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艾地盟（ADM）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
艾地盟的季度营收约是皇家加勒比集团的1.4倍（$6.1B vs $4.3B），皇家加勒比集团净利率更高（17.7% vs 7.5%，领先10.1%），艾地盟同比增速更快（123.5% vs 13.3%），皇家加勒比集团自由现金流更多（$116.0M vs $-669.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs -47.4%）
艾地盟（ADM）是美国跨国食品加工与大宗商品贸易企业，1902年成立，总部位于伊利诺伊州芝加哥。集团在全球布局270多家加工厂及420多个农作物采购站点，将谷物、油籽加工为食品、饮料、营养保健、工业生产及动物饲料领域的各类产品，供应全球市场。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
ADM vs RCL — 直观对比
营收规模更大
ADM
是对方的1.4倍
$4.3B
营收增速更快
ADM
高出110.3%
13.3%
净利率更高
RCL
高出10.1%
7.5%
自由现金流更多
RCL
多$785.0M
$-669.0M
两年增速更快
RCL
近两年复合增速
-47.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $4.3B |
| 净利润 | $456.0M | $753.0M |
| 毛利率 | 20.0% | 47.4% |
| 营业利润率 | 7.9% | 21.9% |
| 净利率 | 7.5% | 17.7% |
| 营收同比 | 123.5% | 13.3% |
| 净利润同比 | -19.6% | 36.4% |
| 每股收益（稀释后） | $0.95 | $2.76 |
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ADMRCL
| Q4 25 | $6.1B | $4.3B | ||
| Q3 25 | $6.4B | $5.1B | ||
| Q2 25 | $6.3B | $4.5B | ||
| Q1 25 | $6.1B | $4.0B | ||
| Q4 24 | $-25.7B | $3.8B | ||
| Q3 24 | $6.0B | $4.9B | ||
| Q2 24 | $22.2B | $4.1B | ||
| Q1 24 | $21.8B | $3.7B |
净利润ADMRCL
| Q4 25 | $456.0M | $753.0M | ||
| Q3 25 | $108.0M | $1.6B | ||
| Q2 25 | $219.0M | $1.2B | ||
| Q1 25 | $295.0M | $730.0M | ||
| Q4 24 | $567.0M | $552.0M | ||
| Q3 24 | $18.0M | $1.1B | ||
| Q2 24 | $486.0M | $854.0M | ||
| Q1 24 | $729.0M | $360.0M |
毛利率ADMRCL
| Q4 25 | 20.0% | 47.4% | ||
| Q3 25 | 19.8% | 51.8% | ||
| Q2 25 | 21.6% | 49.7% | ||
| Q1 25 | 19.2% | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | 22.8% | 51.1% | ||
| Q2 24 | 6.3% | 47.6% | ||
| Q1 24 | 7.6% | 44.8% |
营业利润率ADMRCL
| Q4 25 | 7.9% | 21.9% | ||
| Q3 25 | 2.3% | 33.1% | ||
| Q2 25 | 4.4% | 29.3% | ||
| Q1 25 | 5.7% | 23.6% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | 1.8% | 33.4% | ||
| Q2 24 | 2.7% | 26.7% | ||
| Q1 24 | 4.1% | 20.1% |
净利率ADMRCL
| Q4 25 | 7.5% | 17.7% | ||
| Q3 25 | 1.7% | 30.6% | ||
| Q2 25 | 3.5% | 26.7% | ||
| Q1 25 | 4.8% | 18.3% | ||
| Q4 24 | -2.2% | 14.7% | ||
| Q3 24 | 0.3% | 22.7% | ||
| Q2 24 | 2.2% | 20.8% | ||
| Q1 24 | 3.3% | 9.7% |
每股收益（稀释后）ADMRCL
| Q4 25 | $0.95 | $2.76 | ||
| Q3 25 | $0.22 | $5.74 | ||
| Q2 25 | $0.45 | $4.41 | ||
| Q1 25 | $0.61 | $2.70 | ||
| Q4 24 | $1.21 | $2.27 | ||
| Q3 24 | $0.04 | $4.21 | ||
| Q2 24 | $0.98 | $3.11 | ||
| Q1 24 | $1.42 | $1.35 |
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 | $1.0B | $825.0M |
| 总债务越低越好 | $7.6B | $18.2B |
| 股东权益账面价值 | $22.7B | $10.0B |
| 总资产 | $52.4B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.33× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资ADMRCL
| Q4 25 | $1.0B | $825.0M | ||
| Q3 25 | $1.2B | $432.0M | ||
| Q2 25 | $1.1B | $735.0M | ||
| Q1 25 | $864.0M | $386.0M | ||
| Q4 24 | $611.0M | $388.0M | ||
| Q3 24 | $784.0M | $418.0M | ||
| Q2 24 | $764.0M | $391.0M | ||
