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万豪国际（MAR）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
万豪国际的季度营收约是皇家加勒比集团的1.6倍（$6.7B vs $4.3B），皇家加勒比集团净利率更高（17.7% vs 6.7%，领先11.0%），皇家加勒比集团同比增速更快（13.3% vs 4.1%），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs 5.8%）
万豪国际是美国跨国酒店管理集团，主营业务为运营、特许经营及授权各类住宿品牌，覆盖酒店、住宅、分时度假等多元物业类型。集团旗下拥有37个以上酒店及时度假品牌，全球布局9000余处经营点位，客房总量超159万间，总部位于美国马里兰州贝塞斯达，脱胎于原万豪集团的酒店业务板块。
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。
MAR vs RCL — 直观对比
营收规模更大
MAR
是对方的1.6倍
$4.3B
营收增速更快
RCL
高出9.2%
4.1%
净利率更高
RCL
高出11.0%
6.7%
两年增速更快
RCL
近两年复合增速
5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.7B | $4.3B |
| 净利润 | $445.0M | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | 11.6% | 21.9% |
| 净利率 | 6.7% | 17.7% |
| 营收同比 | 4.1% | 13.3% |
| 净利润同比 | -2.2% | 36.4% |
| 每股收益（稀释后） | $1.67 | $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MARRCL
| Q4 25 | $6.7B | $4.3B | ||
| Q3 25 | $6.5B | $5.1B | ||
| Q2 25 | $6.7B | $4.5B | ||
| Q1 25 | $6.3B | $4.0B | ||
| Q4 24 | $6.4B | $3.8B | ||
| Q3 24 | $6.3B | $4.9B | ||
| Q2 24 | $6.4B | $4.1B | ||
| Q1 24 | $6.0B | $3.7B |
净利润MARRCL
| Q4 25 | $445.0M | $753.0M | ||
| Q3 25 | $728.0M | $1.6B | ||
| Q2 25 | $763.0M | $1.2B | ||
| Q1 25 | $665.0M | $730.0M | ||
| Q4 24 | $455.0M | $552.0M | ||
| Q3 24 | $584.0M | $1.1B | ||
| Q2 24 | $772.0M | $854.0M | ||
| Q1 24 | $564.0M | $360.0M |
毛利率MARRCL
| 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MARRCL
| Q4 25 | 11.6% | 21.9% | ||
| Q3 25 | 18.2% | 33.1% | ||
| Q2 25 | 18.3% | 29.3% | ||
| Q1 25 | 15.1% | 23.6% | ||
| Q4 24 | 11.7% | 16.6% | ||
| Q3 24 | 15.1% | 33.4% | ||
| Q2 24 | 18.6% | 26.7% | ||
| Q1 24 | 14.7% | 20.1% |
净利率MARRCL
| Q4 25 | 6.7% | 17.7% | ||
| Q3 25 | 11.2% | 30.6% | ||
| Q2 25 | 11.3% | 26.7% | ||
| Q1 25 | 10.6% | 18.3% | ||
| Q4 24 | 7.1% | 14.7% | ||
| Q3 24 | 9.3% | 22.7% | ||
| Q2 24 | 12.0% | 20.8% | ||
| Q1 24 | 9.4% | 9.7% |
每股收益（稀释后）MARRCL
| Q4 25 | $1.67 | $2.76 | ||
| Q3 25 | $2.67 | $5.74 | ||
| Q2 25 | $2.78 | $4.41 | ||
| Q1 25 | $2.39 | $2.70 | ||
| Q4 24 | $1.64 | $2.27 | ||
| Q3 24 | $2.07 | $4.21 | ||
| Q2 24 | $2.69 | $3.11 | ||
| Q1 24 | $1.93 | $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 | $358.0M | $825.0M |
| 总债务越低越好 | $15.0B | $18.2B |
| 股东权益账面价值 | $-3.8B | $10.0B |
| 总资产 | $27.5B | $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MARRCL
| Q4 25 | $358.0M | $825.0M | ||
| Q3 25 | $678.0M | $432.0M | ||
| Q2 25 | $671.0M | $735.0M | ||
| Q1 25 | $523.0M | $386.0M | ||
| Q4 24 | $396.0M | $388.0M | ||
