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3M（MMM）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
3M的季度营收约是皇家加勒比集团的1.4倍（$6.0B vs $4.5B），皇家加勒比集团净利率更高（21.3% vs 10.8%，领先10.5%），皇家加勒比集团同比增速更快（11.3% vs 1.3%），过去两年皇家加勒比集团的营收复合增速更高（4.1% vs -1.8%）
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
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。
MMM vs RCL — 直观对比
营收规模更大
MMM
是对方的1.4倍
$4.5B
营收增速更快
RCL
高出10.0%
1.3%
净利率更高
RCL
高出10.5%
10.8%
两年增速更快
RCL
近两年复合增速
-1.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $4.5B |
| 净利润 | $653.0M | $950.0M |
| 毛利率 | 40.7% | — |
| 营业利润率 | 23.2% | 26.1% |
| 净利率 | 10.8% | 21.3% |
| 营收同比 | 1.3% | 11.3% |
| 净利润同比 | -41.5% | 29.1% |
| 每股收益（稀释后） | $1.23 | $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MMMRCL
| Q1 26 | $6.0B | $4.5B | ||
| Q4 25 | $6.1B | $4.3B | ||
| Q3 25 | $6.5B | $5.1B | ||
| Q2 25 | $6.3B | $4.5B | ||
| Q1 25 | $6.0B | $4.0B | ||
| Q4 24 | $6.0B | $3.8B | ||
| Q3 24 | $6.3B | $4.9B | ||
| Q2 24 | $6.3B | $4.1B |
净利润MMMRCL
| Q1 26 | $653.0M | $950.0M | ||
| Q4 25 | $577.0M | $753.0M | ||
| Q3 25 | $834.0M | $1.6B | ||
| Q2 25 | $723.0M | $1.2B | ||
| Q1 25 | $1.1B | $730.0M | ||
| Q4 24 | $728.0M | $552.0M | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.1B | $854.0M |
毛利率MMMRCL
| Q1 26 | 40.7% | — | ||
| Q4 25 | 33.6% | 47.4% | ||
| Q3 25 | 41.8% | 51.8% | ||
| Q2 25 | 42.5% | 49.7% | ||
| Q1 25 | 41.6% | 48.0% | ||
| Q4 24 | 51.7% | 45.4% | ||
| Q3 24 | 42.1% | 51.1% | ||
| Q2 24 | 42.9% | 47.6% |
营业利润率MMMRCL
| Q1 26 | 23.2% | 26.1% | ||
| Q4 25 | 13.0% | 21.9% | ||
| Q3 25 | 22.2% | 33.1% | ||
| Q2 25 | 18.0% | 29.3% | ||
| Q1 25 | 20.9% | 23.6% | ||
| Q4 24 | 12.2% | 16.6% | ||
| Q3 24 | 20.9% | 33.4% | ||
| Q2 24 | 20.3% | 26.7% |
净利率MMMRCL
| Q1 26 | 10.8% | 21.3% | ||
| Q4 25 | 9.4% | 17.7% | ||
| Q3 25 | 12.8% | 30.6% | ||
| Q2 25 | 11.4% | 26.7% | ||
| Q1 25 | 18.7% | 18.3% | ||
| Q4 24 | 12.1% | 14.7% | ||
| Q3 24 | 21.8% | 22.7% | ||
| Q2 24 | 18.3% | 20.8% |
每股收益（稀释后）MMMRCL
| Q1 26 | $1.23 | $3.48 | ||
| Q4 25 | $1.07 | $2.76 | ||
| Q3 25 | $1.55 | $5.74 | ||
| Q2 25 | $1.34 | $4.41 | ||
| Q1 25 | $2.04 | $2.70 | ||
| Q4 24 | $1.33 | $2.27 | ||
| Q3 24 | $2.48 | $4.21 | ||
| Q2 24 | $2.07 | $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 | $3.7B | $512.0M |
| 总债务越低越好 | $10.9B | $21.1B |
| 股东权益账面价值 | $3.3B | $10.0B |
| 总资产 | $35.4B | $42.0B |
| 负债/权益比越低杠杆越低 | 3.29× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资MMMRCL
| Q1 26 | $3.7B | $512.0M | ||
| Q4 25 | — | $825.0M | ||
| Q3 25 | — | $432.0M | ||
| Q2 25 | — | $735.0M | ||
| Q1 25 | — | $386.0M | ||
| Q4 24 | — | $388.0M | ||
| Q3 24 | — | $418.0M | ||
