Royal Caribbean Cruises Ltd's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Royal Caribbean Cruises Ltd (RCL) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Royal Caribbean Cruises Ltd vs Its Competitors
- TTM: Trailing 12-month revenue of 18,682M vs 38,297M combined for tracked competitors (32.8% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+3.5% annualized vs trailing 12 months), vs holding steady (-0.7%) for its tracked peer group.
- Growth: Royal Caribbean Cruises Ltd generated 6.5% revenue growth year over year in Q2 2026, vs 5.4% for its tracked competitors combined.
- Profitability: Its 23.5% net margin compares with 8.0% for the peer group.
- Scale: Royal Caribbean Cruises Ltd ranks #1 of 20 companies by market capitalization in the Cruise and Shipping industry, holding 37.0% of industry market cap.
- Peer revenue share: Royal Caribbean Cruises Ltd accounted for 33.7% of combined revenue among its tracked peer group, up from 33.5% a year earlier.
- Peer differentiation: Revenue per employee of $0.17M compares with $0.24M for the peer group (0.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
RCL Sales vs. its Competitors, Q2 2026
Royal Caribbean Cruises Ltd reported revenue growth of 6.48 % year on year in Q2 2026, above its competitors' combined revenue growth of 5.43 %.
With a net margin of 23.51 %, Royal Caribbean Cruises Ltd achieved higher profitability than its competitors (8.01 %).
Royal Caribbean Cruises Ltd generated 33.71 % of the combined sales of its peer group, up from 33.49 % a year earlier.
Royal Caribbean Cruises Ltd vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Royal Caribbean Cruises Ltd and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Royal Caribbean Cruises Ltd | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (3) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (4) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Royal Caribbean Cruises Ltd's competitor groups requires a Commercial License.
For context: the Cruise and Shipping industry grew revenue 9.4% year over year, combined, vs 6.5% for Royal Caribbean Cruises Ltd. Royal Caribbean Cruises Ltd's share of combined industry revenue moved from 8.66% to 8.42%, a loss of 0.23 percentage points.
Royal Caribbean Cruises Ltd's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Royal Caribbean Cruises Ltd | Yes | Yes | Yes | No |
| Competitors combined (4) | ||||
| High-Confidence Competitors (4) | ||||
| Similar-Size Competitors (5) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 75.00 % (6 of 8) | 75.00 % (6 of 8) | 25.00 % (2 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
RCL Stock Performance relative to its Competitors
RCL Stock Performance relative to High-Confidence Competitors
RCL Stock Performance relative to Similar-Size Competitors
RCL Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Lindblad Expeditions Holdings Inc | 282.9% | Outperformed |
| 2 | Carnival Corporation | 282.9% | Outperformed |
| 3 | Norwegian Cruise Line Holdings ltd | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Royal Caribbean Cruises Ltd's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Royal Caribbean Cruises Ltd's Comment on Competition and Industry Peers
Publicly Traded Peers of Royal Caribbean Cruises Ltd
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Royal Caribbean Cruises Ltd | 69,217.70 | 18,682.00 |
| Carnival Corporation | 34,353.14 | 27,312.00 |
| Norwegian Cruise Line Holdings ltd | 6,928.83 | 10,154.31 |
| Lindblad Expeditions Holdings Inc | 2,019.20 | 830.61 |
| Ncl Corporation ltd | - | 10,031.26 |
| SUBTOTAL | 112,518.87 | 67,010.18 |
Sources: Royal Caribbean Cruises Ltd's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Royal Caribbean Cruises Ltd versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Royal Caribbean Cruises Ltd's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Carnival Corporation | Named by the company | 85% |
| Norwegian Cruise Line Holdings ltd | Named by the company | 85% |
| Travelzoo | Named by the company | 85% |
