Airbnb vs Royal Caribbean Group
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The short version
- Royal Caribbean Group is the larger business, with $17.9B of revenue in fiscal 2025 against $12.2B for Airbnb.
- Airbnb grew revenue faster (10.3%, against 8.8%).
- Royal Caribbean Group kept more of each dollar of sales as operating profit (27.4% operating margin, against 20.8%).
- Investors pay more for each dollar of Airbnb’s earnings: a P/E of 39.1x against 17.1x for Royal Caribbean Group.
| Latest fiscal year | ABNB · FY25 | RCL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $102.7B | $74.1B |
| Revenue | $12.2B | $17.9B |
| Free cash flow | — | $1.2B |
| Net income | $2.5B | $4.3B |
| Growth | ||
| Revenue growth | 10.3% | 8.8% |
| 5-year growth | 29.4% | 52.0% |
| Share count change | −3.4% | −1.8% |
| Profitability | ||
| Gross margin | 83.0% | 49.4% |
| Operating margin | 20.8% | 27.4% |
| Net margin | 20.5% | 23.8% |
| FCF margin | — | 6.9% |
| Return on capital | — | 16.6% |
| Return on equity | 30.2% | 48.5% |
| Balance sheet | ||
| Net debt | −$9.0B | $20.5B |
| Net debt / EBITDA | −3.5x | 3.1x |
| Dividends and buybacks | $3.8B | $2.0B |
| Valuation & quality | ||
| P/E | 39.1x | 17.1x |
| Piotroski F-score | 6 | 9 |
FY16
ABNB —
RCL $8.5B
FY17
ABNB —
RCL $8.8B
FY18
ABNB —
RCL $9.5B
FY19
ABNB $4.8B
RCL $11.0B
FY20
ABNB $3.4B
RCL $2.2B
FY21
ABNB $6.0B
RCL $1.5B
FY22
ABNB $8.4B
RCL $8.8B
FY23
ABNB $9.9B
RCL $13.9B
FY24
ABNB $11.1B
RCL $16.5B
FY25
ABNB $12.2B
RCL $17.9B
ABNB
RCL
FY16
ABNB —
RCL 17.4%
FY17
ABNB —
RCL 19.9%
FY18
ABNB —
RCL 20.0%
FY19
ABNB −10.4%
RCL 19.0%
FY20
ABNB −106.3%
RCL −208.3%
FY21
ABNB 7.2%
RCL −252.6%
FY22
ABNB 21.5%
RCL −8.7%
FY23
ABNB 15.3%
RCL 20.7%
FY24
ABNB 23.0%
RCL 24.9%
FY25
ABNB 20.8%
RCL 27.4%
ABNB
RCL
FY16
ABNB —
RCL $22.3M
FY17
ABNB —
RCL $2.3B
FY18
ABNB —
RCL −$181M
FY19
ABNB $97.3M
RCL $692M
FY20
ABNB −$777M
RCL −$5.7B
FY21
ABNB $2.3B
RCL −$4.1B
FY22
ABNB $3.4B
RCL −$2.2B
FY23
ABNB —
RCL $580M
FY24
ABNB —
RCL $2.0B
FY25
ABNB —
RCL $1.2B
ABNB
RCL
FY16
ABNB —
RCL 6.7%
FY17
ABNB —
RCL 7.6%
FY18
ABNB —
RCL 7.5%
FY19
ABNB —
RCL 7.4%
FY20
ABNB —
RCL −15.4%
FY21
ABNB —
RCL −12.8%
FY22
ABNB —
RCL −2.5%
FY23
ABNB —
RCL 11.4%
FY24
ABNB —
RCL 15.2%
FY25
ABNB —
RCL 16.6%
ABNB
RCL
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.