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福陆（FLR）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福陆的1.0倍（$4.3B vs $4.2B），皇家加勒比集团净利率更高（17.7% vs -37.7%，领先55.4%），皇家加勒比集团同比增速更快（13.3% vs -2.0%），皇家加勒比集团自由现金流更多（$116.0M vs $-378.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs 5.7%）
福陆是总部位于美国得克萨斯州欧文市的工程建设企业，通过旗下子公司提供油气、工业与基础设施、政府项目及电力三大核心领域的服务，是《财富》世界500强中排名最高的上市工程建设企业，总排名位列第265位。
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。
FLR vs RCL — 直观对比
营收规模更大
RCL
是对方的1.0倍
$4.2B
营收增速更快
RCL
高出15.3%
-2.0%
净利率更高
RCL
高出55.4%
-37.7%
自由现金流更多
RCL
多$494.0M
$-378.0M
两年增速更快
RCL
近两年复合增速
5.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $4.3B |
| 净利润 | $-1.6B | $753.0M |
| 毛利率 | 3.2% | 47.4% |
| 营业利润率 | 1.3% | 21.9% |
| 净利率 | -37.7% | 17.7% |
| 营收同比 | -2.0% | 13.3% |
| 净利润同比 | -184.4% | 36.4% |
| 每股收益（稀释后） | $-9.40 | $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FLRRCL
| Q4 25 | $4.2B | $4.3B | ||
| Q3 25 | $3.4B | $5.1B | ||
| Q2 25 | $4.0B | $4.5B | ||
| Q1 25 | $4.0B | $4.0B | ||
| Q4 24 | $4.3B | $3.8B | ||
| Q3 24 | $4.1B | $4.9B | ||
| Q2 24 | $4.2B | $4.1B | ||
| Q1 24 | $3.7B | $3.7B |
净利润FLRRCL
| Q4 25 | $-1.6B | $753.0M | ||
| Q3 25 | $-697.0M | $1.6B | ||
| Q2 25 | $2.5B | $1.2B | ||
| Q1 25 | $-241.0M | $730.0M | ||
| Q4 24 | $1.9B | $552.0M | ||
| Q3 24 | $54.0M | $1.1B | ||
| Q2 24 | $169.0M | $854.0M | ||
| Q1 24 | $59.0M | $360.0M |
毛利率FLRRCL
| Q4 25 | 3.2% | 47.4% | ||
| Q3 25 | -13.3% | 51.8% | ||
| Q2 25 | 1.4% | 49.7% | ||
| Q1 25 | 3.5% | 48.0% | ||
| Q4 24 | 4.9% | 45.4% | ||
| Q3 24 | 2.1% | 51.1% | ||
| Q2 24 | 4.2% | 47.6% | ||
| Q1 24 | 2.7% | 44.8% |
营业利润率FLRRCL
| Q4 25 | 1.3% | 21.9% | ||
| Q3 25 | -14.7% | 33.1% | ||
| Q2 25 | -0.7% | 29.3% | ||
| Q1 25 | 2.3% | 23.6% | ||
| Q4 24 | 4.4% | 16.6% | ||
| Q3 24 | 1.2% | 33.4% | ||
| Q2 24 | 4.2% | 26.7% | ||
| Q1 24 | 1.4% | 20.1% |
净利率FLRRCL
| Q4 25 | -37.7% | 17.7% | ||
| Q3 25 | -20.7% | 30.6% | ||
| Q2 25 | 61.8% | 26.7% | ||
| Q1 25 | -6.1% | 18.3% | ||
| Q4 24 | 43.7% | 14.7% | ||
| Q3 24 | 1.3% | 22.7% | ||
| Q2 24 | 4.0% | 20.8% | ||
| Q1 24 | 1.6% | 9.7% |
每股收益（稀释后）FLRRCL
| Q4 25 | $-9.40 | $2.76 | ||
| Q3 25 | $-4.30 | $5.74 | ||
| Q2 25 | $14.81 | $4.41 | ||
| Q1 25 | $-1.42 | $2.70 | ||
| Q4 24 | $10.68 | $2.27 | ||
| Q3 24 | $0.31 | $4.21 | ||
| Q2 24 | $0.97 | $3.11 | ||
| Q1 24 | $0.34 | $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 | $2.2B | $825.0M |
| 总债务越低越好 | — | $18.2B |
| 股东权益账面价值 | $3.2B | $10.0B |
| 总资产 | $8.2B | $41.6B |
| 负债/权益比越低杠杆越低 | — | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资FLRRCL
| Q4 25 | $2.2B | $825.0M | ||
| Q3 25 | $2.8B | $432.0M | ||
