# Royal Caribbean Group (RCL) — Stock CV

Royal Caribbean Group is a $75.5B consumer company. Revenue grew 8.7% over the last year, it keeps 24¢ of every dollar of sales as profit, and it carries $20.5B of net debt. It trades at 17.2× earnings — in the cheapest third of its own history.

> Royal Caribbean is the world's second-largest cruise company by revenues, operating 71 ships across five global and partner brands in the cruise vacation industry. Brands the company operates include Royal Caribbean International, Celebrity Cruises, and Silversea.

## Identity

- **Ticker**: RCL
- **Sector**: Consumer Cyclical
- **Industry**: Travel Services
- **Headquarters**: MIAMI, FL
- **Employees**: 108 000
- **Website**: https://www.royalcaribbeangroup.com
- **Market cap**: $75.5B
- **Last price**: $282.18
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $18.7B
- **Net income**: $4.40B
- **Free cash flow**: -$416M
- **Net debt**: $20.5B
- **P/E**: 17.2
- **Revenue growth (YoY)**: 8.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 65 |
| Growth | 50 |
| Profitability | 87 |
| Health | 33 |
| Quality | 42 |
| Moat | 30 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [x] Revenue growing — +8.7% YoY
- [x] Profitable — $4.40B TTM
- [x] Profit growing — +48.3% YoY
- [ ] Generates cash — -$416M TTM
- [ ] Debt under control — current ratio 0.21
- [x] Established company — $75.5B market cap
- [ ] Not printing shares — +27.6% shares over ~5y
- [x] Proven track record — 7/10 profitable years
- [ ] Financially stable — Altman Z 1.7 — distress
- [x] Pays a dividend — yield 1.52%
- [x] Valuation not extreme — P/E 17.2

## Experience (career milestones)

- **FY2025** — Best year on record: $4.27B net income
- **2021** — Royal Caribbean International's Ovation of the Seas became the first cruise ship to return to the…
- **FY2019** — Revenue crossed $10B: $11.0B for the year
- **FY2016** — First recorded profitable year: $1.28B net income
- **FY2016** — Revenue already above $1B: $8.50B in first reported year
- **2009** — The larger Oasis class, featuring Oasis of the Seas and Allure of the Seas, launched in 2009 and 2010
- **1997** — It merged with the Greek cruise line Celebrity Cruises and changed its name from Royal Caribbean Cruise…
- **1993** — Royal Caribbean went public on the New York Stock Exchange in 1993
- **1990** — Two years later in 1990, Nordic Empress and Viking Serenade entered service and Royal Caribbean purchased a second…
- **1988** — The line launched Sovereign of the Seas, the largest passenger vessel…
- **1986** — Royal Caribbean leased a coastal property in Labadie, Haiti, to be used as a private destination for its…
- **1982** — Royal Caribbean launched Song of America
- **1978** — Song of Norway became Royal Caribbean's first passenger ship to be lengthened
- **1968** — Royal Caribbean Cruise Line was founded in 1968 by three Norwegian shipping companies: Anders Wilhelmsen & Company, I.M

## Strengths

- High gross margin (49.6%)
- Strongly profitable — 23.5% net margin
- Interest covered 9.1× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Negative free cash flow (-$416.0M)
- Altman Z-Score 1.71 — elevated financial-distress risk
- Loss-making in 3 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.53B | -$5.26B | -$4.11B |
| FY2022 | $8.84B | -$2.16B | -$2.23B |
| FY2023 | $13.9B | $1.70B | $580M |
| FY2024 | $16.5B | $2.88B | $2.00B |
| FY2025 | $17.9B | $4.27B | $1.24B |

---

Source: https://stockcv.com/RCL — derived from company filings; may be delayed or incomplete. Information, not investment advice.