Price to Sales (P/S)
since 2005
Calculation
Royal Caribbean Cruises Ltd., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 1, 2022 | 12.26 | = | 73.67 | ÷ | 6.01 | 6.01 | = | 1,532,133 | ÷ | 255,002,771 | |
| Feb 26, 2021 | 10.03 | = | 93.27 | ÷ | 9.30 | 9.30 | = | 2,208,805 | ÷ | 237,535,138 | |
| Feb 25, 2020 | 1.71 | = | 89.55 | ÷ | 52.40 | 52.40 | = | 10,950,661 | ÷ | 209,000,016 | |
| Feb 22, 2019 | 2.66 | = | 120.93 | ÷ | 45.38 | 45.38 | = | 9,493,849 | ÷ | 209,186,598 | |
| Feb 21, 2018 | 3.18 | = | 130.55 | ÷ | 41.07 | 41.07 | = | 8,777,845 | ÷ | 213,749,009 | |
| Feb 23, 2017 | 2.42 | = | 95.53 | ÷ | 39.55 | 39.55 | = | 8,496,401 | ÷ | 214,803,837 | |
| Feb 22, 2016 | 1.93 | = | 73.72 | ÷ | 38.17 | 38.17 | = | 8,299,074 | ÷ | 217,408,741 | |
| Feb 23, 2015 | 2.09 | = | 76.81 | ÷ | 36.76 | 36.76 | = | 8,073,855 | ÷ | 219,620,652 | |
| Feb 20, 2014 | 1.43 | = | 51.37 | ÷ | 35.98 | 35.98 | = | 7,959,894 | ÷ | 221,215,079 | |
| Feb 25, 2013 | 0.96 | = | 33.67 | ÷ | 35.08 | 35.08 | = | 7,688,024 | ÷ | 219,168,946 | |
| Feb 29, 2012 | 0.82 | = | 28.49 | ÷ | 34.66 | 34.66 | = | 7,537,263 | ÷ | 217,491,694 | |
| Feb 24, 2011 | 1.39 | = | 43.59 | ÷ | 31.25 | 31.25 | = | 6,752,504 | ÷ | 216,070,238 | |
| Feb 23, 2010 | 0.94 | = | 25.78 | ÷ | 27.50 | 27.50 | = | 5,889,826 | ÷ | 214,178,302 | |
| Feb 24, 2009 | 0.22 | = | 6.84 | ÷ | 30.57 | 30.57 | = | 6,532,525 | ÷ | 213,676,131 | |
| Feb 19, 2008 | 1.29 | = | 37.10 | ÷ | 28.83 | 28.83 | = | 6,149,139 | ÷ | 213,262,240 | |
| Feb 28, 2007 | 1.65 | = | 40.53 | ÷ | 24.64 | 24.64 | = | 5,229,584 | ÷ | 212,266,640 | |
| Feb 24, 2006 | 1.92 | = | 44.50 | ÷ | 23.23 | 23.23 | = | 4,903,174 | ÷ | 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.
- Share price trend
- The share price exhibited considerable volatility over the analyzed period. It started at $44.50, gradually declined to a low of $6.84 in early 2009, likely reflecting adverse market conditions or company-specific challenges. Subsequently, a recovery phase ensued, with the price rising to a peak of $130.55 in early 2018. Following this peak, the share price experienced a downward trend, closing at $73.67 in early 2022, reflecting a significant decline from the highs but still substantially above the earlier trough.
- Sales per share trend
- Sales per share showed overall growth from $23.23 in 2006 to a peak of $52.40 in early 2020, indicating an expansion in revenue generation relative to outstanding shares. However, there was a sharp decline to $9.30 in early 2021 and further down to $6.01 in early 2022. This precipitous drop suggests a significant deterioration in sales, potentially linked to external factors such as market disruptions or operational challenges.
- Price-to-Sales (P/S) ratio trend
- The P/S ratio was relatively stable in the earlier years, fluctuating between approximately 1.3 and 2.4. Notably, it dropped to a low of 0.22 in early 2009, reflecting a severely diminished market valuation relative to sales. From 2010 onwards, the ratio generally increased, peaking at 3.18 in early 2018, consistent with the high share price relative to sales at that time. In the most recent years, the P/S ratio surged dramatically to 10.03 in early 2021 and further to 12.26 in early 2022, a notable anomaly given the sharp decline in sales per share. This suggests that despite declining sales, market valuation relative to sales remained extremely high, possibly indicating investor optimism, expected recovery, or other market-specific dynamics.
- Overall insights
- The financial data reveal periods of significant volatility and recovery. While sales per share improved steadily until 2020, the subsequent collapse in sales combined with elevated P/S ratios points to market expectations diverging sharply from recent sales performance. The divergence between share price and sales per share in the latest periods suggests an unusual market environment or forward-looking investor sentiment outweighing current financial metrics.
