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美森（MATX）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美森的5.0倍（$4.3B vs $851.9M）。皇家加勒比集团净利率更高（17.7% vs 16.8%，领先0.9%）。皇家加勒比集团同比增速更快（13.3% vs -4.3%）。皇家加勒比集团自由现金流更多（$116.0M vs $42.2M）。过去两年美森的营收复合增速更高（8.6% vs 6.9%）
美森公司（Matson, Inc.）是美国知名航运服务企业，总部位于夏威夷州火奴鲁鲁，成立于1882年。旗下子公司美森航运主营跨太平洋海运业务，服务覆盖夏威夷、阿拉斯加、关岛、密克罗尼西亚、太平洋诸岛、中国及日本等地区。
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。
MATX vs RCL — 直观对比
营收规模更大
RCL
是对方的5.0倍
$851.9M
营收增速更快
RCL
高出17.6%
-4.3%
净利率更高
RCL
高出0.9%
16.8%
自由现金流更多
RCL
多$73.8M
$42.2M
两年增速更快
MATX
近两年复合增速
6.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $4.3B |
| 净利润 | $143.1M | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | 16.9% | 21.9% |
| 净利率 | 16.8% | 17.7% |
| 营收同比 | -4.3% | 13.3% |
| 净利润同比 | 11.8% | 36.4% |
| 每股收益（稀释后） | $4.47 | $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MATXRCL
| Q4 25 | $851.9M | $4.3B | ||
| Q3 25 | $880.1M | $5.1B | ||
| Q2 25 | $830.5M | $4.5B | ||
| Q1 25 | $782.0M | $4.0B | ||
| Q4 24 | $890.3M | $3.8B | ||
| Q3 24 | $962.0M | $4.9B | ||
| Q2 24 | $847.4M | $4.1B | ||
| Q1 24 | $722.1M | $3.7B |
净利润MATXRCL
| Q4 25 | $143.1M | $753.0M | ||
| Q3 25 | $134.7M | $1.6B | ||
| Q2 25 | $94.7M | $1.2B | ||
| Q1 25 | $72.3M | $730.0M | ||
| Q4 24 | $128.0M | $552.0M | ||
| Q3 24 | $199.1M | $1.1B | ||
| Q2 24 | $113.2M | $854.0M | ||
| Q1 24 | $36.1M | $360.0M |
毛利率MATXRCL
| 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MATXRCL
| Q4 25 | 16.9% | 21.9% | ||
| Q3 25 | 18.3% | 33.1% | ||
| Q2 25 | 13.6% | 29.3% | ||
| Q1 25 | 10.5% | 23.6% | ||
| Q4 24 | 16.6% | 16.6% | ||
| Q3 24 | 25.2% | 33.4% | ||
| Q2 24 | 14.7% | 26.7% | ||
| Q1 24 | 5.1% | 20.1% |
净利率MATXRCL
| Q4 25 | 16.8% | 17.7% | ||
| Q3 25 | 15.3% | 30.6% | ||
| Q2 25 | 11.4% | 26.7% | ||
| Q1 25 | 9.2% | 18.3% | ||
| Q4 24 | 14.4% | 14.7% | ||
| Q3 24 | 20.7% | 22.7% | ||
| Q2 24 | 13.4% | 20.8% | ||
| Q1 24 | 5.0% | 9.7% |
每股收益（稀释后）MATXRCL
| Q4 25 | $4.47 | $2.76 | ||
| Q3 25 | $4.24 | $5.74 | ||
| Q2 25 | $2.92 | $4.41 | ||
| Q1 25 | $2.18 | $2.70 | ||
| Q4 24 | $3.69 | $2.27 | ||
| Q3 24 | $5.89 | $4.21 | ||
| Q2 24 | $3.31 | $3.11 | ||
| Q1 24 | $1.04 | $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 | $141.9M | $825.0M |
| 总债务越低越好 | $361.2M | $18.2B |
| 股东权益账面价值 | $2.8B | $10.0B |
| 总资产 | $4.6B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.13× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资MATXRCL
| Q4 25 | $141.9M | $825.0M | ||
| Q3 25 | $92.7M | $432.0M | ||
| Q2 25 | $59.1M | $735.0M | ||
| Q1 25 | $122.0M | $386.0M | ||
| Q4 24 | $266.8M | $388.0M | ||
| Q3 24 | $270.3M | $418.0M | ||
| Q2 24 | $168.2M | $391.0M | ||
| Q1 24 | $25.9M | $437.0M |
总债务MATXRCL
