Price to Book Value (P/BV)
since 2005
Calculation
Royal Caribbean Cruises Ltd., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 1, 2022 | 3.69 | = | 73.67 | ÷ | 19.94 | 19.94 | = | 5,085,556 | ÷ | 255,002,771 | |
| Feb 26, 2021 | 2.53 | = | 93.27 | ÷ | 36.88 | 36.88 | = | 8,760,669 | ÷ | 237,535,138 | |
| Feb 25, 2020 | 1.54 | = | 89.55 | ÷ | 58.20 | 58.20 | = | 12,163,846 | ÷ | 209,000,016 | |
| Feb 22, 2019 | 2.28 | = | 120.93 | ÷ | 53.09 | 53.09 | = | 11,105,461 | ÷ | 209,186,598 | |
| Feb 21, 2018 | 2.61 | = | 130.55 | ÷ | 50.07 | 50.07 | = | 10,702,303 | ÷ | 213,749,009 | |
| Feb 23, 2017 | 2.25 | = | 95.53 | ÷ | 42.46 | 42.46 | = | 9,121,412 | ÷ | 214,803,837 | |
| Feb 22, 2016 | 1.99 | = | 73.72 | ÷ | 37.09 | 37.09 | = | 8,063,039 | ÷ | 217,408,741 | |
| Feb 23, 2015 | 2.04 | = | 76.81 | ÷ | 37.72 | 37.72 | = | 8,284,359 | ÷ | 219,620,652 | |
| Feb 20, 2014 | 1.29 | = | 51.37 | ÷ | 39.82 | 39.82 | = | 8,808,265 | ÷ | 221,215,079 | |
| Feb 25, 2013 | 0.89 | = | 33.67 | ÷ | 37.91 | 37.91 | = | 8,308,749 | ÷ | 219,168,946 | |
| Feb 29, 2012 | 0.74 | = | 28.49 | ÷ | 38.66 | 38.66 | = | 8,407,823 | ÷ | 217,491,694 | |
| Feb 24, 2011 | 1.19 | = | 43.59 | ÷ | 36.76 | 36.76 | = | 7,942,502 | ÷ | 216,070,238 | |
| Feb 23, 2010 | 0.74 | = | 25.78 | ÷ | 35.02 | 35.02 | = | 7,499,717 | ÷ | 214,178,302 | |
| Feb 24, 2009 | 0.21 | = | 6.84 | ÷ | 31.84 | 31.84 | = | 6,803,012 | ÷ | 213,676,131 | |
| Feb 19, 2008 | 1.17 | = | 37.10 | ÷ | 31.69 | 31.69 | = | 6,757,343 | ÷ | 213,262,240 | |
| Feb 28, 2007 | 1.41 | = | 40.53 | ÷ | 28.70 | 28.70 | = | 6,091,575 | ÷ | 212,266,640 | |
| Feb 24, 2006 | 1.69 | = | 44.50 | ÷ | 26.32 | 26.32 | = | 5,554,465 | ÷ | 211,036,298 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Royal Caribbean Cruises Ltd. Annual Report.
The Price to Book Value (P/BV) ratio exhibited significant volatility between 2006 and 2022, characterized by three distinct phases: a sharp contraction, a prolonged expansion, and a recent period of anomalous divergence between market price and book value.
- Initial Contraction and Trough (2006–2010)
- A substantial downward trend in the P/BV ratio occurred between 2006 and 2009, falling from 1.69 to a period low of 0.21. This decline was driven primarily by a collapse in the share price, which dropped from 44.50 to 6.84, while the book value per share (BVPS) remained relatively stable, increasing slightly from 26.32 to 31.84. A recovery began in 2010 as the share price rebounded to 25.78, lifting the P/BV ratio to 0.74.
- Growth and Market Premium Expansion (2011–2018)
- From 2011 to 2018, the P/BV ratio generally trended upward, reflecting increasing market confidence and a growing premium over the company's accounting value. The ratio rose from 1.19 in 2011 to a peak of 2.61 in 2018. This expansion coincided with a consistent increase in both the share price—reaching a high of 130.55—and the BVPS, which grew from 36.76 to 50.07 during this interval.
- Recent Volatility and Asset Base Erosion (2019–2022)
- The period between 2019 and 2022 is marked by extreme fluctuations. While the P/BV ratio dipped to 1.54 in 2020, it climbed sharply to 3.69 by March 2022, the highest level in the analyzed period. Notably, this peak was not driven by share price appreciation—as the share price actually declined from 89.55 in 2020 to 73.67 in 2022—but rather by a severe contraction in the BVPS, which plummeted from 58.20 in 2020 to 19.94 in 2022. This suggests that the market valuation remained significantly more resilient than the underlying book value during this phase.
