vs
Lumen Technologies, Inc.（LUMN）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Lumen Technologies, Inc.的1.6倍（$4.3B vs $2.7B），皇家加勒比集团净利率更高（17.7% vs -0.1%，领先17.8%），皇家加勒比集团同比增速更快（13.3% vs -11.0%），皇家加勒比集团自由现金流更多（$116.0M vs $-1.1B），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs -5.3%）
Lumen Technologies是总部位于美国路易斯安那州门罗市的电信企业，依托自有光纤、铜线网络、数据中心及云计算资源，为客户提供网络、安全、云、语音及各类托管通信服务，2023年3月起纳入标普600指数，此前曾为标普500指数成分股。
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。
LUMN vs RCL — 直观对比
营收规模更大
RCL
是对方的1.6倍
$2.7B
营收增速更快
RCL
高出24.2%
-11.0%
净利率更高
RCL
高出17.8%
-0.1%
自由现金流更多
RCL
多$1.2B
$-1.1B
两年增速更快
RCL
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $4.3B |
| 净利润 | $-2.0M | $753.0M |
| 毛利率 | 40.7% | 47.4% |
| 营业利润率 | -7.3% | 21.9% |
| 净利率 | -0.1% | 17.7% |
| 营收同比 | -11.0% | 13.3% |
| 净利润同比 | -102.4% | 36.4% |
| 每股收益（稀释后） | $-0.01 | $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LUMNRCL
| Q4 25 | $2.7B | $4.3B | ||
| Q3 25 | $2.8B | $5.1B | ||
| Q2 25 | $2.9B | $4.5B | ||
| Q1 25 | $2.9B | $4.0B | ||
| Q4 24 | $3.1B | $3.8B | ||
| Q3 24 | $3.0B | $4.9B | ||
| Q2 24 | $3.0B | $4.1B | ||
| Q1 24 | $3.1B | $3.7B |
净利润LUMNRCL
| Q4 25 | $-2.0M | $753.0M | ||
| Q3 25 | $-621.0M | $1.6B | ||
| Q2 25 | $-915.0M | $1.2B | ||
| Q1 25 | $-201.0M | $730.0M | ||
| Q4 24 | $85.0M | $552.0M | ||
| Q3 24 | $-148.0M | $1.1B | ||
| Q2 24 | $-49.0M | $854.0M | ||
| Q1 24 | $57.0M | $360.0M |
毛利率LUMNRCL
| Q4 25 | 40.7% | 47.4% | ||
| Q3 25 | 39.4% | 51.8% | ||
| Q2 25 | 43.4% | 49.7% | ||
| Q1 25 | 42.0% | 48.0% | ||
| Q4 24 | 44.7% | 45.4% | ||
| Q3 24 | 43.0% | 51.1% | ||
| Q2 24 | 45.2% | 47.6% | ||
| Q1 24 | 46.0% | 44.8% |
营业利润率LUMNRCL
| Q4 25 | -7.3% | 21.9% | ||
| Q3 25 | -4.1% | 33.1% | ||
| Q2 25 | -21.0% | 29.3% | ||
| Q1 25 | 3.7% | 23.6% | ||
| Q4 24 | 5.0% | 16.6% | ||
| Q3 24 | 4.2% | 33.4% | ||
| Q2 24 | 4.5% | 26.7% | ||
| Q1 24 | 1.5% | 20.1% |
净利率LUMNRCL
| Q4 25 | -0.1% | 17.7% | ||
| Q3 25 | -22.1% | 30.6% | ||
| Q2 25 | -31.9% | 26.7% | ||
| Q1 25 | -6.9% | 18.3% | ||
| Q4 24 | 2.8% | 14.7% | ||
| Q3 24 | -5.0% | 22.7% | ||
| Q2 24 | -1.6% | 20.8% | ||
| Q1 24 | 1.9% | 9.7% |
每股收益（稀释后）LUMNRCL
| Q4 25 | $-0.01 | $2.76 | ||
| Q3 25 | $-0.62 | $5.74 | ||
| Q2 25 | $-0.92 | $4.41 | ||
| Q1 25 | $-0.20 | $2.70 | ||
| Q4 24 | $0.08 | $2.27 | ||
| Q3 24 | $-0.15 | $4.21 | ||
| Q2 24 | $-0.05 | $3.11 | ||
| Q1 24 | $0.06 | $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 | $1.0B | $825.0M |
| 总债务越低越好 | $17.4B | $18.2B |
| 股东权益账面价值 | $-1.1B | $10.0B |
| 总资产 | $34.3B | $41.6B |
| 负债/权益比越低杠杆越低 | — | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资LUMNRCL
| Q4 25 | $1.0B | $825.0M | ||
| Q3 25 | $2.4B | $432.0M | ||
| Q2 25 | $1.6B | $735.0M | ||
| Q1 25 | $1.9B | $386.0M | ||
| Q4 24 | $1.9B | $388.0M | ||
| Q3 24 | $2.6B | $418.0M | ||
| Q2 24 | $1.5B | $391.0M | ||
| Q1 24 | $1.6B | $437.0M |
