Royal Caribbean Cruises Ltd. Financial Ratios — RCL Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	10.92	0.32	8.03	12.1	9.85	17.33	19.25	18.78	17.24	-67.84	-179.2	- -	- -	- -	99.92
Return on Assets (%)	3.08	0.09	2.37	3.75	3.21	5.96	7.28	7.24	6.48	-18.47	-16.25	-6.53	4.93	7.97	10.85
Return on Capital (%)	6.88	2.62	5.68	7.01	6.19	9.72	11.39	11.22	9.95	- -	- -	- -	13.85	19.28	20.16
Return on Invested Capital (%)	5.48	4.68	5.08	5.63	7.72	8.42	9.49	9.32	8.88	- -	- -	- -	10.65	14.55	15.84
Gross Margin (%)	34.42	32.92	33.35	34.28	38.55	40.97	44.22	44.57	44.64	-25.19	-78.79	25.16	44.06	47.52	49.35
EBITDA Margin (%)	21.68	19.76	20.22	21.29	25.46	27.92	30.71	30.85	30.4	-79.5	-168.21	7.25	31.17	34.63	36.96
Operating Margin (%)	12.36	10.26	10.74	11.72	15.5	17.39	19.87	19.96	19.02	-137.41	-252.61	-8.67	20.71	24.92	27.38
Incremental Operating Margin (%)	16.44	-94.9	24.47	79.92	150.96	96.81	94.81	21.05	12.9	- -	- -	- -	72.02	47.58	55.35
Pretax Margin (%)	8.06	0.24	5.95	9.46	8.02	15.11	18.51	19.13	17.42	-261.46	-343.34	-24.39	12.3	17.85	24.38
Profit Margin (%)	8.06	0.24	5.95	9.46	8.02	15.11	18.51	19.08	17.16	-262.47	-343.34	-24.39	12.21	17.45	23.8
Net Income to Common Margin (%)	8.06	0.24	5.95	9.46	8.02	15.11	18.51	19.08	17.16	-262.47	-343.34	-24.39	12.21	17.45	23.8
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.35	1.56	1.88
Dvd Payout Ratio (%)	3.57	643.66	30.32	26.04	42.09	27	26.92	28.97	31.12	-5.67	- -	- -	- -	3.67	19.1
Sustainable Growth Rate (%)	10.53	-1.72	5.59	8.95	5.7	12.65	14.07	13.34	11.88	-71.69	-179.2	- -	- -	- -	80.83

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	8,496	8,490	8,075	8,444	8,527	9,387	7,539	10,778	11,733	19,996	21,694	23,994	22,130	20,820	22,035
ST Debt	639	1,519	1,563	800	900	1,286	1,189	2,422	2,718	1,474	2,312	2,168	1,785	1,677	3,270
LT Debt	7,857	6,970	6,511	7,644	7,628	8,102	6,351	8,355	9,016	18,522	19,382	21,826	20,345	19,143	18,765
Total Debt/EBITDA	5.2	5.59	5.02	4.91	4.04	3.96	2.8	3.68	3.53	-11.39	-8.42	37.43	5.11	3.65	3.32
Net Debt/EBITDA	5.04	5.46	4.89	4.8	3.98	3.9	2.75	3.58	3.24	-8.91	-7.14	33.47	4.84	3.45	3.1
Total Debt/EBIT	9.12	10.77	9.44	8.92	6.63	6.35	4.32	5.69	5.63	-6.59	-5.61	-31.32	7.69	5.07	4.49
Net Debt/EBIT	8.84	10.52	9.2	8.72	6.54	6.27	4.25	5.54	5.18	-5.15	-4.75	-28.01	7.28	4.79	4.18
EBITDA to Interest Expense	4.27	4.27	4.84	6.65	7.61	7.72	8.98	8.78	8.15	-2.08	-1.99	0.47	3.09	3.59	6.68
EBITDA-CapEx/Interest Expense	1.2	0.64	2.55	-0.36	1.8	-0.4	7.1	-2.19	0.74	-4.41	-3.72	-1.52	0.31	1.53	1.41
