Latest Ratios: P/E Ratio 18.1x · EV/EBITDA 15.1x · ROE 47.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $76.4B | $76.1B | $64.4B | $36.6B | $12.6B | $19.4B | $16.0B | $28.0B | $20.7B | $25.7B | $17.7B |
| Enterprise Value | $98.2B | $98.0B | $84.8B | $58.3B | $34.7B | $38.4B | $32.3B | $39.5B | $31.2B | $33.1B | $27.0B |
| P/E Ratio → | 18.08 | 17.87 | 21.09 | 20.52 | — | — | — | 14.92 | 11.42 | 15.84 | 13.83 |
| P/S Ratio | 4.26 | 4.25 | 3.90 | 2.64 | 1.43 | 12.64 | 7.25 | 2.56 | 2.18 | 2.93 | 2.09 |
| P/B Ratio | 7.52 | 7.43 | 8.32 | 7.48 | 4.39 | 3.81 | 1.83 | 2.20 | 1.78 | 2.40 | 1.95 |
| P/FCF | 61.78 | 61.61 | 32.23 | 63.18 | — | — | — | 40.52 | — | 11.14 | 794.85 |
| P/OCF | 11.81 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 15.05 | 15.02 | 14.86 | 13.45 | 54.08 | — | — | 11.87 | 10.65 | 12.30 | 11.38 |
| EV / EBIT | 20.00 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 0.3% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 5.6% | 4.7% | 4.9% | — | — | — | 6.7% | 8.8% | 6.3% | 7.2% |
| FCF Yield | 1.6% | 1.6% | 3.1% | 1.6% | — | — | — | 2.5% | — | 9.0% | 0.1% |
| Buyback Yield | 1.5% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 2.8% | 0.9% | 1.7% |
| Total Shareholder Yield | 1.9% | 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 |
High Debt Refinancing Burden
According to current market data, RCL trades at a P/E of 20.38, which appears to command a premium over peers like Carnival Corporation, suggesting investors are pricing in the superior yield-generation capabilities of the Icon-class fleet and the company's proprietary private island infrastructure.
The current valuation implies that the market expects sustained margin expansion rather than mere volume growth. Investors should monitor whether this premium remains justified if the booking window begins to contract or if the heavy delivery schedule for new vessels pressures future free cash flow.
Based on reported financial statements, RCL's ROIC has trended upward from 1.7% in 2024Q4 to 2.8% in 2026Q1, indicating that the company is beginning to see better returns on its massive capital investments in new ship capacity and destination development.
While the current ROIC remains modest, the trajectory suggests that the company is successfully absorbing its high fixed-cost base through improved pricing power. However, the gap between current returns and the company's cost of capital warrants further investigation into whether long-term value creation is sustainable.
As indicated by the quarterly data, RCL maintains a negative cash conversion cycle, reaching -21 days in 2026Q1, which highlights the company's structural advantage in collecting customer deposits well in advance of the actual service delivery, effectively financing operations with interest-free capital.
This negative cycle is a critical component of the company's liquidity management, as it allows for the mitigation of high fixed-cost burdens. Analysts should note that any significant decline in advance bookings would immediately reverse this benefit, placing sudden pressure on the company's cash position.
According to recent SEC filings, RCL has reduced its debt-to-equity ratio from 4.52 in 2023Q4 to 2.17 in 2026Q1, reflecting a concerted effort to repair the balance sheet following the significant capital raises required during the industry's recent period of operational disruption.
Despite this improvement, the absolute debt load remains substantial and sensitive to interest rate volatility. The company's ability to continue this deleveraging trend will depend heavily on its capacity to maintain high occupancy levels and pricing power in the face of potential macroeconomic headwinds.
The debt-to-equity ratio is frequently misapplied to RCL, as it obscures the company's reliance on customer deposits as a primary source of liquidity, which are not captured in traditional debt metrics but function as a critical, non-interest-bearing liability for the business.
Investors should instead focus on Net Debt to EBITDA or interest coverage ratios to better understand the company's true financial flexibility. Relying solely on equity-based leverage metrics may lead to an inaccurate assessment of the company's risk profile given the unique nature of cruise industry accounting.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying RCL stock.
Royal Caribbean Cruises Ltd.'s current P/E ratio is 18.1x. The historical average is 17.8x. This places it at the 54th percentile of its historical range.
Royal Caribbean Cruises Ltd.'s current EV/EBITDA is 15.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
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%.
Based on historical data, Royal Caribbean Cruises Ltd. is trading at a P/E of 18.1x. This is at the 54th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Royal Caribbean Cruises Ltd.'s current dividend yield is 0.34% with a payout ratio of 6.2%.
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.
Royal Caribbean Cruises Ltd.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.