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 19,134M vs 48,779M combined for its competitors (28.2% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+16.9% annualized vs trailing 12 months), vs accelerating (+19.7%) for its tracked peer group.
- Growth: Royal Caribbean Cruises Ltd generated 8.8% revenue growth year over year in Q3 2026, vs 2.3% for its competitors combined.
- Profitability: Its 30.9% net margin compares with 21.0% for the peer group.
- Scale: Royal Caribbean Cruises Ltd ranks #1 of 20 companies by market capitalization in the Cruise and Shipping industry, holding 41.9% of industry market cap.
- Peer revenue share: Royal Caribbean Cruises Ltd accounted for 27.7% of combined revenue among its tracked peer group, up from 26.5% a year earlier.
- Peer differentiation: Revenue per employee of $0.18M compares with $0.25M 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, Q3 2026
Royal Caribbean Cruises Ltd reported revenue growth of 8.80 % year on year in Q3 2026, above its competitors' combined revenue growth of 2.30 %.
With a net margin of 30.91 %, Royal Caribbean Cruises Ltd achieved higher profitability than its competitors (21.01 %).
Royal Caribbean Cruises Ltd generated 27.69 % of the combined sales of its peer group, up from 26.48 % a year earlier.
API endpoints for this dataset
Royal Caribbean Cruises Ltd vs. its Competitors, Q3 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 Royal Caribbean Cruises Ltd reports; 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 8.6% year over year, combined, vs 8.8% for Royal Caribbean Cruises Ltd. Royal Caribbean Cruises Ltd's share of combined industry revenue moved from 9.16% to 9.17%, a gain of 0.01 percentage points.
Royal Caribbean Cruises Ltd's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| 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) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 0.00 % (0 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 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 |
90,310.64 | 19,134.00 |
 Carnival Corporation |
42,148.08 | 27,594.00 |
 Norwegian Cruise Line Holdings ltd |
8,485.60 | 10,162.93 |
 Lindblad Expeditions Holdings Inc |
2,380.49 | 859.59 |
 Ncl Corporation ltd |
- | 10,162.93 |
| SUBTOTAL | 143,324.81 | 67,913.45 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
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 Royal Caribbean Cruises Ltd reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Norwegian Cruise Line Holdings ltd | Company report | 85% |
| Carnival Corporation | Company report | 85% |
| Ncl Corporation ltd | Company report | 85% |
| Travelzoo | Company report | 85% |
| Lindblad Expeditions Holdings Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Royal Caribbean Cruises Ltd's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
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 56.98 % |
| Ncl Corporation ltd | Single reportable segment 100.00 % |
Source: operating segment revenue as reported in each company's reports (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 | 90,311 | 177,167 | 42,370 |
| Carnival Corporation | 42,148 | 172,463 | 19,644 |
| Norwegian Cruise Line Holdings ltd | 8,486 | 283,090 | 23,202 |
| Lindblad Expeditions Holdings Inc | 2,380 | 554,575 | 4,585 |
| Ncl Corporation ltd | - | - | - |
| PEERS TOTAL | 53,014 | 247,047 | 25,694 |
Royal Caribbean Cruises Ltd's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. 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 56.76 % |
| Ncl Corporation ltd | North America 56.76 % |
Source: revenue geography as reported in each company's reports (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 41.90 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,515, indicating a highly concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Royal Caribbean Cruises Ltd | 90,985 | 41.90 % |
| 2 | Carnival Corporation | 42,764 | 19.69 % |
| 3 | Viking Holdings Ltd | 38,914 | 17.92 % |
| 4 | Norwegian Cruise Line Holdings ltd | 8,550 | 3.94 % |
| 5 | Kirby Corporation | 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 | Tidewater Inc | 1,234 | 5.2% |
| 10 | Golden Ocean Group Limited | 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 2026-11-09.
