLINDMedian
NameRoyal Ca.Carnival Norwegia.Viking Lindblad. 
Mkt Price280.8727.0017.2283.9721.1527.00
Mkt Cap75.837.27.937.31.337.2
Rev LTM18,38726,97610,0316,50179910,031
Op Inc LTM5,1284,5471,5931,502501,593
FCF LTM1,3712,986-9491,533711,371
FCF 3Y Avg1,3632,095-6561,131551,131
CFO LTM6,6726,5562,2222,5601132,560
CFO 3Y Avg5,5775,7662,1512,005922,151

Growth & Margins

RCLCCLNCLHVIKLINDMedian
NameRoyal Ca.Carnival Norwegia.Viking Lindblad. 
Rev Chg LTM9.7%6.1%6.5%21.9%19.2%9.7%
Rev Chg 3Y Avg20.5%23.1%19.1%-17.2%19.8%
Rev Chg Q11.3%6.1%9.6%27.8%15.7%11.3%
QoQ Delta Rev Chg LTM2.5%1.3%2.1%6.1%3.7%2.5%
Op Inc Chg LTM19.1%18.3%10.0%39.7%107.6%19.1%
Op Inc Chg 3Y Avg288.8%85.6%90.3%-183.6%136.9%
Op Mgn LTM27.9%16.9%15.9%23.1%6.3%16.9%
Op Mgn 3Y Avg25.5%14.2%14.7%20.2%3.7%14.7%
QoQ Delta Op Mgn LTM0.5%0.0%-0.0%0.7%0.4%0.4%
CFO/Rev LTM36.3%24.3%22.2%39.4%14.1%24.3%
CFO/Rev 3Y Avg33.3%23.1%22.8%35.8%13.4%23.1%
FCF/Rev LTM7.5%11.1%-9.5%23.6%8.9%8.9%
FCF/Rev 3Y Avg8.1%8.2%-6.8%20.1%7.9%8.1%

Valuation

RCLCCLNCLHVIKLINDMedian
NameRoyal Ca.Carnival Norwegia.Viking Lindblad. 
Mkt Cap75.837.27.937.31.337.2
P/S4.11.40.85.71.61.6
P/Op Inc14.88.24.924.825.214.8
P/EBIT13.58.55.324.746.013.5
P/E16.912.013.832.5-52.313.8
P/CFO11.45.73.514.611.311.3
Total Yield6.5%8.3%7.2%3.1%-1.9%6.5%
Dividend Yield0.6%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg2.5%7.5%-7.6%-8.5%5.0%
D/E0.30.71.90.20.50.5
Net D/E0.30.71.90.10.30.3

Returns

RCLCCLNCLHVIKLINDMedian
NameRoyal Ca.Carnival Norwegia.Viking Lindblad. 
1M Rtn4.9%7.1%-8.1%17.5%23.7%7.1%
3M Rtn-13.4%-13.8%-20.6%16.2%15.7%-13.4%
6M Rtn11.7%2.9%-5.6%46.5%76.1%11.7%
12M Rtn25.0%37.8%-0.5%95.1%119.6%37.8%
3Y Rtn266.7%155.7%20.8%221.7%89.2%155.7%
1M Excs Rtn-7.6%-11.8%-22.8%-0.4%3.8%-7.6%
3M Excs Rtn-21.3%-21.7%-28.6%8.3%7.8%-21.3%
6M Excs Rtn1.7%-4.5%-16.7%38.8%61.5%1.7%
12M Excs Rtn-4.5%8.0%-31.1%66.3%82.3%8.0%
3Y Excs Rtn245.6%108.9%-58.3%143.6%5.8%108.9%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment16,48413,9008,8401,5322,209
Total16,48413,9008,8401,5322,209


Price Behavior

Price Behavior
Market Price$280.87 
Market Cap ($ Bil)76.1 
First Trading Date04/28/1993 
Distance from 52W High-22.3% 
   50 Days200 Days
DMA Price$276.07$296.08
DMA Trenddowndown
Distance from DMA1.7%-5.1%
 3M1YR
Volatility51.4%45.4%
Downside Capture1.000.72
Upside Capture79.15124.60
Correlation (SPY)55.6%44.7%
RCL Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta2.401.971.891.771.671.52
Up Beta3.083.263.362.772.421.75
Down Beta6.802.202.351.571.461.44
Up Capture40%62%88%137%149%451%
Bmk +ve Days15223166141428
Stock +ve Days10182756126401
Down Capture492%198%148%146%134%106%
Bmk -ve Days4183056108321
Stock -ve Days12253769126351

