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CHS INC（CHSCP）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
CHS INC的季度营收约是皇家加勒比集团的2.0倍（$8.9B vs $4.5B），皇家加勒比集团净利率更高（21.3% vs 2.9%，领先18.4%），皇家加勒比集团同比增速更快（11.3% vs -4.6%），过去两年皇家加勒比集团的营收复合增速更高（4.1% vs -1.2%）
CHS Inc是美国顶尖农业合作社企业，跻身财富世界500强，总部位于明尼苏达州因弗格罗夫海茨，由美国本土农业合作社、农牧从业者及优先股股东共同所有。公司业务覆盖食品加工批发、农资供应、金融服务、零售等多个领域，在北美中西部共19个州分销Cenex品牌燃料，是北美大型连锁便利店运营商之一，同时合资持股植物油生产商文图拉食品。
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。
CHSCP vs RCL — 直观对比
营收规模更大
CHSCP
是对方的2.0倍
$4.5B
营收增速更快
RCL
高出16.0%
-4.6%
净利率更高
RCL
高出18.4%
2.9%
两年增速更快
RCL
近两年复合增速
-1.2%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.9B | $4.5B |
| 净利润 | $260.5M | $950.0M |
| 毛利率 | 4.4% | — |
| 营业利润率 | 1.4% | 26.1% |
| 净利率 | 2.9% | 21.3% |
| 营收同比 | -4.6% | 11.3% |
| 净利润同比 | 6.4% | 29.1% |
| 每股收益（稀释后） | — | $3.48 |
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CHSCPRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $8.9B | $4.3B | ||
| Q3 25 | $13.2B | $5.1B | ||
| Q2 25 | $9.8B | $4.5B | ||
| Q1 25 | $3.2B | $4.0B | ||
| Q4 24 | $9.3B | $3.8B | ||
| Q3 24 | $9.2B | $4.9B | ||
| Q2 24 | $9.6B | $4.1B |
净利润CHSCPRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $260.5M | $753.0M | ||
| Q3 25 | $196.7M | $1.6B | ||
| Q2 25 | $232.2M | $1.2B | ||
| Q1 25 | $-75.8M | $730.0M | ||
| Q4 24 | $244.8M | $552.0M | ||
| Q3 24 | $111.8M | $1.1B | ||
| Q2 24 | $297.3M | $854.0M |
毛利率CHSCPRCL
| Q1 26 | — | — | ||
| Q4 25 | 4.4% | 47.4% | ||
| Q3 25 | 2.5% | 51.8% | ||
| Q2 25 | 3.4% | 49.7% | ||
| Q1 25 | 2.4% | 48.0% | ||
| Q4 24 | 4.3% | 45.4% | ||
| Q3 24 | 3.0% | 51.1% | ||
| Q2 24 | 4.9% | 47.6% |
营业利润率CHSCPRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 1.4% | 21.9% | ||
| Q3 25 | 0.4% | 33.1% | ||
| Q2 25 | 0.7% | 29.3% | ||
| Q1 25 | -5.4% | 23.6% | ||
| Q4 24 | 1.5% | 16.6% | ||
| Q3 24 | -0.3% | 33.4% | ||
| Q2 24 | 1.6% | 26.7% |
净利率CHSCPRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 2.9% | 17.7% | ||
| Q3 25 | 1.5% | 30.6% | ||
| Q2 25 | 2.4% | 26.7% | ||
| Q1 25 | -2.4% | 18.3% | ||
| Q4 24 | 2.6% | 14.7% | ||
| Q3 24 | 1.2% | 22.7% | ||
| Q2 24 | 3.1% | 20.8% |
每股收益（稀释后）CHSCPRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | — | $2.76 | ||
| Q3 25 | — | $5.74 | ||
| Q2 25 | — | $4.41 | ||
| Q1 25 | — | $2.70 | ||
| Q4 24 | — | $2.27 | ||
| Q3 24 | — | $4.21 | ||
| Q2 24 | — | $3.11 |
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 | $374.7M | $512.0M |
| 总债务越低越好 | $1.7B | $21.1B |
| 股东权益账面价值 | $11.2B | $10.0B |
| 总资产 | $20.7B | $42.0B |
| 负债/权益比越低杠杆越低 | 0.16× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资CHSCPRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $374.7M | $825.0M | ||
| Q3 25 | $327.8M | $432.0M | ||
| Q2 25 | $323.9M | $735.0M | ||
| Q1 25 | $433.3M | $386.0M | ||
| Q4 24 | $795.6M | $388.0M | ||
| Q3 24 | $1.3B | $418.0M | ||
| Q2 24 | $310.1M | $391.0M |
总债务CHSCPRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $1.7B | $18.2B | ||
