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荷美尔食品（HRL）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
荷美尔食品的季度营收约是诺唯真游轮控股的1.4倍（$3.2B vs $2.2B），诺唯真游轮控股净利率更高（0.6% vs -1.8%，领先2.4%），诺唯真游轮控股同比增速更快（6.4% vs 1.5%），荷美尔食品自由现金流更多（$231.4M vs $21.5M），过去两年荷美尔食品的营收复合增速更高（3.1% vs 1.2%）
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
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%。
HRL vs NCLH — 直观对比
营收规模更大
HRL
是对方的1.4倍
$2.2B
营收增速更快
NCLH
高出4.9%
1.5%
净利率更高
NCLH
高出2.4%
-1.8%
自由现金流更多
HRL
多$210.0M
$21.5M
两年增速更快
HRL
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $2.2B |
| 净利润 | $-56.1M | $14.3M |
| 毛利率 | 14.0% | 41.0% |
| 营业利润率 | 0.1% | 8.3% |
| 净利率 | -1.8% | 0.6% |
| 营收同比 | 1.5% | 6.4% |
| 净利润同比 | -125.5% | -94.4% |
| 每股收益（稀释后） | $-0.10 | $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HRLNCLH
| Q4 25 | $3.2B | $2.2B | ||
| Q3 25 | $3.0B | $2.9B | ||
| Q2 25 | $2.9B | $2.5B | ||
| Q1 25 | $3.0B | $2.1B | ||
| Q4 24 | $3.1B | $2.1B | ||
| Q3 24 | $2.9B | $2.8B | ||
| Q2 24 | $2.9B | $2.4B | ||
| Q1 24 | $3.0B | $2.2B |
净利润HRLNCLH
| Q4 25 | $-56.1M | $14.3M | ||
| Q3 25 | $183.7M | $419.3M | ||
| Q2 25 | $180.0M | $30.0M | ||
| Q1 25 | $170.6M | $-40.3M | ||
| Q4 24 | $220.2M | $254.5M | ||
| Q3 24 | $176.7M | $474.9M | ||
| Q2 24 | $189.3M | $163.4M | ||
| Q1 24 | $218.9M | $17.4M |
毛利率HRLNCLH
| Q4 25 | 14.0% | 41.0% | ||
| Q3 25 | 16.1% | 47.1% | ||
| Q2 25 | 16.7% | 42.1% | ||
| Q1 25 | 15.9% | 38.7% | ||
| Q4 24 | 16.6% | 38.0% | ||
| Q3 24 | 16.8% | 45.2% | ||
| Q2 24 | 17.4% | 38.7% | ||
| Q1 24 | 17.0% | 36.7% |
营业利润率HRLNCLH
| Q4 25 | 0.1% | 8.3% | ||
| Q3 25 | 7.9% | 25.5% | ||
| Q2 25 | 8.6% | 16.8% | ||
| Q1 25 | 7.6% | 9.4% | ||
| Q4 24 | 9.4% | 10.2% | ||
| Q3 24 | 8.2% | 24.6% | ||
| Q2 24 | 8.7% | 14.4% | ||
| Q1 24 | 9.5% | 10.0% |
净利率HRLNCLH
| Q4 25 | -1.8% | 0.6% | ||
| Q3 25 | 6.1% | 14.3% | ||
| Q2 25 | 6.2% | 1.2% | ||
| Q1 25 | 5.7% | -1.9% | ||
| Q4 24 | 7.0% | 12.1% | ||
| Q3 24 | 6.1% | 16.9% | ||
| Q2 24 | 6.6% | 6.9% | ||
| Q1 24 | 7.3% | 0.8% |
每股收益（稀释后）HRLNCLH
| Q4 25 | $-0.10 | $0.08 | ||
| Q3 25 | $0.33 | $0.86 | ||
| Q2 25 | $0.33 | $0.07 | ||
| Q1 25 | $0.31 | $-0.09 | ||
| Q4 24 | $0.41 | $0.55 | ||
| Q3 24 | $0.32 | $0.95 | ||
| Q2 24 | $0.34 | $0.35 | ||
| Q1 24 | $0.40 | $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 | $703.6M | $209.9M |
| 总债务越低越好 | $2.9B | $13.7B |
| 股东权益账面价值 | $7.9B | $2.2B |
| 总资产 | $13.4B | $22.5B |
| 负债/权益比越低杠杆越低 | 0.36× | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资HRLNCLH
| Q4 25 | $703.6M | $209.9M | ||
| Q3 25 | $630.7M | $166.8M | ||
| Q2 25 | $699.0M | $184.0M | ||
| Q1 25 | $866.4M | $184.4M | ||
| Q4 24 | $766.6M | $190.8M | ||
| Q3 24 | $561.9M | $332.5M | ||
