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科迪华（CTVA）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科迪华的1.1倍（$4.3B vs $3.9B），皇家加勒比集团净利率更高（17.7% vs -14.1%，领先31.8%），皇家加勒比集团同比增速更快（13.3% vs -1.7%），科迪华自由现金流更多（$4.2B 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 -6.7%）
科迪华是一家美国农业科技企业，主营种子与作物保护产品，涵盖除草剂、杀虫剂、杀菌剂及生物制剂，业务覆盖全球110个国家，总部位于印第安纳州印第安纳波利斯，旗下大部分种子产品以先锋良种国际品牌销售。
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。
CTVA 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15.0%
-1.7%
净利率更高
RCL
高出31.8%
-14.1%
自由现金流更多
CTVA
多$4.0B
$116.0M
两年增速更快
RCL
近两年复合增速
-6.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $4.3B |
| 净利润 | $-552.0M | $753.0M |
| 毛利率 | 42.4% | 47.4% |
| 营业利润率 | -13.6% | 21.9% |
| 净利率 | -14.1% | 17.7% |
| 营收同比 | -1.7% | 13.3% |
| 净利润同比 | -1246.3% | 36.4% |
| 每股收益（稀释后） | $-0.80 | $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CTVARCL
| Q4 25 | $3.9B | $4.3B | ||
| Q3 25 | $2.6B | $5.1B | ||
| Q2 25 | $6.5B | $4.5B | ||
| Q1 25 | $4.4B | $4.0B | ||
| Q4 24 | $4.0B | $3.8B | ||
| Q3 24 | $2.3B | $4.9B | ||
| Q2 24 | $6.1B | $4.1B | ||
| Q1 24 | $4.5B | $3.7B |
净利润CTVARCL
| Q4 25 | $-552.0M | $753.0M | ||
| Q3 25 | $-320.0M | $1.6B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $652.0M | $730.0M | ||
| Q4 24 | $-41.0M | $552.0M | ||
| Q3 24 | $-524.0M | $1.1B | ||
| Q2 24 | $1.1B | $854.0M | ||
| Q1 24 | $419.0M | $360.0M |
毛利率CTVARCL
| Q4 25 | 42.4% | 47.4% | ||
| Q3 25 | 37.2% | 51.8% | ||
| Q2 25 | 54.6% | 49.7% | ||
| Q1 25 | 47.0% | 48.0% | ||
| Q4 24 | 37.3% | 45.4% | ||
| Q3 24 | 32.7% | 51.1% | ||
| Q2 24 | 52.3% | 47.6% | ||
| Q1 24 | 43.2% | 44.8% |
营业利润率CTVARCL
| Q4 25 | -13.6% | 21.9% | ||
| Q3 25 | -14.1% | 33.1% | ||
| Q2 25 | 27.9% | 29.3% | ||
| Q1 25 | 17.7% | 23.6% | ||
| Q4 24 | 2.2% | 16.6% | ||
| Q3 24 | -27.2% | 33.4% | ||
| Q2 24 | 21.9% | 26.7% | ||
| Q1 24 | 10.7% | 20.1% |
净利率CTVARCL
| Q4 25 | -14.1% | 17.7% | ||
| Q3 25 | -12.2% | 30.6% | ||
| Q2 25 | 20.4% | 26.7% | ||
| Q1 25 | 14.8% | 18.3% | ||
| Q4 24 | -1.0% | 14.7% | ||
| Q3 24 | -22.5% | 22.7% | ||
| Q2 24 | 17.2% | 20.8% | ||
| Q1 24 | 9.3% | 9.7% |
每股收益（稀释后）CTVARCL
| Q4 25 | $-0.80 | $2.76 | ||
| Q3 25 | $-0.47 | $5.74 | ||
| Q2 25 | $1.92 | $4.41 | ||
| Q1 25 | $0.95 | $2.70 | ||
| Q4 24 | $-0.05 | $2.27 | ||
| Q3 24 | $-0.76 | $4.21 | ||
| Q2 24 | $1.51 | $3.11 | ||
| Q1 24 | $0.60 | $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 | $4.5B | $825.0M |
| 总债务越低越好 | $1.7B | $18.2B |
| 股东权益账面价值 | $24.1B | $10.0B |
| 总资产 | $42.8B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.07× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资CTVARCL
| Q4 25 | $4.5B | $825.0M | ||
| Q3 25 | $2.6B | $432.0M | ||
| Q2 25 | $2.1B | $735.0M | ||
| Q1 25 | $2.0B | $386.0M | ||
| Q4 24 | $3.2B | $388.0M | ||
| Q3 24 | $2.5B | $418.0M | ||
| Q2 24 | $2.0B | $391.0M | ||
