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诺唯真游轮控股（NCLH）与Paychex（PAYX）财务数据对比。点击上方公司名可切换其他公司
诺唯真游轮控股的季度营收约是Paychex的1.5倍（$2.2B vs $1.5B），Paychex净利率更高（26.3% vs 0.6%，领先25.7%），Paychex同比增速更快（17.4% vs 6.4%），Paychex自由现金流更多（$382.8M vs $21.5M），过去两年Paychex的营收复合增速更高（3.8% vs 1.2%）
诺唯真游轮（NCL）1966年创立于挪威，为美国知名游轮运营商，总部设于佛罗里达州迈阿密-戴德县，注册地为巴哈马，由诺唯真游轮控股全资持有。按载客量计算，该品牌为全球第四大游轮公司，2021年占全球游轮市场载客量份额约8.6%。
Paychex是美国知名人力资源服务提供商，1971年成立，总部位于纽约州罗切斯特，面向中小微企业提供薪资管理、人力资源外包、员工福利外包等服务。目前在美欧地区拥有超100个办事处，服务约80万家薪资客户，位列《财富》500强第681位。
NCLH vs PAYX — 直观对比
营收规模更大
NCLH
是对方的1.5倍
$1.5B
营收增速更快
PAYX
高出11.0%
6.4%
净利率更高
PAYX
高出25.7%
0.6%
自由现金流更多
PAYX
多$361.3M
$21.5M
两年增速更快
PAYX
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.5B |
| 净利润 | $14.3M | $395.4M |
| 毛利率 | 41.0% | 72.6% |
| 营业利润率 | 8.3% | 38.0% |
| 净利率 | 0.6% | 26.3% |
| 营收同比 | 6.4% | 17.4% |
| 净利润同比 | -94.4% | -4.4% |
| 每股收益（稀释后） | $0.08 | $1.10 |
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NCLHPAYX
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | $2.5B | $1.4B | ||
| Q1 25 | $2.1B | $1.5B | ||
| Q4 24 | $2.1B | $1.3B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.2B | $1.4B |
净利润NCLHPAYX
| Q4 25 | $14.3M | $395.4M | ||
| Q3 25 | $419.3M | $383.8M | ||
| Q2 25 | $30.0M | $297.2M | ||
| Q1 25 | $-40.3M | $519.3M | ||
| Q4 24 | $254.5M | $413.4M | ||
| Q3 24 | $474.9M | $427.4M | ||
| Q2 24 | $163.4M | $379.9M | ||
| Q1 24 | $17.4M | $498.6M |
毛利率NCLHPAYX
| Q4 25 | 41.0% | 72.6% | ||
| Q3 25 | 47.1% | 72.3% | ||
| Q2 25 | 42.1% | 71.5% | ||
| Q1 25 | 38.7% | 73.6% | ||
| Q4 24 | 38.0% | 70.4% | ||
| Q3 24 | 45.2% | 70.3% | ||
| Q2 24 | 38.7% | 70.1% | ||
| Q1 24 | 36.7% | 72.8% |
营业利润率NCLHPAYX
| Q4 25 | 8.3% | 38.0% | ||
| Q3 25 | 25.5% | 36.3% | ||
| Q2 25 | 16.8% | 31.2% | ||
| Q1 25 | 9.4% | 47.2% | ||
| Q4 24 | 10.2% | 42.0% | ||
| Q3 24 | 24.6% | 42.7% | ||
| Q2 24 | 14.4% | 38.3% | ||
| Q1 24 | 10.0% | 46.6% |
净利率NCLHPAYX
| Q4 25 | 0.6% | 26.3% | ||
| Q3 25 | 14.3% | 25.7% | ||
| Q2 25 | 1.2% | 21.5% | ||
| Q1 25 | -1.9% | 35.4% | ||
| Q4 24 | 12.1% | 32.3% | ||
| Q3 24 | 16.9% | 33.4% | ||
| Q2 24 | 6.9% | 30.2% | ||
| Q1 24 | 0.8% | 35.7% |
每股收益（稀释后）NCLHPAYX
| Q4 25 | $0.08 | $1.10 | ||
| Q3 25 | $0.86 | $1.06 | ||
| Q2 25 | $0.07 | $0.83 | ||
| Q1 25 | $-0.09 | $1.43 | ||
| Q4 24 | $0.55 | $1.14 | ||
