Price to Book Value (P/BV)
since 2005
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Royal Caribbean Cruises Ltd. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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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 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 29, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2006 | = | ÷ | = | ÷ |
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.
- Share Price Trends
- The share price exhibited considerable volatility over the observed period. Initially, there was a gradual decline from $44.50 in early 2006 to $37.10 in 2008, followed by a sharp drop to $6.84 in 2009, indicating a significant market downturn or company-specific challenges during that year. Post-2009, the share price showed a recovery pattern, rising to a peak of $130.55 in early 2018. After this peak, the price declined to $73.67 by early 2022, with intermediate fluctuations, suggesting a period of market correction or other external factors affecting valuation.
- Book Value per Share (BVPS) Trends
- Book value per share generally trended upward from $26.32 in 2006 to a peak of $58.20 in early 2020, reflecting gradual growth in the company's net asset value. However, there was a notable decline in BVPS to $36.88 by early 2021 and further to $19.94 by early 2022, indicating potential asset write-downs, losses, or other impairments affecting the company's underlying book value in recent years.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio showed marked fluctuations throughout the period. Initially, it decreased from 1.69 in 2006 to a low of 0.21 in 2009, aligning with the significant drop in share price despite stable BVPS, indicating the market significantly undervalued the company at that time. Subsequently, the ratio recovered and increased, reaching a high of 3.69 by early 2022. This upward trend in P/BV despite the decline in BVPS during the last two years suggests that the share price, while decreasing, did not fall as sharply as book value, possibly reflecting market expectations of recovery or intangible assets not captured on the balance sheet.
- Summary Insights
- The data reveals periods of significant stress, particularly during the 2009 financial crisis, followed by recovery phases with increasing share prices and book value. The divergence between book value per share and market price in recent years, as reflected in rising P/BV ratios despite declining BVPS, might indicate market optimism or speculative behavior. The sharp declines in both share price and BVPS at different times highlight liquidity and valuation challenges impacting the company’s financial position. Overall, the company experienced a cyclical pattern of valuation alignment and divergence, influenced by macroeconomic conditions and company-specific factors.
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. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Mar 1, 2022 | ||||||
| Feb 26, 2021 | ||||||
| Feb 25, 2020 | ||||||
| Feb 22, 2019 | ||||||
| Feb 21, 2018 | ||||||
| Feb 23, 2017 | ||||||
| Feb 22, 2016 | ||||||
| Feb 23, 2015 | ||||||
| Feb 20, 2014 | ||||||
| Feb 25, 2013 | ||||||
| Feb 29, 2012 | ||||||
| Feb 24, 2011 | ||||||
| Feb 23, 2010 | ||||||
| Feb 24, 2009 | ||||||
| Feb 19, 2008 | ||||||
| Feb 28, 2007 | ||||||
| Feb 24, 2006 |
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 | ||
| Feb 26, 2021 | ||
| Feb 25, 2020 | ||
| Feb 22, 2019 | ||
| Feb 21, 2018 | ||
| Feb 23, 2017 | ||
| Feb 22, 2016 | ||
| Feb 23, 2015 | ||
| Feb 20, 2014 | ||
| Feb 25, 2013 | ||
| Feb 29, 2012 | ||
| Feb 24, 2011 | ||
| Feb 23, 2010 | ||
| Feb 24, 2009 | ||
| Feb 19, 2008 | ||
| Feb 28, 2007 | ||
| Feb 24, 2006 |
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 | ||
| Feb 26, 2021 | ||
| Feb 25, 2020 | ||
| Feb 22, 2019 | ||
| Feb 21, 2018 | ||
| Feb 23, 2017 | ||
| Feb 22, 2016 | ||
| Feb 23, 2015 | ||
| Feb 20, 2014 | ||
| Feb 25, 2013 | ||
| Feb 29, 2012 | ||
| Feb 24, 2011 | ||
| Feb 23, 2010 | ||
| Feb 24, 2009 | ||
| Feb 19, 2008 | ||
| Feb 28, 2007 | ||
| Feb 24, 2006 |
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).