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康明斯（CMI）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
康明斯的季度营收约是皇家加勒比集团的1.9倍（$8.5B vs $4.5B），皇家加勒比集团净利率更高（21.3% vs 7.3%，领先14.1%），皇家加勒比集团同比增速更快（11.3% vs 1.1%），过去两年皇家加勒比集团的营收复合增速更高（4.1% vs 0.8%）
康明斯是总部位于美国的跨国企业，专注于设计、制造及销售柴油发动机、电动汽车零部件、发电产品，同时提供发动机及相关配套设备的维保服务，业务覆盖燃油系统、空气处理系统、过滤设备、排放控制、发电系统及发动机控制单元等多个领域。
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。
CMI vs RCL — 直观对比
营收规模更大
CMI
是对方的1.9倍
$4.5B
营收增速更快
RCL
高出10.3%
1.1%
净利率更高
RCL
高出14.1%
7.3%
两年增速更快
RCL
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.5B | $4.5B |
| 净利润 | $620.0M | $950.0M |
| 毛利率 | 22.9% | — |
| 营业利润率 | 9.5% | 26.1% |
| 净利率 | 7.3% | 21.3% |
| 营收同比 | 1.1% | 11.3% |
| 净利润同比 | 39.3% | 29.1% |
| 每股收益（稀释后） | $4.25 | $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CMIRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $8.5B | $4.3B | ||
| Q3 25 | $8.3B | $5.1B | ||
| Q2 25 | $8.6B | $4.5B | ||
| Q1 25 | $8.2B | $4.0B | ||
| Q4 24 | $8.4B | $3.8B | ||
| Q3 24 | $8.5B | $4.9B | ||
| Q2 24 | $8.8B | $4.1B |
净利润CMIRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $620.0M | $753.0M | ||
| Q3 25 | $559.0M | $1.6B | ||
| Q2 25 | $928.0M | $1.2B | ||
| Q1 25 | $850.0M | $730.0M | ||
| Q4 24 | $445.0M | $552.0M | ||
| Q3 24 | $843.0M | $1.1B | ||
| Q2 24 | $752.0M | $854.0M |
毛利率CMIRCL
| Q1 26 | — | — | ||
| Q4 25 | 22.9% | 47.4% | ||
| Q3 25 | 25.6% | 51.8% | ||
| Q2 25 | 26.4% | 49.7% | ||
| Q1 25 | 26.4% | 48.0% | ||
| Q4 24 | 24.1% | 45.4% | ||
| Q3 24 | 25.7% | 51.1% | ||
| Q2 24 | 24.9% | 47.6% |
营业利润率CMIRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 9.5% | 21.9% | ||
| Q3 25 | 10.2% | 33.1% | ||
| Q2 25 | 14.2% | 29.3% | ||
| Q1 25 | 13.9% | 23.6% | ||
| Q4 24 | 8.7% | 16.6% | ||
| Q3 24 | 12.4% | 33.4% | ||
| Q2 24 | 11.9% | 26.7% |
净利率CMIRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 7.3% | 17.7% | ||
| Q3 25 | 6.7% | 30.6% | ||
| Q2 25 | 10.7% | 26.7% | ||
| Q1 25 | 10.4% | 18.3% | ||
| Q4 24 | 5.3% | 14.7% | ||
| Q3 24 | 10.0% | 22.7% | ||
| Q2 24 | 8.5% | 20.8% |
每股收益（稀释后）CMIRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $4.25 | $2.76 | ||
| Q3 25 | $3.86 | $5.74 | ||
| Q2 25 | $6.43 | $4.41 | ||
| Q1 25 | $5.96 | $2.70 | ||
| Q4 24 | $3.22 | $2.27 | ||
| Q3 24 | $5.86 | $4.21 | ||
| Q2 24 | $5.26 | $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 | $4.4B | $512.0M |
| 总债务越低越好 | $6.8B | $21.1B |
| 股东权益账面价值 | $12.3B | $10.0B |
| 总资产 | $34.0B | $42.0B |
| 负债/权益比越低杠杆越低 | 0.55× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资CMIRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $4.4B | $825.0M | ||
| Q3 25 | $3.2B | $432.0M | ||
| Q2 25 | $3.1B | $735.0M | ||
| Q1 25 | $2.2B | $386.0M | ||
| Q4 24 | $2.3B | $388.0M | ||
| Q3 24 | $2.3B | $418.0M | ||
| Q2 24 | $2.2B | $391.0M |
总债务CMIRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $6.8B | $18.2B | ||
| Q3 25 | $6.8B | $17.2B | ||
