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Royal Caribbean Cruises Ltd. (NYSE:RCL)

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

Total Asset Turnover
since 2005

Microsoft Excel

Calculation

Royal Caribbean Cruises Ltd., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Revenues1 ÷ Total assets1
Dec 31, 2021 0.05 = 1,532,133 ÷ 32,258,355
Dec 31, 2020 0.07 = 2,208,805 ÷ 32,465,187
Dec 31, 2019 0.36 = 10,950,661 ÷ 30,320,284
Dec 31, 2018 0.34 = 9,493,849 ÷ 27,698,270
Dec 31, 2017 0.39 = 8,777,845 ÷ 22,296,317
Dec 31, 2016 0.38 = 8,496,401 ÷ 22,310,324
Dec 31, 2015 0.40 = 8,299,074 ÷ 20,921,855
Dec 31, 2014 0.39 = 8,073,855 ÷ 20,713,190
Dec 31, 2013 0.40 = 7,959,894 ÷ 20,072,947
Dec 31, 2012 0.39 = 7,688,024 ÷ 19,827,930
Dec 31, 2011 0.38 = 7,537,263 ÷ 19,804,405
Dec 31, 2010 0.34 = 6,752,504 ÷ 19,694,904
Dec 31, 2009 0.32 = 5,889,826 ÷ 18,233,494
Dec 31, 2008 0.40 = 6,532,525 ÷ 16,463,310
Dec 31, 2007 0.41 = 6,149,139 ÷ 14,982,281
Dec 31, 2006 0.39 = 5,229,584 ÷ 13,393,088
Dec 31, 2005 0.44 = 4,903,174 ÷ 11,255,771

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 trajectory from 2005 to 2021 reveals a period of sustained expansion followed by a severe operational contraction. For the majority of the period, revenue growth tracked alongside a significant increase in the asset base, maintaining a relatively stable efficiency ratio before an unprecedented decline in the final two years.

Revenue and Asset Expansion (2005–2019)
Revenues grew consistently from approximately 4.9 billion US dollars in 2005 to a peak of 10.95 billion US dollars in 2019. During this same interval, total assets increased nearly threefold, rising from 11.26 billion US dollars to 30.32 billion US dollars. This growth indicates a heavy capital investment strategy, likely involving the acquisition of new vessels and infrastructure to drive top-line growth.
Asset Turnover Stability and Volatility
Between 2005 and 2019, the total asset turnover ratio remained within a narrow band, generally oscillating between 0.32 and 0.44. A notable dip to 0.32 occurred in 2009, coinciding with a decrease in revenues and an increase in assets. Following this, the ratio stabilized between 0.38 and 0.40 from 2010 to 2017, suggesting that the company successfully scaled its revenue generation in proportion to its asset growth. A further decline to 0.34 in 2018 reflected a significant jump in total assets that was not immediately matched by a proportional increase in revenue.
Operational Collapse (2020–2021)
A critical decoupling of revenue and assets is observed starting in 2020. Revenues plummeted from 10.95 billion US dollars in 2019 to 2.21 billion US dollars in 2020, and further to 1.53 billion US dollars in 2021. Conversely, the asset base remained largely intact, peaking at 32.47 billion US dollars in 2020. This resulted in a precipitous drop in the total asset turnover ratio, which fell to 0.07 in 2020 and 0.05 in 2021, indicating a near-total loss of asset productivity during this period.

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Comparison to Competitors

Royal Caribbean Cruises Ltd., total asset turnover, 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.
Dec 31, 2021 0.05 0.44 0.46 1.13 0.72 0.43 0.93
Dec 31, 2020 0.07 0.32 0.31 1.00 0.45 0.36 0.80
Dec 31, 2019 0.36 — 0.70 1.09 — 0.44 1.38
Dec 31, 2018 0.34 — 0.64 2.15 — 0.64 1.02
Dec 31, 2017 0.39 — 0.50 2.19 — 0.68 1.56
Dec 31, 2016 0.38 — 0.54 1.93 — 0.79 1.49
Dec 31, 2015 0.40 — 0.53 1.65 — 0.67 1.54
Dec 31, 2014 0.39 — 0.57 1.61 — 0.80 1.53
Dec 31, 2013 0.40 — 0.65 1.60 — 0.77 1.29
Dec 31, 2012 0.39 — 0.80 1.64 — 0.78 1.62
Dec 31, 2011 0.38 — 1.10 1.59 — 0.82 1.59
Dec 31, 2010 0.34 — 1.06 1.64 — 0.75 1.68
Dec 31, 2009 0.32 — 1.27 1.58 — 0.75 1.75
Dec 31, 2008 0.40 — 1.40 1.61 — 0.83 1.83
Dec 31, 2007 0.41 — 1.04 1.50 — 0.78 1.76
Dec 31, 2006 0.39 — 1.02 1.36 — 0.74 1.76
Dec 31, 2005 0.44 — 1.28 1.60 — 0.68 1.81

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., total asset turnover, long-term trends, comparison to sector (consumer services)

Microsoft Excel
Royal Caribbean Cruises Ltd. Consumer Services
Dec 31, 2021 0.05 0.60
Dec 31, 2020 0.07 0.49
Dec 31, 2019 0.36 0.73
Dec 31, 2018 0.34 0.80
Dec 31, 2017 0.39 0.82
Dec 31, 2016 0.38 0.90
Dec 31, 2015 0.40 0.83
Dec 31, 2014 0.39 0.90
Dec 31, 2013 0.40 0.87
Dec 31, 2012 0.39 0.94
Dec 31, 2011 0.38 0.99
Dec 31, 2010 0.34 0.94
Dec 31, 2009 0.32 0.94
Dec 31, 2008 0.40 1.02
Dec 31, 2007 0.41 0.94
Dec 31, 2006 0.39 0.89
Dec 31, 2005 0.44 0.82

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., total asset turnover, long-term trends, comparison to industry (consumer discretionary)

Microsoft Excel
Royal Caribbean Cruises Ltd. Consumer Discretionary
Dec 31, 2021 0.05 0.88
Dec 31, 2020 0.07 0.84
Dec 31, 2019 0.36 0.94
Dec 31, 2018 0.34 0.96
Dec 31, 2017 0.39 0.93
Dec 31, 2016 0.38 0.96
Dec 31, 2015 0.40 0.98
Dec 31, 2014 0.39 1.02
Dec 31, 2013 0.40 1.04
Dec 31, 2012 0.39 1.06
Dec 31, 2011 0.38 1.08
Dec 31, 2010 0.34 1.04
Dec 31, 2009 0.32 0.94
Dec 31, 2008 0.40 0.96
Dec 31, 2007 0.41 0.88
Dec 31, 2006 0.39 0.82
Dec 31, 2005 0.44 0.85

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).