EBIT to Interest Expense	2.44	2.22	2.57	3.66	4.63	4.81	5.81	5.68	5.1	-3.6	-3	-0.56	2.05	2.58	4.95
Interest Expense	382	356	332	258	278	307	300	334	409	844	1,292	1,364	1,402	1,590	992
Common Equity/Total Assets	29.42	28.98	30.18	31.76	33.43	35.24	40.36	37.06	38.01	17.14	0.95	-5.05	-0.02	7.05	14.24
Long-Term Debt/Equity (%)	93.45	83.89	73.92	92.27	94.6	88.82	59.34	71.74	70.8	211.42	381.12	760.75	415.29	247.49	183.16
Long-Term Debt/Capital (%)	54.86	48.96	46.08	50.89	49.29	46.97	38.34	38.71	37.83	72.46	88.1	97.92	91.24	81.09	66.61
Long-Term Debt/Total Assets (%)	39.67	35.15	32.44	36.91	36.7	36.31	28.4	30.17	29.74	57.05	60.08	64.62	57.91	51.64	45.09
Total Debt/Equity (%)	101.05	102.18	91.67	101.93	105.76	102.92	70.45	92.53	92.14	228.24	426.58	836.32	451.72	269.17	215.08
Total Debt/Capital (%)	59.32	59.63	57.14	56.21	55.11	54.42	45.52	49.93	49.24	78.23	98.61	107.64	99.25	88.19	78.22
Total Debt/Total Assets (%)	42.9	42.82	40.23	40.77	41.03	42.08	33.72	38.91	38.7	61.59	67.25	71.04	62.99	56.16	52.94
Net Debt to Equity	97.93	99.84	89.35	99.64	104.25	101.46	69.32	90.06	84.74	178.58	361.58	747.86	427.74	254.53	200.29
Net Debt/Capital (%)	58.56	59.07	56.51	55.65	54.75	54.07	45.12	49.25	45.75	71.51	95.29	105.41	96.12	84.79	75.04
EBITDA	1,634	1,519	1,610	1,719	2,113	2,372	2,695	2,928	3,329	-1,756	-2,577	641	4,333	5,708	6,628
EBITDA-CapEx	460	228	846	-93	500	-122	2,131	-732	304	-3,721	-4,807	-2,069	436	2,440	1,399
Operating Income (Loss)	932	789	855	946	1,286	1,477	1,744	1,895	2,083	-3,035	-3,870	-766	2,878	4,108	4,910

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.09	0.05	0.05	0.05	0.03	0.03	0.02	0.04	0.03	0.81	0.37	0.23	0.05	0.04	0.07
Current Ratio	0.32	0.22	0.22	0.21	0.19	0.17	0.19	0.17	0.15	0.95	0.49	0.37	0.19	0.17	0.18
Quick Ratio	0.18	0.12	0.11	0.12	0.08	0.1	0.09	0.09	0.07	0.87	0.43	0.29	0.1	0.08	0.09
CFO/Avg Current Liab	0.45	0.39	0.34	0.43	0.48	0.58	0.62	0.58	0.49	-0.6	-0.32	0.06	0.5	0.55	0.59
Common Equity/Total Assets	29.42	28.98	30.18	31.76	33.43	35.24	40.36	37.06	38.01	17.14	0.95	-5.05	-0.02	7.05	14.24
Long-Term Debt/Equity (%)	93.45	83.89	73.92	92.27	94.6	88.82	59.34	71.74	70.8	211.42	381.12	760.75	415.29	247.49	183.16
Long-Term Debt/Capital (%)	54.86	48.96	46.08	50.89	49.29	46.97	38.34	38.71	37.83	72.46	88.1	97.92	91.24	81.09	66.61
Long-Term Debt/Total Assets (%)	39.67	35.15	32.44	36.91	36.7	36.31	28.4	30.17	29.74	57.05	60.08	64.62	57.91	51.64	45.09
Total Debt/Equity (%)	101.05	102.18	91.67	101.93	105.76	102.92	70.45	92.53	92.14	228.24	426.58	836.32	451.72	269.17	215.08
