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Booking Holdings Inc. (BKNG) vs Royal Caribbean Cruises Ltd. (RCL)

Booking Holdings Inc. and Royal Caribbean Cruises Ltd. are both Travel Services companies. Booking Holdings Inc. is the larger, with a market value of $125.5B against $86.3B — 1.5× the size. Booking Holdings Inc. trades at the lower P/E: 18.0× against 19.0×. Royal Caribbean Cruises Ltd. grew revenue faster over the last twelve months: 9.74% against 8.01%. Booking Holdings Inc. has the higher net margin (25.5% vs 23.8%) and the lower return on invested capital (0.00% vs 9.86%). Both pay a dividend; Royal Caribbean Cruises Ltd. yields more (1.70% vs 0.98%). Across the 22 metrics below, Booking Holdings Inc. leads on 16 and Royal Caribbean Cruises Ltd. on 6.

Valuation

Metric BKNG RCL Travel Services median
P/E 18.05 19.05 19.05
P/S 4.48 4.50 2.64
P/B n/m 7.23 2.71
Price to free cash flow 13.64 57.05 13.14
EV/EBITDA 13.28 14.99 13.28
EV/Sales 4.63 5.63 3.26
Earnings yield 5.54% 5.25% 4.29%
Free cash flow yield 7.33% 1.75% 4.65%

Profitability

Metric BKNG RCL Travel Services median
Gross margin 100.00% 49.05% 52.17%
Operating margin 32.78% 27.55% 15.57%
Net margin 25.52% 23.78% 8.07%
Free cash flow margin 32.84% 7.89% 7.89%
Return on equity (94.80%) 40.99% 1.26%
Return on assets 25.18% 10.72% 3.81%
Return on invested capital 0.00% 9.86% 5.65%

Growth

Metric BKNG RCL Travel Services median
Revenue growth (TTM) 8.01% 9.74% 11.33%
EPS growth (last fiscal year) (4.12%) 42.69% 5.97%
Revenue growth, 5-year CAGR 31.69% 52.02% 29.37%
Net income growth, 5-year CAGR 146.82% 0.00% 0.00%

Health

Metric BKNG RCL Travel Services median
Debt to equity (1.93) 1.88 0.21
Current ratio 1.11 0.22 1.33
Net debt to EBITDA 0.16 3.05 1.01

Dividend

Metric BKNG RCL Travel Services median
Dividend yield 0.98% 1.70% 1.52%
Payout ratio 0.18 0.33 0.20

Size

Metric BKNG RCL Travel Services median
Market cap 125.48b 86.32b 4.77b

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