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APi Group Corp（APG）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APi Group Corp的1.1倍（$2.2B vs $2.1B），APi Group Corp净利率更高（4.6% vs 0.6%，领先3.9%），APi Group Corp同比增速更快（13.8% vs 6.4%），APi Group Corp自由现金流更多（$356.0M vs $21.5M），过去两年APi Group Corp的营收复合增速更高（15.0% vs 1.2%）
xAI是埃隆·马斯克2023年创立的美国科技企业，为航天企业SpaceX的全资子公司，业务覆盖人工智能、社交媒体领域，核心产品包括生成式AI聊天机器人Grok，以及2025年3月收购的社交媒体平台X。
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%。
APG 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
APG
高出7.4%
6.4%
净利率更高
APG
高出3.9%
0.6%
自由现金流更多
APG
多$334.5M
$21.5M
两年增速更快
APG
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 | $97.0M | $14.3M |
| 毛利率 | 32.0% | 41.0% |
| 营业利润率 | 7.7% | 8.3% |
| 净利率 | 4.6% | 0.6% |
| 营收同比 | 13.8% | 6.4% |
| 净利润同比 | 44.8% | -94.4% |
| 每股收益（稀释后） | $-1.16 | $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APGNCLH
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $2.1B | $2.9B | ||
| Q2 25 | $2.0B | $2.5B | ||
| Q1 25 | $1.7B | $2.1B | ||
| Q4 24 | $1.9B | $2.1B | ||
| Q3 24 | $1.8B | $2.8B | ||
| Q2 24 | $1.7B | $2.4B | ||
| Q1 24 | $1.6B | $2.2B |
净利润APGNCLH
| Q4 25 | $97.0M | $14.3M | ||
| Q3 25 | $93.0M | $419.3M | ||
| Q2 25 | $77.0M | $30.0M | ||
| Q1 25 | $35.0M | $-40.3M | ||
| Q4 24 | $67.0M | $254.5M | ||
| Q3 24 | $69.0M | $474.9M | ||
| Q2 24 | $69.0M | $163.4M | ||
| Q1 24 | $45.0M | $17.4M |
毛利率APGNCLH
| Q4 25 | 32.0% | 41.0% | ||
| Q3 25 | 31.3% | 47.1% | ||
| Q2 25 | 30.9% | 42.1% | ||
| Q1 25 | 31.5% | 38.7% | ||
| Q4 24 | 30.9% | 38.0% | ||
| Q3 24 | 31.1% | 45.2% | ||
| Q2 24 | 31.4% | 38.7% | ||
| Q1 24 | 30.7% | 36.7% |
营业利润率APGNCLH
| Q4 25 | 7.7% | 8.3% | ||
| Q3 25 | 7.8% | 25.5% | ||
| Q2 25 | 7.2% | 16.8% | ||
| Q1 25 | 4.9% | 9.4% | ||
| Q4 24 | 6.2% | 10.2% | ||
| Q3 24 | 7.8% | 24.6% | ||
| Q2 24 | 7.3% | 14.4% | ||
| Q1 24 | 6.2% | 10.0% |
净利率APGNCLH
| Q4 25 | 4.6% | 0.6% | ||
| Q3 25 | 4.5% | 14.3% | ||
| Q2 25 | 3.9% | 1.2% | ||
| Q1 25 | 2.0% | -1.9% | ||
| Q4 24 | 3.6% | 12.1% | ||
| Q3 24 | 3.8% | 16.9% | ||
| Q2 24 | 4.0% | 6.9% | ||
| Q1 24 | 2.8% | 0.8% |
每股收益（稀释后）APGNCLH
| Q4 25 | $-1.16 | $0.08 | ||
| Q3 25 | $0.20 | $0.86 | ||
| Q2 25 | $0.16 | $0.07 | ||
| Q1 25 | $0.11 | $-0.09 | ||
| Q4 24 | $0.05 | $0.55 | ||
| Q3 24 | $0.23 | $0.95 | ||
| Q2 24 | $0.22 | $0.35 | ||
| Q1 24 | $-1.34 | $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 | $912.0M | $209.9M |
| 总债务越低越好 | $2.8B | $13.7B |
| 股东权益账面价值 | $3.4B | $2.2B |
| 总资产 | $8.9B | $22.5B |
| 负债/权益比越低杠杆越低 | 0.81× | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资APGNCLH
| Q4 25 | $912.0M | $209.9M | ||
| Q3 25 | $555.0M | $166.8M | ||
| Q2 25 | $432.0M | $184.0M | ||
| Q1 25 | $460.0M | $184.4M | ||
| Q4 24 | $499.0M | $190.8M | ||
