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西联汇款（AFG）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
诺唯真游轮控股的季度营收约是西联汇款的1.1倍（$2.2B vs $2.1B），西联汇款净利率更高（14.5% vs 0.6%，领先13.9%），诺唯真游轮控股同比增速更快（6.4% vs -4.0%），过去两年西联汇款的营收复合增速更高（4.0% vs 1.2%）
西联汇款是总部位于美国科罗拉多州丹佛市的跨国金融服务企业，为全球个人及商业客户提供跨境汇款、支付等多元金融解决方案，在全球绝大多数国家和地区拥有覆盖广泛的服务网络。
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%。
AFG vs NCLH — 直观对比
营收规模更大
NCLH
是对方的1.1倍
$2.1B
营收增速更快
NCLH
高出10.4%
-4.0%
净利率更高
AFG
高出13.9%
0.6%
两年增速更快
AFG
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.2B |
| 净利润 | $299.0M | $14.3M |
| 毛利率 | — | 41.0% |
| 营业利润率 | 18.4% | 8.3% |
| 净利率 | 14.5% | 0.6% |
| 营收同比 | -4.0% | 6.4% |
| 净利润同比 | 17.3% | -94.4% |
| 每股收益（稀释后） | $3.59 | $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AFGNCLH
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $2.3B | $2.9B | ||
| Q2 25 | $1.9B | $2.5B | ||
| Q1 25 | $1.9B | $2.1B | ||
| Q4 24 | $2.1B | $2.1B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $1.9B | $2.4B | ||
| Q1 24 | $1.9B | $2.2B |
净利润AFGNCLH
| Q4 25 | $299.0M | $14.3M | ||
| Q3 25 | $215.0M | $419.3M | ||
| Q2 25 | $174.0M | $30.0M | ||
| Q1 25 | $154.0M | $-40.3M | ||
| Q4 24 | $255.0M | $254.5M | ||
| Q3 24 | $181.0M | $474.9M | ||
| Q2 24 | $209.0M | $163.4M | ||
| Q1 24 | $242.0M | $17.4M |
毛利率AFGNCLH
| 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AFGNCLH
| Q4 25 | 18.4% | 8.3% | ||
| Q3 25 | 11.5% | 25.5% | ||
| Q2 25 | 11.9% | 16.8% | ||
| Q1 25 | 10.6% | 9.4% | ||
| Q4 24 | 14.9% | 10.2% | ||
| Q3 24 | 9.7% | 24.6% | ||
| Q2 24 | 14.3% | 14.4% | ||
| Q1 24 | 15.9% | 10.0% |
净利率AFGNCLH
| Q4 25 | 14.5% | 0.6% | ||
| Q3 25 | 9.2% | 14.3% | ||
| Q2 25 | 9.0% | 1.2% | ||
| Q1 25 | 8.3% | -1.9% | ||
| Q4 24 | 11.9% | 12.1% | ||
| Q3 24 | 7.6% | 16.9% | ||
| Q2 24 | 11.0% | 6.9% | ||
| Q1 24 | 12.7% | 0.8% |
每股收益（稀释后）AFGNCLH
| Q4 25 | $3.59 | $0.08 | ||
| Q3 25 | $2.58 | $0.86 | ||
| Q2 25 | $2.07 | $0.07 | ||
| Q1 25 | $1.84 | $-0.09 | ||
| Q4 24 | $3.03 | $0.55 | ||
| Q3 24 | $2.16 | $0.95 | ||
| Q2 24 | $2.49 | $0.35 | ||
| Q1 24 | $2.89 | $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 | $1.7B | $209.9M |
| 总债务越低越好 | $1.8B | $13.7B |
| 股东权益账面价值 | $4.8B | $2.2B |
| 总资产 | $32.6B | $22.5B |
| 负债/权益比越低杠杆越低 | 0.38× | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资AFGNCLH
| Q4 25 | $1.7B | $209.9M | ||
| Q3 25 | $1.8B | $166.8M | ||
| Q2 25 | $1.3B | $184.0M | ||
| Q1 25 | $1.3B | $184.4M | ||
| Q4 24 | $1.4B | $190.8M | ||
| Q3 24 | $1.3B | $332.5M | ||
| Q2 24 | $1.1B | $594.1M | ||
| Q1 24 | $1.1B | $559.8M |
总债务AFGNCLH