总债务LUMNRCL
| Q4 25 | $17.4B | $18.2B | ||
| Q3 25 | $17.6B | $17.2B | ||
| Q2 25 | $17.6B | $17.6B | ||
| Q1 25 | $17.3B | $18.0B | ||
| Q4 24 | $17.5B | $18.5B | ||
| Q3 24 | $18.1B | $19.0B | ||
| Q2 24 | $18.4B | $19.8B | ||
| Q1 24 | $18.6B | $18.9B |
股东权益LUMNRCL
| Q4 25 | $-1.1B | $10.0B | ||
| Q3 25 | $-1.2B | $10.1B | ||
| Q2 25 | $-595.0M | $9.2B | ||
| Q1 25 | $289.0M | $8.0B | ||
| Q4 24 | $464.0M | $7.6B | ||
| Q3 24 | $342.0M | $7.0B | ||
| Q2 24 | $466.0M | $6.0B | ||
| Q1 24 | $504.0M | $5.2B |
总资产LUMNRCL
| Q4 25 | $34.3B | $41.6B | ||
| Q3 25 | $34.3B | $40.1B | ||
| Q2 25 | $33.0B | $38.5B | ||
| Q1 25 | $33.5B | $37.5B | ||
| Q4 24 | $33.5B | $37.1B | ||
| Q3 24 | $34.0B | $37.1B | ||
| Q2 24 | $32.9B | $37.0B | ||
| Q1 24 | $33.2B | $35.2B |
负债/权益比LUMNRCL
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | 59.98× | 2.26× | ||
| Q4 24 | 37.70× | 2.44× | ||
| Q3 24 | 53.05× | 2.69× | ||
| Q2 24 | 39.51× | 3.29× | ||
| Q1 24 | 36.89× | 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 | $562.0M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $-1.1B | $116.0M |
| 自由现金流率自由现金流/营收 | -39.4% | 2.7% |
| 资本支出强度资本支出/营收 | 59.9% | 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 | $371.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流LUMNRCL
| Q4 25 | $562.0M | $1.6B | ||
| Q3 25 | $2.5B | $1.5B | ||
| Q2 25 | $570.0M | $1.7B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $688.0M | $1.5B | ||
| Q3 24 | $2.0B | $897.0M | ||
| Q2 24 | $511.0M | $1.6B | ||
| Q1 24 | $1.1B | $1.3B |
自由现金流LUMNRCL
| Q4 25 | $-1.1B | $116.0M | ||
| Q3 25 | $1.5B | $-989.0M | ||
| Q2 25 | $-321.0M | $910.0M | ||
| Q1 25 | $304.0M | $1.2B | ||
| Q4 24 | $-227.0M | $915.0M | ||
| Q3 24 | $1.2B | $563.0M | ||
| Q2 24 | $-242.0M | $-567.0M | ||
| Q1 24 | $389.0M | $1.1B |
自由现金流率LUMNRCL
| Q4 25 | -39.4% | 2.7% | ||
| Q3 25 | 52.4% | -19.2% | ||
| Q2 25 | -11.2% | 20.1% | ||
| Q1 25 | 10.4% | 30.0% | ||
| Q4 24 | -7.4% | 24.3% | ||
| Q3 24 | 39.8% | 11.5% | ||
| Q2 24 | -8.0% | -13.8% | ||
| Q1 24 | 12.7% | 29.1% |
资本支出强度LUMNRCL
| Q4 25 | 59.9% | 35.4% | ||
| Q3 25 | 37.1% | 47.8% | ||
| Q2 25 | 31.1% | 18.4% | ||
| Q1 25 | 27.2% | 10.7% | ||
| Q4 24 | 29.7% | 14.7% | ||
| Q3 24 | 28.6% | 6.8% | ||
| Q2 24 | 25.0% | 52.1% | ||
| Q1 24 | 23.3% | 6.5% |
现金转化率LUMNRCL
| Q4 25 | — | 2.16× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | 8.09× | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 1.84× | ||
| Q1 24 | 19.33× | 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
LUMN
| Large Enterprise | $758.0M | 28% |
| Wholesale | $661.0M | 24% |
| Mid Market Enterprise | $472.0M | 17% |
| Fiber Broadband | $232.0M | 8% |
| Other Broadband | $218.0M | 8% |
| Other | $184.0M | 7% |
| Voice And Other | $166.0M | 6% |
| International And Other | $77.0M | 3% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
