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Live Nation Entertainment（LYV）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
Live Nation Entertainment的季度营收约是皇家加勒比集团的1.5倍（$6.3B vs $4.3B），皇家加勒比集团净利率更高（17.7% vs -3.2%，领先20.9%），皇家加勒比集团同比增速更快（13.3% vs 11.1%），皇家加勒比集团自由现金流更多（$116.0M vs $-405.6M），过去两年Live Nation Entertainment的营收复合增速更高（28.9% vs 6.9%）
Live Nation Entertainment是美国跨国娱乐企业，2010年由Live Nation与Ticketmaster合并成立，旗下保留运营两大原有品牌。公司业务覆盖全球，主营现场娱乐活动宣发、票务销售，同时持有并运营多家娱乐场馆，还为音乐人提供艺人经纪管理服务。
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。
LYV vs RCL — 直观对比
营收规模更大
LYV
是对方的1.5倍
$4.3B
营收增速更快
RCL
高出2.1%
11.1%
净利率更高
RCL
高出20.9%
-3.2%
自由现金流更多
RCL
多$521.6M
$-405.6M
两年增速更快
LYV
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $4.3B |
| 净利润 | $-202.1M | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | -2.3% | 21.9% |
| 净利率 | -3.2% | 17.7% |
| 营收同比 | 11.1% | 13.3% |
| 净利润同比 | -204.6% | 36.4% |
| 每股收益（稀释后） | $-1.06 | $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LYVRCL
| Q4 25 | $6.3B | $4.3B | ||
| Q3 25 | $8.5B | $5.1B | ||
| Q2 25 | $7.0B | $4.5B | ||
| Q1 25 | $3.4B | $4.0B | ||
| Q4 24 | $5.7B | $3.8B | ||
| Q3 24 | $7.7B | $4.9B | ||
| Q2 24 | $6.0B | $4.1B | ||
| Q1 24 | $3.8B | $3.7B |
净利润LYVRCL
| Q4 25 | $-202.1M | $753.0M | ||
| Q3 25 | $431.5M | $1.6B | ||
| Q2 25 | $243.4M | $1.2B | ||
| Q1 25 | $23.2M | $730.0M | ||
| Q4 24 | $193.2M | $552.0M | ||
| Q3 24 | $451.8M | $1.1B | ||
| Q2 24 | $298.0M | $854.0M | ||
| Q1 24 | $-46.7M | $360.0M |
毛利率LYVRCL
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% | ||
| Q1 24 | — | 44.8% |
营业利润率LYVRCL
| Q4 25 | -2.3% | 21.9% | ||
| Q3 25 | 9.3% | 33.1% | ||
| Q2 25 | 6.9% | 29.3% | ||
| Q1 25 | 3.4% | 23.6% | ||
| Q4 24 | -4.3% | 16.6% | ||
| Q3 24 | 8.4% | 33.4% | ||
| Q2 24 | 7.7% | 26.7% | ||
| Q1 24 | -1.0% | 20.1% |
净利率LYVRCL
| Q4 25 | -3.2% | 17.7% | ||
| Q3 25 | 5.1% | 30.6% | ||
| Q2 25 | 3.5% | 26.7% | ||
| Q1 25 | 0.7% | 18.3% | ||
| Q4 24 | 3.4% | 14.7% | ||
| Q3 24 | 5.9% | 22.7% | ||
| Q2 24 | 4.9% | 20.8% | ||
| Q1 24 | -1.2% | 9.7% |
每股收益（稀释后）LYVRCL
| Q4 25 | $-1.06 | $2.76 | ||
| Q3 25 | $0.73 | $5.74 | ||
| Q2 25 | $0.41 | $4.41 | ||
| Q1 25 | $-0.32 | $2.70 | ||
| Q4 24 | $0.58 | $2.27 | ||
| Q3 24 | $1.66 | $4.21 | ||
| Q2 24 | $1.03 | $3.11 | ||
| Q1 24 | $-0.53 | $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 | $7.1B | $825.0M |
| 总债务越低越好 | $7.6B | $18.2B |
| 股东权益账面价值 | $271.0M | $10.0B |
| 总资产 | $22.9B | $41.6B |
| 负债/权益比越低杠杆越低 | 28.09× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资LYVRCL
| Q4 25 | $7.1B | $825.0M | ||
| Q3 25 | $6.8B | $432.0M | ||
| Q2 25 | $7.1B | $735.0M | ||
| Q1 25 | $7.2B | $386.0M | ||
| Q4 24 | $6.1B | $388.0M | ||
| Q3 24 | $5.5B | $418.0M | ||
| Q2 24 | $6.4B | $391.0M | ||