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Comparison to Competitors
Royal Caribbean Cruises Ltd., P/BV, 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. | |
|---|---|---|---|---|---|---|---|
| Mar 1, 2022 | 3.69 | 20.88 | 16.35 | 19.05 | 7.65 | — | — |
| Feb 26, 2021 | 2.53 | 43.27 | 20.46 | 21.52 | 10.36 | — | — |
| Feb 25, 2020 | 1.54 | — | 11.62 | 14.09 | — | — | — |
| Feb 22, 2019 | 2.28 | — | 9.77 | 11.19 | — | — | 72.30 |
| Feb 21, 2018 | 2.61 | — | 8.03 | 5.45 | — | — | 14.86 |
| Feb 23, 2017 | 2.25 | — | 8.17 | 8.18 | — | — | 13.79 |
| Feb 22, 2016 | 1.99 | — | 6.97 | 6.49 | — | 15.06 | 15.59 |
| Feb 23, 2015 | 2.04 | — | 7.38 | 10.42 | — | 7.10 | 11.09 |
| Feb 20, 2014 | 1.29 | — | 9.68 | 10.94 | — | 5.97 | 13.55 |
| Feb 25, 2013 | 0.89 | — | 8.91 | 7.98 | — | 6.30 | 7.10 |
| Feb 29, 2012 | 0.74 | — | 11.44 | 11.27 | — | 7.10 | 7.14 |
| Feb 24, 2011 | 1.19 | — | 12.47 | 10.16 | — | 5.31 | 6.23 |
| Feb 23, 2010 | 0.74 | — | 7.95 | 4.71 | — | 4.90 | 5.21 |
| Feb 24, 2009 | 0.21 | — | 4.70 | 2.76 | — | 4.52 | 2.49 |
| Feb 19, 2008 | 1.17 | — | 7.56 | 6.13 | — | 4.22 | 7.37 |
| Feb 28, 2007 | 1.41 | — | 5.74 | 4.44 | — | 3.57 | 12.40 |
| Feb 24, 2006 | 1.69 | — | 2.53 | 5.68 | — | 2.92 | 11.40 |
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., P/BV, long-term trends, comparison to sector (consumer services)
| Royal Caribbean Cruises Ltd. | Consumer Services | |
|---|---|---|
| Mar 1, 2022 | 3.69 | 74.08 |
| Feb 26, 2021 | 2.53 | — |
| Feb 25, 2020 | 1.54 | — |
| Feb 22, 2019 | 2.28 | 63.58 |
| Feb 21, 2018 | 2.61 | 20.82 |
| Feb 23, 2017 | 2.25 | 18.69 |
| Feb 22, 2016 | 1.99 | 11.44 |
| Feb 23, 2015 | 2.04 | 8.15 |
| Feb 20, 2014 | 1.29 | 8.29 |
| Feb 25, 2013 | 0.89 | 6.94 |
| Feb 29, 2012 | 0.74 | 7.80 |
| Feb 24, 2011 | 1.19 | 6.28 |
| Feb 23, 2010 | 0.74 | 5.15 |
| Feb 24, 2009 | 0.21 | 4.17 |
| Feb 19, 2008 | 1.17 | 4.77 |
| Feb 28, 2007 | 1.41 | 4.69 |
| Feb 24, 2006 | 1.69 | 3.95 |
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., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Royal Caribbean Cruises Ltd. | Consumer Discretionary | |
|---|---|---|
| Mar 1, 2022 | 3.69 | 13.21 |
| Feb 26, 2021 | 2.53 | 17.99 |
| Feb 25, 2020 | 1.54 | 13.59 |
| Feb 22, 2019 | 2.28 | 11.35 |
| Feb 21, 2018 | 2.61 | 10.74 |
| Feb 23, 2017 | 2.25 | 8.39 |
| Feb 22, 2016 | 1.99 | 7.17 |
| Feb 23, 2015 | 2.04 | 5.83 |
| Feb 20, 2014 | 1.29 | 5.12 |
| Feb 25, 2013 | 0.89 | 4.39 |
| Feb 29, 2012 | 0.74 | 3.84 |
| Feb 24, 2011 | 1.19 | 4.04 |
| Feb 23, 2010 | 0.74 | 4.72 |
| Feb 24, 2009 | 0.21 | 4.98 |
| Feb 19, 2008 | 1.17 | 3.91 |
| Feb 28, 2007 | 1.41 | 4.50 |
| Feb 24, 2006 | 1.69 | 3.49 |
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).