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荷美尔食品（HRL）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荷美尔食品的1.3倍（$4.3B vs $3.2B），皇家加勒比集团净利率更高（17.7% vs -1.8%，领先19.4%），皇家加勒比集团同比增速更快（13.3% vs 1.5%），荷美尔食品自由现金流更多（$231.4M vs $116.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs 3.1%）
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。
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。
HRL vs RCL — 直观对比
营收规模更大
RCL
是对方的1.3倍
$3.2B
营收增速更快
RCL
高出11.8%
1.5%
净利率更高
RCL
高出19.4%
-1.8%
自由现金流更多
HRL
多$115.4M
$116.0M
两年增速更快
RCL
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $4.3B |
| 净利润 | $-56.1M | $753.0M |
| 毛利率 | 14.0% | 47.4% |
| 营业利润率 | 0.1% | 21.9% |
| 净利率 | -1.8% | 17.7% |
| 营收同比 | 1.5% | 13.3% |
| 净利润同比 | -125.5% | 36.4% |
| 每股收益（稀释后） | $-0.10 | $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HRLRCL
| Q4 25 | $3.2B | $4.3B | ||
| Q3 25 | $3.0B | $5.1B | ||
| Q2 25 | $2.9B | $4.5B | ||
| Q1 25 | $3.0B | $4.0B | ||
| Q4 24 | $3.1B | $3.8B | ||
| Q3 24 | $2.9B | $4.9B | ||
| Q2 24 | $2.9B | $4.1B | ||
| Q1 24 | $3.0B | $3.7B |
净利润HRLRCL
| Q4 25 | $-56.1M | $753.0M | ||
| Q3 25 | $183.7M | $1.6B | ||
| Q2 25 | $180.0M | $1.2B | ||
| Q1 25 | $170.6M | $730.0M | ||
| Q4 24 | $220.2M | $552.0M | ||
| Q3 24 | $176.7M | $1.1B | ||
| Q2 24 | $189.3M | $854.0M | ||
| Q1 24 | $218.9M | $360.0M |
毛利率HRLRCL
| Q4 25 | 14.0% | 47.4% | ||
| Q3 25 | 16.1% | 51.8% | ||
| Q2 25 | 16.7% | 49.7% | ||
| Q1 25 | 15.9% | 48.0% | ||
| Q4 24 | 16.6% | 45.4% | ||
| Q3 24 | 16.8% | 51.1% | ||
| Q2 24 | 17.4% | 47.6% | ||
| Q1 24 | 17.0% | 44.8% |
营业利润率HRLRCL
| Q4 25 | 0.1% | 21.9% | ||
| Q3 25 | 7.9% | 33.1% | ||
| Q2 25 | 8.6% | 29.3% | ||
| Q1 25 | 7.6% | 23.6% | ||
| Q4 24 | 9.4% | 16.6% | ||
| Q3 24 | 8.2% | 33.4% | ||
| Q2 24 | 8.7% | 26.7% | ||
| Q1 24 | 9.5% | 20.1% |
净利率HRLRCL
| Q4 25 | -1.8% | 17.7% | ||
| Q3 25 | 6.1% | 30.6% | ||
| Q2 25 | 6.2% | 26.7% | ||
| Q1 25 | 5.7% | 18.3% | ||
| Q4 24 | 7.0% | 14.7% | ||
| Q3 24 | 6.1% | 22.7% | ||
| Q2 24 | 6.6% | 20.8% | ||
| Q1 24 | 7.3% | 9.7% |
每股收益（稀释后）HRLRCL
| Q4 25 | $-0.10 | $2.76 | ||
| Q3 25 | $0.33 | $5.74 | ||
| Q2 25 | $0.33 | $4.41 | ||
| Q1 25 | $0.31 | $2.70 | ||
| Q4 24 | $0.41 | $2.27 | ||
| Q3 24 | $0.32 | $4.21 | ||
| Q2 24 | $0.34 | $3.11 | ||
| Q1 24 | $0.40 | $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 | $703.6M | $825.0M |
| 总债务越低越好 | $2.9B | $18.2B |
| 股东权益账面价值 | $7.9B | $10.0B |
| 总资产 | $13.4B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.36× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资HRLRCL
| Q4 25 | $703.6M | $825.0M | ||
| Q3 25 | $630.7M | $432.0M | ||
| Q2 25 | $699.0M | $735.0M | ||
| Q1 25 | $866.4M | $386.0M | ||
| Q4 24 | $766.6M | $388.0M | ||
