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嘉年华集团（CCL）与国际纸业（IP）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国际纸业的1.1倍（$6.3B vs $6.0B），嘉年华集团净利率更高（6.6% vs 1.0%，领先5.6%），嘉年华集团同比增速更快（6.6% vs -0.6%），国际纸业自由现金流更多（$94.0M vs $12.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 8.2%）
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。
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
CCL vs IP — 直观对比
营收规模更大
CCL
是对方的1.1倍
$6.0B
营收增速更快
CCL
高出7.2%
-0.6%
净利率更高
CCL
高出5.6%
1.0%
自由现金流更多
IP
多$82.0M
$12.0M
两年增速更快
IP
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $6.0B |
| 净利润 | $421.0M | $60.0M |
| 毛利率 | — | — |
| 营业利润率 | 11.6% | — |
| 净利率 | 6.6% | 1.0% |
| 营收同比 | 6.6% | -0.6% |
| 净利润同比 | 38.9% | 157.1% |
| 每股收益（稀释后） | $0.33 | $0.14 |
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CCLIP
| Q1 26 | — | $6.0B | ||
| Q4 25 | $6.3B | $4.7B | ||
| Q3 25 | $8.2B | $6.2B | ||
| Q2 25 | $6.3B | $6.8B | ||
| Q1 25 | $5.8B | $5.9B | ||
| Q4 24 | $5.9B | $4.6B | ||
| Q3 24 | $7.9B | $4.7B | ||
| Q2 24 | $5.8B | $4.7B |
净利润CCLIP
| Q1 26 | — | $60.0M | ||
| Q4 25 | $421.0M | $-2.4B | ||
| Q3 25 | $1.9B | $-1.1B | ||
| Q2 25 | $565.0M | $75.0M | ||
| Q1 25 | $-78.0M | $-105.0M | ||
| Q4 24 | $303.0M | $-147.0M | ||
| Q3 24 | $1.7B | $150.0M | ||
| Q2 24 | $92.0M | $498.0M |
毛利率CCLIP
| Q1 26 | — | — | ||
| Q4 25 | — | 32.2% | ||
| Q3 25 | 46.2% | 31.1% | ||
| Q2 25 | 38.6% | 27.9% | ||
| Q1 25 | 35.2% | 27.8% | ||
| Q4 24 | 35.5% | 29.0% | ||
| Q3 24 | 45.5% | 28.7% | ||
| Q2 24 | 34.3% | 29.0% |
营业利润率CCLIP
| Q1 26 | — | — | ||
| Q4 25 | 11.6% | -56.4% | ||
| Q3 25 | 27.9% | -10.8% | ||
| Q2 25 | 14.8% | 1.7% | ||
| Q1 25 | 9.3% | -2.3% | ||
| Q4 24 | 9.4% | -4.9% | ||
| Q3 24 | 27.6% | 5.1% | ||
| Q2 24 | 9.7% | 6.8% |
净利率CCLIP
| Q1 26 | — | 1.0% | ||
| Q4 25 | 6.6% | -50.3% | ||
| Q3 25 | 22.7% | -17.7% | ||
| Q2 25 | 8.9% | 1.1% | ||
| Q1 25 | -1.3% | -1.8% | ||
| Q4 24 | 5.1% | -3.2% | ||
| Q3 24 | 22.0% | 3.2% | ||
| Q2 24 | 1.6% | 10.5% |
每股收益（稀释后）CCLIP
| Q1 26 | — | $0.14 | ||
| Q4 25 | $0.33 | $-4.76 | ||
| Q3 25 | $1.33 | $-2.09 | ||
| Q2 25 | $0.42 | $0.14 | ||
| Q1 25 | $-0.06 | $-0.24 | ||
| Q4 24 | $0.28 | $-0.42 | ||
| Q3 24 | $1.26 | $0.42 | ||
| Q2 24 | $0.07 | $1.41 |
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 | — |
| 总债务越低越好 | $27.4B | $8.2B |
| 股东权益账面价值 | $12.3B | $14.8B |
| 总资产 | $51.7B | $36.4B |
| 负债/权益比越低杠杆越低 | 2.23× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资CCLIP
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.8B | $995.0M | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $833.0M | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.6B | $1.0B |
