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罗技（LOGI）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
诺唯真游轮控股的季度营收约是罗技的1.6倍（$2.2B vs $1.4B），罗技净利率更高（17.7% vs 0.6%，领先17.0%），诺唯真游轮控股同比增速更快（6.4% vs 6.1%），罗技自由现金流更多（$465.6M vs $21.5M），过去两年罗技的营收复合增速更高（18.5% vs 1.2%）
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
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%。
LOGI vs NCLH — 直观对比
营收规模更大
NCLH
是对方的1.6倍
$1.4B
营收增速更快
NCLH
高出0.3%
6.1%
净利率更高
LOGI
高出17.0%
0.6%
自由现金流更多
LOGI
多$444.2M
$21.5M
两年增速更快
LOGI
近两年复合增速
1.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.2B |
| 净利润 | $251.0M | $14.3M |
| 毛利率 | 43.2% | 41.0% |
| 营业利润率 | 20.1% | 8.3% |
| 净利率 | 17.7% | 0.6% |
| 营收同比 | 6.1% | 6.4% |
| 净利润同比 | 25.4% | -94.4% |
| 每股收益（稀释后） | $1.69 | $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LOGINCLH
| Q4 25 | $1.4B | $2.2B | ||
| Q3 25 | $1.2B | $2.9B | ||
| Q2 25 | $1.1B | $2.5B | ||
| Q1 25 | $1.0B | $2.1B | ||
| Q4 24 | $1.3B | $2.1B | ||
| Q3 24 | $1.1B | $2.8B | ||
| Q2 24 | $1.1B | $2.4B | ||
| Q1 24 | $1.0B | $2.2B |
净利润LOGINCLH
| Q4 25 | $251.0M | $14.3M | ||
| Q3 25 | $170.7M | $419.3M | ||
| Q2 25 | $146.0M | $30.0M | ||
| Q1 25 | $144.1M | $-40.3M | ||
| Q4 24 | $200.1M | $254.5M | ||
| Q3 24 | $145.5M | $474.9M | ||
| Q2 24 | $141.8M | $163.4M | ||
| Q1 24 | $167.6M | $17.4M |
毛利率LOGINCLH
| Q4 25 | 43.2% | 41.0% | ||
| Q3 25 | 43.4% | 47.1% | ||
| Q2 25 | 41.7% | 42.1% | ||
| Q1 25 | 43.1% | 38.7% | ||
| Q4 24 | 42.9% | 38.0% | ||
| Q3 24 | 43.6% | 45.2% | ||
| Q2 24 | 42.8% | 38.7% | ||
| Q1 24 | 43.2% | 36.7% |
营业利润率LOGINCLH
| Q4 25 | 20.1% | 8.3% | ||
| Q3 25 | 16.1% | 25.5% | ||
| Q2 25 | 14.1% | 16.8% | ||
| Q1 25 | 10.5% | 9.4% | ||
| Q4 24 | 17.5% | 10.2% | ||
| Q3 24 | 14.4% | 24.6% | ||
| Q2 24 | 14.1% | 14.4% | ||
| Q1 24 | 12.9% | 10.0% |
净利率LOGINCLH
| Q4 25 | 17.7% | 0.6% | ||
| Q3 25 | 14.4% | 14.3% | ||
| Q2 25 | 12.7% | 1.2% | ||
| Q1 25 | 14.3% | -1.9% | ||
| Q4 24 | 14.9% | 12.1% | ||
| Q3 24 | 13.0% | 16.9% | ||
| Q2 24 | 13.0% | 6.9% | ||
| Q1 24 | 16.6% | 0.8% |
每股收益（稀释后）LOGINCLH
| Q4 25 | $1.69 | $0.08 | ||
| Q3 25 | $1.15 | $0.86 | ||
| Q2 25 | $0.98 | $0.07 | ||
| Q1 25 | $0.94 | $-0.09 | ||
| Q4 24 | $1.32 | $0.55 | ||
| Q3 24 | $0.95 | $0.95 | ||
| Q2 24 | $0.92 | $0.35 | ||
| Q1 24 | $1.07 | $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 | $1.8B | $209.9M |
| 总债务越低越好 | — | $13.7B |
| 股东权益账面价值 | $2.3B | $2.2B |
| 总资产 | $4.1B | $22.5B |
| 负债/权益比越低杠杆越低 | — | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资LOGINCLH
| Q4 25 | $1.8B | $209.9M | ||
| Q3 25 | $1.4B | $166.8M | ||
| Q2 25 | $1.5B | $184.0M | ||
| Q1 25 | $1.5B | $184.4M | ||
