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嘉年华集团（CCL）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是嘉年华集团的1.4倍（$8.7B vs $6.3B），贝宝净利率更高（16.6% vs 6.6%，领先9.9%），嘉年华集团同比增速更快（6.6% vs 3.7%），贝宝自由现金流更多（$2.2B vs $12.0M），过去两年嘉年华集团的营收复合增速更高（8.2% vs 6.2%）
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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
CCL vs PYPL — 直观对比
营收规模更大
PYPL
是对方的1.4倍
$6.3B
营收增速更快
CCL
高出2.9%
3.7%
净利率更高
PYPL
高出9.9%
6.6%
自由现金流更多
PYPL
多$2.2B
$12.0M
两年增速更快
CCL
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $8.7B |
| 净利润 | $421.0M | $1.4B |
| 毛利率 | — | — |
| 营业利润率 | 11.6% | 17.4% |
| 净利率 | 6.6% | 16.6% |
| 营收同比 | 6.6% | 3.7% |
| 净利润同比 | 38.9% | 28.2% |
| 每股收益（稀释后） | $0.33 | $1.53 |
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CCLPYPL
| Q4 25 | $6.3B | $8.7B | ||
| Q3 25 | $8.2B | $8.4B | ||
| Q2 25 | $6.3B | $8.3B | ||
| Q1 25 | $5.8B | $7.8B | ||
| Q4 24 | $5.9B | $8.4B | ||
| Q3 24 | $7.9B | $7.8B | ||
| Q2 24 | $5.8B | $7.9B | ||
| Q1 24 | $5.4B | $7.7B |
净利润CCLPYPL
| Q4 25 | $421.0M | $1.4B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $565.0M | $1.3B | ||
| Q1 25 | $-78.0M | $1.3B | ||
| Q4 24 | $303.0M | $1.1B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $92.0M | $1.1B | ||
| Q1 24 | $-214.0M | $888.0M |
毛利率CCLPYPL
| Q4 25 | — | — | ||
| Q3 25 | 46.2% | — | ||
| Q2 25 | 38.6% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 35.5% | — | ||
| Q3 24 | 45.5% | — | ||
| Q2 24 | 34.3% | — | ||
| Q1 24 | 31.5% | — |
营业利润率CCLPYPL
| Q4 25 | 11.6% | 17.4% | ||
| Q3 25 | 27.9% | 18.1% | ||
| Q2 25 | 14.8% | 18.1% | ||
| Q1 25 | 9.3% | 19.6% | ||
| Q4 24 | 9.4% | 17.2% | ||
| Q3 24 | 27.6% | 17.7% | ||
| Q2 24 | 9.7% | 16.8% | ||
| Q1 24 | 5.1% | 15.2% |
净利率CCLPYPL
| Q4 25 | 6.6% | 16.6% | ||
| Q3 25 | 22.7% | 14.8% | ||
| Q2 25 | 8.9% | 15.2% | ||
| Q1 25 | -1.3% | 16.5% | ||
| Q4 24 | 5.1% | 13.4% | ||
| Q3 24 | 22.0% | 12.9% | ||
| Q2 24 | 1.6% | 14.3% | ||
| Q1 24 | -4.0% | 11.5% |
每股收益（稀释后）CCLPYPL
| Q4 25 | $0.33 | $1.53 | ||
| Q3 25 | $1.33 | $1.30 | ||
| Q2 25 | $0.42 | $1.29 | ||
| Q1 25 | $-0.06 | $1.29 | ||
| Q4 24 | $0.28 | $1.09 | ||
| Q3 24 | $1.26 | $0.99 | ||
| Q2 24 | $0.07 | $1.08 | ||
| Q1 24 | $-0.17 | $0.83 |
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 | $10.4B |
| 总债务越低越好 | $27.4B | — |
| 股东权益账面价值 | $12.3B | $20.3B |
| 总资产 | $51.7B | $80.2B |
| 负债/权益比越低杠杆越低 | 2.23× | — |
8季度趋势，按日历期对齐
现金及短期投资CCLPYPL
| Q4 25 | $1.9B | $10.4B | ||
| Q3 25 | $1.8B | $10.8B | ||
| Q2 25 | $2.1B | $10.0B | ||
| Q1 25 | $833.0M | $11.2B | ||
| Q4 24 | $1.2B | $10.8B | ||
| Q3 24 | $1.5B | $11.9B | ||
