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C.H. Robinson（CHRW）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
皇家加勒比集团的季度营收约是C.H. Robinson的1.1倍（$4.3B vs $3.9B），皇家加勒比集团净利率更高（17.7% vs 3.5%，领先14.2%），皇家加勒比集团同比增速更快（13.3% vs -6.5%），C.H. Robinson自由现金流更多（$302.4M 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 -5.8%）
C.H. Robinson是美国知名第三方物流与运输服务企业，业务涵盖货运代理、运输管理、中介经纪及仓储服务，可提供整车、零担、空运、多式联运、海运等多种运输解决方案，满足全球客户差异化物流需求。
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。
CHRW vs RCL — 直观对比
营收规模更大
RCL
是对方的1.1倍
$3.9B
营收增速更快
RCL
高出19.8%
-6.5%
净利率更高
RCL
高出14.2%
3.5%
自由现金流更多
CHRW
多$186.4M
$116.0M
两年增速更快
RCL
近两年复合增速
-5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $4.3B |
| 净利润 | $136.3M | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | 4.6% | 21.9% |
| 净利率 | 3.5% | 17.7% |
| 营收同比 | -6.5% | 13.3% |
| 净利润同比 | -8.7% | 36.4% |
| 每股收益（稀释后） | $1.12 | $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CHRWRCL
| Q4 25 | $3.9B | $4.3B | ||
| Q3 25 | $4.1B | $5.1B | ||
| Q2 25 | $4.1B | $4.5B | ||
| Q1 25 | $4.0B | $4.0B | ||
| Q4 24 | $4.2B | $3.8B | ||
| Q3 24 | $4.6B | $4.9B | ||
| Q2 24 | $4.5B | $4.1B | ||
| Q1 24 | $4.4B | $3.7B |
净利润CHRWRCL
| Q4 25 | $136.3M | $753.0M | ||
| Q3 25 | $163.0M | $1.6B | ||
| Q2 25 | $152.5M | $1.2B | ||
| Q1 25 | $135.3M | $730.0M | ||
| Q4 24 | $149.3M | $552.0M | ||
| Q3 24 | $97.2M | $1.1B | ||
| Q2 24 | $126.3M | $854.0M | ||
| Q1 24 | $92.9M | $360.0M |
毛利率CHRWRCL
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% | ||
| Q1 24 | — | 44.8% |
营业利润率CHRWRCL
| Q4 25 | 4.6% | 21.9% | ||
| Q3 25 | 5.3% | 33.1% | ||
| Q2 25 | 5.2% | 29.3% | ||
| Q1 25 | 4.4% | 23.6% | ||
| Q4 24 | 4.4% | 16.6% | ||
| Q3 24 | 3.9% | 33.4% | ||
| Q2 24 | 4.0% | 26.7% | ||
| Q1 24 | 2.9% | 20.1% |
净利率CHRWRCL
| Q4 25 | 3.5% | 17.7% | ||
| Q3 25 | 3.9% | 30.6% | ||
| Q2 25 | 3.7% | 26.7% | ||
| Q1 25 | 3.3% | 18.3% | ||
| Q4 24 | 3.6% | 14.7% | ||
| Q3 24 | 2.1% | 22.7% | ||
| Q2 24 | 2.8% | 20.8% | ||
| Q1 24 | 2.1% | 9.7% |
每股收益（稀释后）CHRWRCL
| Q4 25 | $1.12 | $2.76 | ||
| Q3 25 | $1.34 | $5.74 | ||
| Q2 25 | $1.26 | $4.41 | ||
| Q1 25 | $1.11 | $2.70 | ||
| Q4 24 | $1.23 | $2.27 | ||
| Q3 24 | $0.80 | $4.21 | ||
| Q2 24 | $1.05 | $3.11 | ||
| Q1 24 | $0.78 | $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 | $160.9M | $825.0M |
| 总债务越低越好 | $1.1B | $18.2B |
| 股东权益账面价值 | $1.8B | $10.0B |
| 总资产 | $5.1B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.59× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资CHRWRCL
| Q4 25 | $160.9M | $825.0M | ||
| Q3 25 | $136.8M | $432.0M | ||
| Q2 25 | $156.0M | $735.0M | ||
| Q1 25 | $129.9M | $386.0M | ||
| Q4 24 | $145.8M | $388.0M | ||
| Q3 24 | $131.7M | $418.0M | ||
| Q2 24 | $113.2M | $391.0M | ||
| Q1 24 | $121.8M | $437.0M |
