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MARKEL GROUP INC.（MKL）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MARKEL GROUP INC.的1.2倍（$4.5B vs $3.6B），皇家加勒比集团净利率更高（21.3% vs 16.1%，领先5.2%），皇家加勒比集团同比增速更快（11.3% vs -6.9%），过去两年皇家加勒比集团的营收复合增速更高（4.1% vs -10.5%）
Markel集团是总部位于美国弗吉尼亚州里士满的综合性企业集团，1930年最初以保险公司的身份创立，发展至今业务已覆盖保险承保、投资管理等多个板块，在全球相关行业拥有较高的市场知名度与稳定的合作网络。
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。
MKL vs RCL — 直观对比
营收规模更大
RCL
是对方的1.2倍
$3.6B
营收增速更快
RCL
高出18.2%
-6.9%
净利率更高
RCL
高出5.2%
16.1%
两年增速更快
RCL
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $4.5B |
| 净利润 | $576.8M | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | 22.2% | 26.1% |
| 净利率 | 16.1% | 21.3% |
| 营收同比 | -6.9% | 11.3% |
| 净利润同比 | 5.0% | 29.1% |
| 每股收益（稀释后） | $48.22 | $3.48 |
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MKLRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $3.6B | $4.3B | ||
| Q3 25 | $3.9B | $5.1B | ||
| Q2 25 | $4.6B | $4.5B | ||
| Q1 25 | $3.4B | $4.0B | ||
| Q4 24 | $3.8B | $3.8B | ||
| Q3 24 | $4.6B | $4.9B | ||
| Q2 24 | $3.7B | $4.1B |
净利润MKLRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $576.8M | $753.0M | ||
| Q3 25 | $751.3M | $1.6B | ||
| Q2 25 | $657.1M | $1.2B | ||
| Q1 25 | $121.7M | $730.0M | ||
| Q4 24 | $549.2M | $552.0M | ||
| Q3 24 | $905.0M | $1.1B | ||
| Q2 24 | $267.7M | $854.0M |
毛利率MKLRCL
| Q1 26 | — | — | ||
| 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% |
营业利润率MKLRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 22.2% | 21.9% | ||
| Q3 25 | 25.7% | 33.1% | ||
| Q2 25 | 24.1% | 29.3% | ||
| Q1 25 | 8.3% | 23.6% | ||
| Q4 24 | 15.5% | 16.6% | ||
| Q3 24 | 29.7% | 33.4% | ||
| Q2 24 | 11.1% | 26.7% |
净利率MKLRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 16.1% | 17.7% | ||
| Q3 25 | 19.1% | 30.6% | ||
| Q2 25 | 14.3% | 26.7% | ||
| Q1 25 | 3.6% | 18.3% | ||
| Q4 24 | 14.3% | 14.7% | ||
| Q3 24 | 19.6% | 22.7% | ||
| Q2 24 | 7.2% | 20.8% |
每股收益（稀释后）MKLRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $48.22 | $2.76 | ||
| Q3 25 | $59.25 | $5.74 | ||
| Q2 25 | $49.67 | $4.41 | ||
| Q1 25 | $12.08 | $2.70 | ||
| Q4 24 | $39.02 | $2.27 | ||
| Q3 24 | $66.25 | $4.21 | ||
| Q2 24 | $18.62 | $3.11 |
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 | $4.0B | $512.0M |
| 总债务越低越好 | $4.3B | $21.1B |
| 股东权益账面价值 | $18.6B | $10.0B |
| 总资产 | $68.9B | $42.0B |
| 负债/权益比越低杠杆越低 | 0.23× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资MKLRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $4.0B | $825.0M | ||
| Q3 25 | $4.0B | $432.0M | ||
| Q2 25 | $3.7B | $735.0M | ||
| Q1 25 | $4.2B | $386.0M | ||
| Q4 24 | $3.7B | $388.0M | ||
| Q3 24 | $3.9B | $418.0M | ||
| Q2 24 | $3.5B | $391.0M |
