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天弘科技（CLS）与诺唯真游轮控股（NCLH）财务数据对比。点击上方公司名可切换其他公司
天弘科技的季度营收约是诺唯真游轮控股的1.8倍（$4.0B vs $2.2B），天弘科技净利率更高（5.2% vs 0.6%，领先4.6%），天弘科技同比增速更快（52.8% vs 6.4%），天弘科技自由现金流更多（$137.9M vs $21.5M），过去两年天弘科技的营收复合增速更高（35.4% vs 1.2%）
天弘科技（Celestica Inc.）是总部位于加拿大安大略省多伦多的跨国电子制造服务（EMS）企业，业务涵盖设计、生产制造、硬件平台搭建及供应链服务，目前在全球15个国家设有50个运营站点，为各行业客户提供专业的电子产业链相关解决方案。
诺唯真游轮（NCL）1966年创立于挪威，为美国知名游轮运营商，总部设于佛罗里达州迈阿密-戴德县，注册地为巴哈马，由诺唯真游轮控股全资持有。按载客量计算，该品牌为全球第四大游轮公司，2021年占全球游轮市场载客量份额约8.6%。
CLS vs NCLH — 直观对比
营收规模更大
CLS
是对方的1.8倍
$2.2B
营收增速更快
CLS
高出46.4%
6.4%
净利率更高
CLS
高出4.6%
0.6%
自由现金流更多
CLS
多$116.4M
$21.5M
两年增速更快
CLS
近两年复合增速
1.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $2.2B |
| 净利润 | $212.3M | $14.3M |
| 毛利率 | 10.8% | 41.0% |
| 营业利润率 | 6723.5% | 8.3% |
| 净利率 | 5.2% | 0.6% |
| 营收同比 | 52.8% | 6.4% |
| 净利润同比 | 146.3% | -94.4% |
| 每股收益（稀释后） | $1.83 | $0.08 |
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CLSNCLH
| Q1 26 | $4.0B | — | ||
| Q4 25 | $3.7B | $2.2B | ||
| Q3 25 | $3.2B | $2.9B | ||
| Q2 25 | $2.9B | $2.5B | ||
| Q1 25 | $2.6B | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $2.5B | $2.8B | ||
| Q2 24 | $2.4B | $2.4B |
净利润CLSNCLH
| Q1 26 | $212.3M | — | ||
| Q4 25 | $267.5M | $14.3M | ||
| Q3 25 | $267.8M | $419.3M | ||
| Q2 25 | $211.0M | $30.0M | ||
| Q1 25 | $86.2M | $-40.3M | ||
| Q4 24 | — | $254.5M | ||
| Q3 24 | $89.5M | $474.9M | ||
| Q2 24 | $95.0M | $163.4M |
毛利率CLSNCLH
| Q1 26 | 10.8% | — | ||
| Q4 25 | 11.8% | 41.0% | ||
| Q3 25 | 13.0% | 47.1% | ||
| Q2 25 | 12.8% | 42.1% | ||
| Q1 25 | 10.3% | 38.7% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | 10.4% | 45.2% | ||
| Q2 24 | 10.6% | 38.7% |
营业利润率CLSNCLH
| Q1 26 | 6723.5% | — | ||
| Q4 25 | 8.6% | 8.3% | ||
| Q3 25 | 10.2% | 25.5% | ||
| Q2 25 | 9.4% | 16.8% | ||
| Q1 25 | 4.9% | 9.4% | ||
| Q4 24 | — | 10.2% | ||
| Q3 24 | 5.5% | 24.6% | ||
| Q2 24 | 5.6% | 14.4% |
净利率CLSNCLH
| Q1 26 | 5.2% | — | ||
| Q4 25 | 7.3% | 0.6% | ||
| Q3 25 | 8.4% | 14.3% | ||
| Q2 25 | 7.3% | 1.2% | ||
| Q1 25 | 3.3% | -1.9% | ||
| Q4 24 | — | 12.1% | ||
| Q3 24 | 3.6% | 16.9% | ||
| Q2 24 | 4.0% | 6.9% |
每股收益（稀释后）CLSNCLH
| Q1 26 | $1.83 | — | ||
| Q4 25 | $2.29 | $0.08 | ||
| Q3 25 | $2.31 | $0.86 | ||
| Q2 25 | $1.82 | $0.07 | ||
| Q1 25 | $0.74 | $-0.09 | ||
| Q4 24 | — | $0.55 | ||
| Q3 24 | $0.75 | $0.95 | ||
| Q2 24 | $0.80 | $0.35 |
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 | $378.0M | $209.9M |
| 总债务越低越好 | — | $13.7B |
| 股东权益账面价值 | $2.1B | $2.2B |
| 总资产 | $8260.0B | $22.5B |
| 负债/权益比越低杠杆越低 | — | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资CLSNCLH
| Q1 26 | $378.0M | — | ||
| Q4 25 | $595.6M | $209.9M | ||
| Q3 25 | $305.9M | $166.8M | ||