| Ncl Corporation ltd | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Royal Caribbean Cruises Ltd's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Royal Caribbean Cruises Ltd's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Carnival Corporation | North America 66.22 % |
| Norwegian Cruise Line Holdings ltd | Single reportable segment 100.00 % |
| Lindblad Expeditions Holdings Inc | Lindblad Segment 73.31 % |
| Ncl Corporation ltd | Single reportable segment 100.00 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Royal Caribbean Cruises Ltd's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Royal Caribbean Cruises Ltd | 69,218 | 172,981 | 40,991 |
| Carnival Corporation | 34,353 | 170,700 | 19,219 |
| Norwegian Cruise Line Holdings ltd | 6,929 | 282,850 | 21,191 |
| Lindblad Expeditions Holdings Inc | 2,019 | 535,879 | -8,103 |
| Ncl Corporation ltd | - | - | - |
| PEERS TOTAL | 43,301 | 244,762 | 22,580 |
Royal Caribbean Cruises Ltd's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Carnival Corporation | United States 53.92 % |
| Norwegian Cruise Line Holdings ltd | North America 75.77 % |
| Ncl Corporation ltd | North America 75.77 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Royal Caribbean Cruises Ltd's Position in Industry Market Structure
Market-capitalization share and concentration across all 19 companies in Royal Caribbean Cruises Ltd's industry classification, broader than the peer set above. Market cap in millions of $.Royal Caribbean Cruises Ltd ranks #1 of 19 companies by market capitalization in its industry, holding 36.95 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,137, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Royal Caribbean Cruises Ltd | 69,218 | 36.95 % |
| 2 | Viking Holdings Ltd | 35,613 | 19.01 % |
| 3 | Carnival Corporation | 34,353 | 18.34 % |
| 4 | Kirby Corporation | 6,987 | 3.73 % |
| 5 | Norwegian Cruise Line Holdings ltd | 1,234 | 5.2% |
| 6 | Matson inc | 1,234 | 5.2% |
| 7 | International Seaways Inc | 1,234 | 5.2% |
| 8 | Golar Lng Limited | 1,234 | 5.2% |
| 9 | Golden Ocean Group Limited | 1,234 | 5.2% |
| 10 | Tidewater Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Royal Caribbean Cruises Ltd's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-29.
Royal Caribbean Cruises Ltd's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Royal Caribbean Cruises Ltd | 69,218 | -20.99 % |
| 2 | Viking Holdings Ltd | 35,613 | 32.30 % |
| 3 | Carnival Corporation | 1,234 | 12.3% |
| 4 | Kirby Corporation | 1,234 | 12.3% |
| 5 | Norwegian Cruise Line Holdings ltd | 1,234 | 12.3% |
| 6 | Matson inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Royal Caribbean Cruises Ltd's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-29. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Royal Caribbean Cruises Ltd's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Cruise and Shipping industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (18 companies). See the full Cruise and Shipping industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 49.07 % | 47.32 % (avg) | +1.7 pp |
| Operating Margin | 27.33 % | industry median | +11.6 pp |
| EBITDA Margin | 35.50 % | 37.55 % (avg) | -2.0 pp |
| Capital Intensity (Capex / Revenue) | 38.55 % | 15.60 % (avg) | +22.9 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Royal Caribbean Cruises Ltd's Valuation vs Competitive Position
Valuation multiples vs the Cruise and Shipping industry average (18 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Cruise and Shipping industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 17.8x | 24.6x | -6.8x |
| EV / EBITDA | 14.7x | 15.4x | -0.7x |
| P/B | 7.6x | 4.0x | +3.6x |
| Return on Equity | 43.83 % | industry aggregate | 14.64 % |
| Return on Invested Capital | 8.66 % | 5.60 % (avg) | 3.06 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Royal Caribbean Cruises Ltd's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 8.16 % | 15.34 % | -79.83 % | -30.64 % | 477.01 % | 57.23 % | 18.59 % | 8.80 % |