| Q3 24 | $394.0M | $418.0M | ||
| Q2 24 | $349.0M | $391.0M | ||
| Q1 24 | $429.0M | $437.0M |
总债务MARRCL
| Q4 25 | $15.0B | $18.2B | ||
| Q3 25 | $14.4B | $17.2B | ||
| Q2 25 | $14.5B | $17.6B | ||
| Q1 25 | $14.1B | $18.0B | ||
| Q4 24 | $13.1B | $18.5B | ||
| Q3 24 | $12.7B | $19.0B | ||
| Q2 24 | $12.2B | $19.8B | ||
| Q1 24 | $11.7B | $18.9B |
股东权益MARRCL
| Q4 25 | $-3.8B | $10.0B | ||
| Q3 25 | $-3.1B | $10.1B | ||
| Q2 25 | $-3.0B | $9.2B | ||
| Q1 25 | $-3.2B | $8.0B | ||
| Q4 24 | $-3.0B | $7.6B | ||
| Q3 24 | $-2.4B | $7.0B | ||
| Q2 24 | $-2.1B | $6.0B | ||
| Q1 24 | $-1.6B | $5.2B |
总资产MARRCL
| Q4 25 | $27.5B | $41.6B | ||
| Q3 25 | $27.8B | $40.1B | ||
| Q2 25 | $27.3B | $38.5B | ||
| Q1 25 | $26.7B | $37.5B | ||
| Q4 24 | $26.2B | $37.1B | ||
| Q3 24 | $26.2B | $37.1B | ||
| Q2 24 | $25.7B | $37.0B | ||
| Q1 24 | $25.8B | $35.2B |
负债/权益比MARRCL
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 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 | $829.0M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | — | $116.0M |
| 自由现金流率自由现金流/营收 | — | 2.7% |
| 资本支出强度资本支出/营收 | — | 35.4% |
| 现金转化率经营现金流/净利润 | 1.86× | 2.16× |
| 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MARRCL
| Q4 25 | $829.0M | $1.6B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $643.0M | $1.7B | ||
| Q1 25 | $647.0M | $1.6B | ||
| Q4 24 | $318.0M | $1.5B | ||
| Q3 24 | $880.0M | $897.0M | ||
| Q2 24 | $772.0M | $1.6B | ||
| Q1 24 | $779.0M | $1.3B |
自由现金流MARRCL
| Q4 25 | — | $116.0M | ||
| Q3 25 | $951.0M | $-989.0M | ||
| Q2 25 | $488.0M | $910.0M | ||
| Q1 25 | $512.0M | $1.2B | ||
| Q4 24 | $-24.0M | $915.0M | ||
| Q3 24 | $706.0M | $563.0M | ||
| Q2 24 | $647.0M | $-567.0M | ||
| Q1 24 | $670.0M | $1.1B |
自由现金流率MARRCL
| Q4 25 | — | 2.7% | ||
| Q3 25 | 14.7% | -19.2% | ||
| Q2 25 | 7.2% | 20.1% | ||
| Q1 25 | 8.2% | 30.0% | ||
| Q4 24 | -0.4% | 24.3% | ||
| Q3 24 | 11.3% | 11.5% | ||
| Q2 24 | 10.0% | -13.8% | ||
| Q1 24 | 11.2% | 29.1% |
资本支出强度MARRCL
| Q4 25 | — | 35.4% | ||
| Q3 25 | 2.2% | 47.8% | ||
| Q2 25 | 2.3% | 18.4% | ||
| Q1 25 | 2.2% | 10.7% | ||
| Q4 24 | 5.3% | 14.7% | ||
| Q3 24 | 2.8% | 6.8% | ||
| Q2 24 | 1.9% | 52.1% | ||
| Q1 24 | 1.8% | 6.5% |
现金转化率MARRCL
| Q4 25 | 1.86× | 2.16× | ||
| Q3 25 | 1.50× | 0.93× | ||
| Q2 25 | 0.84× | 1.44× | ||
| Q1 25 | 0.97× | 2.23× | ||
| Q4 24 | 0.70× | 2.66× | ||
| Q3 24 | 1.51× | 0.81× | ||
| Q2 24 | 1.00× | 1.84× | ||
| Q1 24 | 1.38× | 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
MAR
暂无分部数据
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
