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Royal Caribbean (RCL)

Market Price (9/18/2025): $324.34 | Market Cap: $88.2 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Royal Caribbean (RCL)

Market Price (9/18/2025): $324.34
Market Cap: $88.2 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%		  Expensive valuation multiples
P/SPrice/Sales ratio is 5.1x
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%		  
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 5.7 Bil, FCF LTM is 3.6 Bil		  
3 Low stock price volatility
Vol 12M is 43%		  
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 5.7 Bil, FCF LTM is 3.6 Bil
3 Low stock price volatility
Vol 12M is 43%
4 Expensive valuation multiples
P/SPrice/Sales ratio is 5.1x

Market Valuation

 9/18/252024202320222021
Share Price CYE$324.34$229.24$128.08$48.89$76.06
Market Cap CYE ($ Bil)88.261.232.812.519.4
Total Debt ($ Bil)19.720.822.124.021.7
Total Cash ($ Bil)0.70.40.51.92.7
Enterprise Value ($ Bil)107.282.054.936.541.1
Valuation Ratios     
P/S TTM5.13.62.41.412.7
P/EBIT TTM17.713.410.7-15.9-4.9
P/E TTM24.520.919.5-5.8-3.7
Sector Ratios     
P/S TTM (Sector)0.80.80.90.81.3
P/EBIT TTM (Sector)7.26.97.05.57.4
P/E TTM (Sector)9.58.18.97.39.2
 9/18/2520242023
Share Price CYE$324.34$229.24$128.08
Market Cap CYE ($ Bil)88.261.232.8
Total Debt ($ Bil)19.720.822.1
Total Cash ($ Bil)0.70.40.5
Enterprise Value ($ Bil)107.282.054.9
Valuation Ratios   
P/S TTM5.13.62.4
P/EBIT TTM17.713.410.7
P/E TTM24.520.919.5
Sector Ratios   
P/S TTM (Sector)0.80.80.9
P/EBIT TTM (Sector)7.26.97.0
P/E TTM (Sector)9.58.18.9

Market Cap Chart

Business Description

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. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
RCL Return-44%3%-36%162%79%41%157%
Peers Return-20%10%-35%78%30%10%44%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: CCL, EXPE, H, NCLH, BKNG. See RCL Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Better Bets than Royal Caribbean (RCL)

 RCLBetter Performance than RCL
MetricValueIndustry (Hotels, Resorts & Cruise Lines)
Rev Chg LTM12.1%VIK (17.7%), MMYT (18.1%), HGV (18.4%), LIND (18.7%), YTRA (117.7%)
Rev Chg 3Y Avg65.4%CCL (81.1%), NCLH (79.0%)
Op Mgn LTM26.4%BKNG (32.8%), WH (40.5%), CHH (30.2%)
CFO/Rev LTM33.4%BKNG (38.3%), ABNB (37.2%), VIK (38.9%), NUTR (297.0%)
FCF/Rev LTM20.9%BKNG (36.9%), ABNB (37.2%), NUTR (295.8%)
Total Yield4.5%CCL (6.2%), NCLH (6.3%), WH (7.1%), MTN (6.7%), CHH (6.0%)
 RCLBetter Performance than RCL
MetricValueAll Other Sectors
Rev Chg LTM12.1%NVDA (71.6%), MSFT (14.9%), GOOGL (13.1%), META (19.4%), AVGO (28.0%)
Rev Chg 3Y Avg65.4%NVDA (92.0%), APO (129.8%), NU (70.1%), CRDO (74.4%), GRAB (71.1%)
Op Mgn LTM26.4%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM33.4%NVDA (46.6%), MSFT (48.3%), GOOGL (36.0%), META (56.4%), AVGO (42.4%)
FCF/Rev LTM20.9%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), META (30.7%), AVGO (41.6%)
Total Yield4.5%BRK-B (5.9%), JPM (6.5%), XOM (9.7%), JNJ (8.1%), BAC (7.1%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Royal Caribbean Earnings Notes  
2RCL Soars 13% In A Single Week: How Does It Compare With Others?  
3Day 5 of Gains Streak for Royal Caribbean Stock with 13% Return (vs. 60% YTD) [8/28/2025]Notification 
4Time To Buy Royal Caribbean Stock?Buy or Fear 
5Royal Caribbean vs Alphabet: Which Is A Better Investment?Counter-Intuitive Comparisons 
6Royal Caribbean vs Green Brick Partners: Which Is A Better Investment?Counter-Intuitive Comparisons 
7RCL or MMYT - With 56% Return Forecast, MMYT Probably Deserves Your MoneyActionable 
8RCL Jumped 7.3% In A Month. What To Do Now?Return 
9Day 14 of Gains Streak for Royal Caribbean Stock with 30% Return (vs. 49% YTD) [7/10/2025]  
10RCL Dip Buy Analysis  
11ARTICLES  
12RCL Soars 13% In A Single Week: How Does It Compare With Others? August 29th, 2025
13RCL Stock Up 13% after 5-Day Win Streak August 29th, 2025
14S&P 500 Stocks Trading At 52-Week High August 27th, 2025
15RCL Leaps 6.0% In One Day, Should You Buy The Stock? August 23rd, 2025
16MMYT Looks Stronger Than RCL With 56% Return Potential August 5th, 2025
Title
0DASHBOARDS
1RCL Soars 13% In A Single Week: How Does It Compare With Others?
2RCL Stock Up 13% after 5-Day Win Streak
3S&P 500 Stocks Trading At 52-Week High
4RCL Leaps 6.0% In One Day, Should You Buy The Stock?
5MMYT Looks Stronger Than RCL With 56% Return Potential
6ARTICLES
7Royal Caribbean Earnings Notes
8RCL Soars 13% In A Single Week: How Does It Compare With Others?
9Day 5 of Gains Streak for Royal Caribbean Stock with 13% Return (vs. 60% YTD) [8/28/2025]
10Time To Buy Royal Caribbean Stock?
11Royal Caribbean vs Alphabet: Which Is A Better Investment?
12Royal Caribbean vs Green Brick Partners: Which Is A Better Investment?
13RCL or MMYT - With 56% Return Forecast, MMYT Probably Deserves Your Money
14RCL Jumped 7.3% In A Month. What To Do Now?
15Day 14 of Gains Streak for Royal Caribbean Stock with 30% Return (vs. 49% YTD) [7/10/2025]
16RCL Dip Buy Analysis