| Q2 24 | $1.6B | $13.6B | ||
| Q1 24 | $2.2B | $14.3B |
总债务CCLPYPL
| Q4 25 | $27.4B | — | ||
| Q3 25 | $27.2B | — | ||
| Q2 25 | $28.0B | — | ||
| Q1 25 | $27.7B | — | ||
| Q4 24 | $28.2B | — | ||
| Q3 24 | $29.6B | — | ||
| Q2 24 | $30.2B | — | ||
| Q1 24 | $31.6B | — |
股东权益CCLPYPL
| Q4 25 | $12.3B | $20.3B | ||
| Q3 25 | $11.9B | $20.2B | ||
| Q2 25 | $10.0B | $20.2B | ||
| Q1 25 | $9.2B | $20.3B | ||
| Q4 24 | $9.3B | $20.4B | ||
| Q3 24 | $8.6B | $20.2B | ||
| Q2 24 | $6.8B | $20.6B | ||
| Q1 24 | $6.7B | $20.7B |
总资产CCLPYPL
| Q4 25 | $51.7B | $80.2B | ||
| Q3 25 | $50.8B | $79.8B | ||
| Q2 25 | $51.2B | $79.8B | ||
| Q1 25 | $48.5B | $81.3B | ||
| Q4 24 | $49.1B | $81.6B | ||
| Q3 24 | $49.8B | $83.5B | ||
| Q2 24 | $49.6B | $84.0B | ||
| Q1 24 | $49.8B | $83.3B |
负债/权益比CCLPYPL
| Q4 25 | 2.23× | — | ||
| Q3 25 | 2.28× | — | ||
| Q2 25 | 2.79× | — | ||
| Q1 25 | 3.02× | — | ||
| Q4 24 | 3.05× | — | ||
| Q3 24 | 3.45× | — | ||
| Q2 24 | 4.43× | — | ||
| Q1 24 | 4.72× | — |
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 | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $12.0M | $2.2B |
| 自由现金流率自由现金流/营收 | 0.2% | 25.2% |
| 资本支出强度资本支出/营收 | 23.8% | 2.2% |
| 现金转化率经营现金流/净利润 | 3.61× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $5.6B |
8季度趋势，按日历期对齐
经营现金流CCLPYPL
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $1.4B | $2.0B | ||
| Q2 25 | $2.4B | $898.0M | ||
| Q1 25 | $925.0M | $1.2B | ||
| Q4 24 | $911.0M | $2.4B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $2.0B | $1.5B | ||
| Q1 24 | $1.8B | $1.9B |
自由现金流CCLPYPL
| Q4 25 | $12.0M | $2.2B | ||
| Q3 25 | $736.0M | $1.7B | ||
| Q2 25 | $1.5B | $692.0M | ||
| Q1 25 | $318.0M | $964.0M | ||
| Q4 24 | $319.0M | $2.2B | ||
| Q3 24 | $628.0M | $1.4B | ||
| Q2 24 | $720.0M | $1.4B | ||
| Q1 24 | $-370.0M | $1.8B |
自由现金流率CCLPYPL
| Q4 25 | 0.2% | 25.2% | ||
| Q3 25 | 9.0% | 20.4% | ||
| Q2 25 | 24.4% | 8.3% | ||
| Q1 25 | 5.5% | 12.4% | ||
| Q4 24 | 5.4% | 26.2% | ||
| Q3 24 | 8.0% | 18.4% | ||
| Q2 24 | 12.5% | 17.3% | ||
| Q1 24 | -6.8% | 22.9% |
资本支出强度CCLPYPL
| Q4 25 | 23.8% | 2.2% | ||
| Q3 25 | 7.9% | 3.0% | ||
| Q2 25 | 13.4% | 2.5% | ||
| Q1 25 | 10.4% | 2.5% | ||
| Q4 24 | 10.0% | 2.4% | ||
| Q3 24 | 7.3% | 2.2% | ||
| Q2 24 | 22.8% | 2.0% | ||
| Q1 24 | 39.5% | 2.0% |
现金转化率CCLPYPL
| Q4 25 | 3.61× | 1.66× | ||
| Q3 25 | 0.75× | 1.58× | ||
| Q2 25 | 4.23× | 0.71× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | 3.01× | 2.14× | ||
| Q3 24 | 0.69× | 1.60× | ||
| Q2 24 | 22.16× | 1.35× | ||
| Q1 24 | — | 2.16× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
