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美国铝业公司（AA）与诺唯真游轮控股（NCLH）财务数据对比。点击上方公司名可切换其他公司
美国铝业公司的季度营收约是诺唯真游轮控股的1.5倍（$3.4B vs $2.2B），美国铝业公司净利率更高（6.2% vs 0.6%，领先5.5%），诺唯真游轮控股同比增速更快（6.4% vs -1.1%），美国铝业公司自由现金流更多（$294.0M vs $21.5M），过去两年美国铝业公司的营收复合增速更高（15.2% vs 1.2%）
美国铝业公司是美国大型工业企业，为全球规模领先的铝生产商之一，业务布局覆盖10个国家，涵盖铝土矿开采、氧化铝精炼、原铝冶炼、铝制品加工及铝回收利用全产业链，产品广泛应用于全球各工业领域。
诺唯真游轮（NCL）1966年创立于挪威，为美国知名游轮运营商，总部设于佛罗里达州迈阿密-戴德县，注册地为巴哈马，由诺唯真游轮控股全资持有。按载客量计算，该品牌为全球第四大游轮公司，2021年占全球游轮市场载客量份额约8.6%。
AA vs NCLH — 直观对比
营收规模更大
AA
是对方的1.5倍
$2.2B
营收增速更快
NCLH
高出7.5%
-1.1%
净利率更高
AA
高出5.5%
0.6%
自由现金流更多
AA
多$272.5M
$21.5M
两年增速更快
AA
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.2B |
| 净利润 | $213.0M | $14.3M |
| 毛利率 | — | 41.0% |
| 营业利润率 | 2.0% | 8.3% |
| 净利率 | 6.2% | 0.6% |
| 营收同比 | -1.1% | 6.4% |
| 净利润同比 | 5.4% | -94.4% |
| 每股收益（稀释后） | $0.80 | $0.08 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AANCLH
| Q4 25 | $3.4B | $2.2B | ||
| Q3 25 | $3.0B | $2.9B | ||
| Q2 25 | $3.0B | $2.5B | ||
| Q1 25 | $3.4B | $2.1B | ||
| Q4 24 | $3.5B | $2.1B | ||
| Q3 24 | $2.9B | $2.8B | ||
| Q2 24 | $2.9B | $2.4B | ||
| Q1 24 | $2.6B | $2.2B |
净利润AANCLH
| Q4 25 | $213.0M | $14.3M | ||
| Q3 25 | $232.0M | $419.3M | ||
| Q2 25 | $164.0M | $30.0M | ||
| Q1 25 | $548.0M | $-40.3M | ||
| Q4 24 | $202.0M | $254.5M | ||
| Q3 24 | $90.0M | $474.9M | ||
| Q2 24 | $20.0M | $163.4M | ||
| Q1 24 | $-252.0M | $17.4M |
毛利率AANCLH
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 47.1% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 38.7% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 38.7% | ||
| Q1 24 | — | 36.7% |
营业利润率AANCLH
| Q4 25 | 2.0% | 8.3% | ||
| Q3 25 | 5.6% | 25.5% | ||
| Q2 25 | 5.3% | 16.8% | ||
| Q1 25 | 19.8% | 9.4% | ||
| Q4 24 | 9.7% | 10.2% | ||
| Q3 24 | 6.3% | 24.6% | ||
| Q2 24 | 3.2% | 14.4% | ||
| Q1 24 | -12.5% | 10.0% |
净利率AANCLH
| Q4 25 | 6.2% | 0.6% | ||
| Q3 25 | 7.7% | 14.3% | ||
| Q2 25 | 5.4% | 1.2% | ||
| Q1 25 | 16.3% | -1.9% | ||
| Q4 24 | 5.8% | 12.1% | ||
| Q3 24 | 3.1% | 16.9% | ||
| Q2 24 | 0.7% | 6.9% | ||
| Q1 24 | -9.7% | 0.8% |
每股收益（稀释后）AANCLH
| Q4 25 | $0.80 | $0.08 | ||
| Q3 25 | $0.88 | $0.86 | ||
| Q2 25 | $0.62 | $0.07 | ||
| Q1 25 | $2.07 | $-0.09 | ||
| Q4 24 | $1.18 | $0.55 | ||
| Q3 24 | $0.38 | $0.95 | ||
| Q2 24 | $0.11 | $0.35 | ||
| Q1 24 | $-1.41 | $0.04 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.6B | $209.9M |
| 总债务越低越好 | $2.4B | $13.7B |
| 股东权益账面价值 | $6.1B | $2.2B |
| 总资产 | $16.1B | $22.5B |
| 负债/权益比越低杠杆越低 | 0.40× | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资AANCLH
| Q4 25 | $1.6B | $209.9M | ||
| Q3 25 | $1.5B | $166.8M | ||
| Q2 25 | $1.5B | $184.0M | ||
| Q1 25 | $1.2B | $184.4M | ||
| Q4 24 | $1.1B | $190.8M | ||
| Q3 24 | $1.3B | $332.5M | ||
| Q2 24 | $1.4B | $594.1M | ||
