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嘉年华集团（CCL）与Targa Resources（TRGP）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Targa Resources的1.6倍（$6.3B vs $4.1B），Targa Resources净利率更高（13.4% vs 6.6%，领先6.8%），嘉年华集团同比增速更快（6.6% vs -7.9%），Targa Resources自由现金流更多（$542.3M vs $12.0M），过去两年嘉年华集团的营收复合增速更高（8.2% vs 0.8%）
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。
Targa Resources Corp.为财富500强企业，总部位于美国得克萨斯州休斯敦，是美国规模最大的中游能源基础设施企业之一，主营天然气及天然气凝液输送业务，运营资产主要集中在墨西哥湾沿岸，得克萨斯州与路易斯安那州为核心布局区域，马修·J·梅洛伊自2020年起担任首席执行官。
CCL vs TRGP — 直观对比
营收规模更大
CCL
是对方的1.6倍
$4.1B
营收增速更快
CCL
高出14.6%
-7.9%
净利率更高
TRGP
高出6.8%
6.6%
自由现金流更多
TRGP
多$530.3M
$12.0M
两年增速更快
CCL
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $4.1B |
| 净利润 | $421.0M | $545.0M |
| 毛利率 | — | 43.1% |
| 营业利润率 | 11.6% | 22.6% |
| 净利率 | 6.6% | 13.4% |
| 营收同比 | 6.6% | -7.9% |
| 净利润同比 | 38.9% | 55.3% |
| 每股收益（稀释后） | $0.33 | $2.51 |
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CCLTRGP
| Q4 25 | $6.3B | $4.1B | ||
| Q3 25 | $8.2B | $4.2B | ||
| Q2 25 | $6.3B | $4.3B | ||
| Q1 25 | $5.8B | $4.6B | ||
| Q4 24 | $5.9B | $4.4B | ||
| Q3 24 | $7.9B | $3.9B | ||
| Q2 24 | $5.8B | $3.0B | ||
| Q1 24 | $5.4B | $4.0B |
净利润CCLTRGP
| Q4 25 | $421.0M | $545.0M | ||
| Q3 25 | $1.9B | $478.4M | ||
| Q2 25 | $565.0M | $629.1M | ||
| Q1 25 | $-78.0M | $270.5M | ||
| Q4 24 | $303.0M | $350.9M | ||
| Q3 24 | $1.7B | $387.4M | ||
| Q2 24 | $92.0M | $298.5M | ||
| Q1 24 | $-214.0M | $275.2M |
毛利率CCLTRGP
| Q4 25 | — | 43.1% | ||
| Q3 25 | 46.2% | 39.6% | ||
| Q2 25 | 38.6% | 42.8% | ||
| Q1 25 | 35.2% | 28.6% | ||
| Q4 24 | 35.5% | 33.7% | ||
| Q3 24 | 45.5% | 38.6% | ||
| Q2 24 | 34.3% | 27.9% | ||
| Q1 24 | 31.5% | 19.3% |
营业利润率CCLTRGP
| Q4 25 | 11.6% | 22.6% | ||
| Q3 25 | 27.9% | 20.2% | ||
| Q2 25 | 14.8% | 24.3% | ||
| Q1 25 | 9.3% | 11.9% | ||
| Q4 24 | 9.4% | 15.9% | ||
| Q3 24 | 27.6% | 18.9% | ||
| Q2 24 | 9.7% | 20.6% | ||
| Q1 24 | 5.1% | 16.0% |
净利率CCLTRGP
| Q4 25 | 6.6% | 13.4% | ||
| Q3 25 | 22.7% | 11.5% | ||
| Q2 25 | 8.9% | 14.8% | ||
| Q1 25 | -1.3% | 5.9% | ||
| Q4 24 | 5.1% | 8.0% | ||
| Q3 24 | 22.0% | 10.1% | ||
| Q2 24 | 1.6% | 9.8% | ||
| Q1 24 | -4.0% | 6.9% |
每股收益（稀释后）CCLTRGP
| Q4 25 | $0.33 | $2.51 | ||
| Q3 25 | $1.33 | $2.20 | ||
| Q2 25 | $0.42 | $2.87 | ||
| Q1 25 | $-0.06 | $0.91 | ||
| Q4 24 | $0.28 | $1.44 | ||
| Q3 24 | $1.26 | $1.75 | ||
| Q2 24 | $0.07 | $1.33 | ||
| Q1 24 | $-0.17 | $1.22 |
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 | $166.1M |
| 总债务越低越好 | $27.4B | $16.7B |
| 股东权益账面价值 | $12.3B | $3.1B |
| 总资产 | $51.7B | $25.2B |
| 负债/权益比越低杠杆越低 | 2.23× | 5.43× |
8季度趋势，按日历期对齐
现金及短期投资CCLTRGP
| Q4 25 | $1.9B | $166.1M | ||
| Q3 25 | $1.8B | $124.1M | ||
| Q2 25 | $2.1B | $113.1M | ||
| Q1 25 | $833.0M | $151.4M | ||
| Q4 24 | $1.2B | $157.3M | ||
| Q3 24 | $1.5B | $127.2M | ||
| Q2 24 | $1.6B | $166.4M | ||
