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嘉年华集团（CCL）与HNI CORP（HNI）财务数据对比。点击上方公司名可切换其他公司
嘉年华集团的季度营收约是HNI CORP的9.3倍（$6.3B vs $683.8M），嘉年华集团净利率更高（6.6% vs 6.0%，领先0.6%），嘉年华集团同比增速更快（6.6% vs 1.7%），HNI CORP自由现金流更多（$135.6M vs $12.0M），过去两年嘉年华集团的营收复合增速更高（8.2% vs 0.3%）
嘉年华集团是全球规模最大的休闲旅游集团，核心业务为邮轮运营，旗下拥有多个全球知名邮轮品牌，每年服务数百万乘客，提供覆盖住宿、餐饮、娱乐、岸上观光的一站式度假体验，航线遍布全球热门目的地。
HNI公司是全球营收规模领先的办公家具制造商之一，同时也是全球壁炉产品行业的头部企业，生产销售燃气、电、燃木及生物质燃料壁炉、嵌入式炉具、取暖炉、饰面及相关配件。公司1944年由工程师C.麦克斯韦·斯坦利等三人联合创立，总部位于美国爱荷华州马斯卡廷。
CCL vs HNI — 直观对比
营收规模更大
CCL
是对方的9.3倍
$683.8M
营收增速更快
CCL
高出4.9%
1.7%
净利率更高
CCL
高出0.6%
6.0%
自由现金流更多
HNI
多$123.6M
$12.0M
两年增速更快
CCL
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $683.8M |
| 净利润 | $421.0M | $41.2M |
| 毛利率 | — | 42.1% |
| 营业利润率 | 11.6% | 9.4% |
| 净利率 | 6.6% | 6.0% |
| 营收同比 | 6.6% | 1.7% |
| 净利润同比 | 38.9% | -13.3% |
| 每股收益（稀释后） | $0.33 | $0.88 |
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CCLHNI
| Q4 25 | $6.3B | — | ||
| Q3 25 | $8.2B | $683.8M | ||
| Q2 25 | $6.3B | $667.1M | ||
| Q1 25 | $5.8B | $599.8M | ||
| Q4 24 | $5.9B | $642.5M | ||
| Q3 24 | $7.9B | $672.2M | ||
| Q2 24 | $5.8B | $623.7M | ||
| Q1 24 | $5.4B | $588.0M |
净利润CCLHNI
| Q4 25 | $421.0M | — | ||
| Q3 25 | $1.9B | $41.2M | ||
| Q2 25 | $565.0M | $48.2M | ||
| Q1 25 | $-78.0M | $13.9M | ||
| Q4 24 | $303.0M | $38.3M | ||
| Q3 24 | $1.7B | $47.5M | ||
| Q2 24 | $92.0M | $36.0M | ||
| Q1 24 | $-214.0M | $17.7M |
毛利率CCLHNI
| Q4 25 | — | — | ||
| Q3 25 | 46.2% | 42.1% | ||
| Q2 25 | 38.6% | 42.9% | ||
| Q1 25 | 35.2% | 39.7% | ||
| Q4 24 | 35.5% | 40.5% | ||
| Q3 24 | 45.5% | 41.5% | ||
| Q2 24 | 34.3% | 41.9% | ||
| Q1 24 | 31.5% | 39.6% |
营业利润率CCLHNI
| Q4 25 | 11.6% | — | ||
| Q3 25 | 27.9% | 9.4% | ||
| Q2 25 | 14.8% | 10.2% | ||
| Q1 25 | 9.3% | 4.1% | ||
| Q4 24 | 9.4% | 8.5% | ||
| Q3 24 | 27.6% | 10.2% | ||
| Q2 24 | 9.7% | 8.6% | ||
| Q1 24 | 5.1% | 5.1% |
净利率CCLHNI
| Q4 25 | 6.6% | — | ||
| Q3 25 | 22.7% | 6.0% | ||
| Q2 25 | 8.9% | 7.2% | ||
| Q1 25 | -1.3% | 2.3% | ||
| Q4 24 | 5.1% | 6.0% | ||
| Q3 24 | 22.0% | 7.1% | ||
| Q2 24 | 1.6% | 5.8% | ||
| Q1 24 | -4.0% | 3.0% |
每股收益（稀释后）CCLHNI
| Q4 25 | $0.33 | — | ||
| Q3 25 | $1.33 | $0.88 | ||
| Q2 25 | $0.42 | $1.02 | ||
| Q1 25 | $-0.06 | $0.29 | ||
| Q4 24 | $0.28 | $0.78 | ||
| Q3 24 | $1.26 | $0.98 | ||
| Q2 24 | $0.07 | $0.75 | ||
| Q1 24 | $-0.17 | $0.37 |
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 | $1.9B | $28.1M |
| 总债务越低越好 | $27.4B | $324.2M |
| 股东权益账面价值 | $12.3B | $835.9M |
| 总资产 | $51.7B | $1.8B |
| 负债/权益比越低杠杆越低 | 2.23× | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资CCLHNI
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $28.1M | ||
| Q2 25 | $2.1B | $38.2M | ||
| Q1 25 | $833.0M | $27.5M | ||
| Q4 24 | $1.2B | $28.9M | ||
| Q3 24 | $1.5B | $40.2M | ||
| Q2 24 | $1.6B | $33.5M | ||
| Q1 24 | $2.2B | $32.5M |
总债务CCLHNI
