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.

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

Royal Caribbean Cruises Ltd., solvency ratios (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Debt Ratios
Debt to equity 6.83 5.64 4.15 3.22 2.67 2.28 2.21 2.27 2.10 1.57 0.91 0.89 0.95 0.91 0.97 0.90 0.79 0.83 0.70 0.73 0.83 0.92
Debt to equity (including operating lease liability) 7.02 5.79 4.27 3.32 2.75 2.35 2.28 2.35 2.18 1.63 0.96 0.95 1.01 0.98 0.97 0.90 0.79 0.83 0.70 0.73 0.83 0.92
Debt to capital 0.87 0.85 0.81 0.76 0.73 0.70 0.69 0.69 0.68 0.61 0.48 0.47 0.49 0.48 0.49 0.47 0.44 0.45 0.41 0.42 0.45 0.48
Debt to capital (including operating lease liability) 0.88 0.85 0.81 0.77 0.73 0.70 0.70 0.70 0.69 0.62 0.49 0.49 0.50 0.50 0.49 0.47 0.44 0.45 0.41 0.42 0.45 0.48
Debt to assets 0.68 0.68 0.65 0.64 0.62 0.61 0.60 0.59 0.57 0.48 0.36 0.36 0.37 0.36 0.39 0.38 0.35 0.37 0.34 0.34 0.36 0.39
Debt to assets (including operating lease liability) 0.70 0.70 0.67 0.66 0.64 0.63 0.62 0.61 0.59 0.50 0.39 0.38 0.39 0.39 0.39 0.38 0.35 0.37 0.34 0.34 0.36 0.39
Financial leverage 9.99 8.26 6.34 5.05 4.27 3.74 3.71 3.82 3.72 3.27 2.49 2.49 2.58 2.55 2.49 2.39 2.23 2.25 2.08 2.12 2.27 2.38
Coverage Ratios
Interest coverage -2.45 -3.08 -3.07 -3.11 -3.67 -4.34 -5.84 -5.20 -2.73 1.53 5.67 5.74 5.72 6.06 6.44 6.83 6.89 6.67 6.42

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Royal Caribbean Cruises Ltd. debt to equity ratio deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Royal Caribbean Cruises Ltd. debt to equity ratio (including operating lease liability) deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Royal Caribbean Cruises Ltd. debt to capital ratio deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Royal Caribbean Cruises Ltd. debt to capital ratio (including operating lease liability) deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Royal Caribbean Cruises Ltd. debt to assets ratio deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Royal Caribbean Cruises Ltd. debt to assets ratio (including operating lease liability) deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Royal Caribbean Cruises Ltd. financial leverage ratio increased from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Royal Caribbean Cruises Ltd. interest coverage ratio deteriorated from Q4 2021 to Q1 2022 but then improved from Q1 2022 to Q2 2022 exceeding Q4 2021 level.

Debt to Equity

Royal Caribbean Cruises Ltd., debt to equity calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 5,466,486 2,558,463 2,243,131 956,743 970,627 221,299 961,768 870,027 706,283 3,411,993 1,186,586 943,060 946,227 1,646,324 1,646,841 1,528,613 1,177,626 1,144,017 1,188,514 1,515,708 1,541,519 1,727,970
Commercial paper 409,319 386,683 368,952 343,557 1,434,180 922,201 1,046,587 1,112,030 775,488 998,835
Long-term debt, excluding current portion 17,746,721 19,943,513 18,847,209 19,882,760 20,078,789 20,714,376 17,957,956 17,633,737 17,753,424 12,273,322 8,414,110 8,819,212 8,922,011 7,526,330 8,355,370 7,646,988 7,341,463 7,664,722 6,350,937 6,076,499 6,478,806 6,841,403
Total debt 23,213,207 22,501,976 21,090,340 20,839,503 21,049,416 20,935,675 19,329,043 18,890,447 18,828,659 16,028,872 11,034,876 10,684,473 10,914,825 10,284,684 10,777,699 10,174,436 8,519,089 8,808,739 7,539,451 7,592,207 8,020,325 8,569,373
 