| Q1 24 | $1.4B | $559.8M |
总债务AANCLH
| Q4 25 | $2.4B | $13.7B | ||
| Q3 25 | $2.6B | $13.6B | ||
| Q2 25 | $2.6B | $12.6B | ||
| Q1 25 | $2.6B | $12.9B | ||
| Q4 24 | $2.5B | $11.8B | ||
| Q3 24 | $2.5B | $11.8B | ||
| Q2 24 | $2.5B | $11.9B | ||
| Q1 24 | $2.5B | $12.0B |
股东权益AANCLH
| Q4 25 | $6.1B | $2.2B | ||
| Q3 25 | $6.3B | $2.2B | ||
| Q2 25 | $6.1B | $1.6B | ||
| Q1 25 | $5.8B | $1.4B | ||
| Q4 24 | $5.2B | $1.4B | ||
| Q3 24 | $5.3B | $1.1B | ||
| Q2 24 | $3.9B | $693.1M | ||
| Q1 24 | $4.0B | $362.1M |
总资产AANCLH
| Q4 25 | $16.1B | $22.5B | ||
| Q3 25 | $16.0B | $22.2B | ||
| Q2 25 | $15.0B | $21.6B | ||
| Q1 25 | $14.6B | $21.4B | ||
| Q4 24 | $14.1B | $20.0B | ||
| Q3 24 | $14.5B | $19.8B | ||
| Q2 24 | $14.3B | $20.1B | ||
| Q1 24 | $14.3B | $19.8B |
负债/权益比AANCLH
| Q4 25 | 0.40× | 6.21× | ||
| Q3 25 | 0.41× | 6.22× | ||
| Q2 25 | 0.42× | 8.05× | ||
| Q1 25 | 0.44× | 9.09× | ||
| Q4 24 | 0.48× | 8.26× | ||
| Q3 24 | 0.47× | 10.35× | ||
| Q2 24 | 0.63× | 17.19× | ||
| Q1 24 | 0.62× | 33.16× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $537.0M | $459.1M |
| 自由现金流经营现金流 - 资本支出 | $294.0M | $21.5M |
| 自由现金流率自由现金流/营收 | 8.5% | 1.0% |
| 资本支出强度资本支出/营收 | 7.0% | 19.5% |
| 现金转化率经营现金流/净利润 | 2.52× | 32.21× |
| 过去12个月自由现金流最近4个季度 | $567.0M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流AANCLH
| Q4 25 | $537.0M | $459.1M | ||
| Q3 25 | $85.0M | $236.6M | ||
| Q2 25 | $488.0M | $714.9M | ||
| Q1 25 | $75.0M | $679.2M | ||
| Q4 24 | $415.0M | $399.3M | ||
| Q3 24 | $143.0M | $172.5M | ||
| Q2 24 | $287.0M | $670.9M | ||
| Q1 24 | $-223.0M | $807.2M |
自由现金流AANCLH
| Q4 25 | $294.0M | $21.5M | ||
| Q3 25 | $-66.0M | $-726.5M | ||
| Q2 25 | $357.0M | $381.2M | ||
| Q1 25 | $-18.0M | $-846.0M | ||
| Q4 24 | $246.0M | $155.8M | ||
| Q3 24 | $-3.0M | $-195.5M | ||
| Q2 24 | $123.0M | $330.2M | ||
| Q1 24 | $-324.0M | $548.3M |
自由现金流率AANCLH
| Q4 25 | 8.5% | 1.0% | ||
| Q3 25 | -2.2% | -24.7% | ||
| Q2 25 | 11.8% | 15.1% | ||
| Q1 25 | -0.5% | -39.8% | ||
| Q4 24 | 7.1% | 7.4% | ||
| Q3 24 | -0.1% | -7.0% | ||
| Q2 24 | 4.2% | 13.9% | ||
| Q1 24 | -12.5% | 25.0% |
资本支出强度AANCLH
| Q4 25 | 7.0% | 19.5% | ||
| Q3 25 | 5.0% | 32.8% | ||
| Q2 25 | 4.3% | 13.3% | ||
| Q1 25 | 2.8% | 71.7% | ||
| Q4 24 | 4.8% | 11.5% | ||
| Q3 24 | 5.0% | 13.1% | ||
| Q2 24 | 5.6% | 14.4% | ||
| Q1 24 | 3.9% | 11.8% |
现金转化率AANCLH
| Q4 25 | 2.52× | 32.21× | ||
| Q3 25 | 0.37× | 0.56× | ||
| Q2 25 | 2.98× | 23.83× | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.05× | 1.57× | ||
| Q3 24 | 1.59× | 0.36× | ||
| Q2 24 | 14.35× | 4.10× | ||
| Q1 24 | — | 46.51× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AA
| Aluminum | $2.5B | 72% |
| Third Party Sales | $979.0M | 28% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
