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博格华纳（BWA）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格华纳的1.2倍（$4.3B vs $3.6B），皇家加勒比集团净利率更高（17.7% vs -7.3%，领先25.0%），皇家加勒比集团同比增速更快（13.3% vs 3.9%），博格华纳自由现金流更多（$457.0M 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 -0.3%）
博格华纳是总部位于美国密歇根州奥本山的汽车及电动出行零部件供应商，位列全球前25大汽车供应商之列。截至2023年，公司在24个国家设有92处生产基地，年营收142亿美元，员工约3.99万人，2025年2月起由约瑟夫·法杜尔担任首席执行官。
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。
BWA 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
RCL
高出9.4%
3.9%
净利率更高
RCL
高出25.0%
-7.3%
自由现金流更多
BWA
多$341.0M
$116.0M
两年增速更快
RCL
近两年复合增速
-0.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $4.3B |
| 净利润 | $-262.0M | $753.0M |
| 毛利率 | 20.5% | 47.4% |
| 营业利润率 | -6.7% | 21.9% |
| 净利率 | -7.3% | 17.7% |
| 营收同比 | 3.9% | 13.3% |
| 净利润同比 | 35.3% | 36.4% |
| 每股收益（稀释后） | $-1.20 | $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BWARCL
| Q4 25 | $3.6B | $4.3B | ||
| Q3 25 | $3.6B | $5.1B | ||
| Q2 25 | $3.6B | $4.5B | ||
| Q1 25 | $3.5B | $4.0B | ||
| Q4 24 | $3.4B | $3.8B | ||
| Q3 24 | $3.4B | $4.9B | ||
| Q2 24 | $3.6B | $4.1B | ||
| Q1 24 | $3.6B | $3.7B |
净利润BWARCL
| Q4 25 | $-262.0M | $753.0M | ||
| Q3 25 | $158.0M | $1.6B | ||
| Q2 25 | $224.0M | $1.2B | ||
| Q1 25 | $157.0M | $730.0M | ||
| Q4 24 | $-405.0M | $552.0M | ||
| Q3 24 | $234.0M | $1.1B | ||
| Q2 24 | $303.0M | $854.0M | ||
| Q1 24 | $206.0M | $360.0M |
毛利率BWARCL
| Q4 25 | 20.5% | 47.4% | ||
| Q3 25 | 18.5% | 51.8% | ||
| Q2 25 | 17.6% | 49.7% | ||
| Q1 25 | 18.2% | 48.0% | ||
| Q4 24 | 19.9% | 45.4% | ||
| Q3 24 | 18.4% | 51.1% | ||
| Q2 24 | 19.0% | 47.6% | ||
| Q1 24 | 17.9% | 44.8% |
营业利润率BWARCL
| Q4 25 | -6.7% | 21.9% | ||
| Q3 25 | 6.9% | 33.1% | ||
| Q2 25 | 7.9% | 29.3% | ||
| Q1 25 | 6.7% | 23.6% | ||
| Q4 24 | -9.2% | 16.6% | ||
| Q3 24 | 7.8% | 33.4% | ||
| Q2 24 | 8.2% | 26.7% | ||
| Q1 24 | 8.2% | 20.1% |
净利率BWARCL
| Q4 25 | -7.3% | 17.7% | ||
| Q3 25 | 4.4% | 30.6% | ||
| Q2 25 | 6.2% | 26.7% | ||
| Q1 25 | 4.5% | 18.3% | ||
| Q4 24 | -11.8% | 14.7% | ||
| Q3 24 | 6.8% | 22.7% | ||
| Q2 24 | 8.4% | 20.8% | ||
| Q1 24 | 5.7% | 9.7% |
每股收益（稀释后）BWARCL
| Q4 25 | $-1.20 | $2.76 | ||
| Q3 25 | $0.73 | $5.74 | ||
| Q2 25 | $1.03 | $4.41 | ||
| Q1 25 | $0.72 | $2.70 | ||
| Q4 24 | $-1.78 | $2.27 | ||
| Q3 24 | $1.04 | $4.21 | ||
| Q2 24 | $1.34 | $3.11 | ||
| Q1 24 | $0.90 | $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 | — | $825.0M |
| 总债务越低越好 | $3.9B | $18.2B |
| 股东权益账面价值 | $5.4B | $10.0B |
| 总资产 | $13.8B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.72× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资BWARCL
| Q4 25 | — | $825.0M | ||
| Q3 25 | — | $432.0M | ||
| Q2 25 | — | $735.0M | ||
| Q1 25 | — | $386.0M | ||
| Q4 24 | — | $388.0M | ||
| Q3 24 | — | $418.0M | ||
| Q2 24 | — | $391.0M | ||