Shareholders’ equity 3,398,098 3,988,928 5,085,556 6,467,498 7,884,015 9,172,382 8,760,669 8,328,594 8,963,905 10,231,775 12,163,846 11,976,907 11,538,403 11,269,070 11,105,461 11,338,135 10,773,698 10,646,796 10,702,303 10,435,488 9,683,408 9,266,830
Solvency Ratio
Debt to equity1 6.83 5.64 4.15 3.22 2.67 2.28 2.21 2.27 2.10 1.57 0.91 0.89 0.95 0.91 0.97 0.90 0.79 0.83 0.70 0.73 0.83 0.92
Benchmarks
Debt to Equity, Competitors2
Airbnb Inc. 0.38 0.42 0.42 0.45 0.58 0.63
Booking Holdings Inc. 2.37 2.23 1.77 1.99 2.54 2.90 2.46 2.40 2.90 2.23 1.45 1.43 1.63 1.24
Chipotle Mexican Grill Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
McDonald’s Corp.
Starbucks Corp.

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 23,213,207 ÷ 3,398,098 = 6.83

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Royal Caribbean Cruises Ltd. debt to equity ratio deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Debt to Equity (including Operating Lease Liability)

Royal Caribbean Cruises Ltd., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 5,466,486 2,558,463 2,243,131 956,743 970,627 221,299 961,768 870,027 706,283 3,411,993 1,186,586 943,060 946,227 1,646,324 1,646,841 1,528,613 1,177,626 1,144,017 1,188,514 1,515,708 1,541,519 1,727,970
Commercial paper 409,319 386,683 368,952 343,557 1,434,180 922,201 1,046,587 1,112,030 775,488 998,835
Long-term debt, excluding current portion 17,746,721 19,943,513 18,847,209 19,882,760 20,078,789 20,714,376 17,957,956 17,633,737 17,753,424 12,273,322 8,414,110 8,819,212 8,922,011 7,526,330 8,355,370 7,646,988 7,341,463 7,664,722 6,350,937 6,076,499 6,478,806 6,841,403
Total debt 23,213,207 22,501,976 21,090,340 20,839,503 21,049,416 20,935,675 19,329,043 18,890,447 18,828,659 16,028,872 11,034,876 10,684,473 10,914,825 10,284,684 10,777,699 10,174,436 8,519,089 8,808,739 7,539,451 7,592,207 8,020,325 8,569,373
Current portion of operating lease liabilities 71,651 74,234 68,922 71,341 84,842 97,431 102,677 102,251 102,814 98,883 96,976 93,058 92,523 88,497
Long-term operating lease liabilities 561,160 523,924 534,726 549,099 533,551 547,327 563,876 546,494 569,392 583,979 601,641 620,570 644,088 708,371
Total debt (including operating lease liability) 23,846,018 23,100,134 21,693,988 21,459,943 21,667,809 21,580,433 19,995,596 19,539,192 19,500,865 16,711,734 11,733,493 11,398,101 11,651,436 11,081,552 10,777,699 10,174,436 8,519,089 8,808,739 7,539,451 7,592,207 8,020,325 8,569,373
 
Shareholders’ equity 3,398,098 3,988,928 5,085,556 6,467,498 7,884,015 9,172,382 8,760,669 8,328,594 8,963,905 10,231,775 12,163,846 11,976,907 11,538,403 11,269,070 11,105,461 11,338,135 10,773,698 10,646,796 10,702,303 10,435,488 9,683,408 9,266,830
Solvency Ratio
Debt to equity (including operating lease liability)1 7.02 5.79 4.27 3.32 2.75 2.35 2.28 2.35 2.18 1.63 0.96 0.95 1.01 0.98 0.97 0.90 0.79 0.83 0.70 0.73 0.83 0.92
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Booking Holdings Inc. 2.45 2.31 1.83 2.04 2.60 2.97 2.53 2.49 3.01 2.35 1.53 1.51 1.73 1.31
Chipotle Mexican Grill Inc. 1.68 1.67 1.53 1.51 1.54 1.55 1.56 1.71 1.76 1.76 1.69 1.73 1.75 1.80
Starbucks Corp.

