Global Business Travel Group, Inc. (GBTG) vs Royal Caribbean Cruises Ltd. (RCL)

Global Business Travel Group, Inc. and Royal Caribbean Cruises Ltd. are both Travel Services companies. Royal Caribbean Cruises Ltd. is the larger, with a market value of $64.9B against $5.0B — 13.1× the size. Royal Caribbean Cruises Ltd. trades at the lower P/E: 14.9× against 55.9×. Global Business Travel Group, Inc. grew revenue faster over the last twelve months: 30.2% against 8.72%. Royal Caribbean Cruises Ltd. has the higher net margin (23.5% vs 2.77%) and the higher return on invested capital (9.84% vs 1.61%). Across the 20 metrics below, Global Business Travel Group, Inc. leads on 10 and Royal Caribbean Cruises Ltd. on 10.

Valuation

Metric GBTG RCL Travel Services median
P/E 55.88 14.92 17.52
P/S 1.54 3.48 2.24
P/B 2.97 6.22 2.61
Price to free cash flow 47.85 n/m 12.40
EV/EBITDA 20.05 12.46 12.77
EV/Sales 1.85 4.66 2.38
Earnings yield 1.79% 6.70% 3.30%
Free cash flow yield 2.09% (0.64%) 3.22%

Profitability

Metric GBTG RCL Travel Services median
Gross margin 58.50% 49.06% 67.64%
Operating margin 2.14% 27.32% 15.06%
Net margin 2.77% 23.54% 6.64%
Free cash flow margin 3.21% (2.23%) 3.21%
Return on equity 6.17% 44.37% 7.53%
Return on assets 1.97% 10.57% 3.40%
Return on invested capital 1.61% 9.84% 4.65%

Growth

Metric GBTG RCL Travel Services median
Revenue growth (TTM) 30.16% 8.72% 13.25%
EPS growth (last fiscal year) 173.33% 42.69% —
Revenue growth, 5-year CAGR 27.94% 52.02% 28.66%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric GBTG RCL Travel Services median
Debt to equity 0.92 2.18 0.32
Current ratio 1.20 0.21 1.20
Net debt to EBITDA 3.06 3.05 1.07

Dividend

Metric GBTG RCL Travel Services median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric GBTG RCL Travel Services median
Market cap 4.95b 64.86b 4.41b

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