Stock Analysis on Net
Stock Analysis on Net

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.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Royal Caribbean Cruises Ltd., adjusted financial ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Activity Ratio
Total Asset Turnover
Reported 0.05 0.07 0.36 0.34 0.39
Adjusted 0.05 0.07 0.36 0.34 0.39
Liquidity Ratio
Current Ratio
Reported 0.49 0.95 0.15 0.17 0.18
Adjusted 0.50 0.95 0.15 0.17 0.18
Solvency Ratios
Debt to Equity
Reported 4.15 2.21 0.91 0.97 0.70
Adjusted 4.25 2.28 0.92 0.97 0.72
Debt to Capital
Reported 0.81 0.69 0.48 0.49 0.41
Adjusted 0.81 0.69 0.48 0.49 0.42
Financial Leverage
Reported 6.34 3.71 2.49 2.49 2.08
Adjusted 6.33 3.70 2.38 2.42 2.10
Profitability Ratios
Net Profit Margin
Reported -343.34% -262.47% 17.16% 19.08% 18.51%
Adjusted -341.75% -258.79% 15.97% 16.03% 25.15%
Return on Equity (ROE)
Reported -103.44% -66.18% 15.45% 16.31% 15.18%
Adjusted -102.68% -65.12% 13.72% 13.07% 20.63%
Return on Assets (ROA)
Reported -16.31% -17.86% 6.20% 6.54% 7.29%
Adjusted -16.22% -17.61% 5.77% 5.39% 9.82%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Royal Caribbean Cruises Ltd. adjusted total asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Royal Caribbean Cruises Ltd. adjusted current ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Royal Caribbean Cruises Ltd. adjusted debt-to-equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Royal Caribbean Cruises Ltd. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Royal Caribbean Cruises Ltd. adjusted financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Royal Caribbean Cruises Ltd. adjusted net profit margin ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Royal Caribbean Cruises Ltd. adjusted ROE deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Royal Caribbean Cruises Ltd. adjusted ROA deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Royal Caribbean Cruises Ltd., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Revenues 1,532,133 2,208,805 10,950,661 9,493,849 8,777,845
Total assets 32,258,355 32,465,187 30,320,284 27,698,270 22,296,317
Activity Ratio
Total asset turnover1 0.05 0.07 0.36 0.34 0.39
Adjusted
Selected Financial Data (US$ in thousands)
Revenues 1,532,133 2,208,805 10,950,661 9,493,849 8,777,845
Adjusted total assets2 32,271,766 32,469,054 30,320,284 28,225,610 22,473,151
Activity Ratio
Adjusted total asset turnover3 0.05 0.07 0.36 0.34 0.39

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).

1 2021 Calculation
Total asset turnover = Revenues ÷ Total assets
= 1,532,133 ÷ 32,258,355 = 0.05

2 Adjusted total assets. See details »

3 2021 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 1,532,133 ÷ 32,271,766 = 0.05

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Royal Caribbean Cruises Ltd. adjusted total asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Current assets 3,600,271 4,311,747 1,162,628 1,242,044 843,028
Current liabilities 7,285,683 4,537,121 7,952,896 7,112,165 4,790,264
Liquidity Ratio
Current ratio1 0.49 0.95 0.15 0.17 0.18
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 3,613,682 4,315,614 1,162,628 1,242,044 843,028
Current liabilities 7,285,683 4,537,121 7,952,896 7,112,165 4,790,264
Liquidity Ratio
Adjusted current ratio3 0.50 0.95 0.15 0.17 0.18

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).

1 2021 Calculation
Current ratio = Current assets ÷ Current liabilities
= 3,600,271 ÷ 7,285,683 = 0.49

2 Adjusted current assets. See details »

3 2021 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 3,613,682 ÷ 7,285,683 = 0.50

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Royal Caribbean Cruises Ltd. adjusted current ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total debt 21,090,340 19,329,043 11,034,876 10,777,699 7,539,451
Shareholders’ equity 5,085,556 8,760,669 12,163,846 11,105,461 10,702,303
Solvency Ratio
Debt to equity1 4.15 2.21 0.91 0.97 0.70
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 21,693,988 19,995,596 11,733,493 11,305,039 7,716,285
Adjusted shareholders’ equity3 5,099,280 8,778,340 12,745,339 11,647,481 10,702,303
Solvency Ratio
Adjusted debt to equity4 4.25 2.28 0.92 0.97 0.72

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).

