Royal Caribbean Cruises Ltd (RCL)

Debt-to-assets ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	US$ in thousands	35,131,000	32,768,700	32,923,300	32,870,500	33,776,000	33,464,200	33,943,200	32,940,000	32,258,400	32,665,600	33,692,000	34,347,100	32,465,200	31,828,800	33,306,500	33,445,100	30,320,300	29,825,500	29,809,000	28,720,000
Debt-to-assets ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $—K ÷ $35,131,000K
= 0.00

The debt-to-assets ratio of Royal Caribbean Group has been relatively stable in recent quarters, hovering between 0.61 to 0.68. This ratio indicates that, on average, approximately 61% to 68% of the company's assets are financed by debt.

While there was a slight increase in the debt-to-assets ratio from Q1 2023 to Q2 2023, reaching 0.65 to 0.62 respectively, the ratio remained within a reasonable range. It is noteworthy that the ratio has decreased since Q4 2022, where it peaked at 0.69, showing a potential improvement in the company's debt management.

Overall, the consistent debt-to-assets ratio suggests that Royal Caribbean Group maintains a moderate level of leverage to finance its operations and investments. Investors and stakeholders may monitor this ratio to assess the company's financial risk and capacity to fulfill its debt obligations.