Royal Caribbean Cruises Ltd.
Financial ratios & Valuation

Forward Multiples (2025 – 2027)

202520262027
Price/Earnings ratio
25.3322.1822.96
Price/Sales ratio
4.704.344.53
Earnings per Share (EPS)
$12.97$14.81$14.31

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
23.9133.3713.7615.7511.3718.70-2.46-2.94-6.0019.5323.5211.37
Price/Sales ratio
2.262.672.072.912.162.557.2412.631.422.383.892.16
Price/Book Value ratio
2.202.751.932.391.852.291.823.804.397.018.681.85
Price/Cash Flow ratio
10.4711.417.028.905.917.52-4.28-10.3126.157.4012.455.91
Price/Free Cash Flow ratio
-270.1266.71791.4511.07-113.8340.41-2.81-4.71-5.6557.15-168.9440.41
Price/Earnings Growth ratio
0.40-2.740.140.580.83-1.100.000.210.08-0.10-22.18-1.10
Dividend Yield
1.08%1.26%1.96%1.70%2.56%2.15%2.03%N/AN/AN/A0.40%2.15%
Profitability Indicator Ratios
Gross Profit Margin
34.27%38.55%40.96%44.21%44.57%44.63%-25.18%-73.45%25.18%33.63%40.27%44.63%
Operating Profit Margin
11.66%10.54%17.38%19.86%19.95%19.01%-208.32%-252.61%-9.59%20.70%25.56%19.95%
Pretax Profit Margin
9.46%8.02%15.10%18.51%19.12%17.41%-261.45%-343.34%-24.38%12.25%16.30%17.41%
Net Profit Margin
9.46%8.02%15.10%18.51%19.07%13.65%-294.48%-428.97%-23.75%12.20%16.20%16.20%
Effective Tax Rate
42.99%50.21%21.17%18.13%14.02%21.63%-12.63%-24.94%2.60%N/A-51.42%21.63%
Return on Assets
3.68%3.18%5.75%7.28%6.53%4.93%-20.03%-20.37%-6.21%4.83%7.01%6.53%
Return On Equity
9.22%8.25%14.07%15.18%16.30%12.28%-74.24%-129.23%-73.19%35.92%45.39%16.30%
Return on Capital Employed
5.58%5.26%8.26%9.96%9.20%9.31%-16.47%-15.49%-3.36%11.18%14.95%9.20%
Liquidity Ratios
Current Ratio
0.200.190.160.170.170.140.95N/AN/AN/A0.190.17
Quick Ratio
0.170.160.140.150.150.120.920.470.340.160.160.15
Cash ratio
0.040.020.020.020.040.030.810.370.220.050.040.04
Days of Sales Outstanding
11.8110.5112.5313.2412.4710.1946.9597.2121.9210.6310.0210.19
Days of Inventory outstanding
8.498.688.308.3010.659.7515.6620.6312.369.8110.089.75
Operating Cycle
20.3119.1920.8421.5523.1219.9562.62117.8434.2820.4420.1119.95
Days of Payables Outstanding
22.8021.6222.2126.8433.8633.9346.6574.9835.6831.3332.3933.93
Cash Conversion Cycle
-2.49-2.42-1.37-5.29-10.73-13.9815.9742.85-1.40-10.88-12.27-13.98
Debt Ratios
Debt Ratio
0.400.400.420.330.380.360.590.640.680.600.560.38
Debt Equity Ratio
1.011.051.020.700.970.892.194.078.074.482.950.97
Long-term Debt to Capitalization
0.470.480.470.370.420.400.670.780.870.800.720.42
Total Debt to Capitalization
0.500.510.500.410.490.470.680.800.880.810.740.49
Interest Coverage Ratio
3.664.634.835.815.675.09-3.59N/AN/AN/A2.455.09
Cash Flow to Debt Ratio
0.200.220.260.380.320.33-0.19-0.090.020.210.230.33
Company Equity Multiplier
2.502.592.442.082.492.493.706.3411.777.435.262.49
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.210.230.290.320.360.33-1.68-1.220.050.320.300.33
Free Cash Flow / Operating Cash Flow Ratio
-0.030.170.000.80-0.050.181.522.18-4.620.12-0.070.18
Cash Flow Coverage Ratio
0.200.220.260.380.320.33-0.19-0.090.020.210.230.33
Short Term Coverage Ratio
2.182.161.952.411.431.36-2.53-0.810.222.502.631.43
Dividend Payout Ratio
26.03%42.08%26.99%26.91%29.12%40.31%-5.01%N/AN/AN/AN/A40.31%