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Aflac（AFL）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
Aflac的季度营收约是皇家加勒比集团的1.1倍（$4.9B vs $4.3B），Aflac净利率更高（28.3% vs 17.7%，领先10.7%），皇家加勒比集团同比增速更快（13.3% vs -10.0%），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs -5.4%）
Aflac是美国知名保险企业，也是美国最大的补充保险提供商，成立于1955年，总部位于佐治亚州哥伦布市。公司在美国推出多类保险产品，其中薪资抵扣型保险服务知名度较高，参保人遭遇保障范围内的意外或疾病时可获现金赔付，目前已为全球超5000万用户提供财务保障。
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。
AFL vs RCL — 直观对比
营收规模更大
AFL
是对方的1.1倍
$4.3B
营收增速更快
RCL
高出23.2%
-10.0%
净利率更高
AFL
高出10.7%
17.7%
两年增速更快
RCL
近两年复合增速
-5.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $4.3B |
| 净利润 | $1.4B | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | 32.3% | 21.9% |
| 净利率 | 28.3% | 17.7% |
| 营收同比 | -10.0% | 13.3% |
| 净利润同比 | -27.5% | 36.4% |
| 每股收益（稀释后） | $2.58 | $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AFLRCL
| Q4 25 | $4.9B | $4.3B | ||
| Q3 25 | $4.7B | $5.1B | ||
| Q2 25 | $4.2B | $4.5B | ||
| Q1 25 | $3.4B | $4.0B | ||
| Q4 24 | $5.4B | $3.8B | ||
| Q3 24 | $2.9B | $4.9B | ||
| Q2 24 | $5.1B | $4.1B | ||
| Q1 24 | $5.4B | $3.7B |
净利润AFLRCL
| Q4 25 | $1.4B | $753.0M | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $599.0M | $1.2B | ||
| Q1 25 | $29.0M | $730.0M | ||
| Q4 24 | $1.9B | $552.0M | ||
| Q3 24 | $-93.0M | $1.1B | ||
| Q2 24 | $1.8B | $854.0M | ||
| Q1 24 | $1.9B | $360.0M |
毛利率AFLRCL
| 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% | ||
| Q1 24 | — | 44.8% |
营业利润率AFLRCL
| Q4 25 | 32.3% | 21.9% | ||
| Q3 25 | 42.1% | 33.1% | ||
| Q2 25 | 19.8% | 29.3% | ||
| Q1 25 | 4.3% | 23.6% | ||
| Q4 24 | 39.5% | 16.6% | ||
| Q3 24 | 3.1% | 33.4% | ||
| Q2 24 | 39.3% | 26.7% | ||
| Q1 24 | 39.9% | 20.1% |
净利率AFLRCL
| Q4 25 | 28.3% | 17.7% | ||
| Q3 25 | 34.6% | 30.6% | ||
| Q2 25 | 14.4% | 26.7% | ||
| Q1 25 | 0.9% | 18.3% | ||
| Q4 24 | 35.2% | 14.7% | ||
| Q3 24 | -3.2% | 22.7% | ||
| Q2 24 | 34.2% | 20.8% | ||
| Q1 24 | 34.6% | 9.7% |
每股收益（稀释后）AFLRCL
| Q4 25 | $2.58 | $2.76 | ||
| Q3 25 | $3.08 | $5.74 | ||
| Q2 25 | $1.11 | $4.41 | ||
| Q1 25 | $0.05 | $2.70 | ||
| Q4 24 | $3.45 | $2.27 | ||
| Q3 24 | $-0.17 | $4.21 | ||
| Q2 24 | $3.10 | $3.11 | ||
| Q1 24 | $3.25 | $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 | $6.2B | $825.0M |
| 总债务越低越好 | — | $18.2B |
| 股东权益账面价值 | $29.5B | $10.0B |
| 总资产 | $116.5B | $41.6B |
| 负债/权益比越低杠杆越低 | — | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资AFLRCL
| Q4 25 | $6.2B | $825.0M | ||
| Q3 25 | $6.8B | $432.0M | ||
| Q2 25 | $7.0B | $735.0M | ||
| Q1 25 | $5.2B | $386.0M | ||
| Q4 24 | $6.2B | $388.0M | ||
| Q3 24 | $5.6B | $418.0M | ||
| Q2 24 | $6.1B | $391.0M | ||
| Q1 24 | $5.1B | $437.0M |
总债务AFLRCL
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B | ||
| Q1 24 | — | $18.9B |
股东权益AFLRCL
| Q4 25 | $29.5B | $10.0B | ||
| Q3 25 | $28.7B | $10.1B | ||
| Q2 25 | $27.2B | $9.2B | ||
| Q1 25 | $26.3B | $8.0B | ||
| Q4 24 | $26.1B | $7.6B | ||
| Q3 24 | $24.8B | $7.0B | ||
| Q2 24 | $26.0B | $6.0B | ||
| Q1 24 | $23.5B | $5.2B |
总资产AFLRCL
| Q4 25 | $116.5B | $41.6B | ||
| Q3 25 | $122.3B | $40.1B | ||
| Q2 25 | $124.7B | $38.5B | ||
| Q1 25 | $120.3B | $37.5B | ||
| Q4 24 | $117.6B | $37.1B | ||
| Q3 24 | $128.4B | $37.1B | ||
| Q2 24 | $120.2B | $37.0B | ||
| Q1 24 | $124.7B | $35.2B |
负债/权益比AFLRCL
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 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 | $315.0M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | — | $116.0M |
| 自由现金流率自由现金流/营收 | — | 2.7% |
| 资本支出强度资本支出/营收 | — | 35.4% |
| 现金转化率经营现金流/净利润 | 0.23× | 2.16× |
| 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AFLRCL
| Q4 25 | $315.0M | $1.6B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $399.0M | $1.7B | ||
| Q1 25 | $589.0M | $1.6B | ||
| Q4 24 | $333.0M | $1.5B | ||
| Q3 24 | $1.3B | $897.0M | ||
| Q2 24 | $255.0M | $1.6B | ||
| Q1 24 | $849.0M | $1.3B |
自由现金流AFLRCL
| Q4 25 | — | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | — | $910.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M | ||
| Q1 24 | — | $1.1B |
自由现金流率AFLRCL
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% | ||
| Q1 24 | — | 29.1% |
资本支出强度AFLRCL
| Q4 25 | — | 35.4% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 52.1% | ||
| Q1 24 | — | 6.5% |
现金转化率AFLRCL
| Q4 25 | 0.23× | 2.16× | ||
| Q3 25 | 0.76× | 0.93× | ||
| Q2 25 | 0.67× | 1.44× | ||
| Q1 25 | 20.31× | 2.23× | ||
| Q4 24 | 0.18× | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | 0.15× | 1.84× | ||
| Q1 24 | 0.45× | 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
AFL
| Aflac Japan | $2.3B | 47% |
| Aflac US | $1.7B | 35% |
| Other | $862.0M | 18% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
