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伟创力（FLEX）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
伟创力的季度营收约是皇家加勒比集团的1.6倍（$7.1B vs $4.5B），皇家加勒比集团净利率更高（21.3% vs 3.4%，领先18.0%），皇家加勒比集团同比增速更快（11.3% vs 7.7%），过去两年伟创力的营收复合增速更高（25.2% vs 4.1%）
伟创力（Flex Ltd.）是一家拥有新加坡与美国背景的跨国制造企业，按营收计算为全球第三大电子制造服务（EMS）及原始设计制造商（ODM），仅次于和硕。其美国总部位于得克萨斯州奥斯汀，在30多个国家设有生产基地，员工总数约17.2万人。
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。
FLEX vs RCL — 直观对比
营收规模更大
FLEX
是对方的1.6倍
$4.5B
营收增速更快
RCL
高出3.7%
7.7%
净利率更高
RCL
高出18.0%
3.4%
两年增速更快
FLEX
近两年复合增速
4.1%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.1B | $4.5B |
| 净利润 | $239.0M | $950.0M |
| 毛利率 | 9.6% | — |
| 营业利润率 | 5.5% | 26.1% |
| 净利率 | 3.4% | 21.3% |
| 营收同比 | 7.7% | 11.3% |
| 净利润同比 | -9.1% | 29.1% |
| 每股收益（稀释后） | $0.64 | $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FLEXRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $7.1B | $4.3B | ||
| Q3 25 | $6.8B | $5.1B | ||
| Q2 25 | $6.6B | $4.5B | ||
| Q1 25 | $6.4B | $4.0B | ||
| Q4 24 | $6.6B | $3.8B | ||
| Q3 24 | $6.5B | $4.9B | ||
| Q2 24 | $6.3B | $4.1B |
净利润FLEXRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $239.0M | $753.0M | ||
| Q3 25 | $199.0M | $1.6B | ||
| Q2 25 | $192.0M | $1.2B | ||
| Q1 25 | $222.0M | $730.0M | ||
| Q4 24 | $263.0M | $552.0M | ||
| Q3 24 | $214.0M | $1.1B | ||
| Q2 24 | $139.0M | $854.0M |
毛利率FLEXRCL
| Q1 26 | — | — | ||
| Q4 25 | 9.6% | 47.4% | ||
| Q3 25 | 9.0% | 51.8% | ||
| Q2 25 | 8.7% | 49.7% | ||
| Q1 25 | 8.8% | 48.0% | ||
| Q4 24 | 9.1% | 45.4% | ||
| Q3 24 | 8.1% | 51.1% | ||
| Q2 24 | 7.5% | 47.6% |
营业利润率FLEXRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 5.5% | 21.9% | ||
| Q3 25 | 4.4% | 33.1% | ||
| Q2 25 | 4.7% | 29.3% | ||
| Q1 25 | 4.8% | 23.6% | ||
| Q4 24 | 5.1% | 16.6% | ||
| Q3 24 | 4.5% | 33.4% | ||
| Q2 24 | 3.7% | 26.7% |
净利率FLEXRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 3.4% | 17.7% | ||
| Q3 25 | 2.9% | 30.6% | ||
| Q2 25 | 2.9% | 26.7% | ||
| Q1 25 | 3.5% | 18.3% | ||
| Q4 24 | 4.0% | 14.7% | ||
| Q3 24 | 3.3% | 22.7% | ||
| Q2 24 | 2.2% | 20.8% |
每股收益（稀释后）FLEXRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $0.64 | $2.76 | ||
| Q3 25 | $0.52 | $5.74 | ||
| Q2 25 | $0.50 | $4.41 | ||
| Q1 25 | $0.56 | $2.70 | ||
| Q4 24 | $0.67 | $2.27 | ||
| Q3 24 | $0.54 | $4.21 | ||
| Q2 24 | $0.34 | $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 | $3.1B | $512.0M |
| 总债务越低越好 | $4.4B | $21.1B |
| 股东权益账面价值 | $5.1B | $10.0B |
| 总资产 | $20.8B | $42.0B |
| 负债/权益比越低杠杆越低 | 0.87× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资FLEXRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $3.1B | $825.0M | ||
| Q3 25 | $2.2B | $432.0M | ||
| Q2 25 | $2.2B | $735.0M | ||
| Q1 25 | $2.3B | $386.0M | ||
| Q4 24 | $2.3B | $388.0M | ||
| Q3 24 | $2.6B | $418.0M | ||
| Q2 24 | $2.2B | $391.0M |
