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奥驰亚（MO）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
奥驰亚的季度营收约是皇家加勒比集团的1.4倍（$5.8B vs $4.3B），奥驰亚净利率更高（19.1% vs 17.7%，领先1.4%），皇家加勒比集团同比增速更快（13.3% vs -2.1%），奥驰亚自由现金流更多（$3.2B vs $116.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs 2.4%）
奥驰亚集团是美国头部烟草企业，通过旗下子公司生产销售可燃烟草与口服类烟草相关产品，核心品牌包括万宝路香烟、Black & Mild雪茄及烟斗烟、哥本哈根、斯库尔等湿无烟烟草，以及on!口服尼古丁袋，产品主要供应批发商、分销商及大型零售客户。
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。
MO vs RCL — 直观对比
营收规模更大
MO
是对方的1.4倍
$4.3B
营收增速更快
RCL
高出15.4%
-2.1%
净利率更高
MO
高出1.4%
17.7%
自由现金流更多
MO
多$3.1B
$116.0M
两年增速更快
RCL
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $4.3B |
| 净利润 | $1.1B | $753.0M |
| 毛利率 | 62.1% | 47.4% |
| 营业利润率 | 28.2% | 21.9% |
| 净利率 | 19.1% | 17.7% |
| 营收同比 | -2.1% | 13.3% |
| 净利润同比 | -63.2% | 36.4% |
| 每股收益（稀释后） | $0.67 | $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MORCL
| Q4 25 | $5.8B | $4.3B | ||
| Q3 25 | $6.1B | $5.1B | ||
| Q2 25 | $6.1B | $4.5B | ||
| Q1 25 | $5.3B | $4.0B | ||
| Q4 24 | $6.0B | $3.8B | ||
| Q3 24 | $6.3B | $4.9B | ||
| Q2 24 | $6.2B | $4.1B | ||
| Q1 24 | $5.6B | $3.7B |
净利润MORCL
| Q4 25 | $1.1B | $753.0M | ||
| Q3 25 | $2.4B | $1.6B | ||
| Q2 25 | $2.4B | $1.2B | ||
| Q1 25 | $1.1B | $730.0M | ||
| Q4 24 | $3.0B | $552.0M | ||
| Q3 24 | $2.3B | $1.1B | ||
| Q2 24 | $3.8B | $854.0M | ||
| Q1 24 | $2.1B | $360.0M |
毛利率MORCL
| Q4 25 | 62.1% | 47.4% | ||
| Q3 25 | 62.8% | 51.8% | ||
| Q2 25 | 63.1% | 49.7% | ||
| Q1 25 | 61.8% | 48.0% | ||
| Q4 24 | 60.3% | 45.4% | ||
| Q3 24 | 60.8% | 51.1% | ||
| Q2 24 | 59.2% | 47.6% | ||
| Q1 24 | 58.8% | 44.8% |
营业利润率MORCL
| Q4 25 | 28.2% | 21.9% | ||
| Q3 25 | 53.2% | 33.1% | ||
| Q2 25 | 52.9% | 29.3% | ||
| Q1 25 | 34.0% | 23.6% | ||
| Q4 24 | 48.2% | 16.6% | ||
| Q3 24 | 50.4% | 33.4% | ||
| Q2 24 | 40.8% | 26.7% | ||
| Q1 24 | 48.0% | 20.1% |
净利率MORCL
| Q4 25 | 19.1% | 17.7% | ||
| Q3 25 | 39.1% | 30.6% | ||
| Q2 25 | 39.0% | 26.7% | ||
| Q1 25 | 20.5% | 18.3% | ||
| Q4 24 | 50.9% | 14.7% | ||
| Q3 24 | 36.6% | 22.7% | ||
| Q2 24 | 61.2% | 20.8% | ||
| Q1 24 | 38.2% | 9.7% |
每股收益（稀释后）MORCL
| Q4 25 | $0.67 | $2.76 | ||
| Q3 25 | $1.41 | $5.74 | ||
| Q2 25 | $1.41 | $4.41 | ||
| Q1 25 | $0.63 | $2.70 | ||
| Q4 24 | $1.78 | $2.27 | ||
| Q3 24 | $1.34 | $4.21 | ||
| Q2 24 | $2.21 | $3.11 | ||
| Q1 24 | $1.21 | $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 | $4.5B | $825.0M |
| 总债务越低越好 | $25.7B | $18.2B |
| 股东权益账面价值 | $-3.5B | $10.0B |
| 总资产 | $35.0B | $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MORCL
| Q4 25 | $4.5B | $825.0M | ||
| Q3 25 | $3.5B | $432.0M | ||
| Q2 25 | $1.3B | $735.0M | ||