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
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4ATHAAthira Pharma892.1%544.3%
5SDOTSadot690.6%-79.9%
6ATCHAtlasClear684.9%-83.1%
7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

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1PMIPicard Medical11931.7%11931.7%
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8OESXOrion Energy Systems1373.7%14.2%
9OPOceanPal1266.5%-95.6%
10BCTXBriaCell Therapeutics1032.4%-89.8%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1CJETChijet Motor-94.5%-96.0%
2STFSStar Fashion Culture-92.3%-97.9%
3ELPWElong Power-91.1%-76.9%
4NXTTNext Technology-90.1%-95.4%
5EPIXESSA Pharma-89.4%-8.9%
6NAKAKindly MD-88.1% 
7BINIBollinger Innovations-87.6%-100.0%
8JEM707 Cayman-87.4%-98.2%
9YAASYouxin Technology-83.3%-98.4%
10NEONNeonode-82.5%-51.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
4ATHAAthira Pharma892.1%544.3%
5SDOTSadot690.6%-79.9%
6ATCHAtlasClear684.9%-83.1%
7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Royal Caribbean

Financials

RCLCCLEXPEHNCLHBKNGMedian
NameRoyal Ca.Carnival Expedia Hyatt Ho.Norwegia.Booking  
Mkt Price323.0731.19225.18141.0325.385,553.70183.11
Mkt Cap87.940.928.513.511.3180.534.7
Rev LTM17,18425,97214,0186,7579,56125,02515,601
Op Inc LTM4,5374,2151,7034391,5318,2202,959
FCF LTM3,5872,8061,997132-5049,2402,402
FCF 3Y Avg1,6086582,108420-5037,7311,133
CFO LTM5,7375,4332,7783001,9669,5784,106
CFO 3Y Avg4,5494,3532,8906031,9238,1093,622

Growth & Margins

RCLCCLEXPEHNCLHBKNGMedian
NameRoyal Ca.Carnival Expedia Hyatt Ho.Norwegia.Booking  
Rev Chg LTM12.1%10.8%5.7%0.9%5.2%11.7%8.3%
Rev Chg 3Y Avg65.4%81.1%9.6%14.2%79.0%19.9%42.6%
Rev Chg Q10.4%9.5%6.4%6.2%6.1%16.0%7.9%
QoQ Delta Rev Chg LTM2.6%2.2%1.7%1.6%1.5%3.9%1.9%
Op Mgn LTM26.4%16.2%12.1%6.5%16.0%32.8%16.1%
Op Mgn 3Y Avg20.6%6.7%11.6%6.1%8.9%30.8%10.3%
QoQ Delta Op Mgn LTM0.7%1.1%0.1%-0.8%0.6%0.4%0.5%
CFO/Rev LTM33.4%20.9%19.8%4.4%20.6%38.3%20.7%
CFO/Rev 3Y Avg30.3%18.3%22.1%9.1%22.6%36.3%22.3%
FCF/Rev LTM20.9%10.8%14.2%2.0%-5.3%36.9%12.5%
FCF/Rev 3Y Avg10.7%1.2%16.1%6.3%-6.0%34.6%8.5%