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 23,846,018 ÷ 3,398,098 = 7.02

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Royal Caribbean Cruises Ltd. debt to equity ratio (including operating lease liability) deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Debt to Capital

Royal Caribbean Cruises Ltd., debt to capital calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 5,466,486 2,558,463 2,243,131 956,743 970,627 221,299 961,768 870,027 706,283 3,411,993 1,186,586 943,060 946,227 1,646,324 1,646,841 1,528,613 1,177,626 1,144,017 1,188,514 1,515,708 1,541,519 1,727,970
Commercial paper 409,319 386,683 368,952 343,557 1,434,180 922,201 1,046,587 1,112,030 775,488 998,835
Long-term debt, excluding current portion 17,746,721 19,943,513 18,847,209 19,882,760 20,078,789 20,714,376 17,957,956 17,633,737 17,753,424 12,273,322 8,414,110 8,819,212 8,922,011 7,526,330 8,355,370 7,646,988 7,341,463 7,664,722 6,350,937 6,076,499 6,478,806 6,841,403
Total debt 23,213,207 22,501,976 21,090,340 20,839,503 21,049,416 20,935,675 19,329,043 18,890,447 18,828,659 16,028,872 11,034,876 10,684,473 10,914,825 10,284,684 10,777,699 10,174,436 8,519,089 8,808,739 7,539,451 7,592,207 8,020,325 8,569,373
Shareholders’ equity 3,398,098 3,988,928 5,085,556 6,467,498 7,884,015 9,172,382 8,760,669 8,328,594 8,963,905 10,231,775 12,163,846 11,976,907 11,538,403 11,269,070 11,105,461 11,338,135 10,773,698 10,646,796 10,702,303 10,435,488 9,683,408 9,266,830
Total capital 26,611,305 26,490,904 26,175,896 27,307,001 28,933,431 30,108,057 28,089,712 27,219,041 27,792,564 26,260,647 23,198,722 22,661,380 22,453,228 21,553,754 21,883,160 21,512,571 19,292,787 19,455,535 18,241,754 18,027,695 17,703,733 17,836,203
Solvency Ratio
Debt to capital1 0.87 0.85 0.81 0.76 0.73 0.70 0.69 0.69 0.68 0.61 0.48 0.47 0.49 0.48 0.49 0.47 0.44 0.45 0.41 0.42 0.45 0.48
Benchmarks
Debt to Capital, Competitors2
Airbnb Inc. 0.27 0.30 0.29 0.31 0.37 0.39
Booking Holdings Inc. 0.70 0.69 0.64 0.67 0.72 0.74 0.71 0.71 0.74 0.69 0.59 0.59 0.62 0.55
Chipotle Mexican Grill Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
McDonald’s Corp. 1.23 1.21 1.15 1.19 1.20 1.25 1.26 1.29 1.32 1.31 1.32 1.35 1.26 1.25
Starbucks Corp. 2.21 2.34 1.57 1.87 2.09 1.99 1.91 2.05 2.16 2.38 2.26 1.63 2.21 1.46

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 23,213,207 ÷ 26,611,305 = 0.87

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Royal Caribbean Cruises Ltd. debt to capital ratio deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Debt to Capital (including Operating Lease Liability)