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 | 90,985 | 32.70 % |
| 2 | Carnival Corporation | 42,764 | 16.94 % |
| 3 | Viking Holdings Ltd | 1,234 | 12.3% |
| 4 | Norwegian Cruise Line Holdings ltd | 1,234 | 12.3% |
| 5 | Kirby Corporation | 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 2026-11-09. 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 (28 companies). See the full Cruise and Shipping industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 49.06 % | 26.12 % (avg) | +22.9 pp |
| Operating Margin | 27.56 % | industry median | +12.6 pp |
| EBITDA Margin | 39.10 % | 45.58 % (avg) | -6.5 pp |
| Capital Intensity (Capex / Revenue) | 28.15 % | 11.59 % (avg) | +16.6 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 (28 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 | 13.9x | 18.0x | -4.1x |
| EV / EBITDA | 13.0x | 9.2x | +3.7x |
| P/B | 7.2x | 3.1x | +4.1x |
| Return on Equity | 43.35 % | industry aggregate | 9.95 % |
| Return on Invested Capital | 8.76 % | 6.50 % (avg) | 2.26 % |
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 company reports.| 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 % | 20.70 % | 24.91 % | 27.38 % |
| Return on Invested Capital | 6.50 % | 6.06 % | -12.74 % | -10.98 % | -2.79 % | 6.28 % | 8.02 % | 8.90 % |
| P/E | 12.4x | 13.9x | - | - | - | 17.0x | 21.1x | 15.4x |
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
Royal Caribbean Cruises Ltd is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Royal Caribbean Cruises Ltd's trailing-12-month revenue growth of 9.7% and operating margin of 27.6% compares with an average of 9.0% growth and 19.4% margin across its 8 closest peers by combined growth, margin and ROIC -- Royal Caribbean Cruises Ltd sits above that peer average on growth and above it on margin.
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
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Royal Caribbean Cruises Ltd falls in the Cash Cow quadrant: relative market share of 2.13x vs its largest competitor, in an industry growing revenue -0.4% (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 | Low | Industry HHI of 2,515 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 28.15 % vs industry average 11.59 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Royal Caribbean Cruises Ltd's dedicated Suppliers and Customers pages, not here.
Royal Caribbean Cruises Ltd's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Royal Caribbean Cruises Ltd falls in the Medium attractiveness / Medium strength cell: Selective.
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, 41.90 % share).
- Operating margin 12.6 points above the industry median.
- Return on equity 10.0 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+16.9% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
No rule matched.
Opportunities
- Trades at a lower P/E than the industry average (13.9x vs 18.0x) 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: see Methodology: SWOT Analysis.
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 | 0.07 | 0.20 | 2.08 |
| Carnival Corporation | 0.13 | 0.31 | 1.97 |
| Norwegian Cruise Line Holdings ltd | 0.04 | 0.21 | 8.77 |
| Lindblad Expeditions Holdings Inc | 0.63 | 0.80 | - |
| Ncl Corporation ltd | 0.04 | 0.21 | 3.36 |
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 | Q3 2026 | +8.8 % | +9.4 % |
| Carnival Corporation | Q3 2026 | +3.5 % | +3.7 % |
| Norwegian Cruise Line Holdings ltd | Q3 2026 | +0.3 % | +17.2 % |
| Lindblad Expeditions Holdings Inc | Q3 2026 | +12.1 % | +430.0 % |
| Ncl Corporation ltd | Q3 2026 | +0.3 % | +92.5 % |
| PEERS TOTAL | +4.0 % | +14.6 % |
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 | Q3 2026 | +9.4 % | -73.8 % |
| Carnival Corporation | Q3 2026 | - | +7.9 % |
| Norwegian Cruise Line Holdings ltd | Q3 2026 | +7.3 % | -58.7 % |
| Lindblad Expeditions Holdings Inc | Q3 2026 | +9.3 % | -48.2 % |
| Ncl Corporation ltd | Q3 2026 | +7.3 % | -58.7 % |
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 | 10.58% | 9.08% | 43.35% |
| Carnival Corporation | 6.09% | 6.16% | 23.94% |
| Norwegian Cruise Line Holdings ltd | 3.53% | 3.36% | 32.15% |
| Lindblad Expeditions Holdings Inc | 0.69% | 1.27% | - |
| Ncl Corporation ltd | 4.63% | 5.54% | 42.27% |
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 | 16.55 | 4.72 |
| Carnival Corporation | 13.34 | 1.53 |
| Norwegian Cruise Line Holdings ltd | 10.19 | 0.83 |
| Lindblad Expeditions Holdings Inc | - | 2.77 |
| Ncl Corporation ltd | - | - |
| PEERS AVERAGE | 14.85 | 2.11 |
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.