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American Electric Power（AEP）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
American Electric Power的季度营收约是皇家加勒比集团的1.1倍（$5.1B vs $4.5B），皇家加勒比集团净利率更高（21.3% vs 12.0%，领先9.4%），皇家加勒比集团同比增速更快（11.3% vs 6.2%），过去两年皇家加勒比集团的营收复合增速更高（4.1% vs -0.3%）
AEP是美国知名电力公用事业控股企业，业务覆盖发电、输电、配电全链条，面向美国境内零售及批发客户销售电力。公司下设垂直整合公用事业、输配电、输电控股、发电与营销四大业务板块，采用煤炭、天然气、核电、水电、光伏、风电等多种能源发电。
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。
AEP vs RCL — 直观对比
营收规模更大
AEP
是对方的1.1倍
$4.5B
营收增速更快
RCL
高出5.1%
6.2%
净利率更高
RCL
高出9.4%
12.0%
两年增速更快
RCL
近两年复合增速
-0.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.1B | $4.5B |
| 净利润 | $605.2M | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | 22.1% | 26.1% |
| 净利率 | 12.0% | 21.3% |
| 营收同比 | 6.2% | 11.3% |
| 净利润同比 | -9.1% | 29.1% |
| 每股收益（稀释后） | $1.06 | $3.48 |
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AEPRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $5.1B | $4.3B | ||
| Q3 25 | $6.0B | $5.1B | ||
| Q2 25 | $5.1B | $4.5B | ||
| Q1 25 | $5.6B | $4.0B | ||
| Q4 24 | $4.8B | $3.8B | ||
| Q3 24 | $5.5B | $4.9B | ||
| Q2 24 | $4.7B | $4.1B |
净利润AEPRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $605.2M | $753.0M | ||
| Q3 25 | $1.0B | $1.6B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $802.2M | $730.0M | ||
| Q4 24 | $665.9M | $552.0M | ||
| Q3 24 | $961.7M | $1.1B | ||
| Q2 24 | $342.5M | $854.0M |
毛利率AEPRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
营业利润率AEPRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 22.1% | 21.9% | ||
| Q3 25 | 25.5% | 33.1% | ||
| Q2 25 | 27.7% | 29.3% | ||
| Q1 25 | 22.8% | 23.6% | ||
| Q4 24 | 23.0% | 16.6% | ||
| Q3 24 | 24.7% | 33.4% | ||
| Q2 24 | 14.7% | 26.7% |
净利率AEPRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 12.0% | 17.7% | ||
| Q3 25 | 16.8% | 30.6% | ||
| Q2 25 | 25.5% | 26.7% | ||
| Q1 25 | 14.2% | 18.3% | ||
| Q4 24 | 14.0% | 14.7% | ||
| Q3 24 | 17.6% | 22.7% | ||
| Q2 24 | 7.4% | 20.8% |
每股收益（稀释后）AEPRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $1.06 | $2.76 | ||
| Q3 25 | $1.81 | $5.74 | ||
| Q2 25 | $2.29 | $4.41 | ||
| Q1 25 | $1.50 | $2.70 | ||
| Q4 24 | $1.24 | $2.27 | ||
| Q3 24 | $1.80 | $4.21 | ||
| Q2 24 | $0.64 | $3.11 |
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 | $417.0M | $512.0M |
| 总债务越低越好 | $47.3B | $21.1B |
| 股东权益账面价值 | $31.1B | $10.0B |
| 总资产 | $114.5B | $42.0B |
| 负债/权益比越低杠杆越低 | 1.52× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资AEPRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $417.0M | $825.0M | ||
| Q3 25 | $1.3B | $432.0M | ||
| Q2 25 | $439.3M | $735.0M | ||
| Q1 25 | $463.6M | $386.0M | ||
| Q4 24 | $418.3M | $388.0M | ||
| Q3 24 | $474.4M | $418.0M | ||
| Q2 24 | $428.2M | $391.0M |
总债务AEPRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $47.3B | $18.2B | ||
| Q3 25 | $46.1B | $17.2B | ||
| Q2 25 | $44.5B | $17.6B | ||
| Q1 25 | $43.0B | $18.0B | ||
| Q4 24 | $42.6B | $18.5B | ||
| Q3 24 | $42.0B | $19.0B | ||
| Q2 24 | $42.1B | $19.8B |
股东权益AEPRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $31.1B | $10.0B | ||
| Q3 25 | $30.4B | $10.1B | ||
| Q2 25 | $29.9B | $9.2B | ||
| Q1 25 | $27.3B | $8.0B | ||
| Q4 24 | $26.9B | $7.6B | ||
| Q3 24 | $26.6B | $7.0B | ||
| Q2 24 | $26.1B | $6.0B |
总资产AEPRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $114.5B | $41.6B | ||
| Q3 25 | $110.3B | $40.1B | ||
| Q2 25 | $107.8B | $38.5B | ||
| Q1 25 | $104.4B | $37.5B | ||
| Q4 24 | $103.1B | $37.1B | ||
| Q3 24 | $100.1B | $37.1B | ||
| Q2 24 | $99.6B | $37.0B |
负债/权益比AEPRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | 1.52× | 1.81× | ||
| Q3 25 | 1.52× | 1.70× | ||
| Q2 25 | 1.49× | 1.92× | ||
| Q1 25 | 1.57× | 2.26× | ||
| Q4 24 | 1.58× | 2.44× | ||
| Q3 24 | 1.58× | 2.69× | ||
| Q2 24 | 1.61× | 3.29× |
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 | $1.8B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 3.00× | 1.93× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流AEPRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $2.5B | $1.5B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.7B | $1.5B | ||
| Q3 24 | $2.2B | $897.0M | ||
| Q2 24 | $1.5B | $1.6B |
自由现金流AEPRCL
| Q1 26 | — | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | $2.2B | $-989.0M | ||
| Q2 25 | — | $910.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M |
自由现金流率AEPRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | 36.3% | -19.2% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% |
资本支出强度AEPRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | 5.0% | 47.8% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 0.0% | 6.8% | ||
| Q2 24 | — | 52.1% |
现金转化率AEPRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 3.00× | 2.16× | ||
| Q3 25 | 2.46× | 0.93× | ||
| Q2 25 | 0.95× | 1.44× | ||
| Q1 25 | 1.81× | 2.23× | ||
| Q4 24 | 2.59× | 2.66× | ||
| Q3 24 | 2.26× | 0.81× | ||
| Q2 24 | 4.27× | 1.84× |
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
AEP
| Transmissionand Distribution Utilities Revenues | $1.5B | 29% |
| Electric Generation Transmission Distribution Revenues | $956.6M | 19% |
| Electricity Transmission And Distribution Revenues | $931.8M | 18% |
| Industrial | $685.8M | 14% |
| Marketing Competitive Retailand Renewable | $438.3M | 9% |
| Wholesale Generation | $231.1M | 5% |
| Wholesale Transmission | $113.6M | 2% |
| Other | $110.2M | 2% |
| Electric Transmission | $103.4M | 2% |
| Other Retail | $60.1M | 1% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