| Q4 25 | $27.4B | — | ||
| Q3 25 | $27.2B | $324.2M | ||
| Q2 25 | $28.0B | $444.4M | ||
| Q1 25 | $27.7B | $404.7M | ||
| Q4 24 | $28.2B | $344.6M | ||
| Q3 24 | $29.6B | $345.4M | ||
| Q2 24 | $30.2B | $462.3M | ||
| Q1 24 | $31.6B | $473.0M |
股东权益CCLHNI
| Q4 25 | $12.3B | — | ||
| Q3 25 | $11.9B | $835.9M | ||
| Q2 25 | $10.0B | $811.0M | ||
| Q1 25 | $9.2B | $803.6M | ||
| Q4 24 | $9.3B | $840.1M | ||
| Q3 24 | $8.6B | $846.6M | ||
| Q2 24 | $6.8B | $787.8M | ||
| Q1 24 | $6.7B | $771.5M |
总资产CCLHNI
| Q4 25 | $51.7B | — | ||
| Q3 25 | $50.8B | $1.8B | ||
| Q2 25 | $51.2B | $1.9B | ||
| Q1 25 | $48.5B | $1.9B | ||
| Q4 24 | $49.1B | $1.9B | ||
| Q3 24 | $49.8B | $1.9B | ||
| Q2 24 | $49.6B | $1.9B | ||
| Q1 24 | $49.8B | $1.9B |
负债/权益比CCLHNI
| Q4 25 | 2.23× | — | ||
| Q3 25 | 2.28× | 0.39× | ||
| Q2 25 | 2.79× | 0.55× | ||
| Q1 25 | 3.02× | 0.50× | ||
| Q4 24 | 3.05× | 0.41× | ||
| Q3 24 | 3.45× | 0.41× | ||
| Q2 24 | 4.43× | 0.59× | ||
| Q1 24 | 4.72× | 0.61× |
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 | $1.5B | $155.2M |
| 自由现金流经营现金流 - 资本支出 | $12.0M | $135.6M |
| 自由现金流率自由现金流/营收 | 0.2% | 19.8% |
| 资本支出强度资本支出/营收 | 23.8% | 2.9% |
| 现金转化率经营现金流/净利润 | 3.61× | 3.77× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $189.5M |
8季度趋势，按日历期对齐
经营现金流CCLHNI
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $155.2M | ||
| Q2 25 | $2.4B | $31.1M | ||
| Q1 25 | $925.0M | $12.6M | ||
| Q4 24 | $911.0M | $51.2M | ||
| Q3 24 | $1.2B | $128.5M | ||
| Q2 24 | $2.0B | $51.3M | ||
| Q1 24 | $1.8B | $-4.3M |
自由现金流CCLHNI
| Q4 25 | $12.0M | — | ||
| Q3 25 | $736.0M | $135.6M | ||
| Q2 25 | $1.5B | $16.1M | ||
| Q1 25 | $318.0M | $-3.7M | ||
| Q4 24 | $319.0M | $41.5M | ||
| Q3 24 | $628.0M | $114.0M | ||
| Q2 24 | $720.0M | $33.8M | ||
| Q1 24 | $-370.0M | $-15.5M |
自由现金流率CCLHNI
| Q4 25 | 0.2% | — | ||
| Q3 25 | 9.0% | 19.8% | ||
| Q2 25 | 24.4% | 2.4% | ||
| Q1 25 | 5.5% | -0.6% | ||
| Q4 24 | 5.4% | 6.5% | ||
| Q3 24 | 8.0% | 17.0% | ||
| Q2 24 | 12.5% | 5.4% | ||
| Q1 24 | -6.8% | -2.6% |
资本支出强度CCLHNI
| Q4 25 | 23.8% | — | ||
| Q3 25 | 7.9% | 2.9% | ||
| Q2 25 | 13.4% | 2.2% | ||
| Q1 25 | 10.4% | 2.7% | ||
| Q4 24 | 10.0% | 1.5% | ||
| Q3 24 | 7.3% | 2.2% | ||
| Q2 24 | 22.8% | 2.8% | ||
| Q1 24 | 39.5% | 1.9% |
现金转化率CCLHNI
| Q4 25 | 3.61× | — | ||
| Q3 25 | 0.75× | 3.77× | ||
| Q2 25 | 4.23× | 0.65× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | 3.01× | 1.34× | ||
| Q3 24 | 0.69× | 2.71× | ||
| Q2 24 | 22.16× | 1.43× | ||
| Q1 24 | — | -0.24× |
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
CCL
| Cruise Passenger Ticket | $4.1B | 64% |
| Other | $2.2B | 34% |
| Cruise | $90.0M | 1% |
| Tour And Other | $29.0M | 0% |
HNI
| Systems Storage And Table | $309.9M | 45% |
| Residential Building Products | $166.9M | 24% |
| Seating Products | $161.1M | 24% |
| Other Products | $45.9M | 7% |
