vs
Deckers Brands（DECK）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
诺唯真游轮控股的季度营收约是Deckers Brands的1.1倍（$2.2B vs $2.0B），Deckers Brands净利率更高（24.6% vs 0.6%，领先23.9%），Deckers Brands同比增速更快（7.1% vs 6.4%），Deckers Brands自由现金流更多（$1.0B vs $21.5M），过去两年Deckers Brands的营收复合增速更高（42.8% vs 1.2%）
Deckers Brands是1973年成立的美国鞋履设计与分销企业，总部位于加利福尼亚州戈利塔，由道格·奥托与卡尔·F·洛普克共同创立。公司旗下拥有UGG、Teva、Hoka等全球知名鞋履品牌，产品覆盖休闲、户外等多个领域，销往世界多地。
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%。
DECK vs NCLH — 直观对比
营收规模更大
NCLH
是对方的1.1倍
$2.0B
营收增速更快
DECK
高出0.7%
6.4%
净利率更高
DECK
高出23.9%
0.6%
自由现金流更多
DECK
多$998.8M
$21.5M
两年增速更快
DECK
近两年复合增速
1.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $2.2B |
| 净利润 | $481.1M | $14.3M |
| 毛利率 | 59.8% | 41.0% |
| 营业利润率 | 31.4% | 8.3% |
| 净利率 | 24.6% | 0.6% |
| 营收同比 | 7.1% | 6.4% |
| 净利润同比 | 5.3% | -94.4% |
| 每股收益（稀释后） | $3.33 | $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DECKNCLH
| Q4 25 | $2.0B | $2.2B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $964.5M | $2.5B | ||
| Q1 25 | $1.0B | $2.1B | ||
| Q4 24 | $1.8B | $2.1B | ||
| Q3 24 | $1.3B | $2.8B | ||
| Q2 24 | $825.3M | $2.4B | ||
| Q1 24 | $959.8M | $2.2B |
净利润DECKNCLH
| Q4 25 | $481.1M | $14.3M | ||
| Q3 25 | $268.2M | $419.3M | ||
| Q2 25 | $139.2M | $30.0M | ||
| Q1 25 | $151.4M | $-40.3M | ||
| Q4 24 | $456.7M | $254.5M | ||
| Q3 24 | $242.3M | $474.9M | ||
| Q2 24 | $115.6M | $163.4M | ||
| Q1 24 | $127.5M | $17.4M |
毛利率DECKNCLH
| Q4 25 | 59.8% | 41.0% | ||
| Q3 25 | 56.2% | 47.1% | ||
| Q2 25 | 55.8% | 42.1% | ||
| Q1 25 | 56.7% | 38.7% | ||
| Q4 24 | 60.3% | 38.0% | ||
| Q3 24 | 55.9% | 45.2% | ||
| Q2 24 | 56.9% | 38.7% | ||
| Q1 24 | 56.2% | 36.7% |
营业利润率DECKNCLH
| Q4 25 | 31.4% | 8.3% | ||
| Q3 25 | 22.8% | 25.5% | ||
| Q2 25 | 17.1% | 16.8% | ||
| Q1 25 | 17.0% | 9.4% | ||
| Q4 24 | 31.0% | 10.2% | ||
| Q3 24 | 23.3% | 24.6% | ||
| Q2 24 | 16.1% | 14.4% | ||
| Q1 24 | 15.0% | 10.0% |
净利率DECKNCLH
| Q4 25 | 24.6% | 0.6% | ||
| Q3 25 | 18.7% | 14.3% | ||
| Q2 25 | 14.4% | 1.2% | ||
| Q1 25 | 14.8% | -1.9% | ||
| Q4 24 | 25.0% | 12.1% | ||
| Q3 24 | 18.5% | 16.9% | ||
| Q2 24 | 14.0% | 6.9% | ||
| Q1 24 | 13.3% | 0.8% |
每股收益（稀释后）DECKNCLH
| Q4 25 | $3.33 | $0.08 | ||
| Q3 25 | $1.82 | $0.86 | ||
| Q2 25 | $0.93 | $0.07 | ||
| Q1 25 | $-2.78 | $-0.09 | ||
| Q4 24 | $3.00 | $0.55 | ||
| Q3 24 | $1.59 | $0.95 | ||
| Q2 24 | $4.52 | $0.35 | ||
| Q1 24 | $4.82 | $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 | $2.1B | $209.9M |
| 总债务越低越好 | — | $13.7B |
| 股东权益账面价值 | $2.6B | $2.2B |
| 总资产 | $4.1B | $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DECKNCLH
| Q4 25 | $2.1B | $209.9M | ||
| Q3 25 | $1.4B | $166.8M | ||
| Q2 25 | $1.7B | $184.0M | ||
| Q1 25 | $1.9B | $184.4M | ||
| Q4 24 | $2.2B | $190.8M | ||