Total Debt/Capital (%)	59.32	59.63	57.14	56.21	55.11	54.42	45.52	49.93	49.24	78.23	98.61	107.64	99.25	88.19	78.22
Total Debt/Total Assets (%)	42.9	42.82	40.23	40.77	41.03	42.08	33.72	38.91	38.7	61.59	67.25	71.04	62.99	56.16	52.94
CFO/Total Liabilities	12.77	12	12.54	14.03	15.3	19.08	24.66	21.68	21.13	-15.74	-6.91	1.56	14.81	17.95	20.61
CFO/CapEx	1.24	1.07	1.85	0.96	1.21	1.01	5.1	0.95	1.23	-1.9	-0.84	0.18	1.15	1.61	1.24
Altman's Z-Score	1.14	1.13	1.33	1.71	1.93	1.71	2.33	1.66	1.86	0.4	-0.06	0.17	1.07	1.89	2.2

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	26.96	26.79	29.42	30.99	33.17	32.01	28.75	29.52	34.75	7.49	4.43	18.83	29.7	42.49	52.13
Days Sales Outstanding	13.54	13.62	12.41	11.78	11	11.4	12.69	12.36	10.5	48.75	82.46	19.39	12.29	8.59	7
Inventory Turnover	36.43	35.46	35.66	38.63	41.66	42.61	43.43	39.72	38.41	19.69	20.37	35.36	32.94	33.73	34.34
Days Inventory Outstanding	10.02	10.29	10.24	9.45	8.76	8.57	8.4	9.19	9.5	18.53	17.92	10.32	11.08	10.82	10.63
Accounts Payable Turnover	17.92	15.72	14.67	15	16.09	16.49	14.71	12.51	11.54	5.94	6.16	11.22	10.84	10.13	9.7
Accounts Payable Turnover Days	20.37	23.21	24.88	24.33	22.68	22.13	24.81	29.19	31.62	61.5	59.25	32.54	33.67	36.02	37.62
Cash Conversion Cycle	3.19	0.7	-2.23	-3.1	-2.92	-2.16	-3.72	-7.63	-11.61	5.78	41.13	-2.84	-10.3	-16.61	-19.99
Inventory to Cash Days	3.52	3.33	2.17	2.33	2.24	2.84	4.29	3.17	1	30.21	64.54	9.06	1.21	-2.23	-3.63
Inventories	145	146	151	123	121	114	111	154	162	119	150	224	248	265	264
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	145	146	151	123	121	114	111	154	162	119	150	224	248	265	264

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	5,375	7,410	10,415	18,271	22,219	17,671	25,600	20,592	27,958	16,009	19,364	12,605	33,149	60,210	75,587
- Cash & Cash Equivalents	262	195	205	189	122	133	120	288	244	3,684	2,702	1,935	497	388	825
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	542	570	- -	- -	- -	175	172	208
+ Total Debt	8,496	8,490	8,075	8,444	8,527	9,387	7,539	10,778	11,733	19,996	21,694	23,994	22,130	20,820	22,035
Enterprise Value	13,608	15,705	18,285	26,526	30,625	26,926	33,019	31,624	40,017	32,320	38,357	34,664	54,957	80,814	97,005
Total Capital	14,322	14,237	14,132	15,022	15,474	17,250	16,564	21,585	23,829	25,561	21,999	22,290	22,298	23,607	28,171
Total Debt/Capital (%)	59.32	59.63	57.14	56.21	55.11	54.42	45.52	49.93	49.24	78.23	98.61	107.64	99.25	88.19	78.22
Total Debt / EV	0.62	0.54	0.44	0.32	0.28	0.35	0.23	0.34	0.29	0.62	0.57	0.69	0.4	0.26	0.23
