vs
Expand Energy（EXE）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Expand Energy的1.4倍（$4.5B vs $3.3B），皇家加勒比集团净利率更高（21.3% vs 16.9%，领先4.4%），Expand Energy同比增速更快（63.5% vs 11.3%），过去两年Expand Energy的营收复合增速更高（29.6% vs 4.1%）
Expand Energy是按净日产量统计的美国最大独立天然气生产商，总部位于俄克拉荷马城，运营范围覆盖宾夕法尼亚州、西弗吉尼亚州境内马塞勒斯地层的阿巴拉契亚盆地，以及路易斯安那州西北部的海恩斯维尔页岩区块。
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。
EXE vs RCL — 直观对比
营收规模更大
RCL
是对方的1.4倍
$3.3B
营收增速更快
EXE
高出52.2%
11.3%
净利率更高
RCL
高出4.4%
16.9%
两年增速更快
EXE
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $4.5B |
| 净利润 | $553.0M | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | 22.8% | 26.1% |
| 净利率 | 16.9% | 21.3% |
| 营收同比 | 63.5% | 11.3% |
| 净利润同比 | 238.6% | 29.1% |
| 每股收益（稀释后） | $2.33 | $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EXERCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $3.3B | $4.3B | ||
| Q3 25 | $3.0B | $5.1B | ||
| Q2 25 | $3.7B | $4.5B | ||
| Q1 25 | $2.2B | $4.0B | ||
| Q4 24 | $2.0B | $3.8B | ||
| Q3 24 | $648.0M | $4.9B | ||
| Q2 24 | — | $4.1B |
净利润EXERCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $553.0M | $753.0M | ||
| Q3 25 | $547.0M | $1.6B | ||
| Q2 25 | $968.0M | $1.2B | ||
| Q1 25 | $-249.0M | $730.0M | ||
| Q4 24 | $-399.0M | $552.0M | ||
| Q3 24 | $-114.0M | $1.1B | ||
| Q2 24 | — | $854.0M |
毛利率EXERCL
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
营业利润率EXERCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 22.8% | 21.9% | ||
| Q3 25 | 24.4% | 33.1% | ||
| Q2 25 | 34.4% | 29.3% | ||
| Q1 25 | -12.2% | 23.6% | ||
| Q4 24 | -19.3% | 16.6% | ||
| Q3 24 | -23.9% | 33.4% | ||
| Q2 24 | — | 26.7% |
净利率EXERCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 16.9% | 17.7% | ||
| Q3 25 | 18.4% | 30.6% | ||
| Q2 25 | 26.2% | 26.7% | ||
| Q1 25 | -11.3% | 18.3% | ||
| Q4 24 | -19.9% | 14.7% | ||
| Q3 24 | -17.6% | 22.7% | ||
| Q2 24 | — | 20.8% |
每股收益（稀释后）EXERCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $2.33 | $2.76 | ||
| Q3 25 | $2.28 | $5.74 | ||
| Q2 25 | $4.02 | $4.41 | ||
| Q1 25 | $-1.06 | $2.70 | ||
| Q4 24 | $-2.15 | $2.27 | ||
| Q3 24 | $-0.85 | $4.21 | ||
| Q2 24 | — | $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 | $616.0M | $512.0M |
| 总债务越低越好 | $5.0B | $21.1B |
| 股东权益账面价值 | $18.6B | $10.0B |
| 总资产 | $28.3B | $42.0B |
| 负债/权益比越低杠杆越低 | 0.27× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资EXERCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $616.0M | $825.0M | ||
| Q3 25 | $613.0M | $432.0M | ||
| Q2 25 | $731.0M | $735.0M | ||
| Q1 25 | $349.0M | $386.0M | ||
| Q4 24 | $317.0M | $388.0M | ||
| Q3 24 | $1.0B | $418.0M | ||
| Q2 24 | — | $391.0M |
总债务EXERCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $5.0B | $18.2B | ||
| Q3 25 | $5.0B | $17.2B | ||
| Q2 25 | $5.1B | $17.6B | ||
| Q1 25 | $5.2B | $18.0B | ||
| Q4 24 | $5.7B | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B |
股东权益EXERCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $18.6B | $10.0B | ||
| Q3 25 | $18.1B | $10.1B | ||
| Q2 25 | $17.9B | $9.2B | ||
| Q1 25 | $17.2B | $8.0B | ||
| Q4 24 | $17.6B | $7.6B | ||
| Q3 24 | $10.2B | $7.0B | ||
| Q2 24 | — | $6.0B |
总资产EXERCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $28.3B | $41.6B | ||
| Q3 25 | $27.6B | $40.1B | ||
| Q2 25 | $27.8B | $38.5B | ||
| Q1 25 | $27.9B | $37.5B | ||
| Q4 24 | $27.9B | $37.1B | ||
| Q3 24 | $13.4B | $37.1B | ||
| Q2 24 | — | $37.0B |
负债/权益比EXERCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | 0.27× | 1.81× | ||
| Q3 25 | 0.28× | 1.70× | ||
| Q2 25 | 0.29× | 1.92× | ||
| Q1 25 | 0.30× | 2.26× | ||
| Q4 24 | 0.32× | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 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 | $956.0M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $215.0M | — |
| 自由现金流率自由现金流/营收 | 6.6% | — |
| 资本支出强度资本支出/营收 | 22.6% | — |
| 现金转化率经营现金流/净利润 | 1.73× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $1.8B | — |
8季度趋势，按日历期对齐
经营现金流EXERCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $956.0M | $1.6B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $382.0M | $1.5B | ||
| Q3 24 | $422.0M | $897.0M | ||
| Q2 24 | — | $1.6B |
自由现金流EXERCL
| Q1 26 | — | — | ||
| Q4 25 | $215.0M | $116.0M | ||
| Q3 25 | $426.0M | $-989.0M | ||
| Q2 25 | $665.0M | $910.0M | ||
| Q1 25 | $533.0M | $1.2B | ||
| Q4 24 | $-154.0M | $915.0M | ||
| Q3 24 | $124.0M | $563.0M | ||
| Q2 24 | — | $-567.0M |
自由现金流率EXERCL
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 2.7% | ||
| Q3 25 | 14.4% | -19.2% | ||
| Q2 25 | 18.0% | 20.1% | ||
| Q1 25 | 24.3% | 30.0% | ||
| Q4 24 | -7.7% | 24.3% | ||
| Q3 24 | 19.1% | 11.5% | ||
| Q2 24 | — | -13.8% |
资本支出强度EXERCL
| Q1 26 | — | — | ||
| Q4 25 | 22.6% | 35.4% | ||
| Q3 25 | 26.1% | 47.8% | ||
| Q2 25 | 17.8% | 18.4% | ||
| Q1 25 | 25.6% | 10.7% | ||
| Q4 24 | 26.8% | 14.7% | ||
| Q3 24 | 46.0% | 6.8% | ||
| Q2 24 | — | 52.1% |
现金转化率EXERCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 1.73× | 2.16× | ||
| Q3 25 | 2.20× | 0.93× | ||
| Q2 25 | 1.37× | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 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
EXE
| Oil And Gas | $2.3B | 70% |
| Natural Gas Marketing Sales | $734.0M | 22% |
| Natural Gas Liquids Sales | $174.0M | 5% |
| Natural Gas Liquids Marketing Sales | $34.0M | 1% |
| Oil Marketing Sales | $31.0M | 1% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
