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Royal Caribbean Cruises Ltd. (RCL) vs Travel + Leisure Co. (TNL)

Royal Caribbean Cruises Ltd. and Travel + Leisure Co. are both Travel Services companies. Royal Caribbean Cruises Ltd. is the larger, with a market value of $83.1B against $4.3B — 19.3× the size. Royal Caribbean Cruises Ltd. trades at the lower P/E: 18.9× against 19.1×. Royal Caribbean Cruises Ltd. grew revenue faster over the last twelve months: 8.72% against 4.55%. Royal Caribbean Cruises Ltd. has the higher net margin (23.5% vs 5.79%) and the higher return on invested capital (9.84% vs 8.30%). Both pay a dividend; Travel + Leisure Co. yields more (3.30% vs 1.79%). Across the 20 metrics below, Royal Caribbean Cruises Ltd. leads on 13 and Travel + Leisure Co. on 7.

Valuation

Metric RCL TNL Travel Services median
P/E 18.87 19.07 18.87
P/S 4.40 1.09 2.77
P/B 7.86 n/m 2.96
Price to free cash flow n/m 9.86 11.93
EV/EBITDA 14.93 16.79 13.53
EV/Sales 5.58 2.82 3.50
Earnings yield 5.30% 5.24% 4.35%
Free cash flow yield (0.51%) 10.14% 4.47%

Profitability

Metric RCL TNL Travel Services median
Gross margin 49.06% 45.13% 66.03%
Operating margin 27.32% 13.68% 15.53%
Net margin 23.54% 5.79% 7.72%
Free cash flow margin (2.23%) 11.04% 7.43%
Return on equity 44.37% (25.31%) 7.53%
Return on assets 10.57% 3.46% 3.74%
Return on invested capital 9.84% 8.30% 5.51%

Growth

Metric RCL TNL Travel Services median
Revenue growth (TTM) 8.72% 4.55% 12.43%
EPS growth (last fiscal year) 42.69% (40.89%) 5.97%
Revenue growth, 5-year CAGR 52.02% 13.23% 29.37%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric RCL TNL Travel Services median
Debt to equity 2.18 (5.60) 0.17
Current ratio 0.21 3.15 1.33
Net debt to EBITDA 3.05 7.64 1.01

Dividend

Metric RCL TNL Travel Services median
Dividend yield 1.79% 3.30% 1.55%
Payout ratio 0.34 0.64 0.20

Size

Metric RCL TNL Travel Services median
Market cap 83.06b 4.31b 4.31b

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