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孩之宝（HAS）与诺唯真游轮控股（NCLH）财务数据对比。点击上方公司名可切换其他公司
诺唯真游轮控股的季度营收约是孩之宝的1.6倍（$2.2B vs $1.4B），孩之宝净利率更高（13.9% vs 0.6%，领先13.3%），孩之宝同比增速更快（31.3% vs 6.4%），孩之宝自由现金流更多（$389.5M vs $21.5M），过去两年孩之宝的营收复合增速更高（38.2% vs 1.2%）
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
诺唯真游轮（NCL）1966年创立于挪威，为美国知名游轮运营商，总部设于佛罗里达州迈阿密-戴德县，注册地为巴哈马，由诺唯真游轮控股全资持有。按载客量计算，该品牌为全球第四大游轮公司，2021年占全球游轮市场载客量份额约8.6%。
HAS vs NCLH — 直观对比
营收规模更大
NCLH
是对方的1.6倍
$1.4B
营收增速更快
HAS
高出24.9%
6.4%
净利率更高
HAS
高出13.3%
0.6%
自由现金流更多
HAS
多$368.0M
$21.5M
两年增速更快
HAS
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.2B |
| 净利润 | $201.6M | $14.3M |
| 毛利率 | 68.7% | 41.0% |
| 营业利润率 | 20.6% | 8.3% |
| 净利率 | 13.9% | 0.6% |
| 营收同比 | 31.3% | 6.4% |
| 净利润同比 | 687.8% | -94.4% |
| 每股收益（稀释后） | $1.46 | $0.08 |
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HASNCLH
| Q4 25 | $1.4B | $2.2B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $980.8M | $2.5B | ||
| Q1 25 | $887.1M | $2.1B | ||
| Q4 24 | $1.1B | $2.1B | ||
| Q3 24 | $1.3B | $2.8B | ||
| Q2 24 | $995.3M | $2.4B | ||
| Q1 24 | $757.3M | $2.2B |
净利润HASNCLH
| Q4 25 | $201.6M | $14.3M | ||
| Q3 25 | $233.2M | $419.3M | ||
| Q2 25 | $-855.8M | $30.0M | ||
| Q1 25 | $98.6M | $-40.3M | ||
| Q4 24 | $-34.3M | $254.5M | ||
| Q3 24 | $223.2M | $474.9M | ||
| Q2 24 | $138.5M | $163.4M | ||
| Q1 24 | $58.2M | $17.4M |
毛利率HASNCLH
| Q4 25 | 68.7% | 41.0% | ||
| Q3 25 | 70.1% | 47.1% | ||
| Q2 25 | 77.0% | 42.1% | ||
| Q1 25 | 76.9% | 38.7% | ||
| Q4 24 | 67.4% | 38.0% | ||
| Q3 24 | 70.4% | 45.2% | ||
| Q2 24 | 76.1% | 38.7% | ||
| Q1 24 | 73.0% | 36.7% |
营业利润率HASNCLH
| Q4 25 | 20.6% | 8.3% | ||
| Q3 25 | 24.6% | 25.5% | ||
| Q2 25 | -81.4% | 16.8% | ||
| Q1 25 | 19.2% | 9.4% | ||
| Q4 24 | 5.4% | 10.2% | ||
| Q3 24 | 23.6% | 24.6% | ||
| Q2 24 | 21.3% | 14.4% | ||
| Q1 24 | 15.3% | 10.0% |
净利率HASNCLH
| Q4 25 | 13.9% | 0.6% | ||
| Q3 25 | 16.8% | 14.3% | ||
| Q2 25 | -87.3% | 1.2% | ||
| Q1 25 | 11.1% | -1.9% | ||
| Q4 24 | -3.1% | 12.1% | ||
| Q3 24 | 17.4% | 16.9% | ||
| Q2 24 | 13.9% | 6.9% | ||
| Q1 24 | 7.7% | 0.8% |
每股收益（稀释后）HASNCLH
| Q4 25 | $1.46 | $0.08 | ||
| Q3 25 | $1.64 | $0.86 | ||
| Q2 25 | $-6.10 | $0.07 | ||
| Q1 25 | $0.70 | $-0.09 | ||
| Q4 24 | $-0.25 | $0.55 | ||
| Q3 24 | $1.59 | $0.95 | ||
| Q2 24 | $0.99 | $0.35 | ||
| Q1 24 | $0.42 | $0.04 |
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 | — | $209.9M |
| 总债务越低越好 | — | $13.7B |
| 股东权益账面价值 | $565.5M | $2.2B |
| 总资产 | $5.6B | $22.5B |
| 负债/权益比越低杠杆越低 | — | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资HASNCLH
| Q4 25 | — | $209.9M | ||
| Q3 25 | — | $166.8M | ||
| Q2 25 | — | $184.0M | ||
