Marriott International vs Royal Caribbean Group
Add, change or remove companies; up to four.
The short version
- Marriott International is the larger business, with $26.2B of revenue in fiscal 2025 against $17.9B for Royal Caribbean Group.
- Royal Caribbean Group grew revenue faster (8.8%, against 4.3%).
- Royal Caribbean Group kept more of each dollar of sales as operating profit (27.4% operating margin, against 15.8%).
- Marriott International turned more of its sales into free cash flow (10.0% FCF margin, against 6.9%).
- Marriott International earned a higher return on the capital invested in it (27.4%, against 16.6%).
- Investors pay more for each dollar of Marriott International’s earnings: a P/E of 40.4x against 17.1x for Royal Caribbean Group.
| Latest fiscal year | MAR · FY25 | RCL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $103.3B | $74.1B |
| Revenue | $26.2B | $17.9B |
| Free cash flow | $2.6B | $1.2B |
| Net income | $2.6B | $4.3B |
| Growth | ||
| Revenue growth | 4.3% | 8.8% |
| 5-year growth | 19.9% | 52.0% |
| Share count change | −4.1% | −1.8% |
| Profitability | ||
| Gross margin | — | 49.4% |
| Operating margin | 15.8% | 27.4% |
| Net margin | 9.9% | 23.8% |
| FCF margin | 10.0% | 6.9% |
| Return on capital | 27.4% | 16.6% |
| Return on equity | — | 48.5% |
| Balance sheet | ||
| Net debt | $15.8B | $20.5B |
| Net debt / EBITDA | 3.5x | 3.1x |
| Dividends and buybacks | $4.0B | $2.0B |
| Valuation & quality | ||
| P/E | 40.4x | 17.1x |
| Piotroski F-score | 7 | 9 |
Revenue
FY16
MAR $15.4B
RCL $8.5B
FY17
MAR $20.5B
RCL $8.8B
FY18
MAR $20.8B
RCL $9.5B
FY19
MAR $21.0B
RCL $11.0B
FY20
MAR $10.6B
RCL $2.2B
FY21
MAR $13.9B
RCL $1.5B
FY22
MAR $20.8B
RCL $8.8B
FY23
MAR $23.7B
RCL $13.9B
FY24
MAR $25.1B
RCL $16.5B
FY25
MAR $26.2B
RCL $17.9B
MAR
RCL
Operating margin
FY16
MAR 9.2%
RCL 17.4%
FY17
MAR 12.2%
RCL 19.9%
FY18
MAR 11.4%
RCL 20.0%
FY19
MAR 8.6%
RCL 19.0%
FY20
MAR 0.8%
RCL −208.3%
FY21
MAR 12.6%
RCL −252.6%
FY22
MAR 16.7%
RCL −8.7%
FY23
MAR 16.3%
RCL 20.7%
FY24
MAR 15.0%
RCL 24.9%
FY25
MAR 15.8%
RCL 27.4%
MAR
RCL
Free cash flow
FY16
MAR $1.4B
RCL $22.3M
FY17
MAR $2.0B
RCL $2.3B
FY18
MAR $1.8B
RCL −$181M
FY19
MAR $1.0B
RCL $692M
FY20
MAR $1.5B
RCL −$5.7B
FY21
MAR $994M
RCL −$4.1B
FY22
MAR $2.0B
RCL −$2.2B
FY23
MAR $2.7B
RCL $580M
FY24
MAR $2.0B
RCL $2.0B
FY25
MAR $2.6B
RCL $1.2B
MAR
RCL
Return on capital
FY16
MAR 14.1%
RCL 6.7%
FY17
MAR 10.3%
RCL 7.6%
FY18
MAR 17.0%
RCL 7.5%
FY19
MAR 12.6%
RCL 7.4%
FY20
MAR 0.6%
RCL −15.4%
FY21
MAR 16.2%
RCL −12.8%
FY22
MAR 25.9%
RCL −2.5%
FY23
MAR 33.6%
RCL 11.4%
FY24
MAR 25.9%
RCL 15.2%
FY25
MAR 27.4%
RCL 16.6%
MAR
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.