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通用电气医疗（GEHC）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
通用电气医疗的季度营收约是皇家加勒比集团的1.2倍（$5.1B vs $4.3B），皇家加勒比集团净利率更高（17.7% vs 8.0%，领先9.7%），皇家加勒比集团同比增速更快（13.3% vs 7.4%），皇家加勒比集团自由现金流更多（$116.0M vs $112.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs 3.0%）
通用电气医疗是总部位于美国伊利诺伊州芝加哥的医疗科技企业，旗下设四大业务板块：医学影像（含分子成像、CT、核磁共振、女性健康筛查、X射线系统）、超声、患者护理解决方案（聚焦远程患者监测、麻醉呼吸护理、心脏病诊断、婴幼儿照护）及制药诊断业务。
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。
GEHC vs RCL — 直观对比
营收规模更大
GEHC
是对方的1.2倍
$4.3B
营收增速更快
RCL
高出5.9%
7.4%
净利率更高
RCL
高出9.7%
8.0%
自由现金流更多
RCL
多$4.0M
$112.0M
两年增速更快
RCL
近两年复合增速
3.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.1B | $4.3B |
| 净利润 | $411.0M | $753.0M |
| 毛利率 | 38.5% | 47.4% |
| 营业利润率 | 10.0% | 21.9% |
| 净利率 | 8.0% | 17.7% |
| 营收同比 | 7.4% | 13.3% |
| 净利润同比 | -30.1% | 36.4% |
| 每股收益（稀释后） | $0.85 | $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GEHCRCL
| Q1 26 | $5.1B | — | ||
| Q4 25 | $5.7B | $4.3B | ||
| Q3 25 | $5.1B | $5.1B | ||
| Q2 25 | $5.0B | $4.5B | ||
| Q1 25 | $4.8B | $4.0B | ||
| Q4 24 | $5.3B | $3.8B | ||
| Q3 24 | $4.9B | $4.9B | ||
| Q2 24 | $4.8B | $4.1B |
净利润GEHCRCL
| Q1 26 | $411.0M | — | ||
| Q4 25 | $588.0M | $753.0M | ||
| Q3 25 | $446.0M | $1.6B | ||
| Q2 25 | $486.0M | $1.2B | ||
| Q1 25 | $564.0M | $730.0M | ||
| Q4 24 | $721.0M | $552.0M | ||
| Q3 24 | $470.0M | $1.1B | ||
| Q2 24 | $428.0M | $854.0M |
毛利率GEHCRCL
| Q1 26 | 38.5% | — | ||
| Q4 25 | 39.7% | 47.4% | ||
| Q3 25 | 38.7% | 51.8% | ||
| Q2 25 | 39.6% | 49.7% | ||
| Q1 25 | 42.1% | 48.0% | ||
| Q4 24 | 42.8% | 45.4% | ||
| Q3 24 | 41.7% | 51.1% | ||
| Q2 24 | 41.4% | 47.6% |
营业利润率GEHCRCL
| Q1 26 | 10.0% | — | ||
| Q4 25 | 14.5% | 21.9% | ||
| Q3 25 | 12.7% | 33.1% | ||
| Q2 25 | 13.1% | 29.3% | ||
| Q1 25 | 13.2% | 23.6% | ||
| Q4 24 | 15.1% | 16.6% | ||
| Q3 24 | 13.9% | 33.4% | ||
| Q2 24 | 12.6% | 26.7% |
净利率GEHCRCL
| Q1 26 | 8.0% | — | ||
| Q4 25 | 10.3% | 17.7% | ||
| Q3 25 | 8.7% | 30.6% | ||
| Q2 25 | 9.7% | 26.7% | ||
| Q1 25 | 11.8% | 18.3% | ||
| Q4 24 | 13.6% | 14.7% | ||
| Q3 24 | 9.7% | 22.7% | ||
| Q2 24 | 8.8% | 20.8% |
每股收益（稀释后）GEHCRCL
| Q1 26 | $0.85 | — | ||
| Q4 25 | $1.28 | $2.76 | ||
| Q3 25 | $0.98 | $5.74 | ||
| Q2 25 | $1.06 | $4.41 | ||
| Q1 25 | $1.23 | $2.70 | ||
| Q4 24 | $1.58 | $2.27 | ||
| Q3 24 | $1.02 | $4.21 | ||
| Q2 24 | $0.93 | $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 | — | $825.0M |
| 总债务越低越好 | $10.1B | $18.2B |
| 股东权益账面价值 | $10.7B | $10.0B |
| 总资产 | $37.1B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.95× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资GEHCRCL
| Q1 26 | — | — | ||
| Q4 25 | $4.5B | $825.0M | ||
| Q3 25 | $4.0B | $432.0M | ||
| Q2 25 | $3.7B | $735.0M | ||
