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博思艾伦汉密尔顿（BAH）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博思艾伦汉密尔顿的1.6倍（$4.3B vs $2.6B），皇家加勒比集团净利率更高（17.7% vs 7.6%，领先10.0%），皇家加勒比集团同比增速更快（13.3% vs -10.2%），博思艾伦汉密尔顿自由现金流更多（$248.0M vs $116.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs -2.8%）
博思艾伦汉密尔顿控股集团是美国知名专业服务企业，深耕数字化转型与人工智能领域，为公共部门、私营机构及非营利组织提供咨询、分析与工程服务，总部位于弗吉尼亚州麦克莱恩，属华盛顿大都会区，在全球另设有80个办事处。
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。
BAH vs RCL — 直观对比
营收规模更大
RCL
是对方的1.6倍
$2.6B
营收增速更快
RCL
高出23.5%
-10.2%
净利率更高
RCL
高出10.0%
7.6%
自由现金流更多
BAH
多$132.0M
$116.0M
两年增速更快
RCL
近两年复合增速
-2.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $4.3B |
| 净利润 | $200.0M | $753.0M |
| 毛利率 | 51.9% | 47.4% |
| 营业利润率 | 8.8% | 21.9% |
| 净利率 | 7.6% | 17.7% |
| 营收同比 | -10.2% | 13.3% |
| 净利润同比 | 7.0% | 36.4% |
| 每股收益（稀释后） | $1.63 | $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BAHRCL
| Q4 25 | $2.6B | $4.3B | ||
| Q3 25 | $2.9B | $5.1B | ||
| Q2 25 | $2.9B | $4.5B | ||
| Q1 25 | $3.0B | $4.0B | ||
| Q4 24 | $2.9B | $3.8B | ||
| Q3 24 | $3.1B | $4.9B | ||
| Q2 24 | $2.9B | $4.1B | ||
| Q1 24 | $2.8B | $3.7B |
净利润BAHRCL
| Q4 25 | $200.0M | $753.0M | ||
| Q3 25 | $175.0M | $1.6B | ||
| Q2 25 | $271.0M | $1.2B | ||
| Q1 25 | $192.7M | $730.0M | ||
| Q4 24 | $186.9M | $552.0M | ||
| Q3 24 | $390.1M | $1.1B | ||
| Q2 24 | $165.2M | $854.0M | ||
| Q1 24 | $128.0M | $360.0M |
毛利率BAHRCL
| Q4 25 | 51.9% | 47.4% | ||
| Q3 25 | 53.6% | 51.8% | ||
| Q2 25 | 51.3% | 49.7% | ||
| Q1 25 | 53.6% | 48.0% | ||
| Q4 24 | 55.2% | 45.4% | ||
| Q3 24 | 56.7% | 51.1% | ||
| Q2 24 | 53.4% | 47.6% | ||
| Q1 24 | 54.7% | 44.8% |
营业利润率BAHRCL
| Q4 25 | 8.8% | 21.9% | ||
| Q3 25 | 9.8% | 33.1% | ||
| Q2 25 | 8.8% | 29.3% | ||
| Q1 25 | 9.2% | 23.6% | ||
| Q4 24 | 10.0% | 16.6% | ||
| Q3 24 | 17.4% | 33.4% | ||
| Q2 24 | 8.7% | 26.7% | ||
| Q1 24 | 9.5% | 20.1% |
净利率BAHRCL
| Q4 25 | 7.6% | 17.7% | ||
| Q3 25 | 6.1% | 30.6% | ||
| Q2 25 | 9.3% | 26.7% | ||
| Q1 25 | 6.5% | 18.3% | ||
| Q4 24 | 6.4% | 14.7% | ||
| Q3 24 | 12.4% | 22.7% | ||
| Q2 24 | 5.6% | 20.8% | ||
| Q1 24 | 4.6% | 9.7% |
每股收益（稀释后）BAHRCL
| Q4 25 | $1.63 | $2.76 | ||
| Q3 25 | $1.42 | $5.74 | ||
| Q2 25 | $2.16 | $4.41 | ||
| Q1 25 | $1.52 | $2.70 | ||
| Q4 24 | $1.45 | $2.27 | ||
| Q3 24 | $3.01 | $4.21 | ||
| Q2 24 | $1.27 | $3.11 | ||
| Q1 24 | $0.97 | $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 | $882.0M | $825.0M |
| 总债务越低越好 | $3.9B | $18.2B |
| 股东权益账面价值 | $1.0B | $10.0B |
| 总资产 | $7.1B | $41.6B |
| 负债/权益比越低杠杆越低 | 3.84× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资BAHRCL
| Q4 25 | $882.0M | $825.0M | ||
| Q3 25 | $816.0M | $432.0M | ||
| Q2 25 | $711.0M | $735.0M | ||
| Q1 25 | $885.0M | $386.0M | ||
| Q4 24 | $453.5M | $388.0M | ||
| Q3 24 | $558.7M | $418.0M | ||
