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Liberty Global Ltd.（LBTYA）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Liberty Global Ltd.的1.9倍（$4.5B vs $2.4B），皇家加勒比集团净利率更高（21.3% vs 15.0%，领先6.4%），皇家加勒比集团同比增速更快（11.3% vs -3.6%），过去两年Liberty Global Ltd.的营收复合增速更高（12.9% vs 4.1%）
自由全球有限公司是一家英荷美合资的跨国电信企业，注册地位于百慕大，在伦敦、阿姆斯特丹和丹佛均设有总部。公司旗下拥有英国自由全球控股有限公司、荷兰自由全球有限公司及美国自由全球公司三大主体，其中英国主体为上市实体。企业由自由媒体国际业务部与UnitedGlobalCom于2005年合并成立，在全球电信服务领域拥有深厚的行业积累。
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。
LBTYA vs RCL — 直观对比
营收规模更大
RCL
是对方的1.9倍
$2.4B
营收增速更快
RCL
高出15.0%
-3.6%
净利率更高
RCL
高出6.4%
15.0%
两年增速更快
LBTYA
近两年复合增速
4.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $4.5B |
| 净利润 | $358.2M | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | 1.0% | 26.1% |
| 净利率 | 15.0% | 21.3% |
| 营收同比 | -3.6% | 11.3% |
| 净利润同比 | 127.1% | 29.1% |
| 每股收益（稀释后） | — | $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LBTYARCL
| Q1 26 | $2.4B | $4.5B | ||
| Q4 25 | $1.2B | $4.3B | ||
| Q3 25 | $1.2B | $5.1B | ||
| Q2 25 | $1.3B | $4.5B | ||
| Q1 25 | $1.2B | $4.0B | ||
| Q4 24 | $-1.4B | $3.8B | ||
| Q3 24 | $1.9B | $4.9B | ||
| Q2 24 | $1.9B | $4.1B |
净利润LBTYARCL
| Q1 26 | $358.2M | $950.0M | ||
| Q4 25 | $-2.9B | $753.0M | ||
| Q3 25 | $-90.7M | $1.6B | ||
| Q2 25 | $-2.8B | $1.2B | ||
| Q1 25 | $-1.3B | $730.0M | ||
| Q4 24 | $2.2B | $552.0M | ||
| Q3 24 | $-1.4B | $1.1B | ||
| Q2 24 | $268.1M | $854.0M |
毛利率LBTYARCL
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 47.4% | ||
| Q3 25 | 67.5% | 51.8% | ||
| Q2 25 | 63.3% | 49.7% | ||
| Q1 25 | 65.6% | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | 69.4% | 51.1% | ||
| Q2 24 | 68.5% | 47.6% |
营业利润率LBTYARCL
| Q1 26 | 1.0% | 26.1% | ||
| Q4 25 | -8.6% | 21.9% | ||
| Q3 25 | -0.7% | 33.1% | ||
| Q2 25 | 2.3% | 29.3% | ||
| Q1 25 | 5.2% | 23.6% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | 5.2% | 33.4% | ||
| Q2 24 | 1.0% | 26.7% |
净利率LBTYARCL
| Q1 26 | 15.0% | 21.3% | ||
| Q4 25 | -237.0% | 17.7% | ||
| Q3 25 | -7.5% | 30.6% | ||
| Q2 25 | -220.1% | 26.7% | ||
| Q1 25 | -114.2% | 18.3% | ||
| Q4 24 | -158.9% | 14.7% | ||
| Q3 24 | -74.1% | 22.7% | ||
| Q2 24 | 14.3% | 20.8% |
每股收益（稀释后）LBTYARCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $-8.66 | $2.76 | ||
| Q3 25 | $-0.27 | $5.74 | ||
| Q2 25 | $-8.09 | $4.41 | ||
| Q1 25 | $-3.84 | $2.70 | ||
| Q4 24 | $6.15 | $2.27 | ||
| Q3 24 | $-3.95 | $4.21 | ||
| Q2 24 | $0.71 | $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 | $-387.3M | $512.0M |
| 总债务越低越好 | — | $21.1B |
| 股东权益账面价值 | — | $10.0B |
| 总资产 | — | $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LBTYARCL
| Q1 26 | $-387.3M | $512.0M | ||
| Q4 25 | $2.2B | $825.0M | ||
| Q3 25 | $1.7B | $432.0M | ||
| Q2 25 | $3.1B | $735.0M | ||
| Q1 25 | $2.0B | $386.0M | ||