| Q2 25 | $6.8B | $17.6B | ||
| Q1 25 | $4.8B | $18.0B | ||
| Q4 24 | $4.8B | $18.5B | ||
| Q3 24 | $4.9B | $19.0B | ||
| Q2 24 | $5.4B | $19.8B |
股东权益CMIRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $12.3B | $10.0B | ||
| Q3 25 | $12.1B | $10.1B | ||
| Q2 25 | $11.8B | $9.2B | ||
| Q1 25 | $10.9B | $8.0B | ||
| Q4 24 | $10.3B | $7.6B | ||
| Q3 24 | $10.3B | $7.0B | ||
| Q2 24 | $9.6B | $6.0B |
总资产CMIRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $34.0B | $41.6B | ||
| Q3 25 | $33.6B | $40.1B | ||
| Q2 25 | $34.3B | $38.5B | ||
| Q1 25 | $32.5B | $37.5B | ||
| Q4 24 | $31.5B | $37.1B | ||
| Q3 24 | $32.1B | $37.1B | ||
| Q2 24 | $31.3B | $37.0B |
负债/权益比CMIRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | 0.55× | 1.81× | ||
| Q3 25 | 0.57× | 1.70× | ||
| Q2 25 | 0.58× | 1.92× | ||
| Q1 25 | 0.44× | 2.26× | ||
| Q4 24 | 0.47× | 2.44× | ||
| Q3 24 | 0.47× | 2.69× | ||
| Q2 24 | 0.57× | 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 | $1.5B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $990.0M | — |
| 自由现金流率自由现金流/营收 | 11.6% | — |
| 资本支出强度资本支出/营收 | 6.4% | — |
| 现金转化率经营现金流/净利润 | 2.47× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $2.4B | — |
8季度趋势，按日历期对齐
经营现金流CMIRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $785.0M | $1.7B | ||
| Q1 25 | $-3.0M | $1.6B | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | $640.0M | $897.0M | ||
| Q2 24 | $-851.0M | $1.6B |
自由现金流CMIRCL
| Q1 26 | — | — | ||
| Q4 25 | $990.0M | $116.0M | ||
| Q3 25 | $1.0B | $-989.0M | ||
| Q2 25 | $554.0M | $910.0M | ||
| Q1 25 | $-165.0M | $1.2B | ||
| Q4 24 | $882.0M | $915.0M | ||
| Q3 24 | $381.0M | $563.0M | ||
| Q2 24 | $-1.1B | $-567.0M |
自由现金流率CMIRCL
| Q1 26 | — | — | ||
| Q4 25 | 11.6% | 2.7% | ||
| Q3 25 | 12.1% | -19.2% | ||
| Q2 25 | 6.4% | 20.1% | ||
| Q1 25 | -2.0% | 30.0% | ||
| Q4 24 | 10.4% | 24.3% | ||
| Q3 24 | 4.5% | 11.5% | ||
| Q2 24 | -12.4% | -13.8% |
资本支出强度CMIRCL
| Q1 26 | — | — | ||
| Q4 25 | 6.4% | 35.4% | ||
| Q3 25 | 3.6% | 47.8% | ||
| Q2 25 | 2.7% | 18.4% | ||
| Q1 25 | 2.0% | 10.7% | ||
| Q4 24 | 6.4% | 14.7% | ||
| Q3 24 | 3.1% | 6.8% | ||
| Q2 24 | 2.7% | 52.1% |
现金转化率CMIRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 2.47× | 2.16× | ||
| Q3 25 | 2.33× | 0.93× | ||
| Q2 25 | 0.85× | 1.44× | ||
| Q1 25 | -0.00× | 2.23× | ||
| Q4 24 | 3.20× | 2.66× | ||
| Q3 24 | 0.76× | 0.81× | ||
| Q2 24 | -1.13× | 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
CMI
| Other | $2.9B | 34% |
| Parts | $1.0B | 12% |
| Mediumdutytruckandbus | $638.0M | 7% |
| Heavydutytruck | $623.0M | 7% |
| Intersegmentsales | $620.0M | 7% |
| PSBU Power Generation | $577.0M | 7% |
| Related Party | $469.0M | 5% |
| Services | $449.0M | 5% |
| Lightdutyautomotive | $440.0M | 5% |
| Industrial | $333.0M | 4% |
| Offhighway | $279.0M | 3% |
| Generatortechnologies | $152.0M | 2% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