| Q1 25 | $2.5B | $386.0M | ||
| Q4 24 | $2.9B | $388.0M | ||
| Q3 24 | $3.5B | $418.0M | ||
| Q2 24 | $2.0B | $391.0M |
总债务GEHCRCL
| Q1 26 | $10.1B | — | ||
| Q4 25 | $10.0B | $18.2B | ||
| Q3 25 | $10.3B | $17.2B | ||
| Q2 25 | $10.3B | $17.6B | ||
| Q1 25 | $8.8B | $18.0B | ||
| Q4 24 | $9.0B | $18.5B | ||
| Q3 24 | $10.3B | $19.0B | ||
| Q2 24 | $9.2B | $19.8B |
股东权益GEHCRCL
| Q1 26 | $10.7B | — | ||
| Q4 25 | $10.4B | $10.0B | ||
| Q3 25 | $10.0B | $10.1B | ||
| Q2 25 | $9.7B | $9.2B | ||
| Q1 25 | $9.2B | $8.0B | ||
| Q4 24 | $8.4B | $7.6B | ||
| Q3 24 | $8.3B | $7.0B | ||
| Q2 24 | $7.8B | $6.0B |
总资产GEHCRCL
| Q1 26 | $37.1B | — | ||
| Q4 25 | $36.9B | $41.6B | ||
| Q3 25 | $36.1B | $40.1B | ||
| Q2 25 | $35.5B | $38.5B | ||
| Q1 25 | $33.6B | $37.5B | ||
| Q4 24 | $33.1B | $37.1B | ||
| Q3 24 | $33.9B | $37.1B | ||
| Q2 24 | $31.9B | $37.0B |
负债/权益比GEHCRCL
| Q1 26 | 0.95× | — | ||
| Q4 25 | 0.96× | 1.81× | ||
| Q3 25 | 1.03× | 1.70× | ||
| Q2 25 | 1.06× | 1.92× | ||
| Q1 25 | 0.95× | 2.26× | ||
| Q4 24 | 1.06× | 2.44× | ||
| Q3 24 | 1.24× | 2.69× | ||
| Q2 24 | 1.18× | 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 | — | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $112.0M | $116.0M |
| 自由现金流率自由现金流/营收 | 2.2% | 2.7% |
| 资本支出强度资本支出/营收 | — | 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 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流GEHCRCL
| Q1 26 | — | — | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | $94.0M | $1.7B | ||
| Q1 25 | $250.0M | $1.6B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $897.0M | ||
| Q2 24 | $-119.0M | $1.6B |
自由现金流GEHCRCL
| Q1 26 | $112.0M | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | $8.0M | $910.0M | ||
| Q1 25 | $98.0M | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | $-183.0M | $-567.0M |
自由现金流率GEHCRCL
| Q1 26 | 2.2% | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | 0.2% | 20.1% | ||
| Q1 25 | 2.1% | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | -3.8% | -13.8% |
资本支出强度GEHCRCL
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 35.4% | ||
| Q3 25 | 2.1% | 47.8% | ||
| Q2 25 | 1.7% | 18.4% | ||
| Q1 25 | 3.2% | 10.7% | ||
| Q4 24 | 1.9% | 14.7% | ||
| Q3 24 | 1.9% | 6.8% | ||
| Q2 24 | 1.3% | 52.1% |
现金转化率GEHCRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 2.16× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | 0.19× | 1.44× | ||
| Q1 25 | 0.44× | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | -0.28× | 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
GEHC
| Imaging revenues | $2.3B | 45% |
| AVS revenues | $1.3B | 26% |
| PDx revenues | $770.0M | 15% |
| PCS revenues | $704.0M | 14% |
| Other revenues | $18.0M | 0% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
