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LANDSTAR SYSTEM INC（LSTR）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LANDSTAR SYSTEM INC的1.9倍（$2.2B vs $1.2B），LANDSTAR SYSTEM INC净利率更高（3.4% vs 0.6%，领先2.7%），诺唯真游轮控股同比增速更快（6.4% vs 1.6%），过去两年诺唯真游轮控股的营收复合增速更高（1.2% vs -2.2%）
Landstar System Inc.是美国专业运输服务企业，主营第三方物流业务，依托由超8800名独立自营车主、1000余名独立货运代理人、7万余家合规认证承运商组成的庞大网络，服务主要覆盖美国全境，同时提供加拿大境内及美加、美墨跨境物流服务。
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%。
LSTR vs NCLH — 直观对比
营收规模更大
NCLH
是对方的1.9倍
$1.2B
营收增速更快
NCLH
高出4.8%
1.6%
净利率更高
LSTR
高出2.7%
0.6%
两年增速更快
NCLH
近两年复合增速
-2.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.2B |
| 净利润 | $39.4M | $14.3M |
| 毛利率 | 9.6% | 41.0% |
| 营业利润率 | 4.5% | 8.3% |
| 净利率 | 3.4% | 0.6% |
| 营收同比 | 1.6% | 6.4% |
| 净利润同比 | 32.3% | -94.4% |
| 每股收益（稀释后） | $1.16 | $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LSTRNCLH
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.2B | $2.2B | ||
| Q3 25 | $1.2B | $2.9B | ||
| Q2 25 | $1.2B | $2.5B | ||
| Q1 25 | $1.2B | $2.1B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.2B | $2.4B |
净利润LSTRNCLH
| Q1 26 | $39.4M | — | ||
| Q4 25 | $23.9M | $14.3M | ||
| Q3 25 | $19.4M | $419.3M | ||
| Q2 25 | $41.9M | $30.0M | ||
| Q1 25 | $29.8M | $-40.3M | ||
| Q4 24 | $46.2M | $254.5M | ||
| Q3 24 | $50.0M | $474.9M | ||
| Q2 24 | $52.6M | $163.4M |
毛利率LSTRNCLH
| Q1 26 | 9.6% | — | ||
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 47.1% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 38.7% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 38.7% |
营业利润率LSTRNCLH
| Q1 26 | 4.5% | — | ||
| Q4 25 | 2.5% | 8.3% | ||
| Q3 25 | 2.2% | 25.5% | ||
| Q2 25 | 4.6% | 16.8% | ||
| Q1 25 | 3.4% | 9.4% | ||
| Q4 24 | 4.8% | 10.2% | ||
| Q3 24 | 5.2% | 24.6% | ||
| Q2 24 | 5.6% | 14.4% |
净利率LSTRNCLH
| Q1 26 | 3.4% | — | ||
| Q4 25 | 2.0% | 0.6% | ||
| Q3 25 | 1.6% | 14.3% | ||
| Q2 25 | 3.5% | 1.2% | ||
| Q1 25 | 2.6% | -1.9% | ||
| Q4 24 | 3.8% | 12.1% | ||
| Q3 24 | 4.1% | 16.9% | ||
| Q2 24 | 4.3% | 6.9% |
每股收益（稀释后）LSTRNCLH
| Q1 26 | $1.16 | — | ||
| Q4 25 | $0.70 | $0.08 | ||
| Q3 25 | $0.56 | $0.86 | ||
| Q2 25 | $1.20 | $0.07 | ||
| Q1 25 | $0.85 | $-0.09 | ||
| Q4 24 | $1.30 | $0.55 | ||
| Q3 24 | $1.41 | $0.95 | ||
| Q2 24 | $1.48 | $0.35 |
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 | $411.0M | $209.9M |
| 总债务越低越好 | $26.1M | $13.7B |
| 股东权益账面价值 | $799.0M | $2.2B |
| 总资产 | $1.6B | $22.5B |
| 负债/权益比越低杠杆越低 | 0.03× | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资LSTRNCLH
| Q1 26 | $411.0M | — | ||
| Q4 25 | $452.2M | $209.9M | ||
| Q3 25 | $434.4M | $166.8M | ||
| Q2 25 | $426.2M | $184.0M | ||
| Q1 25 | $473.4M | $184.4M | ||