| Q2 25 | $313.8M | $184.0M | ||
| Q1 25 | $303.0M | $184.4M | ||
| Q4 24 | — | $190.8M | ||
| Q3 24 | — | $332.5M | ||
| Q2 24 | — | $594.1M |
总债务CLSNCLH
| Q1 26 | — | — | ||
| Q4 25 | $750.5M | $13.7B | ||
| Q3 25 | $756.7M | $13.6B | ||
| Q2 25 | $848.6M | $12.6B | ||
| Q1 25 | $915.0M | $12.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.9B |
股东权益CLSNCLH
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $2.2B | ||
| Q3 25 | $2.0B | $2.2B | ||
| Q2 25 | $1.8B | $1.6B | ||
| Q1 25 | $1.6B | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $1.8B | $1.1B | ||
| Q2 24 | $1.8B | $693.1M |
总资产CLSNCLH
| Q1 26 | $8260.0B | — | ||
| Q4 25 | $7.2B | $22.5B | ||
| Q3 25 | $6.6B | $22.2B | ||
| Q2 25 | $6.2B | $21.6B | ||
| Q1 25 | $5.8B | $21.4B | ||
| Q4 24 | — | $20.0B | ||
| Q3 24 | — | $19.8B | ||
| Q2 24 | — | $20.1B |
负债/权益比CLSNCLH
| Q1 26 | — | — | ||
| Q4 25 | 0.34× | 6.21× | ||
| Q3 25 | 0.37× | 6.22× | ||
| Q2 25 | 0.48× | 8.05× | ||
| Q1 25 | 0.59× | 9.09× | ||
| Q4 24 | — | 8.26× | ||
| Q3 24 | — | 10.35× | ||
| Q2 24 | — | 17.19× |
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 | $356.3M | $459.1M |
| 自由现金流经营现金流 - 资本支出 | $137.9M | $21.5M |
| 自由现金流率自由现金流/营收 | 3.4% | 1.0% |
| 资本支出强度资本支出/营收 | — | 19.5% |
| 现金转化率经营现金流/净利润 | 1.68× | 32.21× |
| 过去12个月自由现金流最近4个季度 | $502.6M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流CLSNCLH
| Q1 26 | $356.3M | — | ||
| Q4 25 | $250.6M | $459.1M | ||
| Q3 25 | $126.2M | $236.6M | ||
| Q2 25 | $152.4M | $714.9M | ||
| Q1 25 | $130.3M | $679.2M | ||
| Q4 24 | — | $399.3M | ||
| Q3 24 | $122.8M | $172.5M | ||
| Q2 24 | $99.6M | $670.9M |
自由现金流CLSNCLH
| Q1 26 | $137.9M | — | ||
| Q4 25 | $155.9M | $21.5M | ||
| Q3 25 | $88.9M | $-726.5M | ||
| Q2 25 | $119.9M | $381.2M | ||
| Q1 25 | $93.6M | $-846.0M | ||
| Q4 24 | — | $155.8M | ||
| Q3 24 | $76.8M | $-195.5M | ||
| Q2 24 | $62.7M | $330.2M |
自由现金流率CLSNCLH
| Q1 26 | 3.4% | — | ||
| Q4 25 | 4.3% | 1.0% | ||
| Q3 25 | 2.8% | -24.7% | ||
| Q2 25 | 4.1% | 15.1% | ||
| Q1 25 | 3.5% | -39.8% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | 3.1% | -7.0% | ||
| Q2 24 | 2.6% | 13.9% |
资本支出强度CLSNCLH
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 19.5% | ||
| Q3 25 | 1.2% | 32.8% | ||
| Q2 25 | 1.1% | 13.3% | ||
| Q1 25 | 1.4% | 71.7% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | 1.8% | 13.1% | ||
| Q2 24 | 1.5% | 14.4% |
现金转化率CLSNCLH
| Q1 26 | 1.68× | — | ||
| Q4 25 | 0.94× | 32.21× | ||
| Q3 25 | 0.47× | 0.56× | ||
| Q2 25 | 0.72× | 23.83× | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | 1.37× | 0.36× | ||
| Q2 24 | 1.05× | 4.10× |
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
CLS
暂无分部数据
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