总债务CHRWRCL
| Q4 25 | $1.1B | $18.2B | ||
| Q3 25 | $1.2B | $17.2B | ||
| Q2 25 | $1.4B | $17.6B | ||
| Q1 25 | $1.4B | $18.0B | ||
| Q4 24 | $1.4B | $18.5B | ||
| Q3 24 | $1.6B | $19.0B | ||
| Q2 24 | $1.6B | $19.8B | ||
| Q1 24 | $1.7B | $18.9B |
股东权益CHRWRCL
| Q4 25 | $1.8B | $10.0B | ||
| Q3 25 | $1.9B | $10.1B | ||
| Q2 25 | $1.8B | $9.2B | ||
| Q1 25 | $1.7B | $8.0B | ||
| Q4 24 | $1.7B | $7.6B | ||
| Q3 24 | $1.6B | $7.0B | ||
| Q2 24 | $1.5B | $6.0B | ||
| Q1 24 | $1.4B | $5.2B |
总资产CHRWRCL
| Q4 25 | $5.1B | $41.6B | ||
| Q3 25 | $5.2B | $40.1B | ||
| Q2 25 | $5.3B | $38.5B | ||
| Q1 25 | $5.2B | $37.5B | ||
| Q4 24 | $5.3B | $37.1B | ||
| Q3 24 | $5.6B | $37.1B | ||
| Q2 24 | $5.5B | $37.0B | ||
| Q1 24 | $5.5B | $35.2B |
负债/权益比CHRWRCL
| Q4 25 | 0.59× | 1.81× | ||
| Q3 25 | 0.64× | 1.70× | ||
| Q2 25 | 0.76× | 1.92× | ||
| Q1 25 | 0.80× | 2.26× | ||
| Q4 24 | 0.80× | 2.44× | ||
| Q3 24 | 0.95× | 2.69× | ||
| Q2 24 | 1.07× | 3.29× | ||
| Q1 24 | 1.19× | 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 | $305.4M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $302.4M | $116.0M |
| 自由现金流率自由现金流/营收 | 7.7% | 2.7% |
| 资本支出强度资本支出/营收 | 0.1% | 35.4% |
| 现金转化率经营现金流/净利润 | 2.24× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $894.9M | $1.2B |
8季度趋势，按日历期对齐
经营现金流CHRWRCL
| Q4 25 | $305.4M | $1.6B | ||
| Q3 25 | $275.4M | $1.5B | ||
| Q2 25 | $227.1M | $1.7B | ||
| Q1 25 | $106.5M | $1.6B | ||
| Q4 24 | $267.9M | $1.5B | ||
| Q3 24 | $108.1M | $897.0M | ||
| Q2 24 | $166.4M | $1.6B | ||
| Q1 24 | $-33.3M | $1.3B |
自由现金流CHRWRCL
| Q4 25 | $302.4M | $116.0M | ||
| Q3 25 | $269.5M | $-989.0M | ||
| Q2 25 | $219.8M | $910.0M | ||
| Q1 25 | $103.2M | $1.2B | ||
| Q4 24 | $265.3M | $915.0M | ||
| Q3 24 | $103.3M | $563.0M | ||
| Q2 24 | $159.8M | $-567.0M | ||
| Q1 24 | $-41.9M | $1.1B |
自由现金流率CHRWRCL
| Q4 25 | 7.7% | 2.7% | ||
| Q3 25 | 6.5% | -19.2% | ||
| Q2 25 | 5.3% | 20.1% | ||
| Q1 25 | 2.5% | 30.0% | ||
| Q4 24 | 6.3% | 24.3% | ||
| Q3 24 | 2.2% | 11.5% | ||
| Q2 24 | 3.6% | -13.8% | ||
| Q1 24 | -1.0% | 29.1% |
资本支出强度CHRWRCL
| Q4 25 | 0.1% | 35.4% | ||
| Q3 25 | 0.1% | 47.8% | ||
| Q2 25 | 0.2% | 18.4% | ||
| Q1 25 | 0.1% | 10.7% | ||
| Q4 24 | 0.1% | 14.7% | ||
| Q3 24 | 0.1% | 6.8% | ||
| Q2 24 | 0.1% | 52.1% | ||
| Q1 24 | 0.2% | 6.5% |
现金转化率CHRWRCL
| Q4 25 | 2.24× | 2.16× | ||
| Q3 25 | 1.69× | 0.93× | ||
| Q2 25 | 1.49× | 1.44× | ||
| Q1 25 | 0.79× | 2.23× | ||
| Q4 24 | 1.79× | 2.66× | ||
| Q3 24 | 1.11× | 0.81× | ||
| Q2 24 | 1.32× | 1.84× | ||
| Q1 24 | -0.36× | 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
CHRW
| North American Service Transportation NAST | $2.8B | 72% |
| Global Forwarding | $731.0M | 19% |
| Sourcing | $340.9M | 9% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
