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嘉年华集团（CCL）与US Foods Holding Corp.（USFD）财务数据对比。点击上方公司名可切换其他公司
US Foods Holding Corp.的季度营收约是嘉年华集团的1.5倍（$9.8B vs $6.3B），嘉年华集团净利率更高（6.6% vs 1.9%，领先4.8%），嘉年华集团同比增速更快（6.6% vs 3.3%），US Foods Holding Corp.自由现金流更多（$159.0M vs $12.0M），过去两年嘉年华集团的营收复合增速更高（8.2% vs 4.6%）
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。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
CCL vs USFD — 直观对比
营收规模更大
USFD
是对方的1.5倍
$6.3B
营收增速更快
CCL
高出3.4%
3.3%
净利率更高
CCL
高出4.8%
1.9%
自由现金流更多
USFD
多$147.0M
$12.0M
两年增速更快
CCL
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $9.8B |
| 净利润 | $421.0M | $184.0M |
| 毛利率 | — | 17.6% |
| 营业利润率 | 11.6% | 3.3% |
| 净利率 | 6.6% | 1.9% |
| 营收同比 | 6.6% | 3.3% |
| 净利润同比 | 38.9% | 178.8% |
| 每股收益（稀释后） | $0.33 | $0.82 |
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CCLUSFD
| Q4 25 | $6.3B | $9.8B | ||
| Q3 25 | $8.2B | $10.2B | ||
| Q2 25 | $6.3B | $10.1B | ||
| Q1 25 | $5.8B | $9.4B | ||
| Q4 24 | $5.9B | $9.5B | ||
| Q3 24 | $7.9B | $9.7B | ||
| Q2 24 | $5.8B | $9.7B | ||
| Q1 24 | $5.4B | $8.9B |
净利润CCLUSFD
| Q4 25 | $421.0M | $184.0M | ||
| Q3 25 | $1.9B | $153.0M | ||
| Q2 25 | $565.0M | $224.0M | ||
| Q1 25 | $-78.0M | $115.0M | ||
| Q4 24 | $303.0M | $66.0M | ||
| Q3 24 | $1.7B | $148.0M | ||
| Q2 24 | $92.0M | $198.0M | ||
| Q1 24 | $-214.0M | $82.0M |
毛利率CCLUSFD
| Q4 25 | — | 17.6% | ||
| Q3 25 | 46.2% | 17.2% | ||
| Q2 25 | 38.6% | 17.6% | ||
| Q1 25 | 35.2% | 17.3% | ||
| Q4 24 | 35.5% | 17.6% | ||
| Q3 24 | 45.5% | 17.1% | ||
| Q2 24 | 34.3% | 17.6% | ||
| Q1 24 | 31.5% | 16.7% |
营业利润率CCLUSFD
| Q4 25 | 11.6% | 3.3% | ||
| Q3 25 | 27.9% | 2.8% | ||
| Q2 25 | 14.8% | 3.7% | ||
| Q1 25 | 9.3% | 2.4% | ||
| Q4 24 | 9.4% | 3.2% | ||
| Q3 24 | 27.6% | 2.9% | ||
| Q2 24 | 9.7% | 3.6% | ||
| Q1 24 | 5.1% | 1.8% |
净利率CCLUSFD
| Q4 25 | 6.6% | 1.9% | ||
| Q3 25 | 22.7% | 1.5% | ||
| Q2 25 | 8.9% | 2.2% | ||
| Q1 25 | -1.3% | 1.2% | ||
| Q4 24 | 5.1% | 0.7% | ||
| Q3 24 | 22.0% | 1.5% | ||
| Q2 24 | 1.6% | 2.0% | ||
| Q1 24 | -4.0% | 0.9% |
每股收益（稀释后）CCLUSFD
| Q4 25 | $0.33 | $0.82 | ||
| Q3 25 | $1.33 | $0.67 | ||
| Q2 25 | $0.42 | $0.96 | ||
| Q1 25 | $-0.06 | $0.49 | ||
| Q4 24 | $0.28 | $0.28 | ||
| Q3 24 | $1.26 | $0.61 | ||
| Q2 24 | $0.07 | $0.80 | ||
| Q1 24 | $-0.17 | $0.33 |
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 | $41.0M |
| 总债务越低越好 | $27.4B | $5.1B |
| 股东权益账面价值 | $12.3B | $4.3B |
| 总资产 | $51.7B | $13.9B |
| 负债/权益比越低杠杆越低 | 2.23× | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资CCLUSFD
| Q4 25 | $1.9B | $41.0M | ||
| Q3 25 | $1.8B | $56.0M | ||
| Q2 25 | $2.1B | $61.0M | ||
| Q1 25 | $833.0M | $101.0M | ||
| Q4 24 | $1.2B | $59.0M | ||
| Q3 24 | $1.5B | $81.0M | ||
| Q2 24 | $1.6B | $405.0M | ||
| Q1 24 | $2.2B | $267.0M |
总债务CCLUSFD
