Royal Caribbean Cruises Ltd. (RCL) Key Metrics
RCL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $74.27B
- Enterprise value
- $85.46B
- P/E (TTM)
- 17.1 10-yr median 15.8
- Forward P/E
- 11.4
- PEG ratio
- 0.95
- Price / sales
- 4.0 10-yr median 2.8
- Price / book
- 6.1 10-yr median 3.1
- EV / EBITDA
- 11.6 10-yr median 12.2
- Dividend yield
- 2.16% $6.00 a year
- Beta
- 1.82
RCL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsRCL valuation Price multiples at each fiscal year-end price.
RCL returns How much profit the business earns on the capital it uses.
RCL per-share figures Results divided by the shares outstanding at year-end.
RCL financial health Debt, liquidity and how easily interest is covered.
RCL efficiency & capital use Working capital cycle and where the cash goes.
RCL valuation history
RCL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
RCL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
RCL cash returned to shareholders
RCL price vs earnings per share
RCL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $76.15B | $64.36B | $36.65B | $12.61B | $19.36B | $16.01B | $28.03B | $20.69B | $25.73B | $17.75B |
| Enterprise value | $97.84B | $84.79B | $58.28B | $34.66B | $38.36B | $32.32B | $39.52B | $31.18B | $33.15B | $27.00B |
| P/E ratio | 17.8 | 22.4 | 21.6 | — | — | — | 14.9 | 11.4 | 15.8 | 13.8 |
| Price / sales | 4.2 | 3.9 | 2.6 | 1.4 | 12.6 | 7.2 | 2.6 | 2.2 | 2.9 | 2.1 |
| Price / book | 7.6 | 8.5 | 7.8 | 4.4 | 3.8 | 1.8 | 2.3 | 1.9 | 2.4 | 1.9 |
| Price / free cash flow | 61.6 | 32.2 | 63.2 | — | — | — | 40.5 | — | 11.1 | 794.8 |
| Price / operating cash flow | 11.8 | 12.2 | 8.2 | 26.2 | — | — | 7.5 | 5.9 | 9.0 | 7.1 |
| EV / sales | 5.5 | 5.1 | 4.2 | 3.9 | 25.0 | 14.6 | 3.6 | 3.3 | 3.8 | 3.2 |
| EV / EBITDA | 13.9 | 13.9 | 12.8 | 56.4 | — | — | 11.1 | 9.8 | 11.5 | 10.9 |
| EV / free cash flow | 79.2 | 42.5 | 100.5 | — | — | — | 57.1 | — | 14.3 | — |
| Earnings yield | 5.6% | 4.5% | 4.6% | −17.1% | −27.2% | −36.2% | 6.7% | 8.8% | 6.3% | 7.2% |
| Free cash flow yield | 1.6% | 3.1% | 1.6% | −17.7% | −21.2% | −35.6% | 2.5% | −0.9% | 9.0% | 0.1% |
| Dividend yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 2.0% | 2.2% | 2.5% | 1.7% | 2.0% |
| Shareholder yield (dividends + buybacks) | 1.9% | 0.2% | 0.0% | 0.0% | 0.0% | 2.0% | 2.5% | 5.3% | 2.6% | 3.6% |
| Share price at fiscal year-end | $278.92 | $230.69 | $129.49 | $49.43 | $76.90 | $74.69 | $133.51 | $97.79 | $119.28 | $82.04 |
| Per share | ||||||||||
| Revenue per share | $65.70 | $59.09 | $49.12 | $34.67 | $6.08 | $10.31 | $52.16 | $44.88 | $40.70 | $39.28 |
| Earnings per share | $15.65 | $10.31 | $6.00 | −$8.45 | −$20.89 | −$27.05 | $8.95 | $8.56 | $7.53 | $5.93 |
| Operating cash flow per share | $23.68 | $18.87 | $15.82 | $1.89 | −$7.46 | −$17.41 | $17.70 | $16.45 | $13.33 | $11.63 |
| Free cash flow per share | $4.53 | $7.16 | $2.05 | −$8.74 | −$16.31 | −$26.58 | $3.29 | −$0.86 | $10.71 | $0.10 |
| Cash per share | $3.44 | $1.39 | $1.76 | $7.59 | $10.73 | $17.19 | $1.16 | $1.36 | $0.56 | $0.61 |
| Book value per share | $36.77 | $27.11 | $16.69 | $11.25 | $20.20 | $40.87 | $57.94 | $52.49 | $49.62 | $42.17 |
| Tangible book value per share | $32.38 | $22.76 | $12.36 | $6.41 | $15.26 | $35.02 | $49.01 | $43.61 | $48.24 | $39.50 |
| Dividends per share | $0.97 | $0.38 | $0.00 | $0.00 | $0.00 | $1.52 | $2.87 | $2.49 | $2.03 | $1.60 |
| Capex per share | $19.15 | $11.71 | $13.77 | $10.63 | $8.86 | $9.17 | $14.41 | $17.30 | $2.62 | $11.53 |
| Debt per share | $82.91 | $74.62 | $78.20 | $94.09 | $86.15 | $93.29 | $55.89 | $50.95 | $34.95 | $43.40 |