| Q1 24 | $830.0M | $437.0M |
总债务ADMRCL
| Q4 25 | $7.6B | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | $8.3B | $18.5B | ||
| Q3 24 | $7.6B | $19.0B | ||
| Q2 24 | — | $19.8B | ||
| Q1 24 | — | $18.9B |
股东权益ADMRCL
| Q4 25 | $22.7B | $10.0B | ||
| Q3 25 | $22.5B | $10.1B | ||
| Q2 25 | $22.4B | $9.2B | ||
| Q1 25 | $22.1B | $8.0B | ||
| Q4 24 | $22.2B | $7.6B | ||
| Q3 24 | $22.0B | $7.0B | ||
| Q2 24 | $22.2B | $6.0B | ||
| Q1 24 | $23.2B | $5.2B |
总资产ADMRCL
| Q4 25 | $52.4B | $41.6B | ||
| Q3 25 | $51.9B | $40.1B | ||
| Q2 25 | $52.0B | $38.5B | ||
| Q1 25 | $53.4B | $37.5B | ||
| Q4 24 | $53.3B | $37.1B | ||
| Q3 24 | $52.2B | $37.1B | ||
| Q2 24 | $52.7B | $37.0B | ||
| Q1 24 | $54.8B | $35.2B |
负债/权益比ADMRCL
| Q4 25 | 0.33× | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | 0.37× | 2.44× | ||
| Q3 24 | 0.35× | 2.69× | ||
| Q2 24 | — | 3.29× | ||
| Q1 24 | — | 3.66× |
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 | $-313.0M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $-669.0M | $116.0M |
| 自由现金流率自由现金流/营收 | -11.1% | 2.7% |
| 资本支出强度资本支出/营收 | 5.9% | 35.4% |
| 现金转化率经营现金流/净利润 | -0.69× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $4.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流ADMRCL
| Q4 25 | $-313.0M | $1.6B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $4.3B | $1.7B | ||
| Q1 25 | $-342.0M | $1.6B | ||
| Q4 24 | $322.0M | $1.5B | ||
| Q3 24 | $1.3B | $897.0M | ||
| Q2 24 | $468.0M | $1.6B | ||
| Q1 24 | $700.0M | $1.3B |
自由现金流ADMRCL
| Q4 25 | $-669.0M | $116.0M | ||
| Q3 25 | $1.5B | $-989.0M | ||
| Q2 25 | $4.0B | $910.0M | ||
| Q1 25 | $-633.0M | $1.2B | ||
| Q4 24 | $-170.0M | $915.0M | ||
| Q3 24 | $919.0M | $563.0M | ||
| Q2 24 | $106.0M | $-567.0M | ||
| Q1 24 | $372.0M | $1.1B |
自由现金流率ADMRCL
| Q4 25 | -11.1% | 2.7% | ||
| Q3 25 | 23.6% | -19.2% | ||
| Q2 25 | 63.0% | 20.1% | ||
| Q1 25 | -10.3% | 30.0% | ||
| Q4 24 | 0.7% | 24.3% | ||
| Q3 24 | 15.3% | 11.5% | ||
| Q2 24 | 0.5% | -13.8% | ||
| Q1 24 | 1.7% | 29.1% |
资本支出强度ADMRCL
| Q4 25 | 5.9% | 35.4% | ||
| Q3 25 | 4.6% | 47.8% | ||
| Q2 25 | 4.8% | 18.4% | ||
| Q1 25 | 4.7% | 10.7% | ||
| Q4 24 | -1.9% | 14.7% | ||
| Q3 24 | 6.4% | 6.8% | ||
| Q2 24 | 1.6% | 52.1% | ||
| Q1 24 | 1.5% | 6.5% |
现金转化率ADMRCL
| Q4 25 | -0.69× | 2.16× | ||
| Q3 25 | 16.75× | 0.93× | ||
| Q2 25 | 19.63× | 1.44× | ||
| Q1 25 | -1.16× | 2.23× | ||
| Q4 24 | 0.57× | 2.66× | ||
| Q3 24 | 72.22× | 0.81× | ||
| Q2 24 | 0.96× | 1.84× | ||
| Q1 24 | 0.96× | 3.69× |
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
ADM
| Starchesandsweeteners | $1.4B | 23% |
| Ag Services | $1.1B | 18% |
| Human Nutrition | $961.0M | 16% |
| Refined Productsand Other | $924.0M | 15% |
| Animal Nutrition | $825.0M | 14% |
| Vantage Corn Processors | $700.0M | 12% |
| Transferred Over Time | $176.0M | 3% |
| Crushing | $59.0M | 1% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