EV/Sales	1.81	2.04	2.3	3.29	3.69	3.17	3.76	3.33	3.65	14.63	25.04	3.92	3.95	4.9	5.41
EV/EBITDA	8.33	10.34	11.36	15.43	14.49	11.35	12.25	10.8	12.02	- -	- -	54.08	12.68	14.16	14.64
EV/EBIT	14.61	19.92	21.38	28.03	23.81	18.23	18.93	16.69	19.21	- -	- -	- -	19.1	19.67	19.76
EV/Cash Flow to Firm	7.4	9.04	10.48	13.25	13.77	9.53	10.4	8.29	9.7	- -	- -	18.79	9.36	11.83	13.04
EV/Free Cash Flow to Firm	4.52	5.18	7.29	6.96	7.98	5.06	8.83	4.23	5.6	- -	23.33	7.61	5.62	8	7.66
Diluted Market Cap	5,430	7,462	10,477	18,386	22,336	17,747	25,728	20,688	28,028	16,009	19,364	12,605	36,646	64,363	76,424
Diluted Enterprise Value	13,664	15,757	18,347	26,640	30,742	27,001	33,147	31,720	40,087	32,320	38,357	34,664	58,454	84,967	97,842
EV per Share	62.72	72.06	83.25	119.67	139.5	125.01	153.85	150.18	191.1	150.79	152.32	135.93	214.68	309.63	357.95
TTM Sales	7,537	7,688	7,960	8,074	8,299	8,496	8,778	9,494	10,951	2,209	1,532	8,840	13,900	16,485	17,934
TTM EBITDA	1,634	1,519	1,610	1,719	2,113	2,372	2,695	2,928	3,329	-1,756	-2,577	641	4,333	5,708	6,628
TTM Operating Income	932	789	855	946	1,286	1,477	1,744	1,895	2,083	-3,035	-3,870	-766	2,878	4,108	4,910
TTM Cash Flow to Firm	1,838	1,738	1,744	2,002	2,224	2,824	3,175	3,813	4,125	-2,887	-586	1,845	5,874	6,830	7,438
TTM Free Cash Flow to Firm	3,012	3,029	2,508	3,813	3,837	5,318	3,739	7,473	7,150	-922	1,644	4,555	9,771	10,098	12,667

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	2.07	2.79	4.82	5.17	6.27	3.54	7.48	2.9	4.16	-9.06	55.01	3.95	4.38	7.54	6.54
EV/EBIT	14.61	19.92	21.38	28.03	23.81	18.23	18.93	16.69	19.21	- -	- -	- -	19.1	19.67	19.76
Enterprise Value	13,608	15,705	18,285	26,526	30,625	26,926	33,019	31,624	40,017	32,320	38,357	34,664	54,957	80,814	97,005
Low Price	18.7	22.12	31.35	45.95	65.91	64.21	82.72	89.48	91.88	19.25	64.2	31.09	48.68	113.1	164.01
EV/Sales	1.81	2.04	2.3	3.29	3.69	3.17	3.76	3.33	3.65	14.63	25.04	3.92	3.95	4.9	5.41
EV/EBITDA	8.33	10.34	11.36	15.43	14.49	11.35	12.25	10.8	12.02	- -	- -	54.08	12.68	14.16	14.64
Price/Earnings	8.85	405.19	21.99	23.91	33.37	13.77	15.75	11.37	14.88	- -	- -	- -	19.53	20.93	17.71
Price/Earnings Average	12.26	341.46	17.38	17.2	27.92	12.74	14.55	13.45	12.88	-2.45	-3.93	-6.9	13.08	14.84	17.37
Price/Earnings High	17.86	431.16	22.1	24.34	34.1	16.75	17.66	15.77	15	-5	-4.75	-10.71	19.76	23.47	23.27
Price/Earnings Low	6.68	263.61	14.54	13.33	21.73	10.78	10.92	10.4	10.24	-0.71	-3.07	-3.68	7.34	10.26	10.41
Price/Book Value	0.92	1.29	1.72	2.78	3.2	2.25	2.84	2.01	2.43	2.88	63.47	-7.4	-4,735.63	23.02	12.75
