Booking vs Royal Caribbean Group
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KIRA’s take AI analyst
I put Booking and Royal Caribbean Group side by side, using each one’s latest annual report. Here is what stands out:
- Booking is the larger business, with $26.9B of revenue in fiscal 2025 against $17.9B for Royal Caribbean Group, about 1.5 times as much.
- Booking grew revenue faster (13.4%, against 8.8%).
- Booking kept more of each dollar of sales as operating profit (32.8% operating margin, against 27.4%).
- Booking turned more of its sales into free cash flow (33.8% FCF margin, against 6.9%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Booking
BKNG
5/8
Revenue growthOperating marginFCF marginNet debt / EBITDAShare count change
Royal Caribbean Group
RCL
3/8
5-year growthNet marginPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | BKNG FY25 | RCL FY25 |
|---|---|---|
| Size | ||
| Market cap | $117.9B | $75.2B |
| Revenue | $26.9B | $17.9B |
| Free cash flow | $9.1B | $1.2B |
| Net income | $5.4B | $4.3B |
| Growth | ||
| Revenue growth | 13.4% | 8.8% |
| 5-year growth | 31.7% | 52.0% |
| Share count change | −4.2% | −1.8% |
| Profitability | ||
| Gross margin | — | 49.4% |
| Operating margin | 32.8% | 27.4% |
| Net margin | 20.1% | 23.8% |
| FCF margin | 33.8% | 6.9% |
| Return on capital | — | 16.6% |
| Return on equity | — | 48.5% |
| Balance sheet | ||
| Net debt | $1.5B | $20.5B |
| Net debt / EBITDA | 0.2x | 3.1x |
| Dividends and buybacks | $7.7B | $2.0B |
| Valuation & quality | ||
| P/E | — | 17.3x |
| Piotroski F-score | 5 | 9 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.