Royal Caribbean Group (RCL) is slightly undervalued and Trip.com Group Ltd ADR (TCOM) is undervalued.
Against our estimates of intrinsic value, TCOM trades at the wider discount: a margin of safety of +57%, against +5% for RCL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.5% (average of 3 methods) values the shares at $247.87; the price of $234.89 is 5% below that value, and 69% of that value comes from beyond year five.
Leak Score 45/100 on 10 of 12 signals
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $94.77; the price of $40.85 is 57% below that value, and 79% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | RCL | TCOM |
|---|---|---|
| Verdict | Slightly undervalued | Undervalued |
| Price | $234.89 | $40.85 |
| Intrinsic value | $247.87 | $94.77 |
| Margin of safety | +5% | +57% |
| Leak Score | 45/100 (10/12) | 100/100 (3/12) |
| Market cap | $63.0B | $26.5B |
| Revenue growth, 5 years | 52.0% | 26.8% |
| Operating margin | 27.1% | 15.9% |
| Net margin | 23.5% | 36.1% |
| Return on equity | 45.3% | 15.3% |
| Debt to equity | 2.30 | 0.17 |
| P/E | 14.5x | 8.5x |
| Forward P/E | 11.6x | 10.2x |
| P/B | 6.1x | 1.2x |
| Dividend yield | 2.3% | 0.2% |