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Conagra Brands（CAG）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
Conagra Brands的季度营收约是诺唯真游轮控股的1.3倍（$3.0B vs $2.2B），诺唯真游轮控股净利率更高（0.6% vs -22.3%，领先22.9%），诺唯真游轮控股同比增速更快（6.4% vs -6.8%），Conagra Brands自由现金流更多（$138.8M vs $21.5M），过去两年诺唯真游轮控股的营收复合增速更高（1.2% vs -0.9%）
Conagra Brands是美国包装消费品控股企业，1919年于内布拉斯加州成立，总部设在伊利诺伊州芝加哥。公司旗下拥有多个食品品牌，产品覆盖超市、餐厅及各类餐饮服务场所，2022年位列《财富》美国500强第331位。
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%。
CAG vs NCLH — 直观对比
营收规模更大
CAG
是对方的1.3倍
$2.2B
营收增速更快
NCLH
高出13.2%
-6.8%
净利率更高
NCLH
高出22.9%
-22.3%
自由现金流更多
CAG
多$117.3M
$21.5M
两年增速更快
NCLH
近两年复合增速
-0.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $2.2B |
| 净利润 | $-663.6M | $14.3M |
| 毛利率 | 23.4% | 41.0% |
| 营业利润率 | -20.1% | 8.3% |
| 净利率 | -22.3% | 0.6% |
| 营收同比 | -6.8% | 6.4% |
| 净利润同比 | -333.3% | -94.4% |
| 每股收益（稀释后） | $-1.39 | $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CAGNCLH
| Q4 25 | $3.0B | $2.2B | ||
| Q3 25 | $2.6B | $2.9B | ||
| Q2 25 | $2.8B | $2.5B | ||
| Q1 25 | $2.8B | $2.1B | ||
| Q4 24 | $3.2B | $2.1B | ||
| Q3 24 | $2.8B | $2.8B | ||
| Q2 24 | $2.9B | $2.4B | ||
| Q1 24 | $3.0B | $2.2B |
净利润CAGNCLH
| Q4 25 | $-663.6M | $14.3M | ||
| Q3 25 | $164.5M | $419.3M | ||
| Q2 25 | $256.0M | $30.0M | ||
| Q1 25 | $145.1M | $-40.3M | ||
| Q4 24 | $284.5M | $254.5M | ||
| Q3 24 | $466.8M | $474.9M | ||
| Q2 24 | $-567.3M | $163.4M | ||
| Q1 24 | $308.6M | $17.4M |
毛利率CAGNCLH
| Q4 25 | 23.4% | 41.0% | ||
| Q3 25 | 24.3% | 47.1% | ||
| Q2 25 | 25.4% | 42.1% | ||
| Q1 25 | 25.0% | 38.7% | ||
| Q4 24 | 26.5% | 38.0% | ||
| Q3 24 | 26.5% | 45.2% | ||
| Q2 24 | 27.7% | 38.7% | ||
| Q1 24 | 28.3% | 36.7% |
营业利润率CAGNCLH
| Q4 25 | -20.1% | 8.3% | ||
| Q3 25 | 13.2% | 25.5% | ||
| Q2 25 | 0.1% | 16.8% | ||
| Q1 25 | 13.9% | 9.4% | ||
| Q4 24 | 14.8% | 10.2% | ||
| Q3 24 | 17.7% | 24.6% | ||
| Q2 24 | -16.3% | 14.4% | ||
| Q1 24 | 19.1% | 10.0% |
净利率CAGNCLH
| Q4 25 | -22.3% | 0.6% | ||
| Q3 25 | 6.2% | 14.3% | ||
| Q2 25 | 9.2% | 1.2% | ||
| Q1 25 | 5.1% | -1.9% | ||
| Q4 24 | 8.9% | 12.1% | ||
| Q3 24 | 16.7% | 16.9% | ||
| Q2 24 | -19.5% | 6.9% | ||
| Q1 24 | 10.2% | 0.8% |
每股收益（稀释后）CAGNCLH
| Q4 25 | $-1.39 | $0.08 | ||
| Q3 25 | $0.34 | $0.86 | ||
| Q2 25 | $0.54 | $0.07 | ||
| Q1 25 | $0.30 | $-0.09 | ||
| Q4 24 | $0.59 | $0.55 | ||
| Q3 24 | $0.97 | $0.95 | ||
| Q2 24 | $-1.19 | $0.35 | ||
| Q1 24 | $0.64 | $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 | $46.6M | $209.9M |
| 总债务越低越好 | $7.2B | $13.7B |
| 股东权益账面价值 | $8.1B | $2.2B |
| 总资产 | $19.5B | $22.5B |
| 负债/权益比越低杠杆越低 | 0.89× | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资CAGNCLH
| Q4 25 | $46.6M | $209.9M | ||
| Q3 25 | $698.1M | $166.8M | ||
| Q2 25 | $68.0M | $184.0M | ||
| Q1 25 | $49.4M | $184.4M | ||
| Q4 24 | $37.4M | $190.8M | ||
| Q3 24 | $128.7M | $332.5M | ||
| Q2 24 | $77.7M | $594.1M | ||
