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Kenvue（KVUE）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Kenvue的1.2倍（$4.5B vs $3.8B），皇家加勒比集团净利率更高（21.3% vs 8.7%，领先12.6%），皇家加勒比集团同比增速更快（11.3% vs 3.2%），过去两年皇家加勒比集团的营收复合增速更高（4.1% vs -1.5%）
Kenvue是美国消费者健康企业，前身为强生集团消费者健康业务部门，旗下拥有邦迪、李施德林、露得清、泰诺、强生婴儿、仙特明等诸多知名消费健康品牌，总部现位于美国新泽西州萨米特。
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。
KVUE vs RCL — 直观对比
营收规模更大
RCL
是对方的1.2倍
$3.8B
营收增速更快
RCL
高出8.1%
3.2%
净利率更高
RCL
高出12.6%
8.7%
两年增速更快
RCL
近两年复合增速
-1.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $4.5B |
| 净利润 | $330.0M | $950.0M |
| 毛利率 | 56.5% | — |
| 营业利润率 | 14.2% | 26.1% |
| 净利率 | 8.7% | 21.3% |
| 营收同比 | 3.2% | 11.3% |
| 净利润同比 | 12.6% | 29.1% |
| 每股收益（稀释后） | $0.16 | $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KVUERCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $3.8B | $4.3B | ||
| Q3 25 | $3.8B | $5.1B | ||
| Q2 25 | $3.8B | $4.5B | ||
| Q1 25 | $3.7B | $4.0B | ||
| Q4 24 | $3.7B | $3.8B | ||
| Q3 24 | $3.9B | $4.9B | ||
| Q2 24 | $4.0B | $4.1B |
净利润KVUERCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $330.0M | $753.0M | ||
| Q3 25 | $398.0M | $1.6B | ||
| Q2 25 | $420.0M | $1.2B | ||
| Q1 25 | $322.0M | $730.0M | ||
| Q4 24 | $293.0M | $552.0M | ||
| Q3 24 | $383.0M | $1.1B | ||
| Q2 24 | $58.0M | $854.0M |
毛利率KVUERCL
| Q1 26 | — | — | ||
| Q4 25 | 56.5% | 47.4% | ||
| Q3 25 | 59.1% | 51.8% | ||
| Q2 25 | 58.9% | 49.7% | ||
| Q1 25 | 58.0% | 48.0% | ||
| Q4 24 | 56.5% | 45.4% | ||
| Q3 24 | 58.5% | 51.1% | ||
| Q2 24 | 59.1% | 47.6% |
营业利润率KVUERCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 14.2% | 21.9% | ||
| Q3 25 | 16.7% | 33.1% | ||
| Q2 25 | 18.0% | 29.3% | ||
| Q1 25 | 14.9% | 23.6% | ||
| Q4 24 | 13.2% | 16.6% | ||
| Q3 24 | 16.8% | 33.4% | ||
| Q2 24 | 3.9% | 26.7% |
净利率KVUERCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 8.7% | 17.7% | ||
| Q3 25 | 10.6% | 30.6% | ||
| Q2 25 | 10.9% | 26.7% | ||
| Q1 25 | 8.6% | 18.3% | ||
| Q4 24 | 8.0% | 14.7% | ||
| Q3 24 | 9.8% | 22.7% | ||
| Q2 24 | 1.5% | 20.8% |
每股收益（稀释后）KVUERCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $0.16 | $2.76 | ||
| Q3 25 | $0.21 | $5.74 | ||
| Q2 25 | $0.22 | $4.41 | ||
| Q1 25 | $0.17 | $2.70 | ||
| Q4 24 | $0.16 | $2.27 | ||
| Q3 24 | $0.20 | $4.21 | ||
| Q2 24 | $0.03 | $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 | $1.1B | $512.0M |
| 总债务越低越好 | — | $21.1B |
| 股东权益账面价值 | $10.8B | $10.0B |
| 总资产 | $27.1B | $42.0B |
| 负债/权益比越低杠杆越低 | — | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资KVUERCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $1.1B | $825.0M | ||
