Current Ratio
since 2005
Calculation
Royal Caribbean Cruises Ltd., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.49 | = | 3,600,271) | ÷ | 7,285,683) |
| Dec 31, 2020 | 0.95 | = | 4,311,747) | ÷ | 4,537,121) |
| Dec 31, 2019 | 0.15 | = | 1,162,628) | ÷ | 7,952,896) |
| Dec 31, 2018 | 0.17 | = | 1,242,044) | ÷ | 7,112,165) |
| Dec 31, 2017 | 0.18 | = | 843,028) | ÷ | 4,790,264) |
| Dec 31, 2016 | 0.17 | = | 748,305) | ÷ | 4,441,601) |
| Dec 31, 2015 | 0.19 | = | 837,022) | ÷ | 4,292,827) |
| Dec 31, 2014 | 0.21 | = | 801,083) | ÷ | 3,849,247) |
| Dec 31, 2013 | 0.22 | = | 956,374) | ÷ | 4,267,010) |
| Dec 31, 2012 | 0.22 | = | 888,060) | ÷ | 4,066,151) |
| Dec 31, 2011 | 0.32 | = | 969,288) | ÷ | 3,067,642) |
| Dec 31, 2010 | 0.29 | = | 1,015,071) | ÷ | 3,444,498) |
| Dec 31, 2009 | 0.37 | = | 1,026,391) | ÷ | 2,749,030) |
| Dec 31, 2008 | 0.37 | = | 977,337) | ÷ | 2,674,225) |
| Dec 31, 2007 | 0.42 | = | 992,791) | ÷ | 2,339,295) |
| Dec 31, 2006 | 0.27 | = | 501,904) | ÷ | 1,872,368) |
| Dec 31, 2005 | 0.19 | = | 377,010) | ÷ | 1,988,782) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The liquidity profile of the organization is characterized by a persistent current ratio below 1.0 throughout the majority of the period from 2005 to 2021, indicating that current liabilities consistently exceeded current assets.
- Long-term Liquidity Trends (2005–2019)
- Between 2005 and 2007, the current ratio improved from 0.19 to a peak of 0.42. Following this, a gradual decline was observed, with the ratio fluctuating between 0.22 and 0.37 until 2011. From 2012 to 2019, liquidity tightened further, with the current ratio trending downward to reach a period low of 0.15 in 2019. This decline coincided with a steady increase in current liabilities, which grew from approximately 4.07 billion USD in 2012 to nearly 8 billion USD by 2019, while current assets remained relatively stagnant.
- Anomalous Shift (2020)
- A significant deviation occurred in 2020, where the current ratio surged to 0.95, the highest level in the analyzed timeframe. This spike was driven by a substantial increase in current assets, which rose to 4.31 billion USD, alongside a simultaneous reduction in current liabilities to 4.54 billion USD. This shift represents a temporary alignment of short-term assets and obligations.
- Post-Anomaly Adjustment (2021)
- In 2021, the current ratio declined to 0.49. This movement was the result of current assets decreasing to 3.60 billion USD and current liabilities increasing sharply to 7.29 billion USD, returning the organization's liquidity position toward the historical patterns observed prior to 2020.
