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加拿大国家铁路（CP）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
加拿大国家铁路的季度营收约是诺唯真游轮控股的1.3倍（$2.8B vs $2.2B），加拿大国家铁路净利率更高（27.7% vs 0.6%，领先27.0%），诺唯真游轮控股同比增速更快（6.4% vs 1.3%），加拿大国家铁路自由现金流更多（$537.3M vs $21.5M），过去两年加拿大国家铁路的营收复合增速更高（5.6% vs 1.2%）
加拿大国家铁路是加拿大一级货运铁路企业，总部位于魁北克省蒙特利尔市，业务覆盖加拿大全境及美国中西部、南部区域，是加拿大两大主力货运铁路运营商之一，与加拿大太平洋堪萨斯城铁路公司齐名。
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%。
CP vs NCLH — 直观对比
营收规模更大
CP
是对方的1.3倍
$2.2B
营收增速更快
NCLH
高出5.1%
1.3%
净利率更高
CP
高出27.0%
0.6%
自由现金流更多
CP
多$515.8M
$21.5M
两年增速更快
CP
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.2B |
| 净利润 | $786.2M | $14.3M |
| 毛利率 | — | 41.0% |
| 营业利润率 | 41.4% | 8.3% |
| 净利率 | 27.7% | 0.6% |
| 营收同比 | 1.3% | 6.4% |
| 净利润同比 | -10.3% | -94.4% |
| 每股收益（稀释后） | — | $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CPNCLH
| Q4 25 | $2.8B | $2.2B | ||
| Q3 25 | $2.7B | $2.9B | ||
| Q2 25 | $2.7B | $2.5B | ||
| Q1 25 | $2.8B | $2.1B | ||
| Q4 24 | $2.8B | $2.1B | ||
| Q3 24 | $2.6B | $2.8B | ||
| Q2 24 | $2.6B | $2.4B | ||
| Q1 24 | $2.5B | $2.2B |
净利润CPNCLH
| Q4 25 | $786.2M | $14.3M | ||
| Q3 25 | $671.6M | $419.3M | ||
| Q2 25 | $900.8M | $30.0M | ||
| Q1 25 | $664.3M | $-40.3M | ||
| Q4 24 | $876.7M | $254.5M | ||
| Q3 24 | $611.0M | $474.9M | ||
| Q2 24 | $660.6M | $163.4M | ||
| Q1 24 | $565.8M | $17.4M |
毛利率CPNCLH
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 47.1% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 38.7% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 38.7% | ||
| Q1 24 | — | 36.7% |
营业利润率CPNCLH
| Q4 25 | 41.4% | 8.3% | ||
| Q3 25 | 36.8% | 25.5% | ||
| Q2 25 | 36.6% | 16.8% | ||
| Q1 25 | 35.0% | 9.4% | ||
| Q4 24 | 40.6% | 10.2% | ||
| Q3 24 | 34.3% | 24.6% | ||
| Q2 24 | 35.4% | 14.4% | ||
| Q1 24 | 32.9% | 10.0% |
净利率CPNCLH
| Q4 25 | 27.7% | 0.6% | ||
| Q3 25 | 25.3% | 14.3% | ||
| Q2 25 | 33.6% | 1.2% | ||
| Q1 25 | 24.2% | -1.9% | ||
| Q4 24 | 31.2% | 12.1% | ||
| Q3 24 | 23.9% | 16.9% | ||
| Q2 24 | 25.3% | 6.9% | ||
| Q1 24 | 22.2% | 0.8% |
每股收益（稀释后）CPNCLH
| Q4 25 | — | $0.08 | ||
| Q3 25 | — | $0.86 | ||
| Q2 25 | — | $0.07 | ||
| Q1 25 | — | $-0.09 | ||
| Q4 24 | — | $0.55 | ||
| Q3 24 | — | $0.95 | ||
| Q2 24 | — | $0.35 | ||
| Q1 24 | — | $0.04 |
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 | $134.3M | $209.9M |
| 总债务越低越好 | $14.6B | $13.7B |
| 股东权益账面价值 | $33.5B | $2.2B |
| 总资产 | $62.7B | $22.5B |
| 负债/权益比越低杠杆越低 | 0.43× | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资CPNCLH
| Q4 25 | $134.3M | $209.9M | ||
| Q3 25 | $300.0M | $166.8M | ||
| Q2 25 | $583.3M | $184.0M | ||
| Q1 25 | $507.4M | $184.4M | ||
| Q4 24 | $539.5M | $190.8M | ||
| Q3 24 | $338.0M | $332.5M | ||
| Q2 24 | $406.6M | $594.1M | ||