Valuation

RCLCCLEXPEHNCLHBKNGMedian
NameRoyal Ca.Carnival Expedia Hyatt Ho.Norwegia.Booking  
Mkt Cap87.940.928.513.511.3180.534.7
P/S5.11.62.02.01.27.22.0
P/EBIT17.710.017.215.18.223.116.2
P/E24.416.225.631.215.837.525.0
P/CFO15.37.510.344.95.818.812.8
Total Yield4.5%6.2%4.3%3.6%6.3%3.3%4.4%
Dividend Yield0.4%0.0%0.4%0.4%0.0%0.7%0.4%
FCF Yield 3Y Avg3.2%1.4%11.9%3.1%-5.7%5.7%3.1%
D/E0.20.70.20.51.20.10.3
Net D/E0.20.6-0.00.41.20.00.3

Returns

RCLCCLEXPEHNCLHBKNGMedian
NameRoyal Ca.Carnival Expedia Hyatt Ho.Norwegia.Booking  
1M Rtn-1.1%4.1%9.2%0.5%3.3%0.6%1.9%
3M Rtn20.6%32.1%38.9%6.5%38.0%5.2%26.4%
6M Rtn50.6%48.2%31.1%12.4%27.9%21.4%29.5%
12M Rtn94.0%73.0%63.7%-4.5%28.4%38.4%51.1%
3Y Rtn547.6%189.9%122.4%60.2%65.8%200.2%156.1%
1M Excs Rtn-3.5%1.7%6.8%-1.9%0.9%-1.8%-0.4%
3M Excs Rtn12.8%23.7%28.9%-4.9%29.7%-5.4%18.2%
6M Excs Rtn41.7%37.5%19.4%-1.9%15.5%7.1%17.5%
12M Excs Rtn77.1%63.4%49.6%-20.1%14.0%24.9%37.3%
3Y Excs Rtn519.3%133.7%42.2%-9.0%10.9%119.2%80.7%

Comparison Analyses

Title
0Royal Caribbean vs. Synopsys: With Return Forecast Of 43%, Royal Caribbean Is A Better Bet
1Royal Caribbean vs. Zoetis: With Return Forecast Of 43%, Royal Caribbean Is A Better Bet
2Royal Caribbean vs. CVS Health: With Return Forecast Of 43%, Royal Caribbean Is A Better Bet
3Royal Caribbean vs. Hyatt Hotels: With Return Forecast Of 42%, Royal Caribbean Is A Better Bet
4Royal Caribbean vs. Norwegian Cruise Line: With Return Forecast Of 42%, Royal Caribbean Is A Better Bet
5Royal Caribbean vs. Expedia: With Return Forecast Of 42%-43%, Both Seem Like Good Bets
6Royal Caribbean vs. Carnival: With Return Forecast Of 38%-42%, Both Seem Like Good Bets
7Royal Caribbean vs. Intuit: With Return Forecast Of 40%-42%, Both Seem Like Good Bets
8Royal Caribbean vs. Stryker: With Return Forecast Of 42%, Royal Caribbean Is A Better Bet
9Royal Caribbean vs. Carnival: With Return Forecast Of 38%-42%, Both Seem Like Good Bets