总债务MKLRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $4.3B | $18.2B | ||
| Q3 25 | $4.3B | $17.2B | ||
| Q2 25 | $4.4B | $17.6B | ||
| Q1 25 | $4.4B | $18.0B | ||
| Q4 24 | $4.3B | $18.5B | ||
| Q3 24 | $4.4B | $19.0B | ||
| Q2 24 | $4.4B | $19.8B |
股东权益MKLRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $18.6B | $10.0B | ||
| Q3 25 | $18.0B | $10.1B | ||
| Q2 25 | $17.3B | $9.2B | ||
| Q1 25 | $17.1B | $8.0B | ||
| Q4 24 | $16.9B | $7.6B | ||
| Q3 24 | $17.0B | $7.0B | ||
| Q2 24 | $15.9B | $6.0B |
总资产MKLRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $68.9B | $41.6B | ||
| Q3 25 | $67.4B | $40.1B | ||
| Q2 25 | $66.8B | $38.5B | ||
| Q1 25 | $64.6B | $37.5B | ||
| Q4 24 | $61.9B | $37.1B | ||
| Q3 24 | $62.3B | $37.1B | ||
| Q2 24 | $59.7B | $37.0B |
负债/权益比MKLRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | 0.23× | 1.81× | ||
| Q3 25 | 0.24× | 1.70× | ||
| Q2 25 | 0.25× | 1.92× | ||
| Q1 25 | 0.26× | 2.26× | ||
| Q4 24 | 0.26× | 2.44× | ||
| Q3 24 | 0.26× | 2.69× | ||
| Q2 24 | 0.28× | 3.29× |
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 | $662.2M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $599.1M | — |
| 自由现金流率自由现金流/营收 | 16.7% | — |
| 资本支出强度资本支出/营收 | 1.8% | — |
| 现金转化率经营现金流/净利润 | 1.15× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $2.6B | — |
8季度趋势，按日历期对齐
经营现金流MKLRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $662.2M | $1.6B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $504.4M | $1.7B | ||
| Q1 25 | $376.2M | $1.6B | ||
| Q4 24 | $493.9M | $1.5B | ||
| Q3 24 | $890.8M | $897.0M | ||
| Q2 24 | $578.6M | $1.6B |
自由现金流MKLRCL
| Q1 26 | — | — | ||
| Q4 25 | $599.1M | $116.0M | ||
| Q3 25 | $1.2B | $-989.0M | ||
| Q2 25 | $453.8M | $910.0M | ||
| Q1 25 | $335.5M | $1.2B | ||
| Q4 24 | $420.0M | $915.0M | ||
| Q3 24 | $838.9M | $563.0M | ||
| Q2 24 | $521.4M | $-567.0M |
自由现金流率MKLRCL
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 2.7% | ||
| Q3 25 | 29.6% | -19.2% | ||
| Q2 25 | 9.9% | 20.1% | ||
| Q1 25 | 9.9% | 30.0% | ||
| Q4 24 | 10.9% | 24.3% | ||
| Q3 24 | 18.2% | 11.5% | ||
| Q2 24 | 14.1% | -13.8% |
资本支出强度MKLRCL
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 35.4% | ||
| Q3 25 | 1.3% | 47.8% | ||
| Q2 25 | 1.1% | 18.4% | ||
| Q1 25 | 1.2% | 10.7% | ||
| Q4 24 | 1.9% | 14.7% | ||
| Q3 24 | 1.1% | 6.8% | ||
| Q2 24 | 1.5% | 52.1% |
现金转化率MKLRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 1.15× | 2.16× | ||
| Q3 25 | 1.62× | 0.93× | ||
| Q2 25 | 0.77× | 1.44× | ||
| Q1 25 | 3.09× | 2.23× | ||
| Q4 24 | 0.90× | 2.66× | ||
| Q3 24 | 0.98× | 0.81× | ||
| Q2 24 | 2.16× | 1.84× |
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
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
