Royal Caribbean Group
RCL—
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Royal Caribbean Group AI Insights
Informational only. Not investment advice.Snapshot
- Working capital of -9.6B (negative) means customers prepay cruises - RCL operates with built-in float funding operations.[Working Capital]
- EPS 3Y growth of 253% vs industry median -11% reflects post-COVID margin recovery now exceeding pre-pandemic levels.[EPS Growth 3Y]
- Debt/Equity of 2.08x with 21B total debt and 991M TTM interest expense consumes 15% of EBITDA.[Debt to Equity]
Watch Triggers
- Interest Expense: Exceeds 1.2B TTM (>18% of EBITDA) — Signals debt servicing stress that could force equity raise or dividend cut
- Operating Margin TTM: Falls below 22% — Would indicate pricing power erosion or cost inflation overwhelming leverage
- Working Capital: Becomes less negative (>-7B) — Suggests booking weakness - customers not prepaying as far out
Bull Case
ROE of 47.5% vs industry 9.1% median demonstrates exceptional capital efficiency; ROIC 13.6% covers cost of debt despite leverage.
ROE TTMROIC TTMOperating Margin TTM
Negative working capital model (-9.6B) generates float; customer deposits fund operations before service delivery.
Working CapitalCurrent LiabilitiesCash Flow TTM
Bear Case
Total debt 21B at 2.08x equity with only 432M cash; refinancing risk if rates stay elevated or demand softens.
Total DebtDebt to EquityCash and Equivalents
Capex of 4.3B TTM (25% of revenue) required to maintain aging fleet; FCF only 2B after reinvestment.
Capital Expenditure TTMFree Cash Flow TTMPPE
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Operating leverage should drive continued margin expansion as revenue grows on fixed ship capacity.
1-3ymed
- Operating margin TTM 26.4% vs industry 8.9% median
- Revenue 3Y CAGR 19.7% on existing fleet
- PPE of 35.2B represents sunk capacity costs
Net margin 23.3% vs industry 4.1% medianROIC 13.6% vs industry 3.7% medianAsset turnover 0.45x improving
Valuation Context
Caveats
Public Strategies Rankings
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RCL Fundamentals
Transportation and Warehousing → Water Transportation
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$72.55B | — | ||
$93.76B | — | ||
17 | — | ||
$17.93B | +8.8% | — | |
$15.61 | +42.7% | — | |
27.4% | +2.5% | — | |
23.8% | +6.3% | — | |
$1.24B | -38.1% | — | |
48.5% | +1.7% | — | |
Beta 5Y (Monthly) | unknown | — |
RCL Dividend History
77 dividends
2026
$1.500003/06/26$1.5000
2025
$3.500012/26/25$1.0000
09/25/25$1.0000
06/04/25$0.7500
03/07/25$0.7500
2024
$0.950012/27/24$0.5500
09/20/24$0.4000
2020
$0.780003/05/20$0.7800
2019
$2.960012/19/19$0.7800
09/19/19$0.7800
06/03/19$0.7000
03/06/19$0.7000
2018
$2.600012/19/18$0.7000
09/20/18$0.7000
06/01/18$0.6000
03/06/18$0.6000
2017
$2.160012/20/17$0.6000
09/21/17$0.6000
05/31/17$0.4800
03/03/17$0.4800
2016
$1.710012/19/16$0.4800
09/27/16$0.4800
05/26/16$0.3750
02/18/16$0.3750
2015
$1.350012/17/15$0.3750
09/16/15$0.3750
05/15/15$0.3000
02/13/15$0.3000
2014
$1.100012/18/14$0.3000
09/18/14$0.3000
05/16/14$0.2500
02/13/14$0.2500
2013
$0.740012/12/13$0.2500
09/20/13$0.2500
05/17/13$0.1200
02/19/13$0.1200
2012
$0.440012/13/12$0.1200
09/21/12$0.1200
05/18/12$0.1000
02/27/12$0.1000
2011
$0.200012/20/11$0.1000
08/10/11$0.1000
2008
$0.450009/11/08$0.1500
06/04/08$0.1500
03/13/08$0.1500
2007
$0.600012/26/07$0.1500
09/26/07$0.1500
06/15/07$0.1500
02/27/07$0.1500
2006
$0.600012/20/06$0.1500
09/27/06$0.1500
06/07/06$0.1500
02/27/06$0.1500
2005
$0.560012/14/05$0.1500
09/22/05$0.1500
06/08/05$0.1300
02/25/05$0.1300
2004
