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亨廷顿·英格尔斯工业（HII）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亨廷顿·英格尔斯工业的1.3倍（$4.5B vs $3.5B），皇家加勒比集团净利率更高（21.3% vs 4.6%，领先16.8%），亨廷顿·英格尔斯工业同比增速更快（15.7% vs 11.3%），过去两年亨廷顿·英格尔斯工业的营收复合增速更高（11.3% vs 4.1%）
亨廷顿·英格尔斯工业（简称HII）是美国规模最大的军用造船企业，同时面向政府及行业合作伙伴提供专业服务。公司于2011年3月31日从诺斯罗普·格鲁曼公司分拆成立，在防务装备建造及配套服务领域拥有深厚技术积累与行业资源。
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。
HII vs RCL — 直观对比
营收规模更大
RCL
是对方的1.3倍
$3.5B
营收增速更快
HII
高出4.4%
11.3%
净利率更高
RCL
高出16.8%
4.6%
两年增速更快
HII
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.5B | $4.5B |
| 净利润 | $159.0M | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.9% | 26.1% |
| 净利率 | 4.6% | 21.3% |
| 营收同比 | 15.7% | 11.3% |
| 净利润同比 | 29.3% | 29.1% |
| 每股收益（稀释后） | $4.06 | $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HIIRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $3.5B | $4.3B | ||
| Q3 25 | $3.2B | $5.1B | ||
| Q2 25 | $3.1B | $4.5B | ||
| Q1 25 | $2.7B | $4.0B | ||
| Q4 24 | $3.0B | $3.8B | ||
| Q3 24 | $2.7B | $4.9B | ||
| Q2 24 | $3.0B | $4.1B |
净利润HIIRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $159.0M | $753.0M | ||
| Q3 25 | $145.0M | $1.6B | ||
| Q2 25 | $152.0M | $1.2B | ||
| Q1 25 | $149.0M | $730.0M | ||
| Q4 24 | $123.0M | $552.0M | ||
| Q3 24 | $101.0M | $1.1B | ||
| Q2 24 | $173.0M | $854.0M |
毛利率HIIRCL
| 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HIIRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 4.9% | 21.9% | ||
| Q3 25 | 5.0% | 33.1% | ||
| Q2 25 | 5.3% | 29.3% | ||
| Q1 25 | 5.9% | 23.6% | ||
| Q4 24 | 3.7% | 16.6% | ||
| Q3 24 | 3.0% | 33.4% | ||
| Q2 24 | 6.3% | 26.7% |
净利率HIIRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 4.6% | 17.7% | ||
| Q3 25 | 4.5% | 30.6% | ||
| Q2 25 | 4.9% | 26.7% | ||
| Q1 25 | 5.4% | 18.3% | ||
| Q4 24 | 4.1% | 14.7% | ||
| Q3 24 | 3.7% | 22.7% | ||
| Q2 24 | 5.8% | 20.8% |
每股收益（稀释后）HIIRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $4.06 | $2.76 | ||
| Q3 25 | $3.68 | $5.74 | ||
| Q2 25 | $3.86 | $4.41 | ||
| Q1 25 | $3.79 | $2.70 | ||
| Q4 24 | $3.15 | $2.27 | ||
| Q3 24 | $2.56 | $4.21 | ||
| Q2 24 | $4.38 | $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 | — | $512.0M |
| 总债务越低越好 | $2.7B | $21.1B |
| 股东权益账面价值 | $5.1B | $10.0B |
| 总资产 | $12.7B | $42.0B |
| 负债/权益比越低杠杆越低 | 0.53× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资HIIRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | — | $825.0M | ||
| Q3 25 | — | $432.0M | ||
| Q2 25 | — | $735.0M | ||
| Q1 25 | — | $386.0M | ||
| Q4 24 | — | $388.0M | ||
| Q3 24 | — | $418.0M | ||
| Q2 24 | — | $391.0M |
总债务HIIRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $2.7B | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | $2.7B | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B |
股东权益HIIRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $5.1B | $10.0B | ||
| Q3 25 | $5.0B | $10.1B | ||
| Q2 25 | $4.9B | $9.2B | ||
| Q1 25 | $4.8B | $8.0B | ||
| Q4 24 | $4.7B | $7.6B | ||
| Q3 24 | $4.2B | $7.0B | ||
| Q2 24 | $4.2B | $6.0B |
总资产HIIRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $12.7B | $41.6B | ||
| Q3 25 | $12.3B | $40.1B | ||
| Q2 25 | $12.1B | $38.5B | ||
| Q1 25 | $12.1B | $37.5B | ||
| Q4 24 | $12.1B | $37.1B | ||
| Q3 24 | $11.1B | $37.1B | ||
| Q2 24 | $11.3B | $37.0B |
负债/权益比HIIRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | 0.53× | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | 0.58× | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 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 | $650.0M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $516.0M | — |
| 自由现金流率自由现金流/营收 | 14.8% | — |
| 资本支出强度资本支出/营收 | 3.9% | — |
| 现金转化率经营现金流/净利润 | 4.09× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $794.0M | — |
8季度趋势，按日历期对齐
经营现金流HIIRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $650.0M | $1.6B | ||
| Q3 25 | $118.0M | $1.5B | ||
| Q2 25 | $823.0M | $1.7B | ||
| Q1 25 | $-395.0M | $1.6B | ||
| Q4 24 | $391.0M | $1.5B | ||
| Q3 24 | $213.0M | $897.0M | ||
| Q2 24 | $-9.0M | $1.6B |
自由现金流HIIRCL
| Q1 26 | — | — | ||
| Q4 25 | $516.0M | $116.0M | ||
| Q3 25 | $13.0M | $-989.0M | ||
| Q2 25 | $727.0M | $910.0M | ||
| Q1 25 | $-462.0M | $1.2B | ||
| Q4 24 | $277.0M | $915.0M | ||
| Q3 24 | $125.0M | $563.0M | ||
| Q2 24 | $-99.0M | $-567.0M |
自由现金流率HIIRCL
| Q1 26 | — | — | ||
| Q4 25 | 14.8% | 2.7% | ||
| Q3 25 | 0.4% | -19.2% | ||
| Q2 25 | 23.6% | 20.1% | ||
| Q1 25 | -16.9% | 30.0% | ||
| Q4 24 | 9.2% | 24.3% | ||
| Q3 24 | 4.5% | 11.5% | ||
| Q2 24 | -3.3% | -13.8% |
资本支出强度HIIRCL
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 35.4% | ||
| Q3 25 | 3.3% | 47.8% | ||
| Q2 25 | 3.1% | 18.4% | ||
| Q1 25 | 2.5% | 10.7% | ||
| Q4 24 | 3.8% | 14.7% | ||
| Q3 24 | 3.2% | 6.8% | ||
| Q2 24 | 3.0% | 52.1% |
现金转化率HIIRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 4.09× | 2.16× | ||
| Q3 25 | 0.81× | 0.93× | ||
| Q2 25 | 5.41× | 1.44× | ||
| Q1 25 | -2.65× | 2.23× | ||
| Q4 24 | 3.18× | 2.66× | ||
| Q3 24 | 2.11× | 0.81× | ||
| Q2 24 | -0.05× | 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
HII
| Aircraftcarriers | $984.0M | 28% |
| Fixedpriceincentive | $758.0M | 22% |
| Submarines | $744.0M | 21% |
| Surfacecombatantsandcoastguardcutters | $452.0M | 13% |
| Amphibiousassaultships | $433.0M | 12% |
| Costtype | $123.0M | 4% |
| Otherprograms | $4.0M | 0% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
