Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

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

Royal Caribbean Cruises Ltd., EBITDA calculation

US$ in thousands

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).

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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

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.	36.94
Booking Holdings Inc.	24.28
Chipotle Mexican Grill Inc.	—
McDonald’s Corp.	17.84
Starbucks Corp.	16.25
EV/EBITDA, Sector
Consumer Services	26.29
EV/EBITDA, Industry
Consumer Discretionary	23.81

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

	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	—	—
Chipotle Mexican Grill Inc.	40.00	79.87	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	25.46	59.23	16.04	—	—
EV/EBITDA, Industry
Consumer Discretionary	21.16	29.01	17.75	—	—