| Shares outstanding | 273.0M | 279.0M | 283.0M | 255.0M | 251.8M | 214.3M | 209.9M | 211.6M | 215.7M | 216.3M |
| Change in shares outstanding | −2.2% | −1.4% | +11.0% | +1.3% | +17.5% | +2.1% | −0.8% | −1.9% | −0.3% | −2.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 48.6% | 46.8% | 44.7% | −54.2% | −76.0% | −55.4% | 16.1% | 16.6% | 16.4% | 14.9% |
| Return on invested capital (ROIC) | 16.4% | 15.1% | 11.2% | −2.5% | −12.4% | −14.9% | 7.2% | 8.2% | 7.8% | 6.7% |
| Return on assets (ROA) | 10.9% | 8.0% | 4.9% | −6.5% | −16.3% | −18.5% | 6.5% | 7.2% | 7.3% | 6.0% |
| Return on tangible assets | 10.6% | 8.0% | 5.0% | −6.6% | −17.0% | −18.6% | 6.6% | 7.0% | 7.4% | 5.9% |
| Free cash flow margin | 6.9% | 12.1% | 4.2% | −25.2% | −268.1% | −257.9% | 6.3% | −1.9% | 26.3% | 0.3% |
| Income quality (OCF / net income) | 1.51 | 1.83 | 2.64 | — | — | — | 1.98 | 1.92 | 1.77 | 1.96 |
| Financial health | ||||||||||
| Total debt | $22.64B | $20.82B | $22.13B | $23.99B | $21.69B | $20.00B | $11.73B | $10.78B | $7.54B | $9.39B |
| Cash & short-term investments | $940.0M | $388.0M | $497.0M | $1.94B | $2.70B | $3.68B | $243.7M | $287.9M | $120.1M | $132.6M |
| Net debt | $21.70B | $20.43B | $21.63B | $22.06B | $18.99B | $16.31B | $11.49B | $10.49B | $7.42B | $9.25B |
| Debt / equity | 2.26 | 2.75 | 4.68 | 8.36 | 4.27 | 2.28 | 0.96 | 0.97 | 0.70 | 1.03 |
| Debt / assets | 0.54 | 0.56 | 0.63 | 0.71 | 0.67 | 0.62 | 0.39 | 0.39 | 0.34 | 0.42 |
| Net debt / EBITDA | 3.09 | 3.36 | 4.74 | 35.87 | — | — | 3.23 | 3.30 | 2.58 | 3.72 |
| Current ratio | 0.18 | 0.17 | 0.19 | 0.37 | 0.49 | 0.95 | 0.15 | 0.17 | 0.19 | 0.17 |
| Quick ratio | 0.16 | 0.15 | 0.16 | 0.35 | 0.47 | 0.92 | 0.13 | 0.15 | 0.16 | 0.14 |
| Interest coverage | 4.9 | 2.6 | 2.1 | -0.6 | -3.0 | -5.5 | 5.1 | 5.7 | 5.8 | 4.8 |
| Working capital | −$9.84B | −$8.11B | −$7.61B | −$5.37B | −$3.69B | −$225.4M | −$6.79B | −$5.87B | −$3.95B | −$3.69B |
| Invested capital | $31.73B | $28.00B | $26.36B | $24.93B | $24.08B | $25.07B | $23.65B | $21.60B | $18.12B | $18.38B |
| Tangible asset value | $9.05B | $6.52B | $3.67B | $1.63B | $3.84B | $7.51B | $10.86B | $9.77B | $10.41B | $8.54B |
| Net current asset value | −$29.16B | −$27.63B | −$28.44B | −$27.70B | −$23.57B | −$19.39B | −$16.42B | −$14.81B | −$10.75B | −$12.44B |
| Graham number | $113.79 | $79.31 | $47.46 | — | — | — | $108.02 | $100.55 | $91.71 | $75.03 |
| Graham net-net per share | −$110.13 | −$102.28 | −$103.56 | −$111.61 | −$95.67 | −$92.13 | −$81.13 | −$73.00 | −$52.13 | −$59.08 |
| Capital allocation | ||||||||||
| Dividends paid | $264.0M | $107.0M | $0 | $0 | $0 | $326.4M | $602.7M | $527.5M | $437.5M | $346.5M |
| Share buybacks (net) | $1.16B | $0 | $0 | $0 | $0 | $0 | $99.6M | $575.0M | $225.0M | $300.0M |
| Dividend payout ratio | 6.2% | 3.7% | 0.0% | — | — | — | 32.1% | 29.1% | 26.9% | 27.0% |
| Dividends + buybacks / free cash flow | 115.1% | 5.4% | 0.0% | — | — | — | 101.5% | — | 28.7% | — |
| Capex / revenue | 29.2% | 19.8% | 28.0% | 30.7% | 145.6% | 89.0% | 27.6% | 38.6% | 6.4% | 29.4% |
| Capex / operating cash flow | 80.9% | 62.1% | 87.0% | 563.4% | — | — | 81.4% | 105.2% | 19.6% | 99.1% |
| Capex / depreciation | 3.04 | 2.04 | 2.68 | 1.93 | 1.72 | 1.54 | 2.43 | 3.54 | 0.59 | 2.79 |
| Stock-based compensation / revenue | 1.0% | 1.6% | 0.9% | 0.4% | 4.2% | 1.8% | 0.7% | 0.5% | 0.8% | 0.4% |
| SG&A / revenue | 12.4% | 12.9% | 14.3% | 17.9% | 89.4% | 54.3% | 14.2% | 17.8% | 17.6% | 13.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 7.0 | 8.6 | 12.3 | 19.4 | 82.5 | 48.7 | 10.5 | 12.4 | 12.7 | 11.4 |
| Days of inventory on hand | 10.1 | 10.8 | 11.1 | 10.3 | 17.9 | 18.5 | 9.5 | 9.2 | 8.4 | 8.6 |