Price/Book Value Average	1.28	1.09	1.36	2	2.68	2.08	2.62	2.37	2.1	2.55	67.81	-8.73	-3,171.94	16.33	12.51
Price/Book Value High	1.86	1.37	1.73	2.83	3.27	2.73	3.18	2.78	2.45	5.21	81.91	-13.55	-4,789.76	25.82	16.75
Price/Book Value Low	0.7	0.84	1.14	1.55	2.08	1.76	1.97	1.84	1.67	0.74	52.99	-4.65	-1,780.3	11.29	7.5
Price/Tangible Book Value	0.7	0.94	1.24	2.32	2.86	2	2.46	2.11	2.57	2.13	5.04	6.12	8.1	8.69	8.01
Price/Tangible Book Value Average	0.97	0.79	0.98	1.67	2.39	1.85	2.27	2.49	2.23	1.89	5.39	7.22	5.43	6.16	7.86
Price/Tangible Book Value High	1.42	1	1.25	2.36	2.92	2.43	2.76	2.92	2.6	3.86	6.51	11.21	8.2	9.75	10.52
Price/Tangible Book Value Low	0.53	0.61	0.82	1.3	1.86	1.57	1.7	1.93	1.77	0.55	4.21	3.85	3.05	4.26	4.71
Price/Sales	0.71	0.96	1.31	2.26	2.68	2.08	2.92	2.17	2.55	7.25	12.64	1.43	2.38	3.65	4.21
Price/Sales Average	0.99	0.81	1.03	1.63	2.24	1.92	2.69	2.57	2.21	6.42	13.5	1.68	1.6	2.59	4.13
Price/Sales High	1.44	1.03	1.32	2.3	2.74	2.53	3.27	3.01	2.57	13.13	16.31	2.61	2.41	4.1	5.54
Price/Sales Low	0.54	0.63	0.87	1.26	1.74	1.63	2.02	1.98	1.76	1.87	10.55	0.9	0.9	1.79	2.48
Price/Cash Flow	3.69	5.36	7.38	10.48	11.42	7.02	8.91	5.92	7.52	-4.29	-10.31	26.21	7.4	11.44	11.69
Price/Cash Flow Average	5.12	4.52	5.83	7.54	9.55	6.5	8.22	7	6.51	-3.8	-11.02	30.91	4.96	8.11	11.47
Price/Cash Flow High	7.45	5.71	7.41	10.66	11.66	8.54	9.99	8.21	7.58	-7.77	-13.31	48.01	7.49	12.82	15.36
Price/Cash Flow Low	2.79	3.49	4.88	5.84	7.43	5.5	6.18	5.42	5.18	-1.11	-8.61	16.48	2.78	5.61	6.87
Price/Free Cash Flow Average	2.86	2.35	3.81	3.72	5.25	3.28	6.91	3.43	3.6	-8.03	58.77	4.66	2.93	5.35	6.41
Price/Free Cash Flow High	4.17	2.97	4.84	5.26	6.41	4.31	8.39	4.02	4.19	-16.42	70.99	7.24	4.43	8.46	8.59
Price/Free Cash Flow Low	1.56	1.82	3.18	2.88	4.09	2.77	5.19	2.65	2.86	-2.34	45.93	2.48	1.65	3.7	3.84
EV/Sales Average	2.08	1.89	2.02	2.65	3.25	3.01	3.54	3.73	3.31	13.81	25.9	4.18	3.17	3.84	5.33
EV/Sales High	2.53	2.1	2.3	3.33	3.75	3.62	4.12	4.17	3.68	20.52	28.71	5.11	3.98	5.35	6.73
EV/Sales Low	1.63	1.71	1.85	2.28	2.76	2.72	2.87	3.15	2.86	9.25	22.95	3.39	2.47	3.04	3.67
EV/EBITDA Average	9.6	9.57	10	12.45	12.77	10.79	11.52	12.08	10.89	-17.37	-15.4	57.61	10.16	11.09	14.42
EV/EBITDA High	11.68	10.65	11.39	15.62	14.72	12.96	13.4	13.52	12.09	-25.81	-17.07	70.44	12.77	15.44	18.22
EV/EBITDA Low	7.52	8.63	9.17	10.73	10.83	9.73	9.34	10.2	9.4	-11.64	-13.64	46.78	7.91	8.78	9.94
EV/EBIT Average	16.83	18.44	18.83	22.62	20.99	17.33	17.81	18.67	17.41	-10.05	-10.25	-48.21	15.29	15.41	19.46
