Expedia Group
EXPE · Hotels, Resorts & Cruise Lines
$289.01
3.2%Royal Caribbean Group
RCL · Hotels, Resorts & Cruise Lines
$276.48
3.4%The short version
- Royal Caribbean Group is the larger business, with $17.9B of revenue in fiscal 2025 against $14.7B for Expedia Group.
- Royal Caribbean Group grew revenue faster (8.8%, against 7.6%).
- Royal Caribbean Group kept more of each dollar of sales as operating profit (27.4% operating margin, against 12.7% operating margin).
- Expedia Group turned more of its sales into free cash flow (21.1% FCF margin, against 6.9% FCF margin).
- Expedia Group earned a higher return on the capital invested in it (40.5%, against 16.6%).
- Investors pay more for each dollar of Expedia Group’s earnings: a P/E of 18.0x against 17.1x for Royal Caribbean Group.
| Latest fiscal year | EXPE · FY25 | RCL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.4B | $74.1B |
| Revenue | $14.7B | $17.9B |
| Free cash flow | $3.1B | $1.2B |
| Net income | $1.3B | $4.3B |
| Growth | ||
| Revenue growth | 7.6% | 8.8% |
| 5-year growth | 23.2% | 52.0% |
| Share count change | −4.3% | −1.8% |
| Profitability | ||
| Gross margin | — | 49.4% |
| Operating margin | 12.7% | 27.4% |
| Net margin | 8.8% | 23.8% |
| FCF margin | 21.1% | 6.9% |
| Return on capital | 40.5% | 16.6% |
| Return on equity | 91.1% | 48.5% |
| Balance sheet | ||
| Net debt | $428M | $20.5B |
| Net debt / EBITDA | 0.2x | 3.1x |
| Dividends and buybacks | $2.1B | $2.0B |
| Valuation & quality | ||
| P/E | 18.0x | 17.1x |
| Piotroski F-score | 8 | 9 |
FY16
EXPE $8.8B
RCL $8.5B
FY17
EXPE $10.1B
RCL $8.8B
FY18
EXPE $11.2B
RCL $9.5B
FY19
EXPE $12.1B
RCL $11.0B
FY20
EXPE $5.2B
RCL $2.2B
FY21
EXPE $8.6B
RCL $1.5B
FY22
EXPE $11.7B
RCL $8.8B
FY23
EXPE $12.8B
RCL $13.9B
FY24
EXPE $13.7B
RCL $16.5B
FY25
EXPE $14.7B
RCL $17.9B
EXPE
RCL
FY16
EXPE 5.3%
RCL 17.4%
FY17
EXPE 6.2%
RCL 19.9%
FY18
EXPE 6.4%
RCL 20.0%
FY19
EXPE 7.5%
RCL 19.0%
FY20
EXPE −52.3%
RCL −208.3%
FY21
EXPE 2.2%
RCL −252.6%
FY22
EXPE 9.3%
RCL −8.7%
FY23
EXPE 8.1%
RCL 20.7%
FY24
EXPE 9.6%
RCL 24.9%
FY25
EXPE 12.7%
RCL 27.4%
EXPE
RCL
FY16
EXPE $800M
RCL $22.3M
FY17
EXPE $1.1B
RCL $2.3B
FY18
EXPE $1.1B
RCL −$181M
FY19
EXPE $1.6B
RCL $692M
FY20
EXPE −$4.6B
RCL −$5.7B
FY21
EXPE $3.1B
RCL −$4.1B
FY22
EXPE $2.8B
RCL −$2.2B
FY23
EXPE $1.8B
RCL $580M
FY24
EXPE $2.3B
RCL $2.0B
FY25
EXPE $3.1B
RCL $1.2B
EXPE
RCL
FY16
EXPE 6.5%
RCL 6.7%
FY17
EXPE 7.9%
RCL 7.6%
FY18
EXPE 8.4%
RCL 7.5%
FY19
EXPE 9.9%
RCL 7.4%
FY20
EXPE −29.7%
RCL −15.4%
FY21
EXPE 1.9%
RCL −12.8%
FY22
EXPE 10.2%
RCL −2.5%
FY23
EXPE 13.2%
RCL 11.4%
FY24
EXPE 22.4%
RCL 15.2%
FY25
EXPE 40.5%
RCL 16.6%
EXPE
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.