Royal Caribbean Cruises Ltd., current enterprise value calculation

Current share price (P)	$38.71
No. shares of common stock outstanding	255,059,197
US$ in thousands
Common equity (market value)¹	9,873,342)
Add: Preferred stock, $0.01 par value; none outstanding (per books)	—)
Total equity	9,873,342)
Add: Current portion of long-term debt (per books)	2,243,131)
Add: Commercial paper (per books)	—)
Add: Long-term debt, excluding current portion (per books)	18,847,209)
Total equity and debt	30,963,682)
Less: Cash and cash equivalents	2,701,770)
Enterprise value (EV)	28,261,912)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 38.71 × 255,059,197

Royal Caribbean Cruises Ltd., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$73.67	$93.27	$89.55	$120.93	$130.55
No. shares of common stock outstanding¹	255,002,771	237,535,138	209,000,016	209,186,598	213,749,009
US$ in thousands
Common equity (market value)³	18,786,054)	22,154,902)	18,715,951)	25,296,935)	27,904,933)
Add: Preferred stock, $0.01 par value; none outstanding (book value)	—)	—)	—)	—)	—)
Total equity	18,786,054)	22,154,902)	18,715,951)	25,296,935)	27,904,933)
Add: Current portion of long-term debt (book value)	2,243,131)	961,768)	1,186,586)	1,646,841)	1,188,514)
Add: Commercial paper (book value)	—)	409,319)	1,434,180)	775,488)	—)
Add: Long-term debt, excluding current portion (book value)	18,847,209)	17,957,956)	8,414,110)	8,355,370)	6,350,937)
Total equity and debt	39,876,394)	41,483,945)	29,750,827)	36,074,634)	35,444,384)
Less: Cash and cash equivalents	2,701,770)	3,684,474)	243,738)	287,852)	120,112)
Enterprise value (EV)	37,174,624)	37,799,471)	29,507,089)	35,786,782)	35,324,272)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Royal Caribbean Cruises Ltd. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 73.67 × 255,002,771

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Royal Caribbean Cruises Ltd. EV increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Royal Caribbean Cruises Ltd. (NYSE:RCL)

Enterprise Value (EV)