| Q1 24 | $78.5M | $559.8M |
总债务CAGNCLH
| Q4 25 | $7.2B | $13.7B | ||
| Q3 25 | $8.2B | $13.6B | ||
| Q2 25 | $7.3B | $12.6B | ||
| Q1 25 | $7.3B | $12.9B | ||
| Q4 24 | $7.3B | $11.8B | ||
| Q3 24 | $7.5B | $11.8B | ||
| Q2 24 | $7.5B | $11.9B | ||
| Q1 24 | $8.5B | $12.0B |
股东权益CAGNCLH
| Q4 25 | $8.1B | $2.2B | ||
| Q3 25 | $8.9B | $2.2B | ||
| Q2 25 | $8.9B | $1.6B | ||
| Q1 25 | $8.8B | $1.4B | ||
| Q4 24 | $8.8B | $1.4B | ||
| Q3 24 | $8.7B | $1.1B | ||
| Q2 24 | $8.4B | $693.1M | ||
| Q1 24 | $9.2B | $362.1M |
总资产CAGNCLH
| Q4 25 | $19.5B | $22.5B | ||
| Q3 25 | $21.2B | $22.2B | ||
| Q2 25 | $20.9B | $21.6B | ||
| Q1 25 | $20.7B | $21.4B | ||
| Q4 24 | $21.0B | $20.0B | ||
| Q3 24 | $21.2B | $19.8B | ||
| Q2 24 | $20.9B | $20.1B | ||
| Q1 24 | $21.9B | $19.8B |
负债/权益比CAGNCLH
| Q4 25 | 0.89× | 6.21× | ||
| Q3 25 | 0.92× | 6.22× | ||
| Q2 25 | 0.81× | 8.05× | ||
| Q1 25 | 0.83× | 9.09× | ||
| Q4 24 | 0.83× | 8.26× | ||
| Q3 24 | 0.86× | 10.35× | ||
| Q2 24 | 0.89× | 17.19× | ||
| Q1 24 | 0.93× | 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 | $210.6M | $459.1M |
| 自由现金流经营现金流 - 资本支出 | $138.8M | $21.5M |
| 自由现金流率自由现金流/营收 | 4.7% | 1.0% |
| 资本支出强度资本支出/营收 | 2.4% | 19.5% |
| 现金转化率经营现金流/净利润 | — | 32.21× |
| 过去12个月自由现金流最近4个季度 | $876.4M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流CAGNCLH
| Q4 25 | $210.6M | $459.1M | ||
| Q3 25 | $120.6M | $236.6M | ||
| Q2 25 | $345.7M | $714.9M | ||
| Q1 25 | $592.0M | $679.2M | ||
| Q4 24 | $485.6M | $399.3M | ||
| Q3 24 | $268.6M | $172.5M | ||
| Q2 24 | $484.3M | $670.9M | ||
| Q1 24 | $676.7M | $807.2M |
自由现金流CAGNCLH
| Q4 25 | $138.8M | $21.5M | ||
| Q3 25 | $-26.2M | $-726.5M | ||
| Q2 25 | $260.6M | $381.2M | ||
| Q1 25 | $503.2M | $-846.0M | ||
| Q4 24 | $403.2M | $155.8M | ||
| Q3 24 | $135.6M | $-195.5M | ||
| Q2 24 | $405.8M | $330.2M | ||
| Q1 24 | $581.1M | $548.3M |
自由现金流率CAGNCLH
| Q4 25 | 4.7% | 1.0% | ||
| Q3 25 | -1.0% | -24.7% | ||
| Q2 25 | 9.4% | 15.1% | ||
| Q1 25 | 17.7% | -39.8% | ||
| Q4 24 | 12.6% | 7.4% | ||
| Q3 24 | 4.9% | -7.0% | ||
| Q2 24 | 14.0% | 13.9% | ||
| Q1 24 | 19.2% | 25.0% |
资本支出强度CAGNCLH
| Q4 25 | 2.4% | 19.5% | ||
| Q3 25 | 5.6% | 32.8% | ||
| Q2 25 | 3.1% | 13.3% | ||
| Q1 25 | 3.1% | 71.7% | ||
| Q4 24 | 2.6% | 11.5% | ||
| Q3 24 | 4.8% | 13.1% | ||
| Q2 24 | 2.7% | 14.4% | ||
| Q1 24 | 3.2% | 11.8% |
现金转化率CAGNCLH
| Q4 25 | — | 32.21× | ||
| Q3 25 | 0.73× | 0.56× | ||
| Q2 25 | 1.35× | 23.83× | ||
| Q1 25 | 4.08× | — | ||
| Q4 24 | 1.71× | 1.57× | ||
| Q3 24 | 0.58× | 0.36× | ||
| Q2 24 | — | 4.10× | ||
| Q1 24 | 2.19× | 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
CAG
| Frozen | $1.1B | 35% |
| Other Shelf Stable | $625.2M | 21% |
| Snacks | $583.9M | 20% |
| Foodservice | $288.4M | 10% |
| Other | $230.4M | 8% |
| Refrigerated | $196.0M | 7% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
