vs
FirstEnergy（FE）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FirstEnergy的1.2倍（$4.5B vs $3.8B），皇家加勒比集团净利率更高（21.3% vs -1.3%，领先22.6%），FirstEnergy同比增速更快（19.6% vs 11.3%），过去两年FirstEnergy的营收复合增速更高（7.5% vs 4.1%）
FirstEnergy Corp是总部位于美国俄亥俄州阿克伦市的电力公用事业企业，主营电力供应、电网运营相关业务，于1997年由俄亥俄爱迪生公司与森特里奥尔能源公司合并组建，是美国中西部地区颇具影响力的公共事业服务商。
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。
FE vs RCL — 直观对比
营收规模更大
RCL
是对方的1.2倍
$3.8B
营收增速更快
FE
高出8.2%
11.3%
净利率更高
RCL
高出22.6%
-1.3%
两年增速更快
FE
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $4.5B |
| 净利润 | $-49.0M | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | -0.6% | 26.1% |
| 净利率 | -1.3% | 21.3% |
| 营收同比 | 19.6% | 11.3% |
| 净利润同比 | -118.8% | 29.1% |
| 每股收益（稀释后） | $-0.08 | $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FERCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $3.8B | $4.3B | ||
| Q3 25 | $4.1B | $5.1B | ||
| Q2 25 | $3.4B | $4.5B | ||
| Q1 25 | $3.8B | $4.0B | ||
| Q4 24 | $3.2B | $3.8B | ||
| Q3 24 | $3.7B | $4.9B | ||
| Q2 24 | $3.3B | $4.1B |
净利润FERCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $-49.0M | $753.0M | ||
| Q3 25 | $441.0M | $1.6B | ||
| Q2 25 | $268.0M | $1.2B | ||
| Q1 25 | $360.0M | $730.0M | ||
| Q4 24 | $261.0M | $552.0M | ||
| Q3 24 | $419.0M | $1.1B | ||
| Q2 24 | $45.0M | $854.0M |
毛利率FERCL
| 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FERCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | -0.6% | 21.9% | ||
| Q3 25 | 20.0% | 33.1% | ||
| Q2 25 | 19.1% | 29.3% | ||
| Q1 25 | 20.0% | 23.6% | ||
| Q4 24 | 19.3% | 16.6% | ||
| Q3 24 | 19.5% | 33.4% | ||
| Q2 24 | 12.9% | 26.7% |
净利率FERCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | -1.3% | 17.7% | ||
| Q3 25 | 10.6% | 30.6% | ||
| Q2 25 | 7.9% | 26.7% | ||
| Q1 25 | 9.6% | 18.3% | ||
| Q4 24 | 8.2% | 14.7% | ||
| Q3 24 | 11.2% | 22.7% | ||
| Q2 24 | 1.4% | 20.8% |
每股收益（稀释后）FERCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $-0.08 | $2.76 | ||
| Q3 25 | $0.76 | $5.74 | ||
| Q2 25 | $0.46 | $4.41 | ||
| Q1 25 | $0.62 | $2.70 | ||
| Q4 24 | $0.45 | $2.27 | ||
| Q3 24 | $0.73 | $4.21 | ||
| Q2 24 | $0.08 | $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 | $57.0M | $512.0M |
| 总债务越低越好 | $25.5B | $21.1B |
| 股东权益账面价值 | $12.5B | $10.0B |
| 总资产 | $55.9B | $42.0B |
| 负债/权益比越低杠杆越低 | 2.04× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资FERCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $57.0M | $825.0M | ||
| Q3 25 | $1.4B | $432.0M | ||
| Q2 25 | $569.0M | $735.0M | ||
| Q1 25 | $132.0M | $386.0M | ||
| Q4 24 | $111.0M | $388.0M | ||
| Q3 24 | $439.0M | $418.0M | ||
| Q2 24 | $60.0M | $391.0M |
总债务FERCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $25.5B | $18.2B | ||
| Q3 25 | $25.5B | $17.2B | ||
| Q2 25 | $23.7B | $17.6B | ||
| Q1 25 | $21.2B | $18.0B | ||
| Q4 24 | $22.5B | $18.5B | ||
