vs
Arista Networks（ANET）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
皇家加勒比集团的季度营收约是Arista Networks的1.8倍（$4.5B vs $2.5B），Arista Networks净利率更高（38.4% vs 21.3%，领先17.1%），Arista Networks同比增速更快（28.9% vs 11.3%），过去两年Arista Networks的营收复合增速更高（25.8% vs 4.1%）
Arista Networks是总部位于美国加利福尼亚州圣克拉拉的计算机网络企业，专注于设计销售多层网络交换机，为大型数据中心、云计算、高性能计算、高频交易等场景提供软件定义网络（SDN）解决方案，旗下拥有10G至800G系列低延迟直通以太网交换机，搭载自研基于Linux的可扩展操作系统EOS。
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。
ANET vs RCL — 直观对比
营收规模更大
RCL
是对方的1.8倍
$2.5B
营收增速更快
ANET
高出17.5%
11.3%
净利率更高
ANET
高出17.1%
21.3%
两年增速更快
ANET
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $4.5B |
| 净利润 | $955.8M | $950.0M |
| 毛利率 | 62.9% | — |
| 营业利润率 | 41.5% | 26.1% |
| 净利率 | 38.4% | 21.3% |
| 营收同比 | 28.9% | 11.3% |
| 净利润同比 | 19.3% | 29.1% |
| 每股收益（稀释后） | $0.74 | $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ANETRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $2.5B | $4.3B | ||
| Q3 25 | $2.3B | $5.1B | ||
| Q2 25 | $2.2B | $4.5B | ||
| Q1 25 | $2.0B | $4.0B | ||
| Q4 24 | $1.9B | $3.8B | ||
| Q3 24 | $1.8B | $4.9B | ||
| Q2 24 | $1.7B | $4.1B |
净利润ANETRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $955.8M | $753.0M | ||
| Q3 25 | $853.0M | $1.6B | ||
| Q2 25 | $888.8M | $1.2B | ||
| Q1 25 | $813.8M | $730.0M | ||
| Q4 24 | $801.0M | $552.0M | ||
| Q3 24 | $747.9M | $1.1B | ||
| Q2 24 | $665.4M | $854.0M |
毛利率ANETRCL
| Q1 26 | — | — | ||
| Q4 25 | 62.9% | 47.4% | ||
| Q3 25 | 64.6% | 51.8% | ||
| Q2 25 | 65.2% | 49.7% | ||
| Q1 25 | 63.7% | 48.0% | ||
| Q4 24 | 63.8% | 45.4% | ||
| Q3 24 | 64.2% | 51.1% | ||
| Q2 24 | 64.9% | 47.6% |
营业利润率ANETRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 41.5% | 21.9% | ||
| Q3 25 | 42.4% | 33.1% | ||
| Q2 25 | 44.7% | 29.3% | ||
| Q1 25 | 42.8% | 23.6% | ||
| Q4 24 | 41.4% | 16.6% | ||
| Q3 24 | 43.4% | 33.4% | ||
| Q2 24 | 41.4% | 26.7% |
净利率ANETRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 38.4% | 17.7% | ||
| Q3 25 | 37.0% | 30.6% | ||
| Q2 25 | 40.3% | 26.7% | ||
| Q1 25 | 40.6% | 18.3% | ||
| Q4 24 | 41.5% | 14.7% | ||
| Q3 24 | 41.3% | 22.7% | ||
| Q2 24 | 39.4% | 20.8% |
每股收益（稀释后）ANETRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $0.74 | $2.76 | ||
| Q3 25 | $0.67 | $5.74 | ||
| Q2 25 | $0.70 | $4.41 | ||
| Q1 25 | $0.64 | $2.70 | ||
| Q4 24 | $-4.17 | $2.27 | ||
| Q3 24 | $2.33 | $4.21 | ||
| Q2 24 | $2.08 | $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 | $2.0B | $512.0M |
| 总债务越低越好 | — | $21.1B |
| 股东权益账面价值 | $12.4B | $10.0B |
| 总资产 | $19.4B | $42.0B |
| 负债/权益比越低杠杆越低 | — | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资ANETRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $2.0B | $825.0M | ||
| Q3 25 | $2.3B | $432.0M | ||
| Q2 25 | $2.2B | $735.0M | ||
| Q1 25 | $1.8B | $386.0M | ||
| Q4 24 | $2.8B | $388.0M | ||
| Q3 24 | $3.2B | $418.0M | ||
| Q2 24 | $2.4B | $391.0M |
总债务ANETRCL
| Q1 26 | — | $21.1B | ||
| 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 |
股东权益ANETRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $12.4B | $10.0B | ||
| Q3 25 | $11.9B | $10.1B | ||
| Q2 25 | $10.9B | $9.2B | ||
| Q1 25 | $10.1B | $8.0B | ||
| Q4 24 | $10.0B | $7.6B | ||
| Q3 24 | $9.2B | $7.0B | ||
| Q2 24 | $8.4B | $6.0B |
总资产ANETRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $19.4B | $41.6B | ||
| Q3 25 | $18.0B | $40.1B | ||
| Q2 25 | $16.5B | $38.5B | ||
| Q1 25 | $14.5B | $37.5B | ||
| Q4 24 | $14.0B | $37.1B | ||
| Q3 24 | $12.8B | $37.1B | ||
| Q2 24 | $11.6B | $37.0B |
负债/权益比ANETRCL
| Q1 26 | — | 2.11× | ||
| 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× |
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 | $1.3B | $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 | 1.32× | 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ANETRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.3B | $1.6B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $641.7M | $1.6B | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $1.2B | $897.0M | ||
| Q2 24 | $989.0M | $1.6B |
自由现金流ANETRCL
| Q1 26 | — | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | $1.2B | $-989.0M | ||
| Q2 25 | $1.2B | $910.0M | ||
| Q1 25 | $613.3M | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | $1.2B | $563.0M | ||
| Q2 24 | $985.9M | $-567.0M |
自由现金流率ANETRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | 53.6% | -19.2% | ||
| Q2 25 | 53.3% | 20.1% | ||
| Q1 25 | 30.6% | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | 64.5% | 11.5% | ||
| Q2 24 | 58.3% | -13.8% |
资本支出强度ANETRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | 1.3% | 47.8% | ||
| Q2 25 | 1.1% | 18.4% | ||
| Q1 25 | 1.4% | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 0.4% | 6.8% | ||
| Q2 24 | 0.2% | 52.1% |
现金转化率ANETRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 1.32× | 2.16× | ||
| Q3 25 | 1.49× | 0.93× | ||
| Q2 25 | 1.35× | 1.44× | ||
| Q1 25 | 0.79× | 2.23× | ||
| Q4 24 | 1.29× | 2.66× | ||
| Q3 24 | 1.57× | 0.81× | ||
| Q2 24 | 1.49× | 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
ANET
| Products | $2.1B | 84% |
| Services | $392.1M | 16% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
