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CDW Corporation（CDW）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是皇家加勒比集团的1.3倍（$5.5B vs $4.3B），皇家加勒比集团同比增速更快（13.3% vs 6.3%），CDW Corporation自由现金流更多（$395.9M vs $116.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs 6.3%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
CDW vs RCL — 直观对比
营收规模更大
CDW
是对方的1.3倍
$4.3B
营收增速更快
RCL
高出7.0%
6.3%
自由现金流更多
CDW
多$279.9M
$116.0M
两年增速更快
RCL
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $4.3B |
| 净利润 | — | $753.0M |
| 毛利率 | 22.8% | 47.4% |
| 营业利润率 | 7.8% | 21.9% |
| 净利率 | — | 17.7% |
| 营收同比 | 6.3% | 13.3% |
| 净利润同比 | — | 36.4% |
| 每股收益（稀释后） | $2.13 | $2.76 |
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CDWRCL
| Q4 25 | $5.5B | $4.3B | ||
| Q3 25 | $5.7B | $5.1B | ||
| Q2 25 | $6.0B | $4.5B | ||
| Q1 25 | $5.2B | $4.0B | ||
| Q4 24 | $5.2B | $3.8B | ||
| Q3 24 | $5.5B | $4.9B | ||
| Q2 24 | $5.4B | $4.1B | ||
| Q1 24 | $4.9B | $3.7B |
净利润CDWRCL
| Q4 25 | — | $753.0M | ||
| Q3 25 | $291.0M | $1.6B | ||
| Q2 25 | $271.2M | $1.2B | ||
| Q1 25 | $224.9M | $730.0M | ||
| Q4 24 | — | $552.0M | ||
| Q3 24 | $316.4M | $1.1B | ||
| Q2 24 | $281.1M | $854.0M | ||
| Q1 24 | $216.1M | $360.0M |
毛利率CDWRCL
| Q4 25 | 22.8% | 47.4% | ||
| Q3 25 | 21.9% | 51.8% | ||
| Q2 25 | 20.8% | 49.7% | ||
| Q1 25 | 21.6% | 48.0% | ||
| Q4 24 | 22.3% | 45.4% | ||
| Q3 24 | 21.8% | 51.1% | ||
| Q2 24 | 21.8% | 47.6% | ||
| Q1 24 | 21.8% | 44.8% |
营业利润率CDWRCL
| Q4 25 | 7.8% | 21.9% | ||
| Q3 25 | 7.7% | 33.1% | ||
| Q2 25 | 7.0% | 29.3% | ||
| Q1 25 | 7.0% | 23.6% | ||
| Q4 24 | 7.9% | 16.6% | ||
| Q3 24 | 8.7% | 33.4% | ||
| Q2 24 | 8.0% | 26.7% | ||
| Q1 24 | 6.7% | 20.1% |
净利率CDWRCL
| Q4 25 | — | 17.7% | ||
| Q3 25 | 5.1% | 30.6% | ||
| Q2 25 | 4.5% | 26.7% | ||
| Q1 25 | 4.3% | 18.3% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 5.7% | 22.7% | ||
| Q2 24 | 5.2% | 20.8% | ||
| Q1 24 | 4.4% | 9.7% |
每股收益（稀释后）CDWRCL
| Q4 25 | $2.13 | $2.76 | ||
| Q3 25 | $2.21 | $5.74 | ||
| Q2 25 | $2.05 | $4.41 | ||
| Q1 25 | $1.69 | $2.70 | ||
| Q4 24 | $1.97 | $2.27 | ||
| Q3 24 | $2.34 | $4.21 | ||
| Q2 24 | $2.07 | $3.11 | ||
| Q1 24 | $1.59 | $1.35 |
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 | $618.7M | $825.0M |
| 总债务越低越好 | — | $18.2B |
| 股东权益账面价值 | $2.6B | $10.0B |
| 总资产 | $16.0B | $41.6B |
| 负债/权益比越低杠杆越低 | — | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资CDWRCL
| Q4 25 | $618.7M | $825.0M | ||
| Q3 25 | $452.9M | $432.0M | ||
| Q2 25 | $481.0M | $735.0M | ||