| Q3 24 | $21.6B | $19.0B | ||
| Q2 24 | $20.8B | $19.8B |
股东权益FERCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $12.5B | $10.0B | ||
| Q3 25 | $12.8B | $10.1B | ||
| Q2 25 | $12.9B | $9.2B | ||
| Q1 25 | $12.6B | $8.0B | ||
| Q4 24 | $12.5B | $7.6B | ||
| Q3 24 | $12.4B | $7.0B | ||
| Q2 24 | $12.5B | $6.0B |
总资产FERCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $55.9B | $41.6B | ||
| Q3 25 | $55.9B | $40.1B | ||
| Q2 25 | $54.2B | $38.5B | ||
| Q1 25 | $52.8B | $37.5B | ||
| Q4 24 | $52.0B | $37.1B | ||
| Q3 24 | $50.8B | $37.1B | ||
| Q2 24 | $51.0B | $37.0B |
负债/权益比FERCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | 2.04× | 1.81× | ||
| Q3 25 | 1.99× | 1.70× | ||
| Q2 25 | 1.85× | 1.92× | ||
| Q1 25 | 1.69× | 2.26× | ||
| Q4 24 | 1.81× | 2.44× | ||
| Q3 24 | 1.74× | 2.69× | ||
| Q2 24 | 1.67× | 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 | $1.1B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $-30.0M | — |
| 自由现金流率自由现金流/营收 | -0.8% | — |
| 资本支出强度资本支出/营收 | 30.7% | — |
| 现金转化率经营现金流/净利润 | — | 1.93× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | — |
8季度趋势，按日历期对齐
经营现金流FERCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $845.0M | $1.5B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $637.0M | $1.6B | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $775.0M | $897.0M | ||
| Q2 24 | $1.1B | $1.6B |
自由现金流FERCL
| Q1 26 | — | — | ||
| Q4 25 | $-30.0M | $116.0M | ||
| Q3 25 | $-471.0M | $-989.0M | ||
| Q2 25 | $-136.0M | $910.0M | ||
| Q1 25 | $-368.0M | $1.2B | ||
| Q4 24 | $-250.0M | $915.0M | ||
| Q3 24 | $-229.0M | $563.0M | ||
| Q2 24 | $170.0M | $-567.0M |
自由现金流率FERCL
| Q1 26 | — | — | ||
| Q4 25 | -0.8% | 2.7% | ||
| Q3 25 | -11.4% | -19.2% | ||
| Q2 25 | -4.0% | 20.1% | ||
| Q1 25 | -9.8% | 30.0% | ||
| Q4 24 | -7.9% | 24.3% | ||
| Q3 24 | -6.1% | 11.5% | ||
| Q2 24 | 5.2% | -13.8% |
资本支出强度FERCL
| Q1 26 | — | — | ||
| Q4 25 | 30.7% | 35.4% | ||
| Q3 25 | 31.7% | 47.8% | ||
| Q2 25 | 36.0% | 18.4% | ||
| Q1 25 | 26.7% | 10.7% | ||
| Q4 24 | 40.7% | 14.7% | ||
| Q3 24 | 26.9% | 6.8% | ||
| Q2 24 | 28.7% | 52.1% |
现金转化率FERCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | — | 2.16× | ||
| Q3 25 | 1.92× | 0.93× | ||
| Q2 25 | 4.04× | 1.44× | ||
| Q1 25 | 1.77× | 2.23× | ||
| Q4 24 | 4.00× | 2.66× | ||
| Q3 24 | 1.85× | 0.81× | ||
| Q2 24 | 24.71× | 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
FE
| Integrated Segment | $1.4B | 37% |
| Other | $1.4B | 36% |
| Stand Alone Transmission Segment | $466.0M | 12% |
| Industrial Customers | $167.0M | 4% |
| Mid Atlantic Interstate Transmission LLC | $118.0M | 3% |
| Transmission | $105.0M | 3% |
| Transmission Segment | $68.0M | 2% |
| Tr AIL | $63.0M | 2% |
| Internal Customers | $10.0M | 0% |
| Wholesale Sales | $6.0M | 0% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
