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嘉年华集团（CCL）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是嘉年华集团的1.2倍（$7.6B vs $6.3B），嘉年华集团净利率更高（6.6% vs 1.3%，领先5.4%），嘉年华集团同比增速更快（6.6% vs 0.5%），Smurfit Westrock自由现金流更多（$612.0M vs $12.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
CCL vs SW — 直观对比
营收规模更大
SW
是对方的1.2倍
$6.3B
营收增速更快
CCL
高出6.1%
0.5%
净利率更高
CCL
高出5.4%
1.3%
自由现金流更多
SW
多$600.0M
$12.0M
两年增速更快
SW
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $7.6B |
| 净利润 | $421.0M | $97.0M |
| 毛利率 | — | 18.2% |
| 营业利润率 | 11.6% | 5.1% |
| 净利率 | 6.6% | 1.3% |
| 营收同比 | 6.6% | 0.5% |
| 净利润同比 | 38.9% | -33.6% |
| 每股收益（稀释后） | $0.33 | $0.18 |
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CCLSW
| Q4 25 | $6.3B | $7.6B | ||
| Q3 25 | $8.2B | $8.0B | ||
| Q2 25 | $6.3B | $7.9B | ||
| Q1 25 | $5.8B | $7.7B | ||
| Q4 24 | $5.9B | $7.5B | ||
| Q3 24 | $7.9B | $7.7B | ||
| Q2 24 | $5.8B | $3.0B | ||
| Q1 24 | $5.4B | $2.9B |
净利润CCLSW
| Q4 25 | $421.0M | $97.0M | ||
| Q3 25 | $1.9B | $246.0M | ||
| Q2 25 | $565.0M | $-28.0M | ||
| Q1 25 | $-78.0M | $384.0M | ||
| Q4 24 | $303.0M | $146.0M | ||
| Q3 24 | $1.7B | $-150.0M | ||
| Q2 24 | $92.0M | $132.0M | ||
| Q1 24 | $-214.0M | $191.0M |
毛利率CCLSW
| Q4 25 | — | 18.2% | ||
| Q3 25 | 46.2% | 19.6% | ||
| Q2 25 | 38.6% | 19.1% | ||
| Q1 25 | 35.2% | 20.6% | ||
| Q4 24 | 35.5% | 19.1% | ||
| Q3 24 | 45.5% | 17.6% | ||
| Q2 24 | 34.3% | 23.3% | ||
| Q1 24 | 31.5% | 24.2% |
营业利润率CCLSW
| Q4 25 | 11.6% | 5.1% | ||
| Q3 25 | 27.9% | 6.6% | ||
| Q2 25 | 14.8% | 3.2% | ||
| Q1 25 | 9.3% | 7.2% | ||
| Q4 24 | 9.4% | 5.3% | ||
| Q3 24 | 27.6% | 0.7% | ||
| Q2 24 | 9.7% | 8.2% | ||
| Q1 24 | 5.1% | 10.5% |
净利率CCLSW
| Q4 25 | 6.6% | 1.3% | ||
| Q3 25 | 22.7% | 3.1% | ||
| Q2 25 | 8.9% | -0.4% | ||
| Q1 25 | -1.3% | 5.0% | ||
| Q4 24 | 5.1% | 1.9% | ||
| Q3 24 | 22.0% | -2.0% | ||
| Q2 24 | 1.6% | 4.4% | ||
| Q1 24 | -4.0% | 6.5% |
每股收益（稀释后）CCLSW
| Q4 25 | $0.33 | $0.18 | ||
| Q3 25 | $1.33 | $0.47 | ||
| Q2 25 | $0.42 | $-0.05 | ||
| Q1 25 | $-0.06 | $0.73 | ||
| Q4 24 | $0.28 | $-0.12 | ||
| Q3 24 | $1.26 | $-0.30 | ||
| Q2 24 | $0.07 | $0.51 | ||
| Q1 24 | $-0.17 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | $27.4B | $13.4B |
| 股东权益账面价值 | $12.3B | $18.3B |
| 总资产 | $51.7B | $45.2B |
| 负债/权益比越低杠杆越低 | 2.23× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资CCLSW
| Q4 25 | $1.9B | $892.0M | ||
| Q3 25 | $1.8B | $851.0M | ||
| Q2 25 | $2.1B | $778.0M | ||
| Q1 25 | $833.0M | $797.0M | ||