| Q1 24 | $1.7B | $437.0M |
总债务CTVARCL
| Q4 25 | $1.7B | $18.2B | ||
| Q3 25 | $1.7B | $17.2B | ||
| Q2 25 | $1.7B | $17.6B | ||
| Q1 25 | $1.8B | $18.0B | ||
| Q4 24 | $2.0B | $18.5B | ||
| Q3 24 | $2.0B | $19.0B | ||
| Q2 24 | $2.5B | $19.8B | ||
| Q1 24 | $2.5B | $18.9B |
股东权益CTVARCL
| Q4 25 | $24.1B | $10.0B | ||
| Q3 25 | $25.2B | $10.1B | ||
| Q2 25 | $25.9B | $9.2B | ||
| Q1 25 | $24.3B | $8.0B | ||
| Q4 24 | $23.8B | $7.6B | ||
| Q3 24 | $24.7B | $7.0B | ||
| Q2 24 | $25.2B | $6.0B | ||
| Q1 24 | $24.8B | $5.2B |
总资产CTVARCL
| Q4 25 | $42.8B | $41.6B | ||
| Q3 25 | $42.2B | $40.1B | ||
| Q2 25 | $41.8B | $38.5B | ||
| Q1 25 | $42.1B | $37.5B | ||
| Q4 24 | $40.8B | $37.1B | ||
| Q3 24 | $41.9B | $37.1B | ||
| Q2 24 | $41.5B | $37.0B | ||
| Q1 24 | $43.6B | $35.2B |
负债/权益比CTVARCL
| Q4 25 | 0.07× | 1.81× | ||
| Q3 25 | 0.07× | 1.70× | ||
| Q2 25 | 0.07× | 1.92× | ||
| Q1 25 | 0.07× | 2.26× | ||
| Q4 24 | 0.08× | 2.44× | ||
| Q3 24 | 0.08× | 2.69× | ||
| Q2 24 | 0.10× | 3.29× | ||
| Q1 24 | 0.10× | 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 | $4.4B | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $4.2B | $116.0M |
| 自由现金流率自由现金流/营收 | 106.2% | 2.7% |
| 资本支出强度资本支出/营收 | 5.7% | 35.4% |
| 现金转化率经营现金流/净利润 | — | 2.16× |
| 过去12个月自由现金流最近4个季度 | $2.8B | $1.2B |
8季度趋势，按日历期对齐
经营现金流CTVARCL
| Q4 25 | $4.4B | $1.6B | ||
| Q3 25 | $193.0M | $1.5B | ||
| Q2 25 | $947.0M | $1.7B | ||
| Q1 25 | $-2.1B | $1.6B | ||
| Q4 24 | $4.2B | $1.5B | ||
| Q3 24 | $130.0M | $897.0M | ||
| Q2 24 | $451.0M | $1.6B | ||
| Q1 24 | $-2.6B | $1.3B |
自由现金流CTVARCL
| Q4 25 | $4.2B | $116.0M | ||
| Q3 25 | $36.0M | $-989.0M | ||
| Q2 25 | $829.0M | $910.0M | ||
| Q1 25 | $-2.2B | $1.2B | ||
| Q4 24 | $4.0B | $915.0M | ||
| Q3 24 | $-24.0M | $563.0M | ||
| Q2 24 | $337.0M | $-567.0M | ||
| Q1 24 | $-2.8B | $1.1B |
自由现金流率CTVARCL
| Q4 25 | 106.2% | 2.7% | ||
| Q3 25 | 1.4% | -19.2% | ||
| Q2 25 | 12.8% | 20.1% | ||
| Q1 25 | -49.9% | 30.0% | ||
| Q4 24 | 100.4% | 24.3% | ||
| Q3 24 | -1.0% | 11.5% | ||
| Q2 24 | 5.5% | -13.8% | ||
| Q1 24 | -61.4% | 29.1% |
资本支出强度CTVARCL
| Q4 25 | 5.7% | 35.4% | ||
| Q3 25 | 6.0% | 47.8% | ||
| Q2 25 | 1.8% | 18.4% | ||
| Q1 25 | 2.1% | 10.7% | ||
| Q4 24 | 4.6% | 14.7% | ||
| Q3 24 | 6.6% | 6.8% | ||
| Q2 24 | 1.9% | 52.1% | ||
| Q1 24 | 3.3% | 6.5% |
现金转化率CTVARCL
| Q4 25 | — | 2.16× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | 0.72× | 1.44× | ||
| Q1 25 | -3.23× | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | 0.43× | 1.84× | ||
| Q1 24 | -6.23× | 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
CTVA
| Corn | $1.4B | 35% |
| Herbicides | $1.1B | 27% |
| Insecticides | $488.0M | 12% |
| Fungicides | $272.0M | 7% |
| Biologicals | $191.0M | 5% |
| Soybean | $164.0M | 4% |
| Other | $160.0M | 4% |
| Otheroilseeds | $94.0M | 2% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