| Operating Margin | 19.96 % | 19.02 % | -208.33 % | -252.61 % | -8.64 % | 20.71 % | 24.91 % | 27.38 % |
| Return on Invested Capital | 6.50 % | 6.06 % | -12.74 % | -10.98 % | -2.79 % | 10.21 % | 8.02 % | 8.90 % |
| P/E | 12.4x | 13.9x | - | - | - | 18.7x | 22.6x | 17.7x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Royal Caribbean Cruises Ltd's Strategic Group Map
Every company in Royal Caribbean Cruises Ltd's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Royal Caribbean Cruises Ltd is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Royal Caribbean Cruises Ltd's BCG Growth-Share Matrix
Relative market share (vs Royal Caribbean Cruises Ltd's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Royal Caribbean Cruises Ltd falls in the Cash Cow quadrant: relative market share of 1.94x vs its largest competitor, in an industry growing revenue -0.2% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Royal Caribbean Cruises Ltd's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 2,137 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 38.55 % vs industry average 15.60 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Royal Caribbean Cruises Ltd's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Royal Caribbean Cruises Ltd's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Royal Caribbean Cruises Ltd's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Royal Caribbean Cruises Ltd falls in the Medium attractiveness / High strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Royal Caribbean Cruises Ltd's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Market leader by capitalization in its industry (#1 of 19, 36.95 % share).
- Operating margin 11.6 points above the industry median.
- Return on equity 14.6 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+3.5% annualized vs trailing 12 months).
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
Opportunities
- Trades at a lower P/E than the industry average (17.8x vs 24.6x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Royal Caribbean Cruises Ltd's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Royal Caribbean Cruises Ltd | 0.06 | 0.19 | 2.12 |
| Carnival Corporation | 0.15 | 0.32 | 2.11 |
| Norwegian Cruise Line Holdings ltd | 0.03 | 0.20 | 7.95 |
| Lindblad Expeditions Holdings Inc | 0.67 | 0.82 | - |
| Ncl Corporation ltd | 0.03 | 0.20 | 0.47 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Royal Caribbean Cruises Ltd's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Royal Caribbean Cruises Ltd | Q2 2026 | +6.5 % | -6.4 % |
| Carnival Corporation | Q2 2026 | +5.3 % | -4.6 % |
| Norwegian Cruise Line Holdings ltd | Q2 2026 | +4.9 % | +642.0 % |
| Lindblad Expeditions Holdings Inc | Q2 2026 | +18.6 % | - |
| Ncl Corporation ltd | Q1 2026 | +9.6 % | +5.6 % |
| PEERS TOTAL | +6.3 % | +5.3 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Royal Caribbean Cruises Ltd's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Royal Caribbean Cruises Ltd | Q2 2026 | +11.6 % | +227.4 % |
| Carnival Corporation | Q2 2026 | - | +2.8 % |
| Norwegian Cruise Line Holdings ltd | Q2 2026 | +8.9 % | +37.2 % |
| Lindblad Expeditions Holdings Inc | Q2 2026 | +12.3 % | -49.2 % |
| Ncl Corporation ltd | Q1 2026 | +5.7 % | -5.8 % |
Royal Caribbean Cruises Ltd's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Royal Caribbean Cruises Ltd | 10.52% | 8.92% | 43.83% |
| Carnival Corporation | 5.96% | 6.90% | 24.48% |
| Norwegian Cruise Line Holdings ltd | 3.29% | 3.65% | 32.35% |
| Lindblad Expeditions Holdings Inc | - | - | - |
| Ncl Corporation ltd | 2.83% | 3.44% | 31.59% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Royal Caribbean Cruises Ltd's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Royal Caribbean Cruises Ltd | 15.97 | 3.71 |
| Carnival Corporation | 11.05 | 1.26 |
| Norwegian Cruise Line Holdings ltd | 9.35 | 0.68 |
| Lindblad Expeditions Holdings Inc | - | 2.43 |
| Ncl Corporation ltd | - | - |
| PEERS AVERAGE | 12.66 | 1.68 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.