| Q2 24 | — | $391.0M |
总债务MMMRCL
| Q1 26 | $10.9B | $21.1B | ||
| Q4 25 | $12.6B | $18.2B | ||
| Q3 25 | $12.6B | $17.2B | ||
| Q2 25 | $13.1B | $17.6B | ||
| Q1 25 | $13.5B | $18.0B | ||
| Q4 24 | $13.0B | $18.5B | ||
| Q3 24 | $13.2B | $19.0B | ||
| Q2 24 | $13.1B | $19.8B |
股东权益MMMRCL
| Q1 26 | $3.3B | $10.0B | ||
| Q4 25 | $4.7B | $10.0B | ||
| Q3 25 | $4.6B | $10.1B | ||
| Q2 25 | $4.3B | $9.2B | ||
| Q1 25 | $4.5B | $8.0B | ||
| Q4 24 | $3.8B | $7.6B | ||
| Q3 24 | $4.6B | $7.0B | ||
| Q2 24 | $3.9B | $6.0B |
总资产MMMRCL
| Q1 26 | $35.4B | $42.0B | ||
| Q4 25 | $37.7B | $41.6B | ||
| Q3 25 | $37.6B | $40.1B | ||
| Q2 25 | $38.0B | $38.5B | ||
| Q1 25 | $40.0B | $37.5B | ||
| Q4 24 | $39.9B | $37.1B | ||
| Q3 24 | $40.9B | $37.1B | ||
| Q2 24 | $43.4B | $37.0B |
负债/权益比MMMRCL
| Q1 26 | 3.29× | 2.11× | ||
| Q4 25 | 2.68× | 1.81× | ||
| Q3 25 | 2.72× | 1.70× | ||
| Q2 25 | 3.06× | 1.92× | ||
| Q1 25 | 3.02× | 2.26× | ||
| Q4 24 | 3.40× | 2.44× | ||
| Q3 24 | 2.84× | 2.69× | ||
| Q2 24 | 3.34× | 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 | — | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | — |
| 自由现金流率自由现金流/营收 | 33.6% | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 1.93× |
| 过去12个月自由现金流最近4个季度 | $3.7B | — |
8季度趋势，按日历期对齐
经营现金流MMMRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.6B | $1.6B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $-954.0M | $1.7B | ||
| Q1 25 | $-79.0M | $1.6B | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $-1.8B | $897.0M | ||
| Q2 24 | $1.0B | $1.6B |
自由现金流MMMRCL
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $116.0M | ||
| Q3 25 | $1.5B | $-989.0M | ||
| Q2 25 | $-1.2B | $910.0M | ||
| Q1 25 | $-315.0M | $1.2B | ||
| Q4 24 | $1.5B | $915.0M | ||
| Q3 24 | $-2.0B | $563.0M | ||
| Q2 24 | $752.0M | $-567.0M |
自由现金流率MMMRCL
| Q1 26 | 33.6% | — | ||
| Q4 25 | 21.8% | 2.7% | ||
| Q3 25 | 23.6% | -19.2% | ||
| Q2 25 | -18.3% | 20.1% | ||
| Q1 25 | -5.3% | 30.0% | ||
| Q4 24 | 25.4% | 24.3% | ||
| Q3 24 | -32.3% | 11.5% | ||
| Q2 24 | 12.0% | -13.8% |
资本支出强度MMMRCL
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 35.4% | ||
| Q3 25 | 3.3% | 47.8% | ||
| Q2 25 | 3.3% | 18.4% | ||
| Q1 25 | 4.0% | 10.7% | ||
| Q4 24 | 4.8% | 14.7% | ||
| Q3 24 | 3.9% | 6.8% | ||
| Q2 24 | 4.3% | 52.1% |
现金转化率MMMRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 2.74× | 2.16× | ||
| Q3 25 | 2.11× | 0.93× | ||
| Q2 25 | -1.32× | 1.44× | ||
| Q1 25 | -0.07× | 2.23× | ||
| Q4 24 | 2.50× | 2.66× | ||
| Q3 24 | -1.30× | 0.81× | ||
| Q2 24 | 0.89× | 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
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