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/29/20254/29/20252/14/202510/29/20247/25/20244/25/20242/21/202410/26/20237/27/20235/4/20232/23/202311/3/2022
Key Financials Quarterly            
Total Revenue4,5383,9993,7614,8864,1103,7283,3314,1603,5232,8862,6032,993
Ebitda1,8601,3981,2362,1281,5491,1759941,7171,180672292740
Operating Income1,3309476261,6341,0997505701,26577127213298
Net Income1,2107305521,1118543602771,009459-48-50033
EPS4.452.712.064.223.321.401.093.941.79-0.19-1.960.13
Key Financials TTM            
Total Revenue TTM17,18416,75616,48516,05515,32914,74213,90013,17212,00610,6678,8407,219
Ebitda TTM6,6226,3116,0885,8465,4355,0664,5633,8612,8841,837615-416
Operating Income TTM4,5374,3064,1094,0533,6843,3562,8782,3211,355365-766-1,851
Net Income TTM3,6033,2472,8772,6022,5002,1051,697920-56-1,037-2,156-3,012
Growth Rates Quarterly            
Total Revenue Growth10.4%7.3%12.9%17.5%16.7%29.2%27.9%39.0%61.3%172.5%165.1%555.0%
EBITDA Growth20.1%19.0%24.3%23.9%31.3%74.9%240.3%132.0%789.5%222.2%139.5%210.8%
Operating Income Growth21.0%26.3%9.8%29.2%42.5%175.7%4145.2%323.9%452.6%131.7%101.3%129.7%
Net Income Growth41.7%102.8%99.3%10.1%86.1%850.0%155.4%2960.5%188.0%95.9%63.1%102.3%
Margins Quarterly            
EBITDA Margin41.0%35.0%32.9%43.6%37.7%31.5%29.8%41.3%33.5%23.3%11.2%24.7%
Operating Income Margin29.3%23.7%16.6%33.4%26.7%20.1%17.1%30.4%21.9%9.4%0.5%10.0%
Net Income Margin26.7%18.3%14.7%22.7%20.8%9.7%8.3%24.3%13.0%-1.7%-19.2%1.1%
Cash & Debt            
Total Cash7353863884183914374976007261,2271,9351,566
Total Debt19,73720,11920,82021,55621,77221,18522,13020,56721,01822,04823,99423,947
Net Debt / (Cash)19,00219,73320,43221,13821,38120,74821,63319,96720,29220,82122,05922,381
Cash Flows Quarterly            
FCF from Operations1,7461,6271,4678971,5731,3281,1166591,3921,310576-45
Cash Flows TTM            
FCF from Operations TTM5,7375,5645,2654,9144,6764,4954,4773,9373,2332,320481-300
Returns to Shareholders Quarterly            
Dividends2001480000000000
Share Repurchases-0241-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC24.5%17.0%10.7%27.4%18.2%12.8%9.4%22.4%13.5%4.7%0.2%4.8%
Return on Invested Capital (ROIC) TTM            
ROIC TTM20.9%19.4%17.6%17.0%15.3%14.3%11.8%10.3%5.9%1.6%-3.1%-7.5%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment13,9008,8401,5322,20910,951
Total13,9008,8401,5322,20910,951


Price Behavior

RCL Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta1.381.781.721.601.591.53
Up Beta1.811.811.851.521.561.58
Down Beta1.481.051.421.601.511.51
Up Capture198%243%261%270%372%1017%
Bmk +ve Days10223571142415
Stock +ve Days13243873140415
Down Capture1%157%91%134%121%104%
Bmk -ve Days11192754106334
Stock -ve Days8172452108333

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity11,628,725
Short Interest: % Change Since 815202510.9%
Average Daily Volume2,257,980
Days-to-Cover Short Interest5.15
Basic Shares Quantity272,000,000
Short % of Basic Shares4.3%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2025-5.0%-10.3%0.5%
4/29/20250.1%5.8%16.3%
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%
2/1/2024-0.4%-6.3%-2.5%
10/26/20230.8%3.7%27.0%
...
SUMMARY STATS   
# Positive161716
# Negative767
Median Positive6.0%7.1%18.2%
Median Negative-4.8%-7.0%-17.0%
Max Positive12.0%18.3%97.5%
Max Negative-7.6%-23.0%-31.9%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025729202510-Q 6/30/2025
3312025429202510-Q 3/31/2025
12312024214202510-K 12/31/2024
93020241029202410-Q 9/30/2024
6302024725202410-Q 6/30/2024
3312024425202410-Q 3/31/2024
12312023221202410-K 12/31/2023
93020231026202310-Q 9/30/2023
6302023727202310-Q 6/30/2023
3312023504202310-Q 3/31/2023
12312022223202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022729202210-Q 6/30/2022
3312022505202210-Q 3/31/2022
12312021301202210-K 12/31/2021
93020211029202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Sorensen Vagn O 8202025Sell330.0410,3003,399,4125,414,966Form
1Fain Richard D 8082025Sell310.656,9852,169,89049,488,409Form
2Lake Robert AlexanderSVP, CLO, Secretary & CCO6092025Sell275.002,500687,5006,585,150Form
3Fain Richard D 5202025Sell252.9615,7733,989,93842,812,974Form
4Montiel Maritza Gomez 5132025Sell242.491,500363,7353,507,375Form

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