Royal Caribbean Cruises Ltd., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 5,466,486 2,558,463 2,243,131 956,743 970,627 221,299 961,768 870,027 706,283 3,411,993 1,186,586 943,060 946,227 1,646,324 1,646,841 1,528,613 1,177,626 1,144,017 1,188,514 1,515,708 1,541,519 1,727,970
Commercial paper 409,319 386,683 368,952 343,557 1,434,180 922,201 1,046,587 1,112,030 775,488 998,835
Long-term debt, excluding current portion 17,746,721 19,943,513 18,847,209 19,882,760 20,078,789 20,714,376 17,957,956 17,633,737 17,753,424 12,273,322 8,414,110 8,819,212 8,922,011 7,526,330 8,355,370 7,646,988 7,341,463 7,664,722 6,350,937 6,076,499 6,478,806 6,841,403
Total debt 23,213,207 22,501,976 21,090,340 20,839,503 21,049,416 20,935,675 19,329,043 18,890,447 18,828,659 16,028,872 11,034,876 10,684,473 10,914,825 10,284,684 10,777,699 10,174,436 8,519,089 8,808,739 7,539,451 7,592,207 8,020,325 8,569,373
Current portion of operating lease liabilities 71,651 74,234 68,922 71,341 84,842 97,431 102,677 102,251 102,814 98,883 96,976 93,058 92,523 88,497
Long-term operating lease liabilities 561,160 523,924 534,726 549,099 533,551 547,327 563,876 546,494 569,392 583,979 601,641 620,570 644,088 708,371
Total debt (including operating lease liability) 23,846,018 23,100,134 21,693,988 21,459,943 21,667,809 21,580,433 19,995,596 19,539,192 19,500,865 16,711,734 11,733,493 11,398,101 11,651,436 11,081,552 10,777,699 10,174,436 8,519,089 8,808,739 7,539,451 7,592,207 8,020,325 8,569,373
Shareholders’ equity 3,398,098 3,988,928 5,085,556 6,467,498 7,884,015 9,172,382 8,760,669 8,328,594 8,963,905 10,231,775 12,163,846 11,976,907 11,538,403 11,269,070 11,105,461 11,338,135 10,773,698 10,646,796 10,702,303 10,435,488 9,683,408 9,266,830
Total capital (including operating lease liability) 27,244,116 27,089,062 26,779,544 27,927,441 29,551,824 30,752,815 28,756,265 27,867,786 28,464,770 26,943,509 23,897,339 23,375,008 23,189,839 22,350,622 21,883,160 21,512,571 19,292,787 19,455,535 18,241,754 18,027,695 17,703,733 17,836,203
Solvency Ratio
Debt to capital (including operating lease liability)1 0.88 0.85 0.81 0.77 0.73 0.70 0.70 0.70 0.69 0.62 0.49 0.49 0.50 0.50 0.49 0.47 0.44 0.45 0.41 0.42 0.45 0.48
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Booking Holdings Inc. 0.71 0.70 0.65 0.67 0.72 0.75 0.72 0.71 0.75 0.70 0.61 0.60 0.63 0.57
Chipotle Mexican Grill Inc. 0.63 0.62 0.61 0.60 0.61 0.61 0.61 0.63 0.64 0.64 0.63 0.63 0.64 0.64
Starbucks Corp. 1.54 1.55 1.29 1.41 1.48 1.46 1.45 1.50 1.49 1.49 2.26 1.63 2.21 1.46

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 23,846,018 ÷ 27,244,116 = 0.88

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Royal Caribbean Cruises Ltd. debt to capital ratio (including operating lease liability) deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Debt to Assets

Royal Caribbean Cruises Ltd., debt to assets calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 5,466,486 2,558,463 2,243,131 956,743 970,627 221,299 961,768 870,027 706,283 3,411,993 1,186,586 943,060 946,227 1,646,324 1,646,841 1,528,613 1,177,626 1,144,017 1,188,514 1,515,708 1,541,519 1,727,970
Commercial paper 409,319 386,683 368,952 343,557 1,434,180 922,201 1,046,587 1,112,030 775,488 998,835
Long-term debt, excluding current portion 17,746,721 19,943,513 18,847,209 19,882,760 20,078,789 20,714,376 17,957,956 17,633,737 17,753,424 12,273,322 8,414,110 8,819,212 8,922,011 7,526,330 8,355,370 7,646,988 7,341,463 7,664,722 6,350,937 6,076,499 6,478,806 6,841,403
Total debt 23,213,207 22,501,976 21,090,340 20,839,503 21,049,416 20,935,675 19,329,043 18,890,447 18,828,659 16,028,872 11,034,876 10,684,473 10,914,825 10,284,684 10,777,699 10,174,436 8,519,089 8,808,739 7,539,451 7,592,207 8,020,325 8,569,373
 