总债务FLEXRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $4.4B | $18.2B | ||
| Q3 25 | $3.7B | $17.2B | ||
| Q2 25 | $3.7B | $17.6B | ||
| Q1 25 | $3.7B | $18.0B | ||
| Q4 24 | $3.7B | $18.5B | ||
| Q3 24 | $3.7B | $19.0B | ||
| Q2 24 | $3.2B | $19.8B |
股东权益FLEXRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $5.1B | $10.0B | ||
| Q3 25 | $5.0B | $10.1B | ||
| Q2 25 | $5.1B | $9.2B | ||
| Q1 25 | $5.0B | $8.0B | ||
| Q4 24 | $5.0B | $7.6B | ||
| Q3 24 | $5.0B | $7.0B | ||
| Q2 24 | $5.0B | $6.0B |
总资产FLEXRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $20.8B | $41.6B | ||
| Q3 25 | $19.5B | $40.1B | ||
| Q2 25 | $19.1B | $38.5B | ||
| Q1 25 | $18.4B | $37.5B | ||
| Q4 24 | $18.3B | $37.1B | ||
| Q3 24 | $18.6B | $37.1B | ||
| Q2 24 | $17.7B | $37.0B |
负债/权益比FLEXRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | 0.87× | 1.81× | ||
| Q3 25 | 0.73× | 1.70× | ||
| Q2 25 | 0.72× | 1.92× | ||
| Q1 25 | 0.74× | 2.26× | ||
| Q4 24 | 0.74× | 2.44× | ||
| Q3 24 | 0.74× | 2.69× | ||
| Q2 24 | 0.64× | 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 | $420.0M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $272.0M | — |
| 自由现金流率自由现金流/营收 | 3.9% | — |
| 资本支出强度资本支出/营收 | 2.1% | — |
| 现金转化率经营现金流/净利润 | 1.76× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $1.2B | — |
8季度趋势，按日历期对齐
经营现金流FLEXRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $420.0M | $1.6B | ||
| Q3 25 | $453.0M | $1.5B | ||
| Q2 25 | $399.0M | $1.7B | ||
| Q1 25 | $433.0M | $1.6B | ||
| Q4 24 | $413.0M | $1.5B | ||
| Q3 24 | $319.0M | $897.0M | ||
| Q2 24 | $340.0M | $1.6B |
自由现金流FLEXRCL
| Q1 26 | — | — | ||
| Q4 25 | $272.0M | $116.0M | ||
| Q3 25 | $303.0M | $-989.0M | ||
| Q2 25 | $266.0M | $910.0M | ||
| Q1 25 | $321.0M | $1.2B | ||
| Q4 24 | $301.0M | $915.0M | ||
| Q3 24 | $216.0M | $563.0M | ||
| Q2 24 | $229.0M | $-567.0M |
自由现金流率FLEXRCL
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 2.7% | ||
| Q3 25 | 4.5% | -19.2% | ||
| Q2 25 | 4.0% | 20.1% | ||
| Q1 25 | 5.0% | 30.0% | ||
| Q4 24 | 4.6% | 24.3% | ||
| Q3 24 | 3.3% | 11.5% | ||
| Q2 24 | 3.6% | -13.8% |
资本支出强度FLEXRCL
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 35.4% | ||
| Q3 25 | 2.2% | 47.8% | ||
| Q2 25 | 2.0% | 18.4% | ||
| Q1 25 | 1.8% | 10.7% | ||
| Q4 24 | 1.7% | 14.7% | ||
| Q3 24 | 1.6% | 6.8% | ||
| Q2 24 | 1.8% | 52.1% |
现金转化率FLEXRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 1.76× | 2.16× | ||
| Q3 25 | 2.28× | 0.93× | ||
| Q2 25 | 2.08× | 1.44× | ||
| Q1 25 | 1.95× | 2.23× | ||
| Q4 24 | 1.57× | 2.66× | ||
| Q3 24 | 1.49× | 0.81× | ||
| Q2 24 | 2.45× | 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
FLEX
| Flex Reliability Solutions FRS | $3.2B | 46% |
| Transferred At Point In Time | $2.7B | 38% |
| Transferred Over Time | $1.1B | 16% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