| Q2 24 | $1.5B | $594.1M | ||
| Q1 24 | $981.9M | $559.8M |
总债务HRLNCLH
| Q4 25 | $2.9B | $13.7B | ||
| Q3 25 | $2.9B | $13.6B | ||
| Q2 25 | $2.9B | $12.6B | ||
| Q1 25 | $2.9B | $12.9B | ||
| Q4 24 | $2.9B | $11.8B | ||
| Q3 24 | $2.9B | $11.8B | ||
| Q2 24 | $2.9B | $11.9B | ||
| Q1 24 | $2.4B | $12.0B |
股东权益HRLNCLH
| Q4 25 | $7.9B | $2.2B | ||
| Q3 25 | $8.1B | $2.2B | ||
| Q2 25 | $8.0B | $1.6B | ||
| Q1 25 | $8.0B | $1.4B | ||
| Q4 24 | $8.0B | $1.4B | ||
| Q3 24 | $7.9B | $1.1B | ||
| Q2 24 | $7.9B | $693.1M | ||
| Q1 24 | $7.8B | $362.1M |
总资产HRLNCLH
| Q4 25 | $13.4B | $22.5B | ||
| Q3 25 | $13.5B | $22.2B | ||
| Q2 25 | $13.4B | $21.6B | ||
| Q1 25 | $13.4B | $21.4B | ||
| Q4 24 | $13.4B | $20.0B | ||
| Q3 24 | $13.1B | $19.8B | ||
| Q2 24 | $14.1B | $20.1B | ||
| Q1 24 | $13.5B | $19.8B |
负债/权益比HRLNCLH
| Q4 25 | 0.36× | 6.21× | ||
| Q3 25 | 0.35× | 6.22× | ||
| Q2 25 | 0.35× | 8.05× | ||
| Q1 25 | 0.36× | 9.09× | ||
| Q4 24 | 0.36× | 8.26× | ||
| Q3 24 | 0.36× | 10.35× | ||
| Q2 24 | 0.36× | 17.19× | ||
| Q1 24 | 0.30× | 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 | $322.9M | $459.1M |
| 自由现金流经营现金流 - 资本支出 | $231.4M | $21.5M |
| 自由现金流率自由现金流/营收 | 7.3% | 1.0% |
| 资本支出强度资本支出/营收 | 2.9% | 19.5% |
| 现金转化率经营现金流/净利润 | — | 32.21× |
| 过去12个月自由现金流最近4个季度 | $534.3M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流HRLNCLH
| Q4 25 | $322.9M | $459.1M | ||
| Q3 25 | $156.7M | $236.6M | ||
| Q2 25 | $56.4M | $714.9M | ||
| Q1 25 | $309.2M | $679.2M | ||
| Q4 24 | $408.6M | $399.3M | ||
| Q3 24 | $218.0M | $172.5M | ||
| Q2 24 | $236.1M | $670.9M | ||
| Q1 24 | $404.0M | $807.2M |
自由现金流HRLNCLH
| Q4 25 | $231.4M | $21.5M | ||
| Q3 25 | $84.5M | $-726.5M | ||
| Q2 25 | $-18.6M | $381.2M | ||
| Q1 25 | $237.0M | $-846.0M | ||
| Q4 24 | $324.8M | $155.8M | ||
| Q3 24 | $152.5M | $-195.5M | ||
| Q2 24 | $176.2M | $330.2M | ||
| Q1 24 | $356.8M | $548.3M |
自由现金流率HRLNCLH
| Q4 25 | 7.3% | 1.0% | ||
| Q3 25 | 2.8% | -24.7% | ||
| Q2 25 | -0.6% | 15.1% | ||
| Q1 25 | 7.9% | -39.8% | ||
| Q4 24 | 10.4% | 7.4% | ||
| Q3 24 | 5.3% | -7.0% | ||
| Q2 24 | 6.1% | 13.9% | ||
| Q1 24 | 11.9% | 25.0% |
资本支出强度HRLNCLH
| Q4 25 | 2.9% | 19.5% | ||
| Q3 25 | 2.4% | 32.8% | ||
| Q2 25 | 2.6% | 13.3% | ||
| Q1 25 | 2.4% | 71.7% | ||
| Q4 24 | 2.7% | 11.5% | ||
| Q3 24 | 2.3% | 13.1% | ||
| Q2 24 | 2.1% | 14.4% | ||
| Q1 24 | 1.6% | 11.8% |
现金转化率HRLNCLH
| Q4 25 | — | 32.21× | ||
| Q3 25 | 0.85× | 0.56× | ||
| Q2 25 | 0.31× | 23.83× | ||
| Q1 25 | 1.81× | — | ||
| Q4 24 | 1.86× | 1.57× | ||
| Q3 24 | 1.23× | 0.36× | ||
| Q2 24 | 1.25× | 4.10× | ||
| Q1 24 | 1.85× | 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
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