| Q4 24 | $566.6M | $190.8M | ||
| Q3 24 | $531.3M | $332.5M | ||
| Q2 24 | $504.0M | $594.1M |
总债务LSTRNCLH
| Q1 26 | $26.1M | — | ||
| Q4 25 | $0 | $13.7B | ||
| Q3 25 | $0 | $13.6B | ||
| Q2 25 | $0 | $12.6B | ||
| Q1 25 | $0 | $12.9B | ||
| Q4 24 | $0 | $11.8B | ||
| Q3 24 | $0 | $11.8B | ||
| Q2 24 | $0 | $11.9B |
股东权益LSTRNCLH
| Q1 26 | $799.0M | — | ||
| Q4 25 | $795.7M | $2.2B | ||
| Q3 25 | $888.7M | $2.2B | ||
| Q2 25 | $921.8M | $1.6B | ||
| Q1 25 | $930.8M | $1.4B | ||
| Q4 24 | $972.4M | $1.4B | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $1.0B | $693.1M |
总资产LSTRNCLH
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $22.5B | ||
| Q3 25 | $1.7B | $22.2B | ||
| Q2 25 | $1.7B | $21.6B | ||
| Q1 25 | $1.7B | $21.4B | ||
| Q4 24 | $1.8B | $20.0B | ||
| Q3 24 | $1.8B | $19.8B | ||
| Q2 24 | $1.8B | $20.1B |
负债/权益比LSTRNCLH
| Q1 26 | 0.03× | — | ||
| Q4 25 | 0.00× | 6.21× | ||
| Q3 25 | 0.00× | 6.22× | ||
| Q2 25 | 0.00× | 8.05× | ||
| Q1 25 | 0.00× | 9.09× | ||
| Q4 24 | 0.00× | 8.26× | ||
| Q3 24 | 0.00× | 10.35× | ||
| Q2 24 | 0.00× | 17.19× |
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 | — | $459.1M |
| 自由现金流经营现金流 - 资本支出 | — | $21.5M |
| 自由现金流率自由现金流/营收 | — | 1.0% |
| 资本支出强度资本支出/营收 | — | 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 | — | $-1.2B |
8季度趋势，按日历期对齐
经营现金流LSTRNCLH
| Q1 26 | — | — | ||
| Q4 25 | $72.7M | $459.1M | ||
| Q3 25 | $89.3M | $236.6M | ||
| Q2 25 | $7.1M | $714.9M | ||
| Q1 25 | $55.7M | $679.2M | ||
| Q4 24 | $61.1M | $399.3M | ||
| Q3 24 | $83.1M | $172.5M | ||
| Q2 24 | $48.1M | $670.9M |
自由现金流LSTRNCLH
| Q1 26 | — | — | ||
| Q4 25 | $70.5M | $21.5M | ||
| Q3 25 | $86.0M | $-726.5M | ||
| Q2 25 | $4.7M | $381.2M | ||
| Q1 25 | $53.8M | $-846.0M | ||
| Q4 24 | $54.4M | $155.8M | ||
| Q3 24 | $75.6M | $-195.5M | ||
| Q2 24 | $40.6M | $330.2M |
自由现金流率LSTRNCLH
| Q1 26 | — | — | ||
| Q4 25 | 6.0% | 1.0% | ||
| Q3 25 | 7.1% | -24.7% | ||
| Q2 25 | 0.4% | 15.1% | ||
| Q1 25 | 4.7% | -39.8% | ||
| Q4 24 | 4.5% | 7.4% | ||
| Q3 24 | 6.2% | -7.0% | ||
| Q2 24 | 3.3% | 13.9% |
资本支出强度LSTRNCLH
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 19.5% | ||
| Q3 25 | 0.3% | 32.8% | ||
| Q2 25 | 0.2% | 13.3% | ||
| Q1 25 | 0.2% | 71.7% | ||
| Q4 24 | 0.6% | 11.5% | ||
| Q3 24 | 0.6% | 13.1% | ||
| Q2 24 | 0.6% | 14.4% |
现金转化率LSTRNCLH
| Q1 26 | — | — | ||
| Q4 25 | 3.04× | 32.21× | ||
| Q3 25 | 4.61× | 0.56× | ||
| Q2 25 | 0.17× | 23.83× | ||
| Q1 25 | 1.87× | — | ||
| Q4 24 | 1.32× | 1.57× | ||
| Q3 24 | 1.66× | 0.36× | ||
| Q2 24 | 0.91× | 4.10× |
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
LSTR
暂无分部数据
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