| Q4 25 | $1.8B | $13.7B | ||
| Q3 25 | $1.8B | $13.6B | ||
| Q2 25 | $1.5B | $12.6B | ||
| Q1 25 | $1.5B | $12.9B | ||
| Q4 24 | $1.5B | $11.8B | ||
| Q3 24 | $1.5B | $11.8B | ||
| Q2 24 | $1.5B | $11.9B | ||
| Q1 24 | $1.5B | $12.0B |
股东权益AFGNCLH
| Q4 25 | $4.8B | $2.2B | ||
| Q3 25 | $4.7B | $2.2B | ||
| Q2 25 | $4.5B | $1.6B | ||
| Q1 25 | $4.4B | $1.4B | ||
| Q4 24 | $4.5B | $1.4B | ||
| Q3 24 | $4.7B | $1.1B | ||
| Q2 24 | $4.4B | $693.1M | ||
| Q1 24 | $4.2B | $362.1M |
总资产AFGNCLH
| Q4 25 | $32.6B | $22.5B | ||
| Q3 25 | $33.8B | $22.2B | ||
| Q2 25 | $30.7B | $21.6B | ||
| Q1 25 | $30.3B | $21.4B | ||
| Q4 24 | $30.8B | $20.0B | ||
| Q3 24 | $32.6B | $19.8B | ||
| Q2 24 | $29.9B | $20.1B | ||
| Q1 24 | $30.0B | $19.8B |
负债/权益比AFGNCLH
| Q4 25 | 0.38× | 6.21× | ||
| Q3 25 | 0.38× | 6.22× | ||
| Q2 25 | 0.33× | 8.05× | ||
| Q1 25 | 0.34× | 9.09× | ||
| Q4 24 | 0.33× | 8.26× | ||
| Q3 24 | 0.31× | 10.35× | ||
| Q2 24 | 0.34× | 17.19× | ||
| Q1 24 | 0.35× | 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 | $784.0M | $459.1M |
| 自由现金流经营现金流 - 资本支出 | — | $21.5M |
| 自由现金流率自由现金流/营收 | — | 1.0% |
| 资本支出强度资本支出/营收 | — | 19.5% |
| 现金转化率经营现金流/净利润 | 2.62× | 32.21× |
| 过去12个月自由现金流最近4个季度 | — | $-1.2B |
8季度趋势，按日历期对齐
经营现金流AFGNCLH
| Q4 25 | $784.0M | $459.1M | ||
| Q3 25 | $216.0M | $236.6M | ||
| Q2 25 | $191.0M | $714.9M | ||
| Q1 25 | $342.0M | $679.2M | ||
| Q4 24 | $674.0M | $399.3M | ||
| Q3 24 | $459.0M | $172.5M | ||
| Q2 24 | $-88.0M | $670.9M | ||
| Q1 24 | $107.0M | $807.2M |
自由现金流AFGNCLH
| Q4 25 | — | $21.5M | ||
| Q3 25 | — | $-726.5M | ||
| Q2 25 | — | $381.2M | ||
| Q1 25 | — | $-846.0M | ||
| Q4 24 | — | $155.8M | ||
| Q3 24 | — | $-195.5M | ||
| Q2 24 | — | $330.2M | ||
| Q1 24 | — | $548.3M |
自由现金流率AFGNCLH
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | -24.7% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | -39.8% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | -7.0% | ||
| Q2 24 | — | 13.9% | ||
| Q1 24 | — | 25.0% |
资本支出强度AFGNCLH
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 32.8% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | — | 71.7% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | — | 11.8% |
现金转化率AFGNCLH
| Q4 25 | 2.62× | 32.21× | ||
| Q3 25 | 1.00× | 0.56× | ||
| Q2 25 | 1.10× | 23.83× | ||
| Q1 25 | 2.22× | — | ||
| Q4 24 | 2.64× | 1.57× | ||
| Q3 24 | 2.54× | 0.36× | ||
| Q2 24 | -0.42× | 4.10× | ||
| Q1 24 | 0.44× | 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
AFG
| Property And Casualty Insurance | $2.0B | 96% |
| Other | $83.0M | 4% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