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Comparison to Competitors
Royal Caribbean Cruises Ltd., current ratio, long-term trends, comparison to competitors
| Royal Caribbean Cruises Ltd. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2021 | 0.49 | 1.95 | 2.10 | 1.58 | 2.59 | 1.78 | 1.20 |
| Dec 31, 2020 | 0.95 | 1.73 | 3.56 | 1.73 | 3.94 | 1.01 | 1.06 |
| Dec 31, 2019 | 0.15 | — | 1.83 | 1.61 | — | 0.98 | 0.92 |
| Dec 31, 2018 | 0.17 | — | 2.36 | 1.81 | — | 1.36 | 2.20 |
| Dec 31, 2017 | 0.18 | — | 2.58 | 1.94 | — | 1.84 | 1.25 |
| Dec 31, 2016 | 0.17 | — | 1.89 | 1.85 | — | 1.40 | 1.05 |
| Dec 31, 2015 | 0.19 | — | 2.47 | 2.91 | — | 3.27 | 1.19 |
| Dec 31, 2014 | 0.21 | — | 3.82 | 3.58 | — | 1.52 | 1.37 |
| Dec 31, 2013 | 0.22 | — | 5.41 | 3.34 | — | 1.59 | 1.02 |
| Dec 31, 2012 | 0.22 | — | 3.89 | 2.93 | — | 1.45 | 1.90 |
| Dec 31, 2011 | 0.32 | — | 2.77 | 3.18 | — | 1.25 | 1.83 |
| Dec 31, 2010 | 0.29 | — | 4.15 | 3.30 | — | 1.49 | 1.55 |
| Dec 31, 2009 | 0.37 | — | 2.50 | 2.91 | — | 1.14 | 1.29 |
| Dec 31, 2008 | 0.37 | — | 1.14 | 2.75 | — | 1.39 | 0.80 |
| Dec 31, 2007 | 0.42 | — | 0.88 | 2.75 | — | 0.80 | 0.79 |
| Dec 31, 2006 | 0.27 | — | 5.00 | 2.92 | — | 1.21 | 0.79 |
| Dec 31, 2005 | 0.19 | — | 3.15 | 0.42 | — | 1.45 | 0.99 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Consumer Services)
Royal Caribbean Cruises Ltd., current ratio, long-term trends, comparison to sector (consumer services)
| Royal Caribbean Cruises Ltd. | Consumer Services | |
|---|---|---|
| Dec 31, 2021 | 0.49 | 1.77 |
| Dec 31, 2020 | 0.95 | 1.73 |
| Dec 31, 2019 | 0.15 | 1.27 |
| Dec 31, 2018 | 0.17 | 2.04 |
| Dec 31, 2017 | 0.18 | 1.85 |
| Dec 31, 2016 | 0.17 | 1.39 |
| Dec 31, 2015 | 0.19 | 2.21 |
| Dec 31, 2014 | 0.21 | 1.96 |
| Dec 31, 2013 | 0.22 | 1.84 |
| Dec 31, 2012 | 0.22 | 2.11 |
| Dec 31, 2011 | 0.32 | 1.72 |
| Dec 31, 2010 | 0.29 | 1.79 |
| Dec 31, 2009 | 0.37 | 1.33 |
| Dec 31, 2008 | 0.37 | 1.14 |
| Dec 31, 2007 | 0.42 | 0.82 |
| Dec 31, 2006 | 0.27 | 1.14 |
| Dec 31, 2005 | 0.19 | 1.36 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Discretionary)
Royal Caribbean Cruises Ltd., current ratio, long-term trends, comparison to industry (consumer discretionary)
| Royal Caribbean Cruises Ltd. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2021 | 0.49 | 1.25 |
| Dec 31, 2020 | 0.95 | 1.19 |
| Dec 31, 2019 | 0.15 | 1.10 |
| Dec 31, 2018 | 0.17 | 1.15 |
| Dec 31, 2017 | 0.18 | 1.15 |
| Dec 31, 2016 | 0.17 | 1.12 |
| Dec 31, 2015 | 0.19 | 1.25 |
| Dec 31, 2014 | 0.21 | 1.11 |
| Dec 31, 2013 | 0.22 | 1.15 |
| Dec 31, 2012 | 0.22 | 1.14 |
| Dec 31, 2011 | 0.32 | 1.31 |
| Dec 31, 2010 | 0.29 | 1.24 |
| Dec 31, 2009 | 0.37 | 1.25 |
| Dec 31, 2008 | 0.37 | 0.96 |
| Dec 31, 2007 | 0.42 | 1.21 |
| Dec 31, 2006 | 0.27 | 1.15 |
| Dec 31, 2005 | 0.19 | 1.10 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).