EV/EBIT High	20.48	20.52	21.45	28.38	24.18	20.82	20.71	20.9	19.32	-14.93	-11.36	-58.94	19.23	21.45	24.59
EV/EBIT Low	13.19	16.63	17.26	19.49	17.79	15.63	14.43	15.77	15.03	-6.73	-9.08	-39.15	11.91	12.2	13.41
Last Price	24.77	34	47.42	82.43	101.21	82.04	119.28	97.79	133.51	74.69	76.9	49.43	129.49	230.69	278.92
High Price	49.99	36.18	47.66	83.9	103.4	99.81	133.75	135.65	134.6	135.32	99.24	90.55	130.97	258.7	366.5
Enterprise Value Average	15,682	14,539	16,101	21,400	26,995	25,601	31,061	35,384	36,255	30,497	39,680	36,927	44,012	63,296	95,550
Enterprise Value High	19,081	16,180	18,338	26,852	31,106	30,753	36,124	39,596	40,246	45,315	43,982	45,150	55,336	88,125	120,740
Enterprise Value Low	12,291	13,116	14,756	18,440	22,875	23,085	25,172	29,874	31,300	20,437	35,159	29,987	34,270	50,123	65,865

Shares Outstanding	217	219	220	219	218	215	213	209	209	237	255	255	256	269	270
Diluted Weighted Avg Shares	219	219	221	223	221	216	216	212	210	214	252	255	283	279	274
Basic Weighted Avg Shares	217	218	220	222	220	215	215	211	209	214	252	255	256	261	271
Revenue per Share	34.74	35.28	36.24	36.42	37.8	39.45	40.9	45.09	52.29	10.31	6.08	34.67	54.3	63.16	66.18
EBITDA per Share	7.53	6.97	7.33	7.75	9.63	11.01	12.56	13.91	15.9	-8.19	-10.23	2.51	16.93	21.87	24.46
Operating Income per Share	4.29	3.62	3.89	4.27	5.86	6.86	8.13	9	9.95	-14.16	-15.37	-3	11.24	15.74	18.12
Basic EPS, GAAP	2.8	0.08	2.16	3.45	3.03	5.96	7.57	8.6	8.97	-27.05	-20.89	-8.45	6.63	11.02	15.75
Basic EPS from Cont Ops	2.8	0.08	2.16	3.45	3.03	5.96	7.57	8.62	9.11	-26.94	-20.89	-8.45	6.66	11.1	15.83
Diluted EPS, GAAP	2.77	0.08	2.14	3.43	3.02	5.93	7.53	8.56	8.95	-27.05	-20.89	-8.45	6	10.31	15.58
Diluted EPS from Cont Ops	2.77	0.08	2.14	3.43	3.02	5.93	7.53	8.58	9.09	-26.94	-20.89	-8.45	6.02	10.38	15.66
Dividend per Share	0.1	0.54	0.65	0.9	1.28	1.61	2.04	2.51	2.88	1.52	- -	- -	- -	0.41	3.04
Cash Flow per Share	6.71	6.34	6.43	7.87	8.87	11.68	13.39	16.52	17.75	-17.41	-7.46	1.89	17.49	20.17	23.86
Free Cash Flow per Basic Share	1.3	0.41	2.95	-0.31	1.52	0.1	10.77	-0.86	3.3	-26.58	-16.31	-8.74	2.27	7.65	4.56
Cash & Equivalents per Share	1.21	0.89	0.93	0.85	0.55	0.62	0.56	1.37	1.16	17.19	10.73	7.59	1.94	1.49	3.04
Book Value per Share	26.85	26.37	27.58	29.67	31.64	36.5	42.05	48.75	55.04	25.97	1.21	-6.68	-0.03	10.02	21.87
Tangible Book Value per Share	35.31	36.14	38.1	35.48	35.42	41.01	48.52	46.38	51.86	35.02	15.26	8.08	15.98	26.54	34.82

Royal Caribbean Cruises Ltd.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)