| Q3 24 | $487.0M | $332.5M | ||
| Q2 24 | $324.0M | $594.1M | ||
| Q1 24 | $247.0M | $559.8M |
总债务APGNCLH
| Q4 25 | $2.8B | $13.7B | ||
| Q3 25 | $2.8B | $13.6B | ||
| Q2 25 | $2.8B | $12.6B | ||
| Q1 25 | $2.8B | $12.9B | ||
| Q4 24 | $2.8B | $11.8B | ||
| Q3 24 | $2.9B | $11.8B | ||
| Q2 24 | $2.8B | $11.9B | ||
| Q1 24 | $2.7B | $12.0B |
股东权益APGNCLH
| Q4 25 | $3.4B | $2.2B | ||
| Q3 25 | $3.3B | $2.2B | ||
| Q2 25 | $3.2B | $1.6B | ||
| Q1 25 | $3.0B | $1.4B | ||
| Q4 24 | $3.0B | $1.4B | ||
| Q3 24 | $3.0B | $1.1B | ||
| Q2 24 | $2.8B | $693.1M | ||
| Q1 24 | $2.3B | $362.1M |
总资产APGNCLH
| Q4 25 | $8.9B | $22.5B | ||
| Q3 25 | $8.7B | $22.2B | ||
| Q2 25 | $8.5B | $21.6B | ||
| Q1 25 | $8.1B | $21.4B | ||
| Q4 24 | $8.2B | $20.0B | ||
| Q3 24 | $8.2B | $19.8B | ||
| Q2 24 | $8.0B | $20.1B | ||
| Q1 24 | $7.2B | $19.8B |
负债/权益比APGNCLH
| Q4 25 | 0.81× | 6.21× | ||
| Q3 25 | 0.84× | 6.22× | ||
| Q2 25 | 0.87× | 8.05× | ||
| Q1 25 | 0.92× | 9.09× | ||
| Q4 24 | 0.93× | 8.26× | ||
| Q3 24 | 0.96× | 10.35× | ||
| Q2 24 | 1.00× | 17.19× | ||
| Q1 24 | 1.19× | 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 | $382.0M | $459.1M |
| 自由现金流经营现金流 - 资本支出 | $356.0M | $21.5M |
| 自由现金流率自由现金流/营收 | 16.8% | 1.0% |
| 资本支出强度资本支出/营收 | 1.2% | 19.5% |
| 现金转化率经营现金流/净利润 | 3.94× | 32.21× |
| 过去12个月自由现金流最近4个季度 | $663.0M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流APGNCLH
| Q4 25 | $382.0M | $459.1M | ||
| Q3 25 | $232.0M | $236.6M | ||
| Q2 25 | $83.0M | $714.9M | ||
| Q1 25 | $62.0M | $679.2M | ||
| Q4 24 | $283.0M | $399.3M | ||
| Q3 24 | $220.0M | $172.5M | ||
| Q2 24 | $110.0M | $670.9M | ||
| Q1 24 | $7.0M | $807.2M |
自由现金流APGNCLH
| Q4 25 | $356.0M | $21.5M | ||
| Q3 25 | $201.0M | $-726.5M | ||
| Q2 25 | $56.0M | $381.2M | ||
| Q1 25 | $50.0M | $-846.0M | ||
| Q4 24 | $265.0M | $155.8M | ||
| Q3 24 | $198.0M | $-195.5M | ||
| Q2 24 | $88.0M | $330.2M | ||
| Q1 24 | $-15.0M | $548.3M |
自由现金流率APGNCLH
| Q4 25 | 16.8% | 1.0% | ||
| Q3 25 | 9.6% | -24.7% | ||
| Q2 25 | 2.8% | 15.1% | ||
| Q1 25 | 2.9% | -39.8% | ||
| Q4 24 | 14.2% | 7.4% | ||
| Q3 24 | 10.8% | -7.0% | ||
| Q2 24 | 5.1% | 13.9% | ||
| Q1 24 | -0.9% | 25.0% |
资本支出强度APGNCLH
| Q4 25 | 1.2% | 19.5% | ||
| Q3 25 | 1.5% | 32.8% | ||
| Q2 25 | 1.4% | 13.3% | ||
| Q1 25 | 0.7% | 71.7% | ||
| Q4 24 | 1.0% | 11.5% | ||
| Q3 24 | 1.2% | 13.1% | ||
| Q2 24 | 1.3% | 14.4% | ||
| Q1 24 | 1.4% | 11.8% |
现金转化率APGNCLH
| Q4 25 | 3.94× | 32.21× | ||
| Q3 25 | 2.49× | 0.56× | ||
| Q2 25 | 1.08× | 23.83× | ||
| Q1 25 | 1.77× | — | ||
| Q4 24 | 4.22× | 1.57× | ||
| Q3 24 | 3.19× | 0.36× | ||
| Q2 24 | 1.59× | 4.10× | ||
| Q1 24 | 0.16× | 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
APG
暂无分部数据
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