| Q3 25 | $1.1B | $432.0M | ||
| Q2 25 | $1.1B | $735.0M | ||
| Q1 25 | $1.1B | $386.0M | ||
| Q4 24 | $1.1B | $388.0M | ||
| Q3 24 | $1.1B | $418.0M | ||
| Q2 24 | $1.0B | $391.0M |
总债务KVUERCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B |
股东权益KVUERCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $10.8B | $10.0B | ||
| Q3 25 | $10.6B | $10.1B | ||
| Q2 25 | $10.7B | $9.2B | ||
| Q1 25 | $10.1B | $8.0B | ||
| Q4 24 | $9.7B | $7.6B | ||
| Q3 24 | $10.6B | $7.0B | ||
| Q2 24 | $10.2B | $6.0B |
总资产KVUERCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $27.1B | $41.6B | ||
| Q3 25 | $27.2B | $40.1B | ||
| Q2 25 | $27.1B | $38.5B | ||
| Q1 25 | $26.3B | $37.5B | ||
| Q4 24 | $25.6B | $37.1B | ||
| Q3 24 | $26.9B | $37.1B | ||
| Q2 24 | $26.4B | $37.0B |
负债/权益比KVUERCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 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 | $854.0M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $744.0M | — |
| 自由现金流率自由现金流/营收 | 19.7% | — |
| 资本支出强度资本支出/营收 | 2.9% | — |
| 现金转化率经营现金流/净利润 | 2.59× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $1.7B | — |
8季度趋势，按日历期对齐
经营现金流KVUERCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $854.0M | $1.6B | ||
| Q3 25 | $294.0M | $1.5B | ||
| Q2 25 | $621.0M | $1.7B | ||
| Q1 25 | $428.0M | $1.6B | ||
| Q4 24 | $793.0M | $1.5B | ||
| Q3 24 | $249.0M | $897.0M | ||
| Q2 24 | $440.0M | $1.6B |
自由现金流KVUERCL
| Q1 26 | — | — | ||
| Q4 25 | $744.0M | $116.0M | ||
| Q3 25 | $196.0M | $-989.0M | ||
| Q2 25 | $533.0M | $910.0M | ||
| Q1 25 | $249.0M | $1.2B | ||
| Q4 24 | $661.0M | $915.0M | ||
| Q3 24 | $190.0M | $563.0M | ||
| Q2 24 | $350.0M | $-567.0M |
自由现金流率KVUERCL
| Q1 26 | — | — | ||
| Q4 25 | 19.7% | 2.7% | ||
| Q3 25 | 5.2% | -19.2% | ||
| Q2 25 | 13.9% | 20.1% | ||
| Q1 25 | 6.7% | 30.0% | ||
| Q4 24 | 18.1% | 24.3% | ||
| Q3 24 | 4.9% | 11.5% | ||
| Q2 24 | 8.8% | -13.8% |
资本支出强度KVUERCL
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | 35.4% | ||
| Q3 25 | 2.6% | 47.8% | ||
| Q2 25 | 2.3% | 18.4% | ||
| Q1 25 | 4.8% | 10.7% | ||
| Q4 24 | 3.6% | 14.7% | ||
| Q3 24 | 1.5% | 6.8% | ||
| Q2 24 | 2.3% | 52.1% |
现金转化率KVUERCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 2.59× | 2.16× | ||
| Q3 25 | 0.74× | 0.93× | ||
| Q2 25 | 1.48× | 1.44× | ||
| Q1 25 | 1.33× | 2.23× | ||
| Q4 24 | 2.71× | 2.66× | ||
| Q3 24 | 0.65× | 0.81× | ||
| Q2 24 | 7.59× | 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
KVUE
| Self Care | $1.6B | 42% |
| Essential Health | $1.1B | 30% |
| Skin Health And Beauty | $1.0B | 28% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