| Q1 24 | $378.9M | $559.8M |
总债务CPNCLH
| Q4 25 | $14.6B | $13.7B | ||
| Q3 25 | $15.8B | $13.6B | ||
| Q2 25 | $15.5B | $12.6B | ||
| Q1 25 | $15.4B | $12.9B | ||
| Q4 24 | $14.5B | $11.8B | ||
| Q3 24 | $13.7B | $11.8B | ||
| Q2 24 | $13.8B | $11.9B | ||
| Q1 24 | $13.7B | $12.0B |
股东权益CPNCLH
| Q4 25 | $33.5B | $2.2B | ||
| Q3 25 | $33.4B | $2.2B | ||
| Q2 25 | $33.7B | $1.6B | ||
| Q1 25 | $35.2B | $1.4B | ||
| Q4 24 | $35.0B | $1.4B | ||
| Q3 24 | $32.2B | $1.1B | ||
| Q2 24 | $32.0B | $693.1M | ||
| Q1 24 | $31.3B | $362.1M |
总资产CPNCLH
| Q4 25 | $62.7B | $22.5B | ||
| Q3 25 | $63.3B | $22.2B | ||
| Q2 25 | $62.2B | $21.6B | ||
| Q1 25 | $64.3B | $21.4B | ||
| Q4 24 | $64.1B | $20.0B | ||
| Q3 24 | $60.0B | $19.8B | ||
| Q2 24 | $60.4B | $20.1B | ||
| Q1 24 | $59.6B | $19.8B |
负债/权益比CPNCLH
| Q4 25 | 0.43× | 6.21× | ||
| Q3 25 | 0.47× | 6.22× | ||
| Q2 25 | 0.46× | 8.05× | ||
| Q1 25 | 0.44× | 9.09× | ||
| Q4 24 | 0.41× | 8.26× | ||
| Q3 24 | 0.42× | 10.35× | ||
| Q2 24 | 0.43× | 17.19× | ||
| Q1 24 | 0.44× | 33.16× |
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 | $1.1B | $459.1M |
| 自由现金流经营现金流 - 资本支出 | $537.3M | $21.5M |
| 自由现金流率自由现金流/营收 | 18.9% | 1.0% |
| 资本支出强度资本支出/营收 | 20.2% | 19.5% |
| 现金转化率经营现金流/净利润 | 1.42× | 32.21× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $-1.2B |
8季度趋势，按日历期对齐
经营现金流CPNCLH
| Q4 25 | $1.1B | $459.1M | ||
| Q3 25 | $930.0M | $236.6M | ||
| Q2 25 | $989.1M | $714.9M | ||
| Q1 25 | $843.9M | $679.2M | ||
| Q4 24 | $1.2B | $399.3M | ||
| Q3 24 | $928.6M | $172.5M | ||
| Q2 24 | $932.9M | $670.9M | ||
| Q1 24 | $741.0M | $807.2M |
自由现金流CPNCLH
| Q4 25 | $537.3M | $21.5M | ||
| Q3 25 | $302.2M | $-726.5M | ||
| Q2 25 | $446.8M | $381.2M | ||
| Q1 25 | $324.9M | $-846.0M | ||
| Q4 24 | $702.3M | $155.8M | ||
| Q3 24 | $382.5M | $-195.5M | ||
| Q2 24 | $343.1M | $330.2M | ||
| Q1 24 | $356.2M | $548.3M |
自由现金流率CPNCLH
| Q4 25 | 18.9% | 1.0% | ||
| Q3 25 | 11.4% | -24.7% | ||
| Q2 25 | 16.7% | 15.1% | ||
| Q1 25 | 11.8% | -39.8% | ||
| Q4 24 | 25.0% | 7.4% | ||
| Q3 24 | 15.0% | -7.0% | ||
| Q2 24 | 13.1% | 13.9% | ||
| Q1 24 | 14.0% | 25.0% |
资本支出强度CPNCLH
| Q4 25 | 20.2% | 19.5% | ||
| Q3 25 | 23.7% | 32.8% | ||
| Q2 25 | 20.2% | 13.3% | ||
| Q1 25 | 18.9% | 71.7% | ||
| Q4 24 | 19.3% | 11.5% | ||
| Q3 24 | 21.4% | 13.1% | ||
| Q2 24 | 22.6% | 14.4% | ||
| Q1 24 | 15.1% | 11.8% |
现金转化率CPNCLH
| Q4 25 | 1.42× | 32.21× | ||
| Q3 25 | 1.38× | 0.56× | ||
| Q2 25 | 1.10× | 23.83× | ||
| Q1 25 | 1.27× | — | ||
| Q4 24 | 1.42× | 1.57× | ||
| Q3 24 | 1.52× | 0.36× | ||
| Q2 24 | 1.41× | 4.10× | ||
| Q1 24 | 1.31× | 46.51× |
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
CP
暂无分部数据
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