Total assets 33,943,245 32,939,998 32,258,355 32,665,566 33,691,962 34,347,073 32,465,187 31,828,810 33,306,543 33,445,053 30,320,284 29,825,461 29,808,962 28,720,049 27,698,270 27,093,540 24,057,036 23,970,972 22,296,317 22,099,314 22,024,168 22,017,257
Solvency Ratio
Debt to assets1 0.68 0.68 0.65 0.64 0.62 0.61 0.60 0.59 0.57 0.48 0.36 0.36 0.37 0.36 0.39 0.38 0.35 0.37 0.34 0.34 0.36 0.39
Benchmarks
Debt to Assets, Competitors2
Airbnb Inc. 0.10 0.12 0.14 0.15 0.13 0.16
Booking Holdings Inc. 0.39 0.44 0.46 0.47 0.51 0.58 0.55 0.53 0.55 0.48 0.40 0.40 0.40 0.38
Chipotle Mexican Grill Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
McDonald’s Corp. 0.70 0.67 0.66 0.67 0.68 0.70 0.71 0.75 0.78 0.77 0.72 0.72 0.71 0.71
Starbucks Corp. 0.55 0.51 0.47 0.50 0.52 0.53 0.56 0.58 0.51 0.42 0.58 0.53 0.52 0.46

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 23,213,207 ÷ 33,943,245 = 0.68

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Royal Caribbean Cruises Ltd. debt to assets ratio deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Debt to Assets (including Operating Lease Liability)

Royal Caribbean Cruises Ltd., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Current portion of long-term debt 5,466,486 2,558,463 2,243,131 956,743 970,627 221,299 961,768 870,027 706,283 3,411,993 1,186,586 943,060 946,227 1,646,324 1,646,841 1,528,613 1,177,626 1,144,017 1,188,514 1,515,708 1,541,519 1,727,970
Commercial paper 409,319 386,683 368,952 343,557 1,434,180 922,201 1,046,587 1,112,030 775,488 998,835
Long-term debt, excluding current portion 17,746,721 19,943,513 18,847,209 19,882,760 20,078,789 20,714,376 17,957,956 17,633,737 17,753,424 12,273,322 8,414,110 8,819,212 8,922,011 7,526,330 8,355,370 7,646,988 7,341,463 7,664,722 6,350,937 6,076,499 6,478,806 6,841,403
Total debt 23,213,207 22,501,976 21,090,340 20,839,503 21,049,416 20,935,675 19,329,043 18,890,447 18,828,659 16,028,872 11,034,876 10,684,473 10,914,825 10,284,684 10,777,699 10,174,436 8,519,089 8,808,739 7,539,451 7,592,207 8,020,325 8,569,373
Current portion of operating lease liabilities 71,651 74,234 68,922 71,341 84,842 97,431 102,677 102,251 102,814 98,883 96,976 93,058 92,523 88,497
Long-term operating lease liabilities 561,160 523,924 534,726 549,099 533,551 547,327 563,876 546,494 569,392 583,979 601,641 620,570 644,088 708,371
Total debt (including operating lease liability) 23,846,018 23,100,134 21,693,988 21,459,943 21,667,809 21,580,433 19,995,596 19,539,192 19,500,865 16,711,734 11,733,493 11,398,101 11,651,436 11,081,552 10,777,699 10,174,436 8,519,089 8,808,739 7,539,451 7,592,207 8,020,325 8,569,373
 
Total assets 33,943,245 32,939,998 32,258,355 32,665,566 33,691,962 34,347,073 32,465,187 31,828,810 33,306,543 33,445,053 30,320,284 29,825,461 29,808,962 28,720,049 27,698,270 27,093,540 24,057,036 23,970,972 22,296,317 22,099,314 22,024,168 22,017,257
Solvency Ratio
Debt to assets (including operating lease liability)1 0.70 0.70 0.67 0.66 0.64 0.63 0.62 0.61 0.59 0.50 0.39 0.38 0.39 0.39 0.39 0.38 0.35 0.37 0.34 0.34 0.36 0.39
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Booking Holdings Inc. 0.40 0.45 0.48 0.49 0.52 0.60 0.57 0.55 0.57 0.50 0.42 0.42 0.43 0.41
Chipotle Mexican Grill Inc. 0.55 0.55 0.53 0.53 0.53 0.53 0.53 0.55 0.56 0.57 0.56 0.57 0.58 0.58
Starbucks Corp. 0.86 0.82 0.75 0.80 0.83 0.83 0.86 0.88 0.83 0.74 0.58 0.53 0.52 0.46

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 23,846,018 ÷ 33,943,245 = 0.70

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Royal Caribbean Cruises Ltd. debt to assets ratio (including operating lease liability) deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Financial Leverage