Comparison to Competitors
Royal Caribbean Cruises Ltd., P/S, 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 | 12.26 | 16.64 | 9.22 | 5.80 | 7.30 | 7.85 | 4.47 |
| Feb 26, 2021 | 10.03 | 37.16 | 14.73 | 7.26 | 16.87 | 8.20 | 4.67 |
| Feb 25, 2020 | 1.71 | — | 4.57 | 4.24 | — | 7.43 | 3.75 |
| Feb 22, 2019 | 2.66 | — | 5.91 | 3.31 | — | 6.67 | 3.42 |
| Feb 21, 2018 | 3.18 | — | 7.13 | 1.66 | — | 5.68 | 3.62 |
| Feb 23, 2017 | 2.42 | — | 7.47 | 2.94 | — | 4.29 | 3.81 |
| Feb 22, 2016 | 1.93 | — | 6.65 | 3.07 | — | 4.20 | 4.73 |
| Feb 23, 2015 | 2.09 | — | 7.49 | 5.10 | — | 3.33 | 3.55 |
| Feb 20, 2014 | 1.43 | — | 9.85 | 5.24 | — | 3.40 | 4.08 |
| Feb 25, 2013 | 0.96 | — | 6.60 | 3.64 | — | 3.50 | 2.73 |
| Feb 29, 2012 | 0.82 | — | 6.76 | 5.19 | — | 3.78 | 2.68 |
| Feb 24, 2011 | 1.39 | — | 7.33 | 4.49 | — | 3.23 | 2.14 |
| Feb 23, 2010 | 0.94 | — | 4.49 | 2.18 | — | 3.02 | 1.62 |
| Feb 24, 2009 | 0.22 | — | 1.82 | 1.29 | — | 2.57 | 0.60 |
| Feb 19, 2008 | 1.29 | — | 3.10 | 3.17 | — | 2.83 | 1.79 |
| Feb 28, 2007 | 1.65 | — | 1.78 | 2.56 | — | 2.55 | 3.55 |
| Feb 24, 2006 | 1.92 | — | 0.97 | 2.80 | — | 2.17 | 3.74 |
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/S, long-term trends, comparison to sector (consumer services)
| Royal Caribbean Cruises Ltd. | Consumer Services | |
|---|---|---|
| Mar 1, 2022 | 12.26 | 7.25 |
| Feb 26, 2021 | 10.03 | 9.47 |
| Feb 25, 2020 | 1.71 | 5.11 |
| Feb 22, 2019 | 2.66 | 5.02 |
| Feb 21, 2018 | 3.18 | 4.94 |
| Feb 23, 2017 | 2.42 | 4.60 |
| Feb 22, 2016 | 1.93 | 4.67 |
| Feb 23, 2015 | 2.09 | 4.15 |
| Feb 20, 2014 | 1.43 | 4.53 |
| Feb 25, 2013 | 0.96 | 3.63 |
| Feb 29, 2012 | 0.82 | 3.85 |
| Feb 24, 2011 | 1.39 | 3.31 |
| Feb 23, 2010 | 0.94 | 2.70 |
| Feb 24, 2009 | 0.22 | 1.93 |
| Feb 19, 2008 | 1.29 | 2.57 |
| Feb 28, 2007 | 1.65 | 2.77 |
| Feb 24, 2006 | 1.92 | 2.49 |
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).
Comparison to Industry (Consumer Discretionary)
Royal Caribbean Cruises Ltd., P/S, long-term trends, comparison to industry (consumer discretionary)
| Royal Caribbean Cruises Ltd. | Consumer Discretionary | |
|---|---|---|
| Mar 1, 2022 | 12.26 | 3.58 |
| Feb 26, 2021 | 10.03 | 3.81 |
| Feb 25, 2020 | 1.71 | 2.33 |
| Feb 22, 2019 | 2.66 | 2.05 |
| Feb 21, 2018 | 3.18 | 2.06 |
| Feb 23, 2017 | 2.42 | 1.68 |
| Feb 22, 2016 | 1.93 | 1.57 |
| Feb 23, 2015 | 2.09 | 1.32 |
| Feb 20, 2014 | 1.43 | 1.33 |
| Feb 25, 2013 | 0.96 | 1.06 |
| Feb 29, 2012 | 0.82 | 0.97 |
| Feb 24, 2011 | 1.39 | 0.96 |
| Feb 23, 2010 | 0.94 | 0.92 |
| Feb 24, 2009 | 0.22 | 0.66 |
| Feb 19, 2008 | 1.29 | 0.79 |
| Feb 28, 2007 | 1.65 | 0.86 |
| Feb 24, 2006 | 1.92 | 0.79 |
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).