Stock Analysis on Net
Stock Analysis on Net

Royal Caribbean Cruises Ltd. (NYSE:RCL)

$22.49

This company has been moved to the archive! The financial data has not been updated since July 29, 2022.

Debt to Equity
since 2005

Microsoft Excel

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Calculation

Royal Caribbean Cruises Ltd., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Total debt1 ÷ Shareholders’ equity1
Dec 31, 2021 = ÷
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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 financial data indicates notable fluctuations in debt levels and shareholders' equity over the observed period. Total debt and shareholders' equity exhibit varied trajectories highlighting shifts in the company's capital structure.

Total Debt
Total debt increased substantially from 2005 to 2021. Starting at approximately 4.15 billion USD in 2005, it rose steadily with temporary slowdowns around 2012-2013, reaching a peak of over 21 billion USD by the end of 2021. Noteworthy increments occurred after 2018, with the most significant surge between 2019 and 2021, nearly doubling the debt during that short interval.
Shareholders’ Equity
Shareholders' equity experienced growth from 2005 through 2019, increasing from about 5.55 billion USD to approximately 12.16 billion USD, peaking in 2019. Following this peak, equity decreased sharply, falling to around 5.09 billion USD by 2021. This decline indicates a material reduction in net asset value in the most recent years.
Debt to Equity Ratio
The debt to equity ratio trends reflect the interplay between total debt and shareholders' equity. From 2005 to 2019, the ratio generally fluctuated near or below 1.15, indicating moderate leverage. From the ratio of 0.75 in 2005, it peaked above 1.15 in 2010, meaning debt slightly exceeded equity at times, but it reverted to lower levels by 2017. Post-2019, this ratio surged dramatically, reaching 4.15 by 2021. This spike primarily results from the drastic debt increase coupled with a notable equity decline, signifying a significant rise in financial leverage and higher risk exposure.

Overall, the data reveals a phase of steady growth with prudent leverage until approximately 2019, followed by a period marked by aggressive debt accumulation and deteriorating equity. This shift suggests elevated financial risk and potential challenges in capital management or operational performance in the years leading up to 2021.

Comparison to Competitors

Royal Caribbean Cruises Ltd., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Royal Caribbean Cruises Ltd. Airbnb Inc. Booking Holdings Inc. Chipotle Mexican Grill Inc. DoorDash, Inc. McDonald’s Corp. Starbucks Corp.
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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., debt to equity, long-term trends, comparison to sector (consumer services)

Microsoft Excel
Royal Caribbean Cruises Ltd. Consumer Services
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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., debt to equity, long-term trends, comparison to industry (consumer discretionary)

Microsoft Excel
Royal Caribbean Cruises Ltd. Consumer Discretionary
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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).