| Days payables outstanding | 35.8 | 36.1 | 33.8 | 32.9 | 59.9 | 60.5 | 31.7 | 29.4 | 24.8 | 22.1 |
| Cash conversion cycle (days) | -18.7 | -16.7 | -10.4 | -3.2 | 40.5 | 6.7 | -11.7 | -7.9 | -3.7 | -2.1 |
| Receivables turnover | 52.14 | 42.49 | 29.70 | 18.83 | 4.43 | 7.49 | 34.75 | 29.52 | 28.75 | 32.01 |
| Payables turnover | 10.19 | 10.11 | 10.81 | 11.09 | 6.09 | 6.03 | 11.53 | 12.41 | 14.72 | 16.52 |
| Inventory turnover | 36.05 | 33.73 | 32.94 | 35.36 | 20.37 | 19.69 | 38.41 | 39.72 | 43.43 | 42.61 |
| Asset turnover | 0.46 | 0.46 | 0.40 | 0.27 | 0.05 | 0.07 | 0.38 | 0.38 | 0.39 | 0.39 |
| Average receivables | $344.0M | $388.0M | $468.0M | $469.5M | $346.1M | $295.0M | $315.2M | $321.6M | $305.3M | $265.4M |
| Average payables | $936.0M | $855.5M | $719.5M | $596.5M | $449.7M | $458.6M | $526.0M | $424.2M | $332.7M | $303.7M |
| Average inventory | $264.5M | $256.5M | $236.0M | $187.1M | $134.5M | $140.4M | $157.8M | $132.5M | $112.7M | $117.7M |
| Intangibles / total assets | 2.9% | 3.3% | 3.5% | 3.7% | 3.9% | 3.9% | 6.2% | 6.8% | 1.3% | 2.6% |
Computed from RCL's annual financial statements (latest annual report filed February 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
RCL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Royal Caribbean traded at 17.8 times earnings, against a 10-year median of 15.8. Based on the latest twelve months, the trailing P/E is 17.1 and the forward P/E is 11.4. Royal Caribbean earned a return on equity of 48.6% and a return on invested capital of 16.4% in fiscal 2025. It ended the year with $22.6 billion of debt and $940.0 million in cash and short-term investments, net debt of $21.7 billion. It returned $1.4 billion to shareholders: $264.0 million in dividends and $1.2 billion in share buybacks, 115% of free cash flow. The share count rose 26.2% from 216.3M to 273.0M over 9 years.
See the RCL income statement, the RCL chart for price history, or the RCL stock overview for the latest quote and news.
RCL key metrics FAQ
What is Royal Caribbean's P/E ratio?
Royal Caribbean's trailing P/E ratio is 17.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 11.4. At the end of fiscal 2025 it was 17.8, compared with a 10-year median of 15.8.
What is Royal Caribbean's EV/EBITDA?
Royal Caribbean's enterprise value was 13.9 times EBITDA at the end of fiscal 2025 (enterprise value $97.8 billion, EBITDA $7.0 billion); the current EV/EBITDA is 11.6.
What is Royal Caribbean's return on equity?
Royal Caribbean's return on equity (ROE) was 48.6% in fiscal 2025: net income of $4.3 billion on average shareholders' equity of $8.8 billion.
What is Royal Caribbean's ROIC?
Royal Caribbean's return on invested capital was 16.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Royal Caribbean have?
Royal Caribbean had total debt of $22.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.26 and $21.7 billion of net debt (3.09 times EBITDA).
What is Royal Caribbean's dividend yield?
Royal Caribbean's forward dividend yield is 2.16%. Royal Caribbean paid $264.0 million in dividends in fiscal 2025 ($0.97 per share), a payout ratio of 6.2%.
Does Royal Caribbean buy back its shares?
Yes. Royal Caribbean spent $1.2 billion on net share repurchases in fiscal 2025 Shares outstanding changed −2.2% over the year, to 273.0M..
What is Royal Caribbean's free cash flow yield?
Royal Caribbean generated $1.2 billion of free cash flow in fiscal 2025, a free cash flow yield of 1.6% on its market value at year-end ($76.1 billion).
What is Royal Caribbean's current ratio?
Royal Caribbean's current ratio was 0.18 at the end of fiscal 2025: current assets were 0.18 times current liabilities.