BKNG vs RCL: Booking and Royal Caribbean Cruises compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Booking is the larger company, worth $123.5B, about 1.7 times Royal Caribbean Cruises.
- Booking grew revenue faster over the last year (+8.2% vs +6.5%).
- Booking keeps more of each dollar of revenue as operating profit (32.9% vs 27.3%).
- On earnings, Royal Caribbean Cruises is the cheaper stock (16.1x vs 21.0x).
- Royal Caribbean Cruises's price assumes faster free cash flow growth: about 19% a year, against -0% for Booking (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BKNG | RCL |
|---|---|---|
| Market cap | $123.5B | $70.8B |
| Share price | $160.34 | $282.26 |
| Revenue (last fiscal year) | $26.9B | $17.9B |
| Free cash flow (last fiscal year) | $9.1B | $1.2B |
| Revenue growth, last year | +8.2% | +6.5% |
| Revenue growth per year, last 5 fiscal years | +25.2% | +85.0% |
| Operating margin | 32.9% | 27.3% |
| Net margin | 25.5% | 23.5% |
| Return on equity | — | 43.0% |
| P/E (trailing) | 21.0x | 16.1x |
| Price / free cash flow | 13.6x | 57.3x |
| EV / EBITDA | 12.4x | 12.9x |
| FCF growth the price implies | -0.07% | 18.8% |
| Dividend yield | 0.99% | 1.6% |
| Debt / equity | — | 3.34x |
| Fundamental grade | B | C |
| Superinvestors holding it | 9 | 7 |
| Insider purchases, last 12 months | 10 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Booking
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $11.0B | $2.5B | 22.8% |
| 2022 | $17.1B | $6.2B | 29.9% |
| 2023 | $21.4B | $7.0B | 27.3% |
| 2024 | $23.7B | $7.9B | 31.8% |
| 2025 | $26.9B | $9.1B | 32.8% |
Royal Caribbean Cruises
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.5B | -$4.1B | -252.6% |
| 2022 | $8.8B | -$2.2B | -8.7% |
| 2023 | $13.9B | $580M | 20.7% |
| 2024 | $16.5B | $2.0B | 24.9% |
| 2025 | $17.9B | $1.2B | 27.4% |
Where the revenue comes from
Booking · by products, 2025
Merchant revenues$17.8B66%
Agency revenues$8.0B30%
Advertising and other revenues$1.2B4%
Royal Caribbean Cruises · by products, 2025
Cruise itinerary$17.1B95%
Other Revenues$864M5%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BKNG in InvestinglyQuestions
Which is bigger, Booking or Royal Caribbean Cruises?
Booking (BKNG), at $123.5B against $70.8B.
Is BKNG or RCL cheaper?
By trailing P/E, Royal Caribbean Cruises (16.1x) is cheaper than Booking (21.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, BKNG or RCL?
Booking: revenue grew +8.2% over the last year, against +6.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.