| Q1 24 | $2.2B | $109.9M |
总债务CCLTRGP
| Q4 25 | $27.4B | $16.7B | ||
| Q3 25 | $27.2B | $16.7B | ||
| Q2 25 | $28.0B | $16.1B | ||
| Q1 25 | $27.7B | $15.5B | ||
| Q4 24 | $28.2B | $13.8B | ||
| Q3 24 | $29.6B | $13.6B | ||
| Q2 24 | $30.2B | $13.0B | ||
| Q1 24 | $31.6B | $12.5B |
股东权益CCLTRGP
| Q4 25 | $12.3B | $3.1B | ||
| Q3 25 | $11.9B | $2.7B | ||
| Q2 25 | $10.0B | $2.6B | ||
| Q1 25 | $9.2B | $2.5B | ||
| Q4 24 | $9.3B | $2.6B | ||
| Q3 24 | $8.6B | $2.6B | ||
| Q2 24 | $6.8B | $2.5B | ||
| Q1 24 | $6.7B | $2.7B |
总资产CCLTRGP
| Q4 25 | $51.7B | $25.2B | ||
| Q3 25 | $50.8B | $24.2B | ||
| Q2 25 | $51.2B | $23.5B | ||
| Q1 25 | $48.5B | $22.8B | ||
| Q4 24 | $49.1B | $22.7B | ||
| Q3 24 | $49.8B | $21.9B | ||
| Q2 24 | $49.6B | $21.3B | ||
| Q1 24 | $49.8B | $20.8B |
负债/权益比CCLTRGP
| Q4 25 | 2.23× | 5.43× | ||
| Q3 25 | 2.28× | 6.19× | ||
| Q2 25 | 2.79× | 6.21× | ||
| Q1 25 | 3.02× | 6.34× | ||
| Q4 24 | 3.05× | 5.32× | ||
| Q3 24 | 3.45× | 5.28× | ||
| Q2 24 | 4.43× | 5.25× | ||
| Q1 24 | 4.72× | 4.63× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $12.0M | $542.3M |
| 自由现金流率自由现金流/营收 | 0.2% | 13.4% |
| 资本支出强度资本支出/营收 | 23.8% | 23.8% |
| 现金转化率经营现金流/净利润 | 3.61× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $584.1M |
8季度趋势，按日历期对齐
经营现金流CCLTRGP
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.4B | $599.2M | ||
| Q2 25 | $2.4B | $858.3M | ||
| Q1 25 | $925.0M | $954.4M | ||
| Q4 24 | $911.0M | $1.3B | ||
| Q3 24 | $1.2B | $540.9M | ||
| Q2 24 | $2.0B | $904.5M | ||
| Q1 24 | $1.8B | $876.4M |
自由现金流CCLTRGP
| Q4 25 | $12.0M | $542.3M | ||
| Q3 25 | $736.0M | $-72.6M | ||
| Q2 25 | $1.5B | $-47.8M | ||
| Q1 25 | $318.0M | $162.2M | ||
| Q4 24 | $319.0M | $601.0M | ||
| Q3 24 | $628.0M | $-287.9M | ||
| Q2 24 | $720.0M | $164.2M | ||
| Q1 24 | $-370.0M | $206.6M |
自由现金流率CCLTRGP
| Q4 25 | 0.2% | 13.4% | ||
| Q3 25 | 9.0% | -1.7% | ||
| Q2 25 | 24.4% | -1.1% | ||
| Q1 25 | 5.5% | 3.6% | ||
| Q4 24 | 5.4% | 13.6% | ||
| Q3 24 | 8.0% | -7.5% | ||
| Q2 24 | 12.5% | 5.4% | ||
| Q1 24 | -6.8% | 5.2% |
资本支出强度CCLTRGP
| Q4 25 | 23.8% | 23.8% | ||
| Q3 25 | 7.9% | 16.2% | ||
| Q2 25 | 13.4% | 21.3% | ||
| Q1 25 | 10.4% | 17.4% | ||
| Q4 24 | 10.0% | 16.5% | ||
| Q3 24 | 7.3% | 21.5% | ||
| Q2 24 | 22.8% | 24.3% | ||
| Q1 24 | 39.5% | 16.8% |
现金转化率CCLTRGP
| Q4 25 | 3.61× | 2.76× | ||
| Q3 25 | 0.75× | 1.25× | ||
| Q2 25 | 4.23× | 1.36× | ||
| Q1 25 | — | 3.53× | ||
| Q4 24 | 3.01× | 3.78× | ||
| Q3 24 | 0.69× | 1.40× | ||
| Q2 24 | 22.16× | 3.03× | ||
| Q1 24 | — | 3.18× |
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% |
TRGP
| Logistics And Transportation | $3.4B | 83% |
| Natural Gas Reserves | $393.1M | 10% |
| Storage Terminaling And Export | $130.9M | 3% |
| Oil And Condensate | $112.0M | 3% |
| NGL Transportation Fractionation And Services | $64.7M | 2% |