| Q2 24 | $297.7M | $391.0M | ||
| Q1 24 | $554.3M | $437.0M |
总债务BAHRCL
| Q4 25 | $3.9B | $18.2B | ||
| Q3 25 | $4.0B | $17.2B | ||
| Q2 25 | $4.0B | $17.6B | ||
| Q1 25 | $4.0B | $18.0B | ||
| Q4 24 | $3.4B | $18.5B | ||
| Q3 24 | $3.4B | $19.0B | ||
| Q2 24 | $3.4B | $19.8B | ||
| Q1 24 | $3.4B | $18.9B |
股东权益BAHRCL
| Q4 25 | $1.0B | $10.0B | ||
| Q3 25 | $996.0M | $10.1B | ||
| Q2 25 | $1.1B | $9.2B | ||
| Q1 25 | $1.0B | $8.0B | ||
| Q4 24 | $1.2B | $7.6B | ||
| Q3 24 | $1.2B | $7.0B | ||
| Q2 24 | $1.1B | $6.0B | ||
| Q1 24 | $1.0B | $5.2B |
总资产BAHRCL
| Q4 25 | $7.1B | $41.6B | ||
| Q3 25 | $7.2B | $40.1B | ||
| Q2 25 | $7.2B | $38.5B | ||
| Q1 25 | $7.3B | $37.5B | ||
| Q4 24 | $6.8B | $37.1B | ||
| Q3 24 | $6.9B | $37.1B | ||
| Q2 24 | $6.6B | $37.0B | ||
| Q1 24 | $6.6B | $35.2B |
负债/权益比BAHRCL
| Q4 25 | 3.84× | 1.81× | ||
| Q3 25 | 3.98× | 1.70× | ||
| Q2 25 | 3.74× | 1.92× | ||
| Q1 25 | 3.99× | 2.26× | ||
| Q4 24 | 2.79× | 2.44× | ||
| Q3 24 | 2.83× | 2.69× | ||
| Q2 24 | 3.14× | 3.29× | ||
| Q1 24 | 3.26× | 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 | $261.0M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $248.0M | $116.0M |
| 自由现金流率自由现金流/营收 | 9.5% | 2.7% |
| 资本支出强度资本支出/营收 | 0.5% | 35.4% |
| 现金转化率经营现金流/净利润 | 1.30× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $933.4M | $1.2B |
8季度趋势，按日历期对齐
经营现金流BAHRCL
| Q4 25 | $261.0M | $1.6B | ||
| Q3 25 | $421.0M | $1.5B | ||
| Q2 25 | $119.0M | $1.7B | ||
| Q1 25 | $219.0M | $1.6B | ||
| Q4 24 | $150.8M | $1.5B | ||
| Q3 24 | $587.1M | $897.0M | ||
| Q2 24 | $52.1M | $1.6B | ||
| Q1 24 | $143.8M | $1.3B |
自由现金流BAHRCL
| Q4 25 | $248.0M | $116.0M | ||
| Q3 25 | $395.0M | $-989.0M | ||
| Q2 25 | $96.0M | $910.0M | ||
| Q1 25 | $194.4M | $1.2B | ||
| Q4 24 | $133.6M | $915.0M | ||
| Q3 24 | $563.3M | $563.0M | ||
| Q2 24 | $19.7M | $-567.0M | ||
| Q1 24 | $127.6M | $1.1B |
自由现金流率BAHRCL
| Q4 25 | 9.5% | 2.7% | ||
| Q3 25 | 13.7% | -19.2% | ||
| Q2 25 | 3.3% | 20.1% | ||
| Q1 25 | 6.5% | 30.0% | ||
| Q4 24 | 4.6% | 24.3% | ||
| Q3 24 | 17.9% | 11.5% | ||
| Q2 24 | 0.7% | -13.8% | ||
| Q1 24 | 4.6% | 29.1% |
资本支出强度BAHRCL
| Q4 25 | 0.5% | 35.4% | ||
| Q3 25 | 0.9% | 47.8% | ||
| Q2 25 | 0.8% | 18.4% | ||
| Q1 25 | 0.8% | 10.7% | ||
| Q4 24 | 0.6% | 14.7% | ||
| Q3 24 | 0.8% | 6.8% | ||
| Q2 24 | 1.1% | 52.1% | ||
| Q1 24 | 0.6% | 6.5% |
现金转化率BAHRCL
| Q4 25 | 1.30× | 2.16× | ||
| Q3 25 | 2.41× | 0.93× | ||
| Q2 25 | 0.44× | 1.44× | ||
| Q1 25 | 1.14× | 2.23× | ||
| Q4 24 | 0.81× | 2.66× | ||
| Q3 24 | 1.50× | 0.81× | ||
| Q2 24 | 0.32× | 1.84× | ||
| Q1 24 | 1.12× | 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
BAH
| Defense Clients | $1.5B | 55% |
| Civil Clients | $732.0M | 28% |
| Intelligence Clients | $434.0M | 17% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