| Q3 24 | $1.2B | $332.5M | ||
| Q2 24 | $1.4B | $594.1M | ||
| Q1 24 | $1.5B | $559.8M |
总债务DECKNCLH
| Q4 25 | — | $13.7B | ||
| Q3 25 | — | $13.6B | ||
| Q2 25 | — | $12.6B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.9B | ||
| Q1 24 | — | $12.0B |
股东权益DECKNCLH
| Q4 25 | $2.6B | $2.2B | ||
| Q3 25 | $2.5B | $2.2B | ||
| Q2 25 | $2.5B | $1.6B | ||
| Q1 25 | $2.5B | $1.4B | ||
| Q4 24 | $2.6B | $1.4B | ||
| Q3 24 | $2.2B | $1.1B | ||
| Q2 24 | $2.1B | $693.1M | ||
| Q1 24 | $2.1B | $362.1M |
总资产DECKNCLH
| Q4 25 | $4.1B | $22.5B | ||
| Q3 25 | $3.8B | $22.2B | ||
| Q2 25 | $3.8B | $21.6B | ||
| Q1 25 | $3.6B | $21.4B | ||
| Q4 24 | $4.0B | $20.0B | ||
| Q3 24 | $3.4B | $19.8B | ||
| Q2 24 | $3.3B | $20.1B | ||
| Q1 24 | $3.1B | $19.8B |
负债/权益比DECKNCLH
| Q4 25 | — | 6.21× | ||
| Q3 25 | — | 6.22× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | 9.09× | ||
| Q4 24 | — | 8.26× | ||
| Q3 24 | — | 10.35× | ||
| Q2 24 | — | 17.19× | ||
| Q1 24 | — | 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 | $1.0B | $459.1M |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $21.5M |
| 自由现金流率自由现金流/营收 | 52.1% | 1.0% |
| 资本支出强度资本支出/营收 | 1.1% | 19.5% |
| 现金转化率经营现金流/净利润 | 2.17× | 32.21× |
| 过去12个月自由现金流最近4个季度 | $929.1M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流DECKNCLH
| Q4 25 | $1.0B | $459.1M | ||
| Q3 25 | $8.1M | $236.6M | ||
| Q2 25 | $36.1M | $714.9M | ||
| Q1 25 | $-73.0M | $679.2M | ||
| Q4 24 | $1.1B | $399.3M | ||
| Q3 24 | $-90.5M | $172.5M | ||
| Q2 24 | $112.7M | $670.9M | ||
| Q1 24 | $-28.7M | $807.2M |
自由现金流DECKNCLH
| Q4 25 | $1.0B | $21.5M | ||
| Q3 25 | $-13.9M | $-726.5M | ||
| Q2 25 | $12.2M | $381.2M | ||
| Q1 25 | $-89.4M | $-846.0M | ||
| Q4 24 | $1.1B | $155.8M | ||
| Q3 24 | $-113.4M | $-195.5M | ||
| Q2 24 | $90.1M | $330.2M | ||
| Q1 24 | $-44.0M | $548.3M |
自由现金流率DECKNCLH
| Q4 25 | 52.1% | 1.0% | ||
| Q3 25 | -1.0% | -24.7% | ||
| Q2 25 | 1.3% | 15.1% | ||
| Q1 25 | -8.8% | -39.8% | ||
| Q4 24 | 58.6% | 7.4% | ||
| Q3 24 | -8.6% | -7.0% | ||
| Q2 24 | 10.9% | 13.9% | ||
| Q1 24 | -4.6% | 25.0% |
资本支出强度DECKNCLH
| Q4 25 | 1.1% | 19.5% | ||
| Q3 25 | 1.5% | 32.8% | ||
| Q2 25 | 2.5% | 13.3% | ||
| Q1 25 | 1.6% | 71.7% | ||
| Q4 24 | 1.3% | 11.5% | ||
| Q3 24 | 1.7% | 13.1% | ||
| Q2 24 | 2.7% | 14.4% | ||
| Q1 24 | 1.6% | 11.8% |
现金转化率DECKNCLH
| Q4 25 | 2.17× | 32.21× | ||
| Q3 25 | 0.03× | 0.56× | ||
| Q2 25 | 0.26× | 23.83× | ||
| Q1 25 | -0.48× | — | ||
| Q4 24 | 2.40× | 1.57× | ||
| Q3 24 | -0.37× | 0.36× | ||
| Q2 24 | 0.97× | 4.10× | ||
| Q1 24 | -0.22× | 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
DECK
| UGG Brand Segment | $1.3B | 67% |
| Hoka Brand Segment | $628.9M | 32% |
| Other Brands Segment | $23.2M | 1% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