| Q1 25 | $4.7B | $386.0M | ||
| Q4 24 | $3.1B | $388.0M | ||
| Q3 24 | $1.9B | $418.0M | ||
| Q2 24 | $1.8B | $391.0M | ||
| Q1 24 | $3.6B | $437.0M |
总债务MORCL
| Q4 25 | $25.7B | $18.2B | ||
| Q3 25 | $25.7B | $17.2B | ||
| Q2 25 | $24.7B | $17.6B | ||
| Q1 25 | $26.1B | $18.0B | ||
| Q4 24 | $24.9B | $18.5B | ||
| Q3 24 | $25.2B | $19.0B | ||
| Q2 24 | $25.0B | $19.8B | ||
| Q1 24 | $25.0B | $18.9B |
股东权益MORCL
| Q4 25 | $-3.5B | $10.0B | ||
| Q3 25 | $-2.6B | $10.1B | ||
| Q2 25 | $-3.3B | $9.2B | ||
| Q1 25 | $-3.5B | $8.0B | ||
| Q4 24 | $-2.2B | $7.6B | ||
| Q3 24 | $-3.5B | $7.0B | ||
| Q2 24 | $-3.0B | $6.0B | ||
| Q1 24 | $-5.1B | $5.2B |
总资产MORCL
| Q4 25 | $35.0B | $41.6B | ||
| Q3 25 | $35.0B | $40.1B | ||
| Q2 25 | $32.3B | $38.5B | ||
| Q1 25 | $35.8B | $37.5B | ||
| Q4 24 | $35.2B | $37.1B | ||
| Q3 24 | $34.2B | $37.1B | ||
| Q2 24 | $34.4B | $37.0B | ||
| Q1 24 | $36.5B | $35.2B |
负债/权益比MORCL
| 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 | $3.3B | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $3.2B | $116.0M |
| 自由现金流率自由现金流/营收 | 54.4% | 2.7% |
| 资本支出强度资本支出/营收 | 1.6% | 35.4% |
| 现金转化率经营现金流/净利润 | 2.93× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $1.2B |
8季度趋势，按日历期对齐
经营现金流MORCL
| Q4 25 | $3.3B | $1.6B | ||
| Q3 25 | $3.1B | $1.5B | ||
| Q2 25 | $205.0M | $1.7B | ||
| Q1 25 | $2.7B | $1.6B | ||
| Q4 24 | $3.3B | $1.5B | ||
| Q3 24 | $2.6B | $897.0M | ||
| Q2 24 | $-75.0M | $1.6B | ||
| Q1 24 | $2.9B | $1.3B |
自由现金流MORCL
| Q4 25 | $3.2B | $116.0M | ||
| Q3 25 | $3.0B | $-989.0M | ||
| Q2 25 | $173.0M | $910.0M | ||
| Q1 25 | $2.7B | $1.2B | ||
| Q4 24 | $3.3B | $915.0M | ||
| Q3 24 | $2.6B | $563.0M | ||
| Q2 24 | $-104.0M | $-567.0M | ||
| Q1 24 | $2.8B | $1.1B |
自由现金流率MORCL
| Q4 25 | 54.4% | 2.7% | ||
| Q3 25 | 50.1% | -19.2% | ||
| Q2 25 | 2.8% | 20.1% | ||
| Q1 25 | 51.0% | 30.0% | ||
| Q4 24 | 55.1% | 24.3% | ||
| Q3 24 | 41.2% | 11.5% | ||
| Q2 24 | -1.7% | -13.8% | ||
| Q1 24 | 51.0% | 29.1% |
资本支出强度MORCL
| Q4 25 | 1.6% | 35.4% | ||
| Q3 25 | 0.9% | 47.8% | ||
| Q2 25 | 0.5% | 18.4% | ||
| Q1 25 | 0.7% | 10.7% | ||
| Q4 24 | 0.8% | 14.7% | ||
| Q3 24 | 0.5% | 6.8% | ||
| Q2 24 | 0.5% | 52.1% | ||
| Q1 24 | 0.6% | 6.5% |
现金转化率MORCL
| Q4 25 | 2.93× | 2.16× | ||
| Q3 25 | 1.30× | 0.93× | ||
| Q2 25 | 0.09× | 1.44× | ||
| Q1 25 | 2.53× | 2.23× | ||
| Q4 24 | 1.10× | 2.66× | ||
| Q3 24 | 1.14× | 0.81× | ||
| Q2 24 | -0.02× | 1.84× | ||
| Q1 24 | 1.35× | 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
MO
| Smokeable Products Segment | $5.1B | 88% |
| Oral Tobacco Segment | $706.0M | 12% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