| Q3 24 | $561.9M | $418.0M | ||
| Q2 24 | $1.5B | $391.0M | ||
| Q1 24 | $981.9M | $437.0M |
总债务HRLRCL
| Q4 25 | $2.9B | $18.2B | ||
| Q3 25 | $2.9B | $17.2B | ||
| Q2 25 | $2.9B | $17.6B | ||
| Q1 25 | $2.9B | $18.0B | ||
| Q4 24 | $2.9B | $18.5B | ||
| Q3 24 | $2.9B | $19.0B | ||
| Q2 24 | $2.9B | $19.8B | ||
| Q1 24 | $2.4B | $18.9B |
股东权益HRLRCL
| Q4 25 | $7.9B | $10.0B | ||
| Q3 25 | $8.1B | $10.1B | ||
| Q2 25 | $8.0B | $9.2B | ||
| Q1 25 | $8.0B | $8.0B | ||
| Q4 24 | $8.0B | $7.6B | ||
| Q3 24 | $7.9B | $7.0B | ||
| Q2 24 | $7.9B | $6.0B | ||
| Q1 24 | $7.8B | $5.2B |
总资产HRLRCL
| Q4 25 | $13.4B | $41.6B | ||
| Q3 25 | $13.5B | $40.1B | ||
| Q2 25 | $13.4B | $38.5B | ||
| Q1 25 | $13.4B | $37.5B | ||
| Q4 24 | $13.4B | $37.1B | ||
| Q3 24 | $13.1B | $37.1B | ||
| Q2 24 | $14.1B | $37.0B | ||
| Q1 24 | $13.5B | $35.2B |
负债/权益比HRLRCL
| Q4 25 | 0.36× | 1.81× | ||
| Q3 25 | 0.35× | 1.70× | ||
| Q2 25 | 0.35× | 1.92× | ||
| Q1 25 | 0.36× | 2.26× | ||
| Q4 24 | 0.36× | 2.44× | ||
| Q3 24 | 0.36× | 2.69× | ||
| Q2 24 | 0.36× | 3.29× | ||
| Q1 24 | 0.30× | 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 | $322.9M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $231.4M | $116.0M |
| 自由现金流率自由现金流/营收 | 7.3% | 2.7% |
| 资本支出强度资本支出/营收 | 2.9% | 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 | $534.3M | $1.2B |
8季度趋势，按日历期对齐
经营现金流HRLRCL
| Q4 25 | $322.9M | $1.6B | ||
| Q3 25 | $156.7M | $1.5B | ||
| Q2 25 | $56.4M | $1.7B | ||
| Q1 25 | $309.2M | $1.6B | ||
| Q4 24 | $408.6M | $1.5B | ||
| Q3 24 | $218.0M | $897.0M | ||
| Q2 24 | $236.1M | $1.6B | ||
| Q1 24 | $404.0M | $1.3B |
自由现金流HRLRCL
| Q4 25 | $231.4M | $116.0M | ||
| Q3 25 | $84.5M | $-989.0M | ||
| Q2 25 | $-18.6M | $910.0M | ||
| Q1 25 | $237.0M | $1.2B | ||
| Q4 24 | $324.8M | $915.0M | ||
| Q3 24 | $152.5M | $563.0M | ||
| Q2 24 | $176.2M | $-567.0M | ||
| Q1 24 | $356.8M | $1.1B |
自由现金流率HRLRCL
| Q4 25 | 7.3% | 2.7% | ||
| Q3 25 | 2.8% | -19.2% | ||
| Q2 25 | -0.6% | 20.1% | ||
| Q1 25 | 7.9% | 30.0% | ||
| Q4 24 | 10.4% | 24.3% | ||
| Q3 24 | 5.3% | 11.5% | ||
| Q2 24 | 6.1% | -13.8% | ||
| Q1 24 | 11.9% | 29.1% |
资本支出强度HRLRCL
| Q4 25 | 2.9% | 35.4% | ||
| Q3 25 | 2.4% | 47.8% | ||
| Q2 25 | 2.6% | 18.4% | ||
| Q1 25 | 2.4% | 10.7% | ||
| Q4 24 | 2.7% | 14.7% | ||
| Q3 24 | 2.3% | 6.8% | ||
| Q2 24 | 2.1% | 52.1% | ||
| Q1 24 | 1.6% | 6.5% |
现金转化率HRLRCL
| Q4 25 | — | 2.16× | ||
| Q3 25 | 0.85× | 0.93× | ||
| Q2 25 | 0.31× | 1.44× | ||
| Q1 25 | 1.81× | 2.23× | ||
| Q4 24 | 1.86× | 2.66× | ||
| Q3 24 | 1.23× | 0.81× | ||
| Q2 24 | 1.25× | 1.84× | ||
| Q1 24 | 1.85× | 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
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