Royal Caribbean Cruises Ltd., financial leverage calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Total assets 33,943,245 32,939,998 32,258,355 32,665,566 33,691,962 34,347,073 32,465,187 31,828,810 33,306,543 33,445,053 30,320,284 29,825,461 29,808,962 28,720,049 27,698,270 27,093,540 24,057,036 23,970,972 22,296,317 22,099,314 22,024,168 22,017,257
Shareholders’ equity 3,398,098 3,988,928 5,085,556 6,467,498 7,884,015 9,172,382 8,760,669 8,328,594 8,963,905 10,231,775 12,163,846 11,976,907 11,538,403 11,269,070 11,105,461 11,338,135 10,773,698 10,646,796 10,702,303 10,435,488 9,683,408 9,266,830
Solvency Ratio
Financial leverage1 9.99 8.26 6.34 5.05 4.27 3.74 3.71 3.82 3.72 3.27 2.49 2.49 2.58 2.55 2.49 2.39 2.23 2.25 2.08 2.12 2.27 2.38
Benchmarks
Financial Leverage, Competitors2
Airbnb Inc. 3.63 3.60 2.87 3.05 4.56 3.91
Booking Holdings Inc. 6.12 5.12 3.83 4.21 4.98 4.97 4.47 4.51 5.23 4.66 3.61 3.60 4.05 3.23
Chipotle Mexican Grill Inc. 3.04 3.03 2.90 2.87 2.91 2.93 2.96 3.12 3.15 3.11 3.03 3.04 3.03 3.12
McDonald’s Corp.
Starbucks Corp.

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 33,943,245 ÷ 3,398,098 = 9.99

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Royal Caribbean Cruises Ltd. financial leverage ratio increased from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Interest Coverage

Royal Caribbean Cruises Ltd., interest coverage calculation (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to Royal Caribbean Cruises Ltd. (521,582) (1,167,142) (1,356,968) (1,424,554) (1,347,255) (1,131,722) (1,366,935) (1,346,756) (1,639,292) (1,444,479) 273,136 883,240 472,830 249,681 315,703 810,391 466,295 218,653 288,039 752,842 369,526 214,726
Add: Net income attributable to noncontrolling interest 7,444 7,444 7,444 7,338 7,125 7,125 7,125 4,750
Add: Income tax expense
Add: Interest expense, net of interest capitalized 302,706 277,659 283,767 430,661 304,811 272,514 273,089 259,349 218,889 92,911 94,756 102,038 111,304 100,415 97,420 86,510 81,864 67,878 69,800 73,233 76,632 80,317
Earnings before interest and tax (EBIT) (218,876) (889,483) (1,073,201) (993,893) (1,042,444) (859,208) (1,093,846) (1,079,963) (1,412,959) (1,344,124) 375,230 992,403 591,259 357,221 417,873 896,901 548,159 286,531 357,839 826,075 446,158 295,043
Solvency Ratio
Interest coverage1 -2.45 -3.08 -3.07 -3.11 -3.67 -4.34 -5.84 -5.20 -2.73 1.53 5.67 5.74 5.72 6.06 6.44 6.83 6.89 6.67 6.42
Benchmarks
Interest Coverage, Competitors2
Airbnb Inc. 58.89 40.98 0.31
Booking Holdings Inc. 7.95 3.94 5.39 3.50 3.03 3.59 2.59 6.44 12.20 17.17 23.40
McDonald’s Corp. 7.64 8.43 8.70 8.38 7.89 6.37 6.04 6.32 6.39 7.77 8.15
Starbucks Corp. 12.95 13.08 12.40 8.49 3.76 2.78 3.66 5.23 12.29 14.35 14.49

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Interest coverage = (EBITQ2 2022 + EBITQ1 2022 + EBITQ4 2021 + EBITQ3 2021) ÷ (Interest expenseQ2 2022 + Interest expenseQ1 2022 + Interest expenseQ4 2021 + Interest expenseQ3 2021)
= (-218,876 + -889,483 + -1,073,201 + -993,893) ÷ (302,706 + 277,659 + 283,767 + 430,661) = -2.45

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Royal Caribbean Cruises Ltd. interest coverage ratio deteriorated from Q4 2021 to Q1 2022 but then improved from Q1 2022 to Q2 2022 exceeding Q4 2021 level.