Explain this page
Arphra AIPlain-English read on Royal Caribbean Cruises Ltd.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
ATop tier
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin46.8%
Operating margin27.4%
Net margin23.8%
ROE41.7%
ROA10.3%
ROIC15.3%
Liquidity & leverage
Current ratio0.18×
Quick ratio0.16×
Debt / equity2.21×
Net debt / EBITDA3.16×
Interest coverage5×
Efficiency & per-share
Asset turnover0.43×
Inventory days10
Days sales out.6
FCF / share$4.53
Book value / share$37.53
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $60.21B | $75.59B | — | — | — | — |
| Enterprise value | — | — | — | $80.64B | $97.4B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 4.89 | 5.43 | — | — | — | — |
| EV / FCF | — | — | — | 40.38 | 78.80 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +4.78% | +5.65% | — | — | — | — |
| Free cash flow yield | — | — | — | +3.32% | +1.64% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | -78.79% | +25.16% | +44.06% | +47.52% | +46.84% | +46.26% | +46.07% | +47.33% | +45.95% |
| Operating margin | -252.61% | -8.67% | +20.71% | +24.91% | +27.37% | +24.34% | +24.75% | +23.69% | +24.21% |
| EBITDA margin | -174.61% | +6.96% | +32.81% | +36.92% | +38.52% | +37.14% | +35.38% | +35.78% | +35.52% |
| EBIT margin | -259.01% | -8.96% | +22.35% | +27.22% | +29.53% | +25.89% | +26.66% | +25.88% | +25.92% |
| Pre-tax margin | -343.34% | -24.39% | +12.26% | +17.57% | +24.00% | +17.65% | +18.40% | +18.24% | +18.24% |
| Net margin | -343.34% | -24.39% | +12.21% | +17.45% | +23.82% | +18.32% | +17.70% | +18.26% | +17.65% |
| Cost structure | |||||||||
| Cost of revenue / sales | +178.79% | +74.84% | +55.94% | +52.48% | +53.16% | +55.24% | +53.59% | +52.30% | +54.92% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +89.43% | +17.91% | +12.89% | +12.89% | +12.39% | +13.07% | +12.81% | +13.05% | +12.95% |
| Effective tax rate | — | — | 0.00% | 0.00% | +0.35% | +0.12% | +0.11% | +0.11% | +0.12% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | -103.43% | -75.15% | +34.64% | +37.19% | +41.71% | +39.75% | +37.96% | +38.90% | +37.91% |
| Return on assets (ROA) | -16.31% | -6.38% | +4.83% | +7.76% | +10.27% | +7.67% | +7.42% | +7.69% | +7.37% |
| Return on capital (ROC) | -14.45% | -2.85% | +10.65% | +14.38% | +14.93% | +13.23% | +13.35% | +12.95% | +13.25% |
| Return on invested capital (ROIC) | -10.84% | -2.14% | +6.28% | +10.08% | +13.00% | +9.96% | +9.55% | +9.99% | +9.66% |
| Asset turnover | +4.75% | +26.17% | +39.57% | +44.47% | +43.09% | +41.85% | +41.89% | +42.09% | +41.77% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -343.34% | -24.39% | +12.21% | +17.45% | +23.82% | +18.32% | +17.70% | +18.26% | +17.65% |
| Asset turnover (× revenue / assets) | +4.75% | +26.17% | +39.57% | +44.47% | +43.09% | +41.85% | +41.89% | +42.09% | +41.77% |
| Equity multiplier (× assets / equity) | +634.31% | +1177.27% | +717.11% | +479.25% | +406.24% | +518.39% | +511.86% | +506.12% | +514.08% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.05 | 0.26 | 0.40 | 0.44 | 0.43 | 0.42 | 0.42 | 0.42 | 0.42 |
| Fixed-asset turnover | 0.06 | 0.31 | 0.45 | 0.51 | 0.49 | — | — | — | — |
| Inventory turnover | 18.23 | 29.54 | 31.35 | 32.65 | 36.12 | — | — | — | — |
| Receivables turnover | 3.75 | 16.65 | 34.32 | 44.43 | 56.58 | — | — | — | — |
| Payables turnover | 5.02 | 10.23 | 9.82 | 9.41 | 10.01 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 97.22 | 21.92 | 10.63 | 8.21 | 6.45 | — | — | — | — |
| Days inventory outstanding (DIO) | 20.02 | 12.36 | 11.64 | 11.18 | 10.11 | — | — | — | — |
| Days payables outstanding (DPO) | 72.76 | 35.69 | 37.18 | 38.77 | 36.48 | — | — | — | — |
| Cash conversion cycle | 44.48 | -1.41 | -14.90 | -19.38 | -19.92 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.36 | -0.22 | 2.64 | 1.83 | 1.51 | 1.78 | 1.93 | 1.82 | 1.89 |
| FCF / Net income | 0.78 | 1.03 | 0.34 | 0.69 | 0.29 | 0.43 | 0.45 | 0.42 | 0.44 |
| FCF margin | -268.15% | -25.21% | +4.17% | +12.11% | +6.89% | +7.88% | +7.90% | +7.73% | +7.83% |