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with RCL
RCL26.5%45.3%0.64-
Sector ETF (XLY)22.4%18.7%0.9547.2%
Equity (SPY)29.6%12.5%1.8646.0%
Gold (GLD)37.0%27.1%1.143.9%
Commodities (DBC)48.7%18.0%2.12-21.5%
Real Estate (VNQ)12.9%13.5%0.6538.2%
Bitcoin (BTCUSD)-16.3%42.1%-0.318.3%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with RCL
RCL27.0%48.4%0.66-
Sector ETF (XLY)6.9%23.8%0.2559.7%
Equity (SPY)12.8%17.1%0.5958.0%
Gold (GLD)21.1%17.9%0.963.9%
Commodities (DBC)14.1%19.1%0.6010.3%
Real Estate (VNQ)3.3%18.8%0.0842.7%
Bitcoin (BTCUSD)7.0%56.0%0.3422.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with RCL
RCL15.3%53.2%0.48-
Sector ETF (XLY)13.0%22.0%0.5457.0%
Equity (SPY)15.0%17.9%0.7255.7%
Gold (GLD)13.5%16.0%0.70-0.5%
Commodities (DBC)9.4%17.8%0.4419.2%
Real Estate (VNQ)5.7%20.7%0.2446.8%
Bitcoin (BTCUSD)68.2%66.9%1.0715.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity12.6 Mil
Short Interest: % Change Since 33120261.9%
Average Daily Volume2.2 Mil
Days-to-Cover Short Interest5.6 days
Basic Shares Quantity270.0 Mil
Short % of Basic Shares4.6%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/29/202618.6%12.7%6.6%
10/28/2025-8.5%-13.3%-16.8%
7/29/2025-5.0%-10.3%0.5%
4/29/20250.1%5.8%15.9%
1/28/202512.0%10.2%3.1%
10/29/20243.2%0.4%20.1%
7/25/2024-7.6%-4.7%-4.0%
4/25/20240.5%0.6%7.0%
...
SUMMARY STATS   
# Positive161716
# Negative767
Median Positive7.1%7.3%18.0%
Median Negative-5.0%-8.9%-16.8%
Max Positive18.6%18.3%97.5%
Max Negative-8.5%-23.0%-27.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/11/202610-K
09/30/202510/28/202510-Q
06/30/202507/29/202510-Q
03/31/202504/29/202510-Q
12/31/202402/14/202510-K
09/30/202410/29/202410-Q
06/30/202407/25/202410-Q
03/31/202404/25/202410-Q
12/31/202302/21/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202211/03/202210-Q
06/30/202207/29/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 1/29/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Adjusted EPS3.183.233.28   
2026 Adjusted EPS17.717.918.114.7% Higher NewActual: 15.6 for 2025
2026 Capital Expenditures 5.00 Bil 0 Same NewActual: 5.00 Bil for 2025
2026 Capacity Change 0.07    

Prior: Q3 2025 Earnings Reported 10/28/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Adjusted EPS2.742.772.79   
Q4 2025 Net Yields Growth2.6%2.85%3.1%   
2025 Adjusted EPS15.615.615.60.8% RaisedGuidance: 15.5 for 2025
2025 Net Yields Growth3.5%3.75%4.0%0 AffirmedGuidance: 3.75% for 2025
2025 Capital Expenditures 5.00 Bil 0 AffirmedGuidance: 5.00 Bil for 2025

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Wilhelmsen, Arne Alexander See FootnoteSell2272026311.54245,47676,475,0255,120,405,388Form
2Wilhelmsen, Arne Alexander See FootnoteSell2272026318.39356,026113,356,5125,311,251,795Form
3Wilhelmsen, Arne Alexander See FootnoteSell2272026315.92170,10553,739,0435,382,406,262Form
4Wilhelmsen, Arne Alexander See FootnoteSell2242026315.73345,111108,960,4935,432,859,384Form
5Wilhelmsen, Arne Alexander See FootnoteSell2242026317.3019,1406,073,1845,569,505,658Form

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