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STOCK COMPARISON

Booking Holdings vs Royal Caribbean Cruises: Fair Value & Quality

Both stocks run through our valuation models. Here is how Booking Holdings (BKNG) and Royal Caribbean Cruises (RCL) compare, as of Sep 25, 2026.

As of Sep 25, 2026, Fair Value Calculator sees Booking Holdings as the more attractively valued of the two: Booking Holdings trades at $157 versus a fair value of $193 (+23%), while Royal Caribbean Cruises trades at $239 versus $209 (-13%).
Booking Holdings
BKNG · USD · Consumer Discretionary
+23%
upside to fair value
undervalued
Price$157
Fair Value$193
Quality88/100
Royal Caribbean Cruises
RCL · USD · Consumer Discretionary
-13%
upside to fair value
overvalued
Price$239
Fair Value$209
Quality51/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Booking HoldingsRoyal Caribbean Cruises
Valuation
17.3×P/E (TTM)14.2×
21.9×P/E ex one-offs (FY2025)15.3×
4.29×P/S (TTM)4.29×
Negative equityP/B7.85×
11.6×EV/EBITDA13.9×
0.61×PEG1.41×
+22.6%Fair value upside−12.7%
1.0%Dividend yield1.8%
$1.61Dividend per share$4.25
Profitability
34%Operating margin26%
Negative equityReturn on equity50%
20%Return on assets8%
Growth
8%Revenue growth (YoY)11%
16.3%Avg. growth/yr (3Y)26.6%
31.7%Avg. growth/yr (5Y)52.0%
+44.4%Value creation/yr+10.9%
Balance & size
5.7×Interest coverage (EBIT/interest)4.9×
Negative equityDebt / equity1.81×
$121BMarket cap$79B
healthyGrowth qualityexpensive
The P/E excluding one-off items is only shown where the special items are documented in the accounts (our own raw data or SEC filings). If one side lacks it, the reported P/E stays scored.

Booking Holdings leads: 8 to 4 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Booking Holdingsof which business quality 84 · market factors 31 Royal Caribbean Cruisesof which business quality 49 · market factors 15
ProfitabilityMargins and returns on capital today
87
65
Quality GrowthAre margins and returns improving?
43
55
CashflowEarnings quality: real cash, not paper profit
96
52
Fin. StrengthBalance sheet, leverage, solvency risk
83
23
InvestmentDisciplined investing over empire-building
92
21
Low VolatilityCalm price path (market factor)
53
16
MomentumPrice trend over the last 3–12 months (market factor)
32
21
52W MomentumDistance to the 52-week high (market factor)
4
6
Net IssuanceShare count: buybacks or dilution?
100
80

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyBooking HoldingsPrice $157Royal Caribbean CruisesPrice $239
DCF Models+80%above the price$283-16%below the price$201
Earnings-Based-14%close to the price$136+3%close to the price$247
Dividend Discount-81%below the price$29.23n/a
Multiples+1%close to the price$158-20%below the price$191
Asset-Basedn/a-90%below the price$25.07
Growth DCF+72%above the price$271-55%below the price$108
Economic Profit-26%below the price$117-17%below the price$198
Growth Earnings+23%above the price$193+57%above the price$376
Minimum-81%below the price$29.23-90%below the price$25.07
Maximum+80%above the price$283+57%above the price$376
Median+1%close to the price$158-17%below the price$198
Geometric mean-11%close to the price$140-36%below the price$152

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Booking Holdings: 10 of 23 models see the stock below the current price.

Royal Caribbean Cruises: 14 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Booking Holdings
Price $157
Fair Value $193
Bear $135Bull $251
Royal Caribbean Cruises
Price $239
Fair Value $209
Bear $106Bull $438

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Booking Holdings · Consumer Discretionary

Quality score88 · Top 25%
Fair value upside+23% · above median

Royal Caribbean Cruises · Consumer Discretionary

Quality score51 · below median
Fair value upside-13% · below median

Bottom line

As of Sep 25, 2026, Fair Value Calculator sees Booking Holdings as the more attractively valued of the two: Booking Holdings trades at $157 versus a fair value of $193 (+23%), while Royal Caribbean Cruises trades at $239 versus $209 (-13%).

Booking Holdings has the higher quality score (88/100).

Open Booking Holdings live analysis →
Booking Holdings · Royal Caribbean Cruises

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.