| Q1 25 | $688.1M | $386.0M | ||
| Q4 24 | $717.7M | $388.0M | ||
| Q3 24 | $1.2B | $418.0M | ||
| Q2 24 | $665.3M | $391.0M | ||
| Q1 24 | $803.8M | $437.0M |
总债务CDWRCL
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B | ||
| Q1 24 | — | $18.9B |
股东权益CDWRCL
| Q4 25 | $2.6B | $10.0B | ||
| Q3 25 | $2.5B | $10.1B | ||
| Q2 25 | $2.5B | $9.2B | ||
| Q1 25 | $2.3B | $8.0B | ||
| Q4 24 | $2.4B | $7.6B | ||
| Q3 24 | $2.3B | $7.0B | ||
| Q2 24 | $2.2B | $6.0B | ||
| Q1 24 | $2.1B | $5.2B |
总资产CDWRCL
| Q4 25 | $16.0B | $41.6B | ||
| Q3 25 | $15.2B | $40.1B | ||
| Q2 25 | $15.3B | $38.5B | ||
| Q1 25 | $15.0B | $37.5B | ||
| Q4 24 | $14.7B | $37.1B | ||
| Q3 24 | $14.4B | $37.1B | ||
| Q2 24 | $13.6B | $37.0B | ||
| Q1 24 | $13.2B | $35.2B |
负债/权益比CDWRCL
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× | ||
| Q1 24 | — | 3.66× |
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 | $433.8M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $116.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 2.7% |
| 资本支出强度资本支出/营收 | 0.7% | 35.4% |
| 现金转化率经营现金流/净利润 | — | 2.16× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $1.2B |
8季度趋势，按日历期对齐
经营现金流CDWRCL
| Q4 25 | $433.8M | $1.6B | ||
| Q3 25 | $328.3M | $1.5B | ||
| Q2 25 | $155.9M | $1.7B | ||
| Q1 25 | $287.2M | $1.6B | ||
| Q4 24 | $345.3M | $1.5B | ||
| Q3 24 | $342.1M | $897.0M | ||
| Q2 24 | $149.9M | $1.6B | ||
| Q1 24 | $440.0M | $1.3B |
自由现金流CDWRCL
| Q4 25 | $395.9M | $116.0M | ||
| Q3 25 | $298.5M | $-989.0M | ||
| Q2 25 | $133.4M | $910.0M | ||
| Q1 25 | $260.3M | $1.2B | ||
| Q4 24 | $316.7M | $915.0M | ||
| Q3 24 | $308.5M | $563.0M | ||
| Q2 24 | $119.0M | $-567.0M | ||
| Q1 24 | $410.5M | $1.1B |
自由现金流率CDWRCL
| Q4 25 | 7.2% | 2.7% | ||
| Q3 25 | 5.2% | -19.2% | ||
| Q2 25 | 2.2% | 20.1% | ||
| Q1 25 | 5.0% | 30.0% | ||
| Q4 24 | 6.1% | 24.3% | ||
| Q3 24 | 5.6% | 11.5% | ||
| Q2 24 | 2.2% | -13.8% | ||
| Q1 24 | 8.4% | 29.1% |
资本支出强度CDWRCL
| Q4 25 | 0.7% | 35.4% | ||
| Q3 25 | 0.5% | 47.8% | ||
| Q2 25 | 0.4% | 18.4% | ||
| Q1 25 | 0.5% | 10.7% | ||
| Q4 24 | 0.6% | 14.7% | ||
| Q3 24 | 0.6% | 6.8% | ||
| Q2 24 | 0.6% | 52.1% | ||
| Q1 24 | 0.6% | 6.5% |
现金转化率CDWRCL
| Q4 25 | — | 2.16× | ||
| Q3 25 | 1.13× | 0.93× | ||
| Q2 25 | 0.57× | 1.44× | ||
| Q1 25 | 1.28× | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | 1.08× | 0.81× | ||
| Q2 24 | 0.53× | 1.84× | ||
| Q1 24 | 2.04× | 3.69× |
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
CDW
暂无分部数据
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