总债务CCLIP
| Q1 26 | — | $8.2B | ||
| Q4 25 | $27.4B | $8.8B | ||
| Q3 25 | $27.2B | $9.0B | ||
| Q2 25 | $28.0B | $9.7B | ||
| Q1 25 | $27.7B | $9.2B | ||
| Q4 24 | $28.2B | $5.4B | ||
| Q3 24 | $29.6B | $5.3B | ||
| Q2 24 | $30.2B | $5.3B |
股东权益CCLIP
| Q1 26 | — | $14.8B | ||
| Q4 25 | $12.3B | $14.8B | ||
| Q3 25 | $11.9B | $17.3B | ||
| Q2 25 | $10.0B | $18.6B | ||
| Q1 25 | $9.2B | $18.1B | ||
| Q4 24 | $9.3B | $8.2B | ||
| Q3 24 | $8.6B | $8.6B | ||
| Q2 24 | $6.8B | $8.6B |
总资产CCLIP
| Q1 26 | — | $36.4B | ||
| Q4 25 | $51.7B | $38.0B | ||
| Q3 25 | $50.8B | $40.6B | ||
| Q2 25 | $51.2B | $42.4B | ||
| Q1 25 | $48.5B | $41.2B | ||
| Q4 24 | $49.1B | $22.8B | ||
| Q3 24 | $49.8B | $23.2B | ||
| Q2 24 | $49.6B | $23.1B |
负债/权益比CCLIP
| Q1 26 | — | 0.55× | ||
| Q4 25 | 2.23× | 0.60× | ||
| Q3 25 | 2.28× | 0.52× | ||
| Q2 25 | 2.79× | 0.52× | ||
| Q1 25 | 3.02× | 0.51× | ||
| Q4 24 | 3.05× | 0.66× | ||
| Q3 24 | 3.45× | 0.62× | ||
| Q2 24 | 4.43× | 0.62× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $12.0M | $94.0M |
| 自由现金流率自由现金流/营收 | 0.2% | 1.6% |
| 资本支出强度资本支出/营收 | 23.8% | 8.7% |
| 现金转化率经营现金流/净利润 | 3.61× | — |
| 过去12个月自由现金流最近4个季度 | $2.6B | $553.0M |
8季度趋势，按日历期对齐
经营现金流CCLIP
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $905.0M | ||
| Q3 25 | $1.4B | $605.0M | ||
| Q2 25 | $2.4B | $476.0M | ||
| Q1 25 | $925.0M | $-288.0M | ||
| Q4 24 | $911.0M | $397.0M | ||
| Q3 24 | $1.2B | $521.0M | ||
| Q2 24 | $2.0B | $365.0M |
自由现金流CCLIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | $12.0M | $255.0M | ||
| Q3 25 | $736.0M | $150.0M | ||
| Q2 25 | $1.5B | $54.0M | ||
| Q1 25 | $318.0M | $-618.0M | ||
| Q4 24 | $319.0M | $137.0M | ||
| Q3 24 | $628.0M | $309.0M | ||
| Q2 24 | $720.0M | $167.0M |
自由现金流率CCLIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 0.2% | 5.4% | ||
| Q3 25 | 9.0% | 2.4% | ||
| Q2 25 | 24.4% | 0.8% | ||
| Q1 25 | 5.5% | -10.5% | ||
| Q4 24 | 5.4% | 3.0% | ||
| Q3 24 | 8.0% | 6.6% | ||
| Q2 24 | 12.5% | 3.5% |
资本支出强度CCLIP
| Q1 26 | — | 8.7% | ||
| Q4 25 | 23.8% | 13.7% | ||
| Q3 25 | 7.9% | 7.3% | ||
| Q2 25 | 13.4% | 6.2% | ||
| Q1 25 | 10.4% | 5.6% | ||
| Q4 24 | 10.0% | 5.7% | ||
| Q3 24 | 7.3% | 4.5% | ||
| Q2 24 | 22.8% | 4.2% |
现金转化率CCLIP
| Q1 26 | — | — | ||
| Q4 25 | 3.61× | — | ||
| Q3 25 | 0.75× | — | ||
| Q2 25 | 4.23× | 6.35× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.01× | — | ||
| Q3 24 | 0.69× | 3.47× | ||
| Q2 24 | 22.16× | 0.73× |
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% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