| Q1 24 | — | $437.0M |
总债务BWARCL
| Q4 25 | $3.9B | $18.2B | ||
| Q3 25 | $3.9B | $17.2B | ||
| Q2 25 | $3.9B | $17.6B | ||
| Q1 25 | $3.8B | $18.0B | ||
| Q4 24 | $3.8B | $18.5B | ||
| Q3 24 | $4.2B | $19.0B | ||
| Q2 24 | $3.3B | $19.8B | ||
| Q1 24 | $3.3B | $18.9B |
股东权益BWARCL
| Q4 25 | $5.4B | $10.0B | ||
| Q3 25 | $6.0B | $10.1B | ||
| Q2 25 | $5.9B | $9.2B | ||
| Q1 25 | $5.7B | $8.0B | ||
| Q4 24 | $5.5B | $7.6B | ||
| Q3 24 | $6.2B | $7.0B | ||
| Q2 24 | $6.1B | $6.0B | ||
| Q1 24 | $5.8B | $5.2B |
总资产BWARCL
| Q4 25 | $13.8B | $41.6B | ||
| Q3 25 | $14.5B | $40.1B | ||
| Q2 25 | $14.4B | $38.5B | ||
| Q1 25 | $13.8B | $37.5B | ||
| Q4 24 | $14.0B | $37.1B | ||
| Q3 24 | $15.1B | $37.1B | ||
| Q2 24 | $14.1B | $37.0B | ||
| Q1 24 | $14.1B | $35.2B |
负债/权益比BWARCL
| Q4 25 | 0.72× | 1.81× | ||
| Q3 25 | 0.65× | 1.70× | ||
| Q2 25 | 0.66× | 1.92× | ||
| Q1 25 | 0.66× | 2.26× | ||
| Q4 24 | 0.68× | 2.44× | ||
| Q3 24 | 0.68× | 2.69× | ||
| Q2 24 | 0.54× | 3.29× | ||
| Q1 24 | 0.56× | 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 | $619.0M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $457.0M | $116.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 2.7% |
| 资本支出强度资本支出/营收 | 4.5% | 35.4% |
| 现金转化率经营现金流/净利润 | — | 2.16× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流BWARCL
| Q4 25 | $619.0M | $1.6B | ||
| Q3 25 | $368.0M | $1.5B | ||
| Q2 25 | $579.0M | $1.7B | ||
| Q1 25 | $82.0M | $1.6B | ||
| Q4 24 | $682.0M | $1.5B | ||
| Q3 24 | $356.0M | $897.0M | ||
| Q2 24 | $462.0M | $1.6B | ||
| Q1 24 | $-118.0M | $1.3B |
自由现金流BWARCL
| Q4 25 | $457.0M | $116.0M | ||
| Q3 25 | $257.0M | $-989.0M | ||
| Q2 25 | $502.0M | $910.0M | ||
| Q1 25 | $-37.0M | $1.2B | ||
| Q4 24 | $521.0M | $915.0M | ||
| Q3 24 | $201.0M | $563.0M | ||
| Q2 24 | $297.0M | $-567.0M | ||
| Q1 24 | $-308.0M | $1.1B |
自由现金流率BWARCL
| Q4 25 | 12.8% | 2.7% | ||
| Q3 25 | 7.2% | -19.2% | ||
| Q2 25 | 13.8% | 20.1% | ||
| Q1 25 | -1.1% | 30.0% | ||
| Q4 24 | 15.1% | 24.3% | ||
| Q3 24 | 5.8% | 11.5% | ||
| Q2 24 | 8.2% | -13.8% | ||
| Q1 24 | -8.6% | 29.1% |
资本支出强度BWARCL
| Q4 25 | 4.5% | 35.4% | ||
| Q3 25 | 3.1% | 47.8% | ||
| Q2 25 | 2.1% | 18.4% | ||
| Q1 25 | 3.4% | 10.7% | ||
| Q4 24 | 4.7% | 14.7% | ||
| Q3 24 | 4.5% | 6.8% | ||
| Q2 24 | 4.6% | 52.1% | ||
| Q1 24 | 5.3% | 6.5% |
现金转化率BWARCL
| Q4 25 | — | 2.16× | ||
| Q3 25 | 2.33× | 0.93× | ||
| Q2 25 | 2.58× | 1.44× | ||
| Q1 25 | 0.52× | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | 1.52× | 0.81× | ||
| Q2 24 | 1.52× | 1.84× | ||
| Q1 24 | -0.57× | 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
BWA
| Foundational Products | $2.9B | 81% |
| Drivetrain Morse Systems | $506.0M | 14% |
| Power Drive Systems | $112.0M | 3% |
| Battery Charging Systems | $64.0M | 2% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
