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Royal Caribbean Valuation Multiples

Discover revenue and EBITDA valuation multiples for Royal Caribbean and similar public comparables like Carnival Corp., Lindblad Expeditions, and EIH.

Royal Caribbean Overview

About Royal Caribbean

Royal Caribbean is the world's second-largest cruise company, operating 66 ships across five global and partner brands in the cruise vacation industry. Brands the company operates include Royal Caribbean International, Celebrity Cruises, and Silversea. The company also has a 50% investment in a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. The selection of brands in the portfolio allows Royal to compete on the basis of innovation, quality of ships and service, variety of itineraries, choice of destinations, and price. The company completed the divestiture of its Azamara brand in 2021 and plans to launch its new Celebrity River Cruise brand in 2027.


Founded

1985

HQ

United States of America
Employees

106K+

Sectors

Cruises

Financials

LTM Revenue $16.8B

LTM EBITDA $6.1B

EV

$77.5B

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Royal Caribbean Financials

Royal Caribbean has a last 12-month revenue of $16.8B and a last 12-month EBITDA of $6.1B.

In the most recent fiscal year, Royal Caribbean achieved revenue of $16.5B and an EBITDA of $6.1B.

Royal Caribbean expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Royal Caribbean P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $13.9B $16.5B XXX XXX XXX
Gross Profit $2.2B $6.1B XXX XXX XXX
Gross Margin 16% 37% XXX XXX XXX
EBITDA $4.6B $6.1B XXX XXX XXX
EBITDA Margin 33% 37% XXX XXX XXX
Net Profit -$2.2B $1.7B XXX XXX XXX
Net Margin -16% 10% XXX XXX XXX
Net Debt $21.5B $21.0B XXX XXX XXX

Financial data powered by Morningstar, Inc.

Royal Caribbean Stock Performance

As of March 14, 2025, Royal Caribbean's stock price is $212.

Royal Caribbean has current market cap of $57.1B, and EV of $77.5B.

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Royal Caribbean Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$77.5B $57.1B XXX XXX XXX XXX $12.44

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Royal Caribbean Valuation Multiples

As of March 14, 2025, Royal Caribbean has market cap of $57.1B and EV of $77.5B.

Royal Caribbean's trades at 4.6x LTM EV/Revenue multiple, and 12.8x LTM EBITDA.

Analysts estimate Royal Caribbean's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Royal Caribbean Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $77.5B XXX XXX XXX
EV/Revenue 4.7x XXX XXX XXX
EV/EBITDA 12.7x XXX XXX XXX
P/E 19.8x XXX XXX XXX
P/E/Growth 0.7x XXX XXX XXX
EV/FCF 38.8x XXX XXX XXX

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Royal Caribbean Valuation Multiples

Royal Caribbean's NTM/LTM revenue growth is 9%

Royal Caribbean's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $35K for the same period.

Over next 12 months, Royal Caribbean's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Royal Caribbean's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Royal Caribbean Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 19% XXX XXX XXX XXX
EBITDA Margin 37% XXX XXX XXX XXX
EBITDA Growth 33% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 46% XXX XXX XXX XXX
Revenue per Employee $0.2M XXX XXX XXX XXX
Opex per Employee $35K XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 23% XXX XXX XXX XXX

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Royal Caribbean Public Comps

See public comps and valuation multiples for Cruises comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
EIH XXX XXX XXX XXX XXX XXX
Salamis Tours XXX XXX XXX XXX XXX XXX
Carnival plc XXX XXX XXX XXX XXX XXX
Lindblad Expeditions XXX XXX XXX XXX XXX XXX
Carnival Corp. XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Royal Caribbean M&A and Investment Activity

Royal Caribbean acquired  XXX companies to date.

Last acquisition by Royal Caribbean was  XXXXXXXX, XXXXX XXXXX XXXXXX . Royal Caribbean acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Royal Caribbean

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Royal Caribbean

When was Royal Caribbean founded? Royal Caribbean was founded in 1985.
Where is Royal Caribbean headquartered? Royal Caribbean is headquartered in United States of America.
How many employees does Royal Caribbean have? As of today, Royal Caribbean has 106K+ employees.
Who is the CEO of Royal Caribbean? Royal Caribbean's CEO is Mr. Michael W. Bayley.
Is Royal Caribbean publicy listed? Yes, Royal Caribbean is a public company listed on NYS.
What is the stock symbol of Royal Caribbean? Royal Caribbean trades under RCL ticker.
When did Royal Caribbean go public? Royal Caribbean went public in 1993.
Who are competitors of Royal Caribbean? Similar companies to Royal Caribbean include e.g. EIH, Salamis Tours, Carnival plc, Lindblad Expeditions.
What is the current market cap of Royal Caribbean? Royal Caribbean's current market cap is $57.1B
What is the current revenue of Royal Caribbean? Royal Caribbean's last 12-month revenue is $16.8B.
What is the current EBITDA of Royal Caribbean? Royal Caribbean's last 12-month EBITDA is $6.1B.
What is the current EV/Revenue multiple of Royal Caribbean? Current revenue multiple of Royal Caribbean is 4.6x.
What is the current EV/EBITDA multiple of Royal Caribbean? Current EBITDA multiple of Royal Caribbean is 12.8x.
What is the current revenue growth of Royal Caribbean? Royal Caribbean revenue growth between 2023 and 2024 was 19%.
Is Royal Caribbean profitable? Yes, Royal Caribbean is EBITDA-positive (as of the last 12 months).

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