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嘉德诺（BTSG）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嘉德诺的1.2倍（$4.3B vs $3.6B），皇家加勒比集团净利率更高（17.7% vs 2.2%，领先15.5%），嘉德诺同比增速更快（16.3% vs 13.3%），嘉德诺自由现金流更多（$193.9M vs $116.0M），过去两年嘉德诺的营收复合增速更高（17.4% vs 6.9%）
嘉德诺是美国跨国医疗服务企业，位列美国企业营收榜第15位，总部位于俄亥俄州都柏林。公司主营药品与医疗产品分销，服务覆盖超10万个网点，同时生产手套、手术服、流体管理产品等医用外科用品，还运营着规模位居前列的放射性药物网络。
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。
BTSG vs RCL — 直观对比
营收规模更大
RCL
是对方的1.2倍
$3.6B
营收增速更快
BTSG
高出3.0%
13.3%
净利率更高
RCL
高出15.5%
2.2%
自由现金流更多
BTSG
多$77.9M
$116.0M
两年增速更快
BTSG
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $4.3B |
| 净利润 | $77.1M | $753.0M |
| 毛利率 | 11.6% | 47.4% |
| 营业利润率 | 3.0% | 21.9% |
| 净利率 | 2.2% | 17.7% |
| 营收同比 | 16.3% | 13.3% |
| 净利润同比 | 381.8% | 36.4% |
| 每股收益（稀释后） | $0.34 | $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BTSGRCL
| Q4 25 | $3.6B | $4.3B | ||
| Q3 25 | $3.3B | $5.1B | ||
| Q2 25 | $3.1B | $4.5B | ||
| Q1 25 | $2.9B | $4.0B | ||
| Q4 24 | $3.1B | $3.8B | ||
| Q3 24 | $2.9B | $4.9B | ||
| Q2 24 | $2.7B | $4.1B | ||
| Q1 24 | $2.6B | $3.7B |
净利润BTSGRCL
| Q4 25 | $77.1M | $753.0M | ||
| Q3 25 | $55.8M | $1.6B | ||
| Q2 25 | $28.2M | $1.2B | ||
| Q1 25 | $29.5M | $730.0M | ||
| Q4 24 | $16.0M | $552.0M | ||
| Q3 24 | $-8.2M | $1.1B | ||
| Q2 24 | $19.9M | $854.0M | ||
| Q1 24 | $-45.8M | $360.0M |
毛利率BTSGRCL
| Q4 25 | 11.6% | 47.4% | ||
| Q3 25 | 11.8% | 51.8% | ||
| Q2 25 | 11.9% | 49.7% | ||
| Q1 25 | 11.8% | 48.0% | ||
| Q4 24 | 13.8% | 45.4% | ||
| Q3 24 | 14.0% | 51.1% | ||
| Q2 24 | 14.2% | 47.6% | ||
| Q1 24 | 14.3% | 44.8% |
营业利润率BTSGRCL
| Q4 25 | 3.0% | 21.9% | ||
| Q3 25 | 2.6% | 33.1% | ||
| Q2 25 | 1.5% | 29.3% | ||
| Q1 25 | 1.8% | 23.6% | ||
| Q4 24 | 2.6% | 16.6% | ||
| Q3 24 | 2.0% | 33.4% | ||
| Q2 24 | 2.3% | 26.7% | ||
| Q1 24 | 0.3% | 20.1% |
净利率BTSGRCL
| Q4 25 | 2.2% | 17.7% | ||
| Q3 25 | 1.7% | 30.6% | ||
| Q2 25 | 0.9% | 26.7% | ||
| Q1 25 | 1.0% | 18.3% | ||
| Q4 24 | 0.5% | 14.7% | ||
| Q3 24 | -0.3% | 22.7% | ||
| Q2 24 | 0.7% | 20.8% | ||
| Q1 24 | -1.8% | 9.7% |
每股收益（稀释后）BTSGRCL
| Q4 25 | $0.34 | $2.76 | ||
| Q3 25 | $0.26 | $5.74 | ||
| Q2 25 | $0.13 | $4.41 | ||
| Q1 25 | $0.14 | $2.70 | ||
| Q4 24 | $0.11 | $2.27 | ||
| Q3 24 | $-0.04 | $4.21 | ||
| Q2 24 | $0.10 | $3.11 | ||
| Q1 24 | $-0.26 | $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 | $88.4M | $825.0M |
| 总债务越低越好 | $2.5B | $18.2B |
| 股东权益账面价值 | $1.9B | $10.0B |
| 总资产 | $6.4B | $41.6B |
| 负债/权益比越低杠杆越低 | 1.34× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资BTSGRCL
| Q4 25 | $88.4M | $825.0M | ||
| Q3 25 | $140.3M | $432.0M | ||
| Q2 25 | $70.1M | $735.0M | ||
| Q1 25 | $52.3M | $386.0M | ||
| Q4 24 | $61.3M | $388.0M | ||
| Q3 24 | $36.0M | $418.0M | ||
| Q2 24 | $25.0M | $391.0M | ||
| Q1 24 | $58.0M | $437.0M |
总债务BTSGRCL
| Q4 25 | $2.5B | $18.2B | ||
| Q3 25 | $2.5B | $17.2B | ||