| OCF margin | -122.58% | +5.44% | +32.21% | +31.94% | +36.05% | +32.59% | +34.25% | +33.19% | +33.33% |
| CapEx / Revenue | +145.56% | +30.66% | +28.04% | +19.82% | +29.16% | +25.67% | +26.07% | +26.02% | +25.20% |
| CapEx / D&A | 1.72 | 1.93 | 2.68 | 2.04 | 3.04 | — | — | — | — |
| Stock-based comp / Revenue | +4.18% | +0.41% | +0.91% | +1.62% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -20.89 | -8.45 | 6.31 | 10.94 | 15.61 | 17.31 | 19.93 | 22.74 | 25.54 |
| EPS · basic | -20.89 | -8.45 | 6.63 | 11.00 | 15.73 | 17.75 | 20.50 | 23.47 | 25.77 |
| Book value / share | 20.20 | 11.25 | 17.31 | 27.72 | 37.53 | 33.20 | 35.96 | 39.36 | 41.91 |
| Tangible BV / share | 15.26 | 8.08 | 14.45 | 24.83 | 34.57 | 33.20 | 35.96 | 39.36 | 41.91 |
| Sales / share | 6.08 | 34.67 | 49.12 | 59.09 | 65.70 | 72.02 | 77.11 | 83.85 | 90.00 |
| Operating CF / share | -7.46 | 1.89 | 15.82 | 18.87 | 23.68 | 23.47 | 26.41 | 27.83 | 29.99 |
| Free cash flow / share | -16.31 | -8.74 | 2.05 | 7.16 | 4.53 | 5.67 | 6.09 | 6.48 | 7.04 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.38 | 0.97 | 0.50 | 0.55 | 0.60 | 0.63 |
| Payout ratio | 0.00% | 0.00% | 0.00% | +3.72% | +6.18% | +3.77% | +4.02% | +3.91% | +3.99% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +96.28% | +93.82% | +96.23% | +95.98% | +96.09% | +96.01% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +477.02% | +57.24% | +18.60% | +8.80% | +9.25% | +7.38% | +8.73% | +7.66% | +41.50% |
| Gross profit · YoY | — | +284.26% | +175.40% | +27.89% | +7.24% | +7.90% | +6.95% | +11.68% | +4.52% | — |
| Profit | ||||||||||
| Operating income · YoY | — | +80.21% | +475.72% | +42.67% | +19.56% | -2.87% | +9.23% | +4.04% | +10.02% | — |
| EBITDA · YoY | — | +122.99% | +641.63% | +33.46% | +13.50% | +5.31% | +2.30% | +9.96% | +6.89% | — |
| Net income · YoY | — | +59.01% | +178.71% | +69.53% | +48.52% | -15.99% | +3.75% | +12.16% | +4.07% | — |
| Operating | ||||||||||
| EBIT · YoY | — | +80.04% | +492.17% | +44.46% | +18.03% | -4.21% | +10.55% | +5.57% | +7.80% | — |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +59.55% | +174.67% | +73.38% | +42.69% | +10.87% | +15.16% | +14.07% | +12.34% | — |
| EPS · basic · YoY | — | +59.55% | +178.46% | +65.91% | +43.00% | +12.86% | +15.48% | +14.47% | +9.82% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $21.69B | $23.99B | $22.13B | $20.82B | $22.64B | $27.01B | $29.2B | $31.1B | $33.52B |
| Net debt | $18.99B | $22.06B | $21.63B | $20.43B | $21.81B | $26.34B | $28.48B | $30.3B | $32.67B |
| Net debt / EBITDA | -7.10 | 35.87 | 4.74 | 3.36 | 3.16 | 3.62 | 3.83 | 3.70 | 3.73 |
| Debt / equity | 4.27 | 8.36 | 4.52 | 2.69 | 2.21 | 2.99 | 2.98 | 2.90 | 2.92 |
| Debt / assets | +67.25% | +71.04% | +62.99% | +56.16% | +54.39% | +57.70% | +58.13% | +57.21% | +56.86% |
| Equity / assets | +15.77% | +8.49% | +13.94% | +20.87% | +24.62% | +19.29% | +19.54% | +19.76% | +19.45% |
| Coverage | |||||||||
| EBITDA / interest expense | -2.07 | 0.45 | 3.25 | 3.83 | 6.96 | 4.44 | 4.19 | 4.19 | 4.24 |
| Operating income / interest | -3.00 | -0.56 | 2.05 | 2.58 | 4.95 | 2.91 | 2.93 | 2.78 | 2.89 |
| Interest expense | $1.29B | $1.36B | $1.4B | $1.59B | $992M | $1.64B | $1.78B | $1.95B | $2.06B |
| Liquidity | |||||||||
| Current ratio | 0.49 | 0.37 | 0.19 | 0.17 | 0.18 | — | — | — | — |
| Quick ratio | 0.43 | 0.29 | 0.10 | 0.08 | 0.10 | — | — | — | — |
| Cash ratio | 0.37 | 0.23 | 0.05 | 0.04 | 0.07 | — | — | — | — |
| Working capital | -$3.69B | -$5.37B | -$7.61B | -$8.11B | -$9.84B | — | — | — | — |
| Working capital / revenue | -240.56% | -60.72% | -54.74% | -49.21% | -54.89% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 5.43x | 4.89x |
| Earnings yield | 5.7% | 4.8% |
| FCF yield | 1.6% | 3.3% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 42.6% | 38.0% |
| ROA | 10.3% | 7.8% |
| ROIC | 14.9% | 14.2% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 3.16 | 3.36 |
| Interest coverage | — | — |
| Current ratio | 0.18x | 0.17x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).