1 2021 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 21,090,340 ÷ 5,085,556 = 4.15

2 Adjusted total debt. See details »

3 Adjusted shareholders’ equity. See details »

4 2021 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 21,693,988 ÷ 5,099,280 = 4.25

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Royal Caribbean Cruises Ltd. adjusted debt-to-equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total debt 21,090,340 19,329,043 11,034,876 10,777,699 7,539,451
Total capital 26,175,896 28,089,712 23,198,722 21,883,160 18,241,754
Solvency Ratio
Debt to capital1 0.81 0.69 0.48 0.49 0.41
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 21,693,988 19,995,596 11,733,493 11,305,039 7,716,285
Adjusted total capital3 26,793,268 28,773,936 24,478,832 22,952,520 18,418,588
Solvency Ratio
Adjusted debt to capital4 0.81 0.69 0.48 0.49 0.42

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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 21,090,340 ÷ 26,175,896 = 0.81

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2021 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 21,693,988 ÷ 26,793,268 = 0.81

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Royal Caribbean Cruises Ltd. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total assets 32,258,355 32,465,187 30,320,284 27,698,270 22,296,317
Shareholders’ equity 5,085,556 8,760,669 12,163,846 11,105,461 10,702,303
Solvency Ratio
Financial leverage1 6.34 3.71 2.49 2.49 2.08
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 32,271,766 32,469,054 30,320,284 28,225,610 22,473,151
Adjusted shareholders’ equity3 5,099,280 8,778,340 12,745,339 11,647,481 10,702,303
Solvency Ratio
Adjusted financial leverage4 6.33 3.70 2.38 2.42 2.10

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).

1 2021 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 32,258,355 ÷ 5,085,556 = 6.34

2 Adjusted total assets. See details »

3 Adjusted shareholders’ equity. See details »

4 2021 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 32,271,766 ÷ 5,099,280 = 6.33

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Royal Caribbean Cruises Ltd. adjusted financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to Royal Caribbean Cruises Ltd. (5,260,499) (5,797,462) 1,878,887 1,811,042 1,625,133
Revenues 1,532,133 2,208,805 10,950,661 9,493,849 8,777,845
Profitability Ratio
Net profit margin1 -343.34% -262.47% 17.16% 19.08% 18.51%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)2 (5,235,990) (5,716,234) 1,749,133 1,522,323 2,207,352
Revenues 1,532,133 2,208,805 10,950,661 9,493,849 8,777,845
Profitability Ratio
Adjusted net profit margin3 -341.75% -258.79% 15.97% 16.03% 25.15%

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).

1 2021 Calculation
Net profit margin = 100 × Net income (loss) attributable to Royal Caribbean Cruises Ltd. ÷ Revenues
= 100 × -5,260,499 ÷ 1,532,133 = -343.34%

2 Adjusted net income (loss). See details »

3 2021 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenues
= 100 × -5,235,990 ÷ 1,532,133 = -341.75%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Royal Caribbean Cruises Ltd. adjusted net profit margin ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to Royal Caribbean Cruises Ltd. (5,260,499) (5,797,462) 1,878,887 1,811,042 1,625,133
Shareholders’ equity 5,085,556 8,760,669 12,163,846 11,105,461 10,702,303
Profitability Ratio
ROE1 -103.44% -66.18% 15.45% 16.31% 15.18%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)2 (5,235,990) (5,716,234) 1,749,133 1,522,323 2,207,352
Adjusted shareholders’ equity3 5,099,280 8,778,340 12,745,339 11,647,481 10,702,303
Profitability Ratio
Adjusted ROE4 -102.68% -65.12% 13.72% 13.07% 20.63%

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).

1 2021 Calculation
ROE = 100 × Net income (loss) attributable to Royal Caribbean Cruises Ltd. ÷ Shareholders’ equity
= 100 × -5,260,499 ÷ 5,085,556 = -103.44%

2 Adjusted net income (loss). See details »

3 Adjusted shareholders’ equity. See details »

4 2021 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted shareholders’ equity
= 100 × -5,235,990 ÷ 5,099,280 = -102.68%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Royal Caribbean Cruises Ltd. adjusted ROE deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to Royal Caribbean Cruises Ltd. (5,260,499) (5,797,462) 1,878,887 1,811,042 1,625,133
Total assets 32,258,355 32,465,187 30,320,284 27,698,270 22,296,317
Profitability Ratio
ROA1 -16.31% -17.86% 6.20% 6.54% 7.29%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)2 (5,235,990) (5,716,234) 1,749,133 1,522,323 2,207,352
Adjusted total assets3 32,271,766 32,469,054 30,320,284 28,225,610 22,473,151
Profitability Ratio
Adjusted ROA4 -16.22% -17.61% 5.77% 5.39% 9.82%

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).

1 2021 Calculation
ROA = 100 × Net income (loss) attributable to Royal Caribbean Cruises Ltd. ÷ Total assets
= 100 × -5,260,499 ÷ 32,258,355 = -16.31%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × -5,235,990 ÷ 32,271,766 = -16.22%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Royal Caribbean Cruises Ltd. adjusted ROA deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.