| Q2 25 | $2.5B | $17.6B | ||
| Q1 25 | $2.5B | $18.0B | ||
| Q4 24 | $2.6B | $18.5B | ||
| Q3 24 | $2.7B | $19.0B | ||
| Q2 24 | $2.6B | $19.8B | ||
| Q1 24 | $2.6B | $18.9B |
股东权益BTSGRCL
| Q4 25 | $1.9B | $10.0B | ||
| Q3 25 | $1.8B | $10.1B | ||
| Q2 25 | $1.7B | $9.2B | ||
| Q1 25 | $1.7B | $8.0B | ||
| Q4 24 | $1.6B | $7.6B | ||
| Q3 24 | $1.6B | $7.0B | ||
| Q2 24 | $1.6B | $6.0B | ||
| Q1 24 | $1.6B | $5.2B |
总资产BTSGRCL
| Q4 25 | $6.4B | $41.6B | ||
| Q3 25 | $6.0B | $40.1B | ||
| Q2 25 | $5.9B | $38.5B | ||
| Q1 25 | $5.8B | $37.5B | ||
| Q4 24 | $5.9B | $37.1B | ||
| Q3 24 | $5.8B | $37.1B | ||
| Q2 24 | $5.6B | $37.0B | ||
| Q1 24 | $5.7B | $35.2B |
负债/权益比BTSGRCL
| Q4 25 | 1.34× | 1.81× | ||
| Q3 25 | 1.38× | 1.70× | ||
| Q2 25 | 1.45× | 1.92× | ||
| Q1 25 | 1.50× | 2.26× | ||
| Q4 24 | 1.58× | 2.44× | ||
| Q3 24 | 1.65× | 2.69× | ||
| Q2 24 | 1.63× | 3.29× | ||
| Q1 24 | 1.64× | 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 | $231.6M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $116.0M |
| 自由现金流率自由现金流/营收 | 5.5% | 2.7% |
| 资本支出强度资本支出/营收 | 1.1% | 35.4% |
| 现金转化率经营现金流/净利润 | 3.00× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $394.7M | $1.2B |
8季度趋势，按日历期对齐
经营现金流BTSGRCL
| Q4 25 | $231.6M | $1.6B | ||
| Q3 25 | $107.9M | $1.5B | ||
| Q2 25 | $49.1M | $1.7B | ||
| Q1 25 | $101.6M | $1.6B | ||
| Q4 24 | $90.6M | $1.5B | ||
| Q3 24 | $27.2M | $897.0M | ||
| Q2 24 | $-15.2M | $1.6B | ||
| Q1 24 | $-78.9M | $1.3B |
自由现金流BTSGRCL
| Q4 25 | $193.9M | $116.0M | ||
| Q3 25 | $92.2M | $-989.0M | ||
| Q2 25 | $24.7M | $910.0M | ||
| Q1 25 | $84.0M | $1.2B | ||
| Q4 24 | $75.3M | $915.0M | ||
| Q3 24 | $7.2M | $563.0M | ||
| Q2 24 | $-39.0M | $-567.0M | ||
| Q1 24 | $-100.7M | $1.1B |
自由现金流率BTSGRCL
| Q4 25 | 5.5% | 2.7% | ||
| Q3 25 | 2.8% | -19.2% | ||
| Q2 25 | 0.8% | 20.1% | ||
| Q1 25 | 2.9% | 30.0% | ||
| Q4 24 | 2.5% | 24.3% | ||
| Q3 24 | 0.2% | 11.5% | ||
| Q2 24 | -1.4% | -13.8% | ||
| Q1 24 | -3.9% | 29.1% |
资本支出强度BTSGRCL
| Q4 25 | 1.1% | 35.4% | ||
| Q3 25 | 0.5% | 47.8% | ||
| Q2 25 | 0.8% | 18.4% | ||
| Q1 25 | 0.6% | 10.7% | ||
| Q4 24 | 0.5% | 14.7% | ||
| Q3 24 | 0.7% | 6.8% | ||
| Q2 24 | 0.9% | 52.1% | ||
| Q1 24 | 0.8% | 6.5% |
现金转化率BTSGRCL
| Q4 25 | 3.00× | 2.16× | ||
| Q3 25 | 1.93× | 0.93× | ||
| Q2 25 | 1.74× | 1.44× | ||
| Q1 25 | 3.44× | 2.23× | ||
| Q4 24 | 5.66× | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | -0.76× | 1.84× | ||
| Q1 24 | — | 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
BTSG
| Medicare D | $1.1B | 32% |
| Commercial Insurance | $879.8M | 25% |
| Medicare C | $641.2M | 18% |
| Provider Services | $394.2M | 11% |
| Medicaid | $301.4M | 8% |
| Medicare A | $150.5M | 4% |
| Private And Other | $44.0M | 1% |
| Medicare B | $19.5M | 1% |
| Pharmacy Solutions And Provider Services Segments | $19.0M | 1% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