| Q3 25 | $1.7B | $17.2B | ||
| Q2 25 | $1.8B | $17.6B | ||
| Q1 25 | $1.8B | $18.0B | ||
| Q4 24 | $1.8B | $18.5B | ||
| Q3 24 | $1.8B | $19.0B | ||
| Q2 24 | $1.7B | $19.8B |
股东权益CHSCPRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $11.2B | $10.0B | ||
| Q3 25 | $11.1B | $10.1B | ||
| Q2 25 | $10.8B | $9.2B | ||
| Q1 25 | $10.7B | $8.0B | ||
| Q4 24 | $10.8B | $7.6B | ||
| Q3 24 | $10.8B | $7.0B | ||
| Q2 24 | $10.9B | $6.0B |
总资产CHSCPRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $20.7B | $41.6B | ||
| Q3 25 | $18.9B | $40.1B | ||
| Q2 25 | $19.7B | $38.5B | ||
| Q1 25 | $20.1B | $37.5B | ||
| Q4 24 | $19.6B | $37.1B | ||
| Q3 24 | $18.7B | $37.1B | ||
| Q2 24 | $18.5B | $37.0B |
负债/权益比CHSCPRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | 0.16× | 1.81× | ||
| Q3 25 | 0.16× | 1.70× | ||
| Q2 25 | 0.17× | 1.92× | ||
| Q1 25 | 0.17× | 2.26× | ||
| Q4 24 | 0.17× | 2.44× | ||
| Q3 24 | 0.17× | 2.69× | ||
| Q2 24 | 0.15× | 3.29× |
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 | $-337.8M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $-453.8M | — |
| 自由现金流率自由现金流/营收 | -5.1% | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | -1.30× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $-60.0M | — |
8季度趋势，按日历期对齐
经营现金流CHSCPRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $-337.8M | $1.6B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $696.6M | $1.7B | ||
| Q1 25 | $-1.0B | $1.6B | ||
| Q4 24 | $-294.0M | $1.5B | ||
| Q3 24 | $1.1B | $897.0M | ||
| Q2 24 | $556.9M | $1.6B |
自由现金流CHSCPRCL
| Q1 26 | — | — | ||
| Q4 25 | $-453.8M | $116.0M | ||
| Q3 25 | $1.1B | $-989.0M | ||
| Q2 25 | $520.6M | $910.0M | ||
| Q1 25 | $-1.2B | $1.2B | ||
| Q4 24 | $-486.6M | $915.0M | ||
| Q3 24 | $845.8M | $563.0M | ||
| Q2 24 | $361.6M | $-567.0M |
自由现金流率CHSCPRCL
| Q1 26 | — | — | ||
| Q4 25 | -5.1% | 2.7% | ||
| Q3 25 | 8.1% | -19.2% | ||
| Q2 25 | 5.3% | 20.1% | ||
| Q1 25 | -38.1% | 30.0% | ||
| Q4 24 | -5.2% | 24.3% | ||
| Q3 24 | 9.2% | 11.5% | ||
| Q2 24 | 3.8% | -13.8% |
资本支出强度CHSCPRCL
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 35.4% | ||
| Q3 25 | 1.5% | 47.8% | ||
| Q2 25 | 1.8% | 18.4% | ||
| Q1 25 | 5.2% | 10.7% | ||
| Q4 24 | 2.1% | 14.7% | ||
| Q3 24 | 2.9% | 6.8% | ||
| Q2 24 | 2.0% | 52.1% |
现金转化率CHSCPRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | -1.30× | 2.16× | ||
| Q3 25 | 6.46× | 0.93× | ||
| Q2 25 | 3.00× | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | -1.20× | 2.66× | ||
| Q3 24 | 9.96× | 0.81× | ||
| Q2 24 | 1.87× | 1.84× |
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
CHSCP
| Grains | $5.2B | 59% |
| Agronomy | $1.2B | 14% |
| CF Nitrogen LLC | $1.1B | 12% |
| Ventura Foods Llc | $838.2M | 9% |
| Other | $283.9M | 3% |
| ASC Topic815 | $198.7M | 2% |
| West Central Ag Services | $18.0M | 0% |
| Other Guidance | $1.4M | 0% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
