Booking
BKNG · Hotels, Resorts & Cruise Lines
$155.83
3.3%Royal Caribbean Group
RCL · Hotels, Resorts & Cruise Lines
$276.48
3.4%The short version
- 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% operating margin).
- Booking turned more of its sales into free cash flow (33.8% FCF margin, against 6.9% FCF margin).
- Investors pay more for each dollar of Booking’s earnings: a P/E of 23.5x against 17.1x for Royal Caribbean Group.
| Latest fiscal year | BKNG · FY25 | RCL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $120.0B | $74.1B |
| 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 | 23.5x | 17.1x |
| Piotroski F-score | 5 | 9 |
FY16
BKNG $10.7B
RCL $8.5B
FY17
BKNG $12.7B
RCL $8.8B
FY18
BKNG $14.5B
RCL $9.5B
FY19
BKNG $15.1B
RCL $11.0B
FY20
BKNG $6.8B
RCL $2.2B
FY21
BKNG $11.0B
RCL $1.5B
FY22
BKNG $17.1B
RCL $8.8B
FY23
BKNG $21.4B
RCL $13.9B
FY24
BKNG $23.7B
RCL $16.5B
FY25
BKNG $26.9B
RCL $17.9B
BKNG
RCL
FY16
BKNG 27.1%
RCL 17.4%
FY17
BKNG 35.8%
RCL 19.9%
FY18
BKNG 36.8%
RCL 20.0%
FY19
BKNG 35.5%
RCL 19.0%
FY20
BKNG −9.3%
RCL −208.3%
FY21
BKNG 22.8%
RCL −252.6%
FY22
BKNG 29.9%
RCL −8.7%
FY23
BKNG 27.3%
RCL 20.7%
FY24
BKNG 31.8%
RCL 24.9%
FY25
BKNG 32.8%
RCL 27.4%
BKNG
RCL
FY16
BKNG $3.8B
RCL $22.3M
FY17
BKNG $4.4B
RCL $2.3B
FY18
BKNG $4.9B
RCL −$181M
FY19
BKNG $4.5B
RCL $692M
FY20
BKNG −$201M
RCL −$5.7B
FY21
BKNG $2.5B
RCL −$4.1B
FY22
BKNG $6.2B
RCL −$2.2B
FY23
BKNG $7.0B
RCL $580M
FY24
BKNG $7.9B
RCL $2.0B
FY25
BKNG $9.1B
RCL $1.2B
BKNG
RCL
FY16
BKNG 19.1%
RCL 6.7%
FY17
BKNG 19.8%
RCL 7.6%
FY18
BKNG 37.1%
RCL 7.5%
FY19
BKNG 50.1%
RCL 7.4%
FY20
BKNG −5.2%
RCL −15.4%
FY21
BKNG 33.6%
RCL −12.8%
FY22
BKNG 89.5%
RCL −2.5%
FY23
BKNG —
RCL 11.4%
FY24
BKNG —
RCL 15.2%
FY25
BKNG —
RCL 16.6%
BKNG
RCL
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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.