| Q4 25 | $27.4B | $5.1B | ||
| Q3 25 | $27.2B | $4.8B | ||
| Q2 25 | $28.0B | $4.7B | ||
| Q1 25 | $27.7B | $4.7B | ||
| Q4 24 | $28.2B | $4.8B | ||
| Q3 24 | $29.6B | $4.7B | ||
| Q2 24 | $30.2B | $4.6B | ||
| Q1 24 | $31.6B | $4.6B |
股东权益CCLUSFD
| Q4 25 | $12.3B | $4.3B | ||
| Q3 25 | $11.9B | $4.5B | ||
| Q2 25 | $10.0B | $4.6B | ||
| Q1 25 | $9.2B | $4.6B | ||
| Q4 24 | $9.3B | $4.5B | ||
| Q3 24 | $8.6B | $4.6B | ||
| Q2 24 | $6.8B | $5.0B | ||
| Q1 24 | $6.7B | $4.8B |
总资产CCLUSFD
| Q4 25 | $51.7B | $13.9B | ||
| Q3 25 | $50.8B | $14.0B | ||
| Q2 25 | $51.2B | $13.8B | ||
| Q1 25 | $48.5B | $13.7B | ||
| Q4 24 | $49.1B | $13.4B | ||
| Q3 24 | $49.8B | $13.5B | ||
| Q2 24 | $49.6B | $13.7B | ||
| Q1 24 | $49.8B | $13.4B |
负债/权益比CCLUSFD
| Q4 25 | 2.23× | 1.18× | ||
| Q3 25 | 2.28× | 1.08× | ||
| Q2 25 | 2.79× | 1.02× | ||
| Q1 25 | 3.02× | 1.02× | ||
| Q4 24 | 3.05× | 1.06× | ||
| Q3 24 | 3.45× | 1.01× | ||
| Q2 24 | 4.43× | 0.92× | ||
| Q1 24 | 4.72× | 0.95× |
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 | $293.0M |
| 自由现金流经营现金流 - 资本支出 | $12.0M | $159.0M |
| 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% | 1.4% |
| 现金转化率经营现金流/净利润 | 3.61× | 1.59× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $959.0M |
8季度趋势，按日历期对齐
经营现金流CCLUSFD
| Q4 25 | $1.5B | $293.0M | ||
| Q3 25 | $1.4B | $351.0M | ||
| Q2 25 | $2.4B | $334.0M | ||
| Q1 25 | $925.0M | $391.0M | ||
| Q4 24 | $911.0M | $283.0M | ||
| Q3 24 | $1.2B | $270.0M | ||
| Q2 24 | $2.0B | $482.0M | ||
| Q1 24 | $1.8B | $139.0M |
自由现金流CCLUSFD
| Q4 25 | $12.0M | $159.0M | ||
| Q3 25 | $736.0M | $236.0M | ||
| Q2 25 | $1.5B | $257.0M | ||
| Q1 25 | $318.0M | $307.0M | ||
| Q4 24 | $319.0M | $178.0M | ||
| Q3 24 | $628.0M | $190.0M | ||
| Q2 24 | $720.0M | $413.0M | ||
| Q1 24 | $-370.0M | $52.0M |
自由现金流率CCLUSFD
| Q4 25 | 0.2% | 1.6% | ||
| Q3 25 | 9.0% | 2.3% | ||
| Q2 25 | 24.4% | 2.5% | ||
| Q1 25 | 5.5% | 3.3% | ||
| Q4 24 | 5.4% | 1.9% | ||
| Q3 24 | 8.0% | 2.0% | ||
| Q2 24 | 12.5% | 4.3% | ||
| Q1 24 | -6.8% | 0.6% |
资本支出强度CCLUSFD
| Q4 25 | 23.8% | 1.4% | ||
| Q3 25 | 7.9% | 1.1% | ||
| Q2 25 | 13.4% | 0.8% | ||
| Q1 25 | 10.4% | 0.9% | ||
| Q4 24 | 10.0% | 1.1% | ||
| Q3 24 | 7.3% | 0.8% | ||
| Q2 24 | 22.8% | 0.7% | ||
| Q1 24 | 39.5% | 1.0% |
现金转化率CCLUSFD
| Q4 25 | 3.61× | 1.59× | ||
| Q3 25 | 0.75× | 2.29× | ||
| Q2 25 | 4.23× | 1.49× | ||
| Q1 25 | — | 3.40× | ||
| Q4 24 | 3.01× | 4.29× | ||
| Q3 24 | 0.69× | 1.82× | ||
| Q2 24 | 22.16× | 2.43× | ||
| Q1 24 | — | 1.70× |
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% |
USFD
| Product One | $3.5B | 36% |
| Product Two | $1.7B | 17% |
| Product Three | $1.7B | 17% |
| Product Four | $985.0M | 10% |
| Product Five | $901.0M | 9% |
| Product Six | $580.0M | 6% |
| Product Seven | $485.0M | 5% |