| Q1 25 | — | $184.4M | ||
| Q4 24 | — | $190.8M | ||
| Q3 24 | — | $332.5M | ||
| Q2 24 | — | $594.1M | ||
| Q1 24 | — | $559.8M |
总债务HASNCLH
| Q4 25 | — | $13.7B | ||
| Q3 25 | — | $13.6B | ||
| Q2 25 | — | $12.6B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.9B | ||
| Q1 24 | — | $12.0B |
股东权益HASNCLH
| Q4 25 | $565.5M | $2.2B | ||
| Q3 25 | $433.8M | $2.2B | ||
| Q2 25 | $269.7M | $1.6B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.2B | $693.1M | ||
| Q1 24 | $1.0B | $362.1M |
总资产HASNCLH
| Q4 25 | $5.6B | $22.5B | ||
| Q3 25 | $5.5B | $22.2B | ||
| Q2 25 | $5.2B | $21.6B | ||
| Q1 25 | $6.0B | $21.4B | ||
| Q4 24 | $6.3B | $20.0B | ||
| Q3 24 | $7.2B | $19.8B | ||
| Q2 24 | $6.9B | $20.1B | ||
| Q1 24 | $6.2B | $19.8B |
负债/权益比HASNCLH
| Q4 25 | — | 6.21× | ||
| Q3 25 | — | 6.22× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | 9.09× | ||
| Q4 24 | — | 8.26× | ||
| Q3 24 | — | 10.35× | ||
| Q2 24 | — | 17.19× | ||
| Q1 24 | — | 33.16× |
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 | $403.2M | $459.1M |
| 自由现金流经营现金流 - 资本支出 | $389.5M | $21.5M |
| 自由现金流率自由现金流/营收 | 26.9% | 1.0% |
| 资本支出强度资本支出/营收 | 0.9% | 19.5% |
| 现金转化率经营现金流/净利润 | 2.00× | 32.21× |
| 过去12个月自由现金流最近4个季度 | $829.9M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流HASNCLH
| Q4 25 | $403.2M | $459.1M | ||
| Q3 25 | $280.6M | $236.6M | ||
| Q2 25 | $71.3M | $714.9M | ||
| Q1 25 | $138.1M | $679.2M | ||
| Q4 24 | $259.8M | $399.3M | ||
| Q3 24 | $222.5M | $172.5M | ||
| Q2 24 | $187.3M | $670.9M | ||
| Q1 24 | $177.8M | $807.2M |
自由现金流HASNCLH
| Q4 25 | $389.5M | $21.5M | ||
| Q3 25 | $260.9M | $-726.5M | ||
| Q2 25 | $55.2M | $381.2M | ||
| Q1 25 | $124.3M | $-846.0M | ||
| Q4 24 | $200.8M | $155.8M | ||
| Q3 24 | $174.0M | $-195.5M | ||
| Q2 24 | $135.4M | $330.2M | ||
| Q1 24 | $132.0M | $548.3M |
自由现金流率HASNCLH
| Q4 25 | 26.9% | 1.0% | ||
| Q3 25 | 18.8% | -24.7% | ||
| Q2 25 | 5.6% | 15.1% | ||
| Q1 25 | 14.0% | -39.8% | ||
| Q4 24 | 18.2% | 7.4% | ||
| Q3 24 | 13.6% | -7.0% | ||
| Q2 24 | 13.6% | 13.9% | ||
| Q1 24 | 17.4% | 25.0% |
资本支出强度HASNCLH
| Q4 25 | 0.9% | 19.5% | ||
| Q3 25 | 1.4% | 32.8% | ||
| Q2 25 | 1.6% | 13.3% | ||
| Q1 25 | 1.6% | 71.7% | ||
| Q4 24 | 5.4% | 11.5% | ||
| Q3 24 | 3.8% | 13.1% | ||
| Q2 24 | 5.2% | 14.4% | ||
| Q1 24 | 6.0% | 11.8% |
现金转化率HASNCLH
| Q4 25 | 2.00× | 32.21× | ||
| Q3 25 | 1.20× | 0.56× | ||
| Q2 25 | — | 23.83× | ||
| Q1 25 | 1.40× | — | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | 1.00× | 0.36× | ||
| Q2 24 | 1.35× | 4.10× | ||
| Q1 24 | 3.05× | 46.51× |
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
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