| Q2 25 | $2.3B | $735.0M | ||
| Q1 25 | $2.5B | $386.0M | ||
| Q4 24 | $3.0B | $388.0M | ||
| Q3 24 | $3.0B | $418.0M | ||
| Q2 24 | $2.7B | $391.0M | ||
| Q1 24 | $2.4B | $437.0M |
总债务FLRRCL
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B | ||
| Q1 24 | — | $18.9B |
股东权益FLRRCL
| Q4 25 | $3.2B | $10.0B | ||
| Q3 25 | $5.2B | $10.1B | ||
| Q2 25 | $5.9B | $9.2B | ||
| Q1 25 | $3.6B | $8.0B | ||
| Q4 24 | $3.9B | $7.6B | ||
| Q3 24 | $2.3B | $7.0B | ||
| Q2 24 | $2.1B | $6.0B | ||
| Q1 24 | $2.0B | $5.2B |
总资产FLRRCL
| Q4 25 | $8.2B | $41.6B | ||
| Q3 25 | $11.5B | $40.1B | ||
| Q2 25 | $11.8B | $38.5B | ||
| Q1 25 | $8.4B | $37.5B | ||
| Q4 24 | $9.1B | $37.1B | ||
| Q3 24 | $7.1B | $37.1B | ||
| Q2 24 | $6.8B | $37.0B | ||
| Q1 24 | $6.7B | $35.2B |
负债/权益比FLRRCL
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× | ||
| Q1 24 | — | 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 | $-366.0M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $-378.0M | $116.0M |
| 自由现金流率自由现金流/营收 | -9.1% | 2.7% |
| 资本支出强度资本支出/营收 | 0.3% | 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 | $-437.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流FLRRCL
| Q4 25 | $-366.0M | $1.6B | ||
| Q3 25 | $286.0M | $1.5B | ||
| Q2 25 | $-21.0M | $1.7B | ||
| Q1 25 | $-286.0M | $1.6B | ||
| Q4 24 | $327.0M | $1.5B | ||
| Q3 24 | $330.0M | $897.0M | ||
| Q2 24 | $282.0M | $1.6B | ||
| Q1 24 | $-111.0M | $1.3B |
自由现金流FLRRCL
| Q4 25 | $-378.0M | $116.0M | ||
| Q3 25 | $273.0M | $-989.0M | ||
| Q2 25 | $-35.0M | $910.0M | ||
| Q1 25 | $-297.0M | $1.2B | ||
| Q4 24 | $296.0M | $915.0M | ||
| Q3 24 | $279.0M | $563.0M | ||
| Q2 24 | $234.0M | $-567.0M | ||
| Q1 24 | $-145.0M | $1.1B |
自由现金流率FLRRCL
| Q4 25 | -9.1% | 2.7% | ||
| Q3 25 | 8.1% | -19.2% | ||
| Q2 25 | -0.9% | 20.1% | ||
| Q1 25 | -7.5% | 30.0% | ||
| Q4 24 | 6.9% | 24.3% | ||
| Q3 24 | 6.8% | 11.5% | ||
| Q2 24 | 5.5% | -13.8% | ||
| Q1 24 | -3.9% | 29.1% |
资本支出强度FLRRCL
| Q4 25 | 0.3% | 35.4% | ||
| Q3 25 | 0.4% | 47.8% | ||
| Q2 25 | 0.4% | 18.4% | ||
| Q1 25 | 0.3% | 10.7% | ||
| Q4 24 | 0.7% | 14.7% | ||
| Q3 24 | 1.2% | 6.8% | ||
| Q2 24 | 1.1% | 52.1% | ||
| Q1 24 | 0.9% | 6.5% |
现金转化率FLRRCL
| Q4 25 | — | 2.16× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | -0.01× | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | 0.18× | 2.66× | ||
| Q3 24 | 6.11× | 0.81× | ||
| Q2 24 | 1.67× | 1.84× | ||
| Q1 24 | -1.88× | 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
FLR
| Urban Solutions Segment | $2.6B | 63% |
| Energy Solutions Segment | $943.0M | 23% |
| Mission Solutions Segment | $600.0M | 14% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
