vs
M&T Bank（MTB）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M&T Bank的1.7倍（$4.3B vs $2.5B），M&T Bank净利率更高（30.7% vs 17.7%，领先13.0%），皇家加勒比集团同比增速更快（13.3% vs 3.8%），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs 4.6%）
M&T银行是总部位于美国纽约州布法罗的银行控股企业，业务覆盖美国东部从缅因州到弗吉尼亚州的12个州及华盛顿特区，运营超过950家线下网点。其控股主体1998年5月前名为第一帝国州公司，之后更为现名。
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。
MTB vs RCL — 直观对比
营收规模更大
RCL
是对方的1.7倍
$2.5B
营收增速更快
RCL
高出9.5%
3.8%
净利率更高
MTB
高出13.0%
17.7%
两年增速更快
RCL
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $4.3B |
| 净利润 | $759.0M | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | 39.2% | 21.9% |
| 净利率 | 30.7% | 17.7% |
| 营收同比 | 3.8% | 13.3% |
| 净利润同比 | 11.5% | 36.4% |
| 每股收益（稀释后） | $4.62 | $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MTBRCL
| Q4 25 | $2.5B | $4.3B | ||
| Q3 25 | $2.5B | $5.1B | ||
| Q2 25 | $2.4B | $4.5B | ||
| Q1 25 | $2.3B | $4.0B | ||
| Q4 24 | $2.4B | $3.8B | ||
| Q3 24 | $2.3B | $4.9B | ||
| Q2 24 | $2.3B | $4.1B | ||
| Q1 24 | $2.3B | $3.7B |
净利润MTBRCL
| Q4 25 | $759.0M | $753.0M | ||
| Q3 25 | $792.0M | $1.6B | ||
| Q2 25 | $716.0M | $1.2B | ||
| Q1 25 | $584.0M | $730.0M | ||
| Q4 24 | $681.0M | $552.0M | ||
| Q3 24 | $721.0M | $1.1B | ||
| Q2 24 | $655.0M | $854.0M | ||
| Q1 24 | $531.0M | $360.0M |
毛利率MTBRCL
| 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MTBRCL
| Q4 25 | 39.2% | 21.9% | ||
| Q3 25 | 40.8% | 33.1% | ||
| Q2 25 | 39.0% | 29.3% | ||
| Q1 25 | 33.0% | 23.6% | ||
| Q4 24 | 37.0% | 16.6% | ||
| Q3 24 | 39.0% | 33.4% | ||
| Q2 24 | 37.1% | 26.7% | ||
| Q1 24 | 29.4% | 20.1% |
净利率MTBRCL
| Q4 25 | 30.7% | 17.7% | ||
| Q3 25 | 31.5% | 30.6% | ||
| Q2 25 | 29.9% | 26.7% | ||
| Q1 25 | 25.3% | 18.3% | ||
| Q4 24 | 28.6% | 14.7% | ||
| Q3 24 | 30.9% | 22.7% | ||
| Q2 24 | 28.5% | 20.8% | ||
| Q1 24 | 23.5% | 9.7% |
每股收益（稀释后）MTBRCL
| Q4 25 | $4.62 | $2.76 | ||
| Q3 25 | $4.82 | $5.74 | ||
| Q2 25 | $4.24 | $4.41 | ||
| Q1 25 | $3.32 | $2.70 | ||
| Q4 24 | $3.87 | $2.27 | ||
| Q3 24 | $4.02 | $4.21 | ||
| Q2 24 | $3.73 | $3.11 | ||
| Q1 24 | $3.02 | $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 | — | $825.0M |
| 总债务越低越好 | $10.9B | $18.2B |
| 股东权益账面价值 | $29.2B | $10.0B |
| 总资产 | $213.5B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.37× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资MTBRCL
| 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 | ||
| Q1 24 | — | $437.0M |
总债务MTBRCL
| Q4 25 | $10.9B | $18.2B | ||
| Q3 25 | $12.9B | $17.2B | ||
| Q2 25 | $12.4B | $17.6B | ||
| Q1 25 | $10.5B | $18.0B | ||
| Q4 24 | $12.6B | $18.5B | ||
| Q3 24 | $11.6B | $19.0B | ||
| Q2 24 | $11.3B | $19.8B | ||
| Q1 24 | $11.4B | $18.9B |
股东权益MTBRCL
| Q4 25 | $29.2B | $10.0B | ||
| Q3 25 | $28.7B | $10.1B | ||
| Q2 25 | $28.5B | $9.2B | ||
| Q1 25 | $29.0B | $8.0B | ||
| Q4 24 | $29.0B | $7.6B | ||
| Q3 24 | $28.9B | $7.0B | ||
| Q2 24 | $28.4B | $6.0B | ||
| Q1 24 | $27.2B | $5.2B |
总资产MTBRCL
| Q4 25 | $213.5B | $41.6B | ||
| Q3 25 | $211.3B | $40.1B | ||
| Q2 25 | $211.6B | $38.5B | ||
| Q1 25 | $210.3B | $37.5B | ||
| Q4 24 | $208.1B | $37.1B | ||
| Q3 24 | $211.8B | $37.1B | ||
| Q2 24 | $208.9B | $37.0B | ||
| Q1 24 | $215.1B | $35.2B |
负债/权益比MTBRCL
| Q4 25 | 0.37× | 1.81× | ||
| Q3 25 | 0.45× | 1.70× | ||
| Q2 25 | 0.43× | 1.92× | ||
| Q1 25 | 0.36× | 2.26× | ||
| Q4 24 | 0.43× | 2.44× | ||
| Q3 24 | 0.40× | 2.69× | ||
| Q2 24 | 0.40× | 3.29× | ||
| Q1 24 | 0.42× | 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 | $3.0B | $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 | 3.96× | 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MTBRCL
| Q4 25 | $3.0B | $1.6B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $844.0M | $1.7B | ||
| Q1 25 | $635.0M | $1.6B | ||
| Q4 24 | $3.6B | $1.5B | ||
| Q3 24 | $-28.0M | $897.0M | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $608.0M | $1.3B |
自由现金流MTBRCL
| Q4 25 | — | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | — | $910.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M | ||
| Q1 24 | — | $1.1B |
自由现金流率MTBRCL
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% | ||
| Q1 24 | — | 29.1% |
资本支出强度MTBRCL
| Q4 25 | — | 35.4% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 52.1% | ||
| Q1 24 | — | 6.5% |
现金转化率MTBRCL
| Q4 25 | 3.96× | 2.16× | ||
| Q3 25 | 1.26× | 0.93× | ||
| Q2 25 | 1.18× | 1.44× | ||
| Q1 25 | 1.09× | 2.23× | ||
| Q4 24 | 5.30× | 2.66× | ||
| Q3 24 | -0.04× | 0.81× | ||
| Q2 24 | 2.07× | 1.84× | ||
| Q1 24 | 1.15× | 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
MTB
暂无分部数据
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