| Q4 24 | $1.5B | $190.8M | ||
| Q3 24 | $1.4B | $332.5M | ||
| Q2 24 | $1.5B | $594.1M | ||
| Q1 24 | $1.5B | $559.8M |
总债务LOGINCLH
| Q4 25 | — | $13.7B | ||
| Q3 25 | — | $13.6B | ||
| Q2 25 | — | $12.6B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.9B | ||
| Q1 24 | — | $12.0B |
股东权益LOGINCLH
| Q4 25 | $2.3B | $2.2B | ||
| Q3 25 | $2.1B | $2.2B | ||
| Q2 25 | $2.2B | $1.6B | ||
| Q1 25 | $2.1B | $1.4B | ||
| Q4 24 | $2.1B | $1.4B | ||
| Q3 24 | $2.1B | $1.1B | ||
| Q2 24 | $2.2B | $693.1M | ||
| Q1 24 | $2.2B | $362.1M |
总资产LOGINCLH
| Q4 25 | $4.1B | $22.5B | ||
| Q3 25 | $3.7B | $22.2B | ||
| Q2 25 | $3.7B | $21.6B | ||
| Q1 25 | $3.5B | $21.4B | ||
| Q4 24 | $3.7B | $20.0B | ||
| Q3 24 | $3.6B | $19.8B | ||
| Q2 24 | $3.7B | $20.1B | ||
| Q1 24 | $3.6B | $19.8B |
负债/权益比LOGINCLH
| Q4 25 | — | 6.21× | ||
| Q3 25 | — | 6.22× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | 9.09× | ||
| Q4 24 | — | 8.26× | ||
| Q3 24 | — | 10.35× | ||
| Q2 24 | — | 17.19× | ||
| Q1 24 | — | 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 | $480.5M | $459.1M |
| 自由现金流经营现金流 - 资本支出 | $465.6M | $21.5M |
| 自由现金流率自由现金流/营收 | 32.8% | 1.0% |
| 资本支出强度资本支出/营收 | 1.0% | 19.5% |
| 现金转化率经营现金流/净利润 | 1.91× | 32.21× |
| 过去12个月自由现金流最近4个季度 | $903.6M | $-1.2B |
8季度趋势，按日历期对齐
经营现金流LOGINCLH
| Q4 25 | $480.5M | $459.1M | ||
| Q3 25 | $228.8M | $236.6M | ||
| Q2 25 | $125.0M | $714.9M | ||
| Q1 25 | $129.7M | $679.2M | ||
| Q4 24 | $370.9M | $399.3M | ||
| Q3 24 | $166.0M | $172.5M | ||
| Q2 24 | $176.0M | $670.9M | ||
| Q1 24 | $239.1M | $807.2M |
自由现金流LOGINCLH
| Q4 25 | $465.6M | $21.5M | ||
| Q3 25 | $212.3M | $-726.5M | ||
| Q2 25 | $108.8M | $381.2M | ||
| Q1 25 | $116.9M | $-846.0M | ||
| Q4 24 | $356.6M | $155.8M | ||
| Q3 24 | $151.5M | $-195.5M | ||
| Q2 24 | $161.4M | $330.2M | ||
| Q1 24 | $228.8M | $548.3M |
自由现金流率LOGINCLH
| Q4 25 | 32.8% | 1.0% | ||
| Q3 25 | 17.9% | -24.7% | ||
| Q2 25 | 9.5% | 15.1% | ||
| Q1 25 | 11.6% | -39.8% | ||
| Q4 24 | 26.6% | 7.4% | ||
| Q3 24 | 13.6% | -7.0% | ||
| Q2 24 | 14.8% | 13.9% | ||
| Q1 24 | 22.6% | 25.0% |
资本支出强度LOGINCLH
| Q4 25 | 1.0% | 19.5% | ||
| Q3 25 | 1.4% | 32.8% | ||
| Q2 25 | 1.4% | 13.3% | ||
| Q1 25 | 1.3% | 71.7% | ||
| Q4 24 | 1.1% | 11.5% | ||
| Q3 24 | 1.3% | 13.1% | ||
| Q2 24 | 1.3% | 14.4% | ||
| Q1 24 | 1.0% | 11.8% |
现金转化率LOGINCLH
| Q4 25 | 1.91× | 32.21× | ||
| Q3 25 | 1.34× | 0.56× | ||
| Q2 25 | 0.86× | 23.83× | ||
| Q1 25 | 0.90× | — | ||
| Q4 24 | 1.85× | 1.57× | ||
| Q3 24 | 1.14× | 0.36× | ||
| Q2 24 | 1.24× | 4.10× | ||
| Q1 24 | 1.43× | 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
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