| Q4 24 | $2.2B | $388.0M | ||
| Q3 24 | $3.3B | $418.0M | ||
| Q2 24 | $3.2B | $391.0M |
总债务LBTYARCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $7.8B | $18.2B | ||
| Q3 25 | $7.8B | $17.2B | ||
| Q2 25 | $7.8B | $17.6B | ||
| Q1 25 | $8.2B | $18.0B | ||
| Q4 24 | $8.2B | $18.5B | ||
| Q3 24 | $14.9B | $19.0B | ||
| Q2 24 | $14.7B | $19.8B |
股东权益LBTYARCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $9.7B | $10.0B | ||
| Q3 25 | $12.7B | $10.1B | ||
| Q2 25 | $13.0B | $9.2B | ||
| Q1 25 | $12.6B | $8.0B | ||
| Q4 24 | $12.4B | $7.6B | ||
| Q3 24 | $18.7B | $7.0B | ||
| Q2 24 | $18.3B | $6.0B |
总资产LBTYARCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $22.6B | $41.6B | ||
| Q3 25 | $25.4B | $40.1B | ||
| Q2 25 | $27.2B | $38.5B | ||
| Q1 25 | $26.0B | $37.5B | ||
| Q4 24 | $25.4B | $37.1B | ||
| Q3 24 | $41.8B | $37.1B | ||
| Q2 24 | $40.8B | $37.0B |
负债/权益比LBTYARCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | 0.80× | 1.81× | ||
| Q3 25 | 0.61× | 1.70× | ||
| Q2 25 | 0.60× | 1.92× | ||
| Q1 25 | 0.65× | 2.26× | ||
| Q4 24 | 0.66× | 2.44× | ||
| Q3 24 | 0.80× | 2.69× | ||
| Q2 24 | 0.80× | 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 | $107.6M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 1.5% | — |
| 现金转化率经营现金流/净利润 | 0.30× | 1.93× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流LBTYARCL
| Q1 26 | $107.6M | $1.8B | ||
| Q4 25 | $630.9M | $1.6B | ||
| Q3 25 | $301.8M | $1.5B | ||
| Q2 25 | $149.2M | $1.7B | ||
| Q1 25 | $129.2M | $1.6B | ||
| Q4 24 | $791.6M | $1.5B | ||
| Q3 24 | $449.5M | $897.0M | ||
| Q2 24 | $546.1M | $1.6B |
自由现金流LBTYARCL
| Q1 26 | — | — | ||
| Q4 25 | $193.3M | $116.0M | ||
| Q3 25 | $-41.1M | $-989.0M | ||
| Q2 25 | $-170.1M | $910.0M | ||
| Q1 25 | $-114.1M | $1.2B | ||
| Q4 24 | $712.9M | $915.0M | ||
| Q3 24 | $102.4M | $563.0M | ||
| Q2 24 | $256.8M | $-567.0M |
自由现金流率LBTYARCL
| Q1 26 | — | — | ||
| Q4 25 | 15.7% | 2.7% | ||
| Q3 25 | -3.4% | -19.2% | ||
| Q2 25 | -13.4% | 20.1% | ||
| Q1 25 | -9.7% | 30.0% | ||
| Q4 24 | -50.5% | 24.3% | ||
| Q3 24 | 5.3% | 11.5% | ||
| Q2 24 | 13.7% | -13.8% |
资本支出强度LBTYARCL
| Q1 26 | 1.5% | — | ||
| Q4 25 | 35.5% | 35.4% | ||
| Q3 25 | 28.4% | 47.8% | ||
| Q2 25 | 25.2% | 18.4% | ||
| Q1 25 | 20.8% | 10.7% | ||
| Q4 24 | -5.6% | 14.7% | ||
| Q3 24 | 17.9% | 6.8% | ||
| Q2 24 | 15.4% | 52.1% |
现金转化率LBTYARCL
| Q1 26 | 0.30× | 1.93× | ||
| Q4 25 | — | 2.16× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | 0.35× | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | 2.04× | 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
LBTYA
| Mobile Service | $775.2M | 32% |
| Fixed Service | $772.0M | 32% |
| Business | $308.7M | 13% |
| Wholesale | $256.9M | 11% |
| Business Service | $233.2M | 10% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