| Q1 24 | $6.5B | $437.0M |
总债务LYVRCL
| Q4 25 | $7.6B | $18.2B | ||
| Q3 25 | $6.1B | $17.2B | ||
| Q2 25 | $5.0B | $17.6B | ||
| Q1 25 | $5.9B | $18.0B | ||
| Q4 24 | $6.2B | $18.5B | ||
| Q3 24 | $5.7B | $19.0B | ||
| Q2 24 | $5.1B | $19.8B | ||
| Q1 24 | $5.1B | $18.9B |
股东权益LYVRCL
| Q4 25 | $271.0M | $10.0B | ||
| Q3 25 | $521.3M | $10.1B | ||
| Q2 25 | $360.1M | $9.2B | ||
| Q1 25 | $106.0M | $8.0B | ||
| Q4 24 | $173.3M | $7.6B | ||
| Q3 24 | $288.0M | $7.0B | ||
| Q2 24 | $-43.3M | $6.0B | ||
| Q1 24 | $-114.8M | $5.2B |
总资产LYVRCL
| Q4 25 | $22.9B | $41.6B | ||
| Q3 25 | $22.9B | $40.1B | ||
| Q2 25 | $23.2B | $38.5B | ||
| Q1 25 | $21.8B | $37.5B | ||
| Q4 24 | $19.6B | $37.1B | ||
| Q3 24 | $19.7B | $37.1B | ||
| Q2 24 | $20.5B | $37.0B | ||
| Q1 24 | $20.0B | $35.2B |
负债/权益比LYVRCL
| Q4 25 | 28.09× | 1.81× | ||
| Q3 25 | 11.71× | 1.70× | ||
| Q2 25 | 13.86× | 1.92× | ||
| Q1 25 | 55.93× | 2.26× | ||
| Q4 24 | 35.65× | 2.44× | ||
| Q3 24 | 19.70× | 2.69× | ||
| Q2 24 | — | 3.29× | ||
| Q1 24 | — | 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 | $-53.7M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $-405.6M | $116.0M |
| 自由现金流率自由现金流/营收 | -6.4% | 2.7% |
| 资本支出强度资本支出/营收 | 5.6% | 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 | $333.6M | $1.2B |
8季度趋势，按日历期对齐
经营现金流LYVRCL
| Q4 25 | $-53.7M | $1.6B | ||
| Q3 25 | $-95.7M | $1.5B | ||
| Q2 25 | $223.5M | $1.7B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $-720.9M | $897.0M | ||
| Q2 24 | $412.1M | $1.6B | ||
| Q1 24 | $988.9M | $1.3B |
自由现金流LYVRCL
| Q4 25 | $-405.6M | $116.0M | ||
| Q3 25 | $-371.3M | $-989.0M | ||
| Q2 25 | $-39.9M | $910.0M | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $890.2M | $915.0M | ||
| Q3 24 | $-879.0M | $563.0M | ||
| Q2 24 | $212.4M | $-567.0M | ||
| Q1 24 | $854.8M | $1.1B |
自由现金流率LYVRCL
| Q4 25 | -6.4% | 2.7% | ||
| Q3 25 | -4.4% | -19.2% | ||
| Q2 25 | -0.6% | 20.1% | ||
| Q1 25 | 34.0% | 30.0% | ||
| Q4 24 | 15.7% | 24.3% | ||
| Q3 24 | -11.5% | 11.5% | ||
| Q2 24 | 3.5% | -13.8% | ||
| Q1 24 | 22.5% | 29.1% |
资本支出强度LYVRCL
| Q4 25 | 5.6% | 35.4% | ||
| Q3 25 | 3.2% | 47.8% | ||
| Q2 25 | 3.8% | 18.4% | ||
| Q1 25 | 5.0% | 10.7% | ||
| Q4 24 | 2.7% | 14.7% | ||
| Q3 24 | 2.1% | 6.8% | ||
| Q2 24 | 3.3% | 52.1% | ||
| Q1 24 | 3.5% | 6.5% |
现金转化率LYVRCL
| Q4 25 | — | 2.16× | ||
| Q3 25 | -0.22× | 0.93× | ||
| Q2 25 | 0.92× | 1.44× | ||
| Q1 25 | 56.94× | 2.23× | ||
| Q4 24 | 5.41× | 2.66× | ||
| Q3 24 | -1.60× | 0.81× | ||
| Q2 24 | 1.38× | 1.84× | ||
| Q1 24 | — | 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
LYV
| Concerts | $5.1B | 82% |
| Ticketing | $846.2M | 13% |
| Sponsorship And Advertising | $329.9M | 5% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