| Q4 25 | $361.2M | $18.2B | ||
| Q3 25 | $370.9M | $17.2B | ||
| Q2 25 | $341.3M | $17.6B | ||
| Q1 25 | $351.1M | $18.0B | ||
| Q4 24 | $361.2M | $18.5B | ||
| Q3 24 | $370.9M | $19.0B | ||
| Q2 24 | $381.0M | $19.8B | ||
| Q1 24 | $390.8M | $18.9B |
股东权益MATXRCL
| Q4 25 | $2.8B | $10.0B | ||
| Q3 25 | $2.7B | $10.1B | ||
| Q2 25 | $2.6B | $9.2B | ||
| Q1 25 | $2.6B | $8.0B | ||
| Q4 24 | $2.7B | $7.6B | ||
| Q3 24 | $2.6B | $7.0B | ||
| Q2 24 | $2.4B | $6.0B | ||
| Q1 24 | $2.4B | $5.2B |
总资产MATXRCL
| Q4 25 | $4.6B | $41.6B | ||
| Q3 25 | $4.6B | $40.1B | ||
| Q2 25 | $4.5B | $38.5B | ||
| Q1 25 | $4.5B | $37.5B | ||
| Q4 24 | $4.6B | $37.1B | ||
| Q3 24 | $4.4B | $37.1B | ||
| Q2 24 | $4.3B | $37.0B | ||
| Q1 24 | $4.2B | $35.2B |
负债/权益比MATXRCL
| Q4 25 | 0.13× | 1.81× | ||
| Q3 25 | 0.14× | 1.70× | ||
| Q2 25 | 0.13× | 1.92× | ||
| Q1 25 | 0.13× | 2.26× | ||
| Q4 24 | 0.14× | 2.44× | ||
| Q3 24 | 0.15× | 2.69× | ||
| Q2 24 | 0.16× | 3.29× | ||
| Q1 24 | 0.16× | 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 | $176.9M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $116.0M |
| 自由现金流率自由现金流/营收 | 5.0% | 2.7% |
| 资本支出强度资本支出/营收 | 15.8% | 35.4% |
| 现金转化率经营现金流/净利润 | 1.24× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $153.7M | $1.2B |
8季度趋势，按日历期对齐
经营现金流MATXRCL
| Q4 25 | $176.9M | $1.6B | ||
| Q3 25 | $175.6M | $1.5B | ||
| Q2 25 | $105.6M | $1.7B | ||
| Q1 25 | $89.0M | $1.6B | ||
| Q4 24 | $174.7M | $1.5B | ||
| Q3 24 | $248.6M | $897.0M | ||
| Q2 24 | $307.9M | $1.6B | ||
| Q1 24 | $36.6M | $1.3B |
自由现金流MATXRCL
| Q4 25 | $42.2M | $116.0M | ||
| Q3 25 | $92.4M | $-989.0M | ||
| Q2 25 | $19.3M | $910.0M | ||
| Q1 25 | $-200.0K | $1.2B | ||
| Q4 24 | $49.3M | $915.0M | ||
| Q3 24 | $189.0M | $563.0M | ||
| Q2 24 | $238.1M | $-567.0M | ||
| Q1 24 | $-18.7M | $1.1B |
自由现金流率MATXRCL
| Q4 25 | 5.0% | 2.7% | ||
| Q3 25 | 10.5% | -19.2% | ||
| Q2 25 | 2.3% | 20.1% | ||
| Q1 25 | -0.0% | 30.0% | ||
| Q4 24 | 5.5% | 24.3% | ||
| Q3 24 | 19.6% | 11.5% | ||
| Q2 24 | 28.1% | -13.8% | ||
| Q1 24 | -2.6% | 29.1% |
资本支出强度MATXRCL
| Q4 25 | 15.8% | 35.4% | ||
| Q3 25 | 9.5% | 47.8% | ||
| Q2 25 | 10.4% | 18.4% | ||
| Q1 25 | 11.4% | 10.7% | ||
| Q4 24 | 14.1% | 14.7% | ||
| Q3 24 | 6.2% | 6.8% | ||
| Q2 24 | 8.2% | 52.1% | ||
| Q1 24 | 7.7% | 6.5% |
现金转化率MATXRCL
| Q4 25 | 1.24× | 2.16× | ||
| Q3 25 | 1.30× | 0.93× | ||
| Q2 25 | 1.12× | 1.44× | ||
| Q1 25 | 1.23× | 2.23× | ||
| Q4 24 | 1.36× | 2.66× | ||
| Q3 24 | 1.25× | 0.81× | ||
| Q2 24 | 2.72× | 1.84× | ||
| Q1 24 | 1.01× | 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
MATX
| Ocean Transportation Segment | $704.2M | 83% |
| Logistics Services Segment | $147.7M | 17% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