| Q4 24 | $1.2B | $855.0M | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | $26.8K | ||
| Q1 24 | $2.2B | $108 |
总债务CCLSW
| Q4 25 | $27.4B | $13.4B | ||
| Q3 25 | $27.2B | $13.3B | ||
| Q2 25 | $28.0B | $13.3B | ||
| Q1 25 | $27.7B | $12.9B | ||
| Q4 24 | $28.2B | $12.5B | ||
| Q3 24 | $29.6B | $13.2B | ||
| Q2 24 | $30.2B | — | ||
| Q1 24 | $31.6B | — |
股东权益CCLSW
| Q4 25 | $12.3B | $18.3B | ||
| Q3 25 | $11.9B | $18.4B | ||
| Q2 25 | $10.0B | $18.3B | ||
| Q1 25 | $9.2B | $17.9B | ||
| Q4 24 | $9.3B | $17.4B | ||
| Q3 24 | $8.6B | $18.0B | ||
| Q2 24 | $6.8B | $14.5K | ||
| Q1 24 | $6.7B | $108 |
总资产CCLSW
| Q4 25 | $51.7B | $45.2B | ||
| Q3 25 | $50.8B | $45.6B | ||
| Q2 25 | $51.2B | $45.7B | ||
| Q1 25 | $48.5B | $44.6B | ||
| Q4 24 | $49.1B | $43.8B | ||
| Q3 24 | $49.8B | $45.0B | ||
| Q2 24 | $49.6B | $26.8K | ||
| Q1 24 | $49.8B | $108 |
负债/权益比CCLSW
| Q4 25 | 2.23× | 0.73× | ||
| Q3 25 | 2.28× | 0.72× | ||
| Q2 25 | 2.79× | 0.73× | ||
| Q1 25 | 3.02× | 0.72× | ||
| Q4 24 | 3.05× | 0.72× | ||
| Q3 24 | 3.45× | 0.73× | ||
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $12.0M | $612.0M |
| 自由现金流率自由现金流/营收 | 0.2% | 8.1% |
| 资本支出强度资本支出/营收 | 23.8% | 7.7% |
| 现金转化率经营现金流/净利润 | 3.61× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $1.2B |
8季度趋势，按日历期对齐
经营现金流CCLSW
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $2.4B | $829.0M | ||
| Q1 25 | $925.0M | $235.0M | ||
| Q4 24 | $911.0M | $781.0M | ||
| Q3 24 | $1.2B | $320.0M | ||
| Q2 24 | $2.0B | $340.0M | ||
| Q1 24 | $1.8B | $42.0M |
自由现金流CCLSW
| Q4 25 | $12.0M | $612.0M | ||
| Q3 25 | $736.0M | $523.0M | ||
| Q2 25 | $1.5B | $307.0M | ||
| Q1 25 | $318.0M | $-242.0M | ||
| Q4 24 | $319.0M | $212.0M | ||
| Q3 24 | $628.0M | $-192.0M | ||
| Q2 24 | $720.0M | $163.0M | ||
| Q1 24 | $-370.0M | $-166.0M |
自由现金流率CCLSW
| Q4 25 | 0.2% | 8.1% | ||
| Q3 25 | 9.0% | 6.5% | ||
| Q2 25 | 24.4% | 3.9% | ||
| Q1 25 | 5.5% | -3.2% | ||
| Q4 24 | 5.4% | 2.8% | ||
| Q3 24 | 8.0% | -2.5% | ||
| Q2 24 | 12.5% | 5.5% | ||
| Q1 24 | -6.8% | -5.7% |
资本支出强度CCLSW
| Q4 25 | 23.8% | 7.7% | ||
| Q3 25 | 7.9% | 7.6% | ||
| Q2 25 | 13.4% | 6.6% | ||
| Q1 25 | 10.4% | 6.2% | ||
| Q4 24 | 10.0% | 7.5% | ||
| Q3 24 | 7.3% | 6.7% | ||
| Q2 24 | 22.8% | 6.0% | ||
| Q1 24 | 39.5% | 7.1% |
现金转化率CCLSW
| Q4 25 | 3.61× | 12.32× | ||
| Q3 25 | 0.75× | 4.61× | ||
| Q2 25 | 4.23× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | 3.01× | 5.35× | ||
| Q3 24 | 0.69× | — | ||
| Q2 24 | 22.16× | 2.58× | ||
| Q1 24 | — | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