$0.520012/21/04$0.1300
09/09/04$0.1300
05/27/04$0.1300
02/26/04$0.1300
2003
$0.520012/17/03$0.1300
09/24/03$0.1300
06/02/03$0.1300
02/27/03$0.1300
2002
$0.520012/11/02$0.1300
09/13/02$0.1300
06/03/02$0.1300
03/14/02$0.1300
2001
$0.520012/13/01$0.1300
09/13/01$0.1300
06/04/01$0.1300
02/27/01$0.1300
2000
$0.480012/15/00$0.1300
09/14/00$0.1300
06/05/00$0.1100
02/28/00$0.1100
RCL Stock Splits
No stock splits
RCL SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/11/26 | 12/31/25 | Unknown | |
10/28/25 | 09/30/25 | 10-Q | |
07/29/25 | 06/30/25 | 10-Q | |
04/29/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | Unknown | |
10/29/24 | 09/30/24 | 10-Q | |
07/25/24 | 06/30/24 | 10-Q | |
04/25/24 | 03/31/24 | 10-Q | |
02/21/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
07/29/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
03/01/22 | 12/31/21 | 10-K | |
10/29/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
02/26/21 | 12/31/20 | 10-K | |
11/04/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
05/21/20 | 03/31/20 | 10-Q | |
02/25/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/26/19 | 06/30/19 | 10-Q | |
05/02/19 | 03/31/19 | 10-Q | |
02/22/19 | 12/31/18 | 10-K | |
10/26/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
04/30/18 | 03/31/18 | 10-Q | |
02/21/18 | 12/31/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/01/17 | 06/30/17 | 10-Q | |
04/28/17 | 03/31/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
10/28/16 | 09/30/16 | 10-Q | |
08/02/16 | 06/30/16 | 10-Q | |
04/29/16 | 03/31/16 | 10-Q | |
02/22/16 | 12/31/15 | 10-K | |
10/23/15 | 09/30/15 | 10-Q | |
07/31/15 | 06/30/15 | 10-Q | |
04/23/15 | 03/31/15 | 10-Q | |
02/23/15 | 12/31/14 | 10-K | |
10/23/14 | 09/30/14 | 10-Q | |
07/24/14 | 06/30/14 | 10-Q | |
04/24/14 | 03/31/14 | 10-Q | |
02/20/14 | 12/31/13 | 10-K | |
10/24/13 | 09/30/13 | 10-Q | |
07/26/13 | 06/30/13 | 10-Q | |
04/25/13 | 03/31/13 | 10-Q | |
02/25/13 | 12/31/12 | 10-K | |
10/25/12 | 09/30/12 | 10-Q | |
07/27/12 | 06/30/12 | 10-Q | |
04/24/12 | 03/31/12 | 10-Q | |
02/29/12 | 12/31/11 | 10-K | |
10/31/11 | 09/30/11 | 10-Q | |
08/01/11 | 06/30/11 | 10-Q | |
04/28/11 | 03/31/11 | 10-Q | |
02/24/11 | 12/31/10 | 10-K | |
10/31/11 | 09/30/10 | 10-Q | |
07/23/10 | 06/30/10 | 10-Q | |
04/29/10 | 03/31/10 | 10-Q | |
02/23/10 | 12/31/09 | 10-K | |
10/27/10 | 09/30/09 | 10-Q | |
11/03/09 | 09/30/09 | 10-Q | |
07/29/09 | 06/30/09 | 10-Q | |
04/23/09 | 03/31/09 | 10-Q | |
02/24/09 | 12/31/08 | 10-K | |
10/29/08 | 09/30/08 | 10-Q | |
07/25/08 | 06/30/08 | 10-Q | |
04/24/08 | 03/31/08 | 10-Q | |
02/19/08 | 12/31/07 | 10-K | |
10/22/07 | 09/30/07 | 10-Q | |
07/26/07 | 06/30/07 | 10-Q | |
05/01/07 | 03/31/07 | 10-Q | |
02/28/07 | 12/31/06 | 10-K | |
11/01/06 | 09/30/06 | 10-Q | |
07/27/06 | 06/30/06 | 10-Q | |
04/26/06 | 03/31/06 | 10-Q | |
02/24/06 | 12/31/05 | 10-K | |
11/03/05 | 09/30/05 | 10-Q | |
07/27/05 | 06/30/05 | 10-Q | |
04/26/05 | 03/31/05 | 10-Q | |
03/14/05 | 12/31/04 | 10-K | |
09/30/04 | 09/30/04 | 6-K | |
06/30/04 | 06/30/04 | 6-K | |
03/31/04 | 03/31/04 | 6-K | |
03/15/04 | 12/31/03 | 20-F | |
09/30/03 | 09/30/03 | 6-K | |
06/30/03 | 06/30/03 | 6-K | |
03/31/03 | 03/31/03 | 6-K | |
03/24/03 | 12/31/02 | 20-F | |
09/30/02 | 09/30/02 | 6-K | |
06/30/02 | 06/30/02 | 6-K | |
03/31/02 | 03/31/02 | Unknown | -- |
04/08/02 | 12/31/01 | 20-F | |
09/30/01 | 09/30/01 | 6-K | |
06/30/01 | 06/30/01 | 6-K | |
03/31/01 | 03/31/01 | Unknown | -- |
04/17/01 | 12/31/00 | 20-F | |
09/30/00 | 09/30/00 | 6-K | |
06/30/00 | 06/30/00 | Unknown | -- |
03/31/00 | 03/31/00 | Unknown | -- |