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.

Enterprise Value to EBITDA (EV/EBITDA)

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Royal Caribbean Cruises Ltd., EBITDA calculation

US$ in thousands

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income (loss) attributable to Royal Caribbean Cruises Ltd. (5,260,499) (5,797,462) 1,878,887 1,811,042 1,625,133
Add: Net income attributable to noncontrolling interest — 22,332 28,713 4,750 —
Add: Income tax expense (45,200) (15,000) 32,600 20,900 18,300
Earnings before tax (EBT) (5,305,699) (5,790,130) 1,940,200 1,836,692 1,643,433
Add: Interest expense, net of interest capitalized 1,291,753 844,238 408,513 333,672 299,982
Earnings before interest and tax (EBIT) (4,013,946) (4,945,892) 2,348,713 2,170,364 1,943,415
Add: Depreciation and amortization 1,292,878 1,279,254 1,245,942 1,033,697 951,194
Earnings before interest, tax, depreciation and amortization (EBITDA) (2,721,068) (3,666,638) 3,594,655 3,204,061 2,894,609

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).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Royal Caribbean Cruises Ltd. EBITDA decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.

Enterprise Value to EBITDA Ratio, Current

Royal Caribbean Cruises Ltd., current EV/EBITDA calculation, comparison to benchmarks

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Selected Financial Data (US$ in thousands)
Enterprise value (EV) 28,261,911
Earnings before interest, tax, depreciation and amortization (EBITDA) (2,721,068)
Valuation Ratio
EV/EBITDA —
Benchmarks
EV/EBITDA, Competitors1
Airbnb Inc. 42.74
Booking Holdings Inc. 17.86
Carnival Corp. & plc 10.76
Chipotle Mexican Grill Inc. 44.01
McDonald’s Corp. 16.70
Starbucks Corp. 12.73
EV/EBITDA, Sector
Consumer Services 38.12
EV/EBITDA, Industry
Consumer Discretionary 21.48

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Royal Caribbean Cruises Ltd., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in thousands)
Enterprise value (EV)1 37,174,624 37,799,471 29,507,089 35,786,782 35,324,272
Earnings before interest, tax, depreciation and amortization (EBITDA)2 (2,721,068) (3,666,638) 3,594,655 3,204,061 2,894,609
Valuation Ratio
EV/EBITDA3 — — 8.21 11.17 12.20
Benchmarks
EV/EBITDA, Competitors4
Airbnb Inc. 338.63 — — — —
Booking Holdings Inc. 45.39 73.17 10.49 — —
Carnival Corp. & plc — — 8.11 9.21 —
Chipotle Mexican Grill Inc. 40.00 79.88 34.03 — —
McDonald’s Corp. 17.49 21.03 17.65 — —
Starbucks Corp. 18.77 38.99 17.27 11.72 —
EV/EBITDA, Sector
Consumer Services 36.44 234.32 14.59 — —
EV/EBITDA, Industry
Consumer Discretionary 22.01 30.96 17.37 — —

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 See details »

2 See details »

3 2021 Calculation
EV/EBITDA = EV ÷ EBITDA
= 37,174,624 ÷ -2,721,068 = —

4 Click competitor name to see calculations.