| Q3 24 | $0.95 | $1.18 | ||
| Q2 24 | $0.35 | $1.05 | ||
| Q1 24 | $0.04 | $1.38 |
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 | $209.9M | $1.5B |
| 总债务越低越好 | $13.7B | $5.0B |
| 股东权益账面价值 | $2.2B | $3.9B |
| 总资产 | $22.5B | $16.5B |
| 负债/权益比越低杠杆越低 | 6.21× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资NCLHPAYX
| Q4 25 | $209.9M | $1.5B | ||
| Q3 25 | $166.8M | $1.7B | ||
| Q2 25 | $184.0M | $1.7B | ||
| Q1 25 | $184.4M | $1.6B | ||
| Q4 24 | $190.8M | $1.2B | ||
| Q3 24 | $332.5M | $1.5B | ||
| Q2 24 | $594.1M | $1.5B | ||
| Q1 24 | $559.8M | $1.7B |
总债务NCLHPAYX
| Q4 25 | $13.7B | $5.0B | ||
| Q3 25 | $13.6B | $5.0B | ||
| Q2 25 | $12.6B | $4.9B | ||
| Q1 25 | $12.9B | — | ||
| Q4 24 | $11.8B | — | ||
| Q3 24 | $11.8B | — | ||
| Q2 24 | $11.9B | $798.6M | ||
| Q1 24 | $12.0B | — |
股东权益NCLHPAYX
| Q4 25 | $2.2B | $3.9B | ||
| Q3 25 | $2.2B | $4.0B | ||
| Q2 25 | $1.6B | $4.1B | ||
| Q1 25 | $1.4B | $4.1B | ||
| Q4 24 | $1.4B | $3.9B | ||
| Q3 24 | $1.1B | $3.9B | ||
| Q2 24 | $693.1M | $3.8B | ||
| Q1 24 | $362.1M | $3.7B |
总资产NCLHPAYX
| Q4 25 | $22.5B | $16.5B | ||
| Q3 25 | $22.2B | $16.7B | ||
| Q2 25 | $21.6B | $16.6B | ||
| Q1 25 | $21.4B | $11.2B | ||
| Q4 24 | $20.0B | $10.6B | ||
| Q3 24 | $19.8B | $10.5B | ||
| Q2 24 | $20.1B | $10.4B | ||
| Q1 24 | $19.8B | $13.0B |
负债/权益比NCLHPAYX
| Q4 25 | 6.21× | 1.28× | ||
| Q3 25 | 6.22× | 1.25× | ||
| Q2 25 | 8.05× | 1.20× | ||
| Q1 25 | 9.09× | — | ||
| Q4 24 | 8.26× | — | ||
| Q3 24 | 10.35× | — | ||
| Q2 24 | 17.19× | 0.21× | ||
| Q1 24 | 33.16× | — |
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 | $459.1M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $382.8M |
| 自由现金流率自由现金流/营收 | 1.0% | 25.5% |
| 资本支出强度资本支出/营收 | 19.5% | 4.1% |
| 现金转化率经营现金流/净利润 | 32.21× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $2.0B |
8季度趋势，按日历期对齐
经营现金流NCLHPAYX
| Q4 25 | $459.1M | $444.9M | ||
| Q3 25 | $236.6M | $718.4M | ||
| Q2 25 | $714.9M | $343.8M | ||
| Q1 25 | $679.2M | $716.0M | ||
| Q4 24 | $399.3M | $295.0M | ||
| Q3 24 | $172.5M | $546.1M | ||
| Q2 24 | $670.9M | $221.7M | ||
| Q1 24 | $807.2M | $671.7M |
自由现金流NCLHPAYX
| Q4 25 | $21.5M | $382.8M | ||
| Q3 25 | $-726.5M | $662.5M | ||
| Q2 25 | $381.2M | $283.3M | ||
| Q1 25 | $-846.0M | $667.3M | ||
| Q4 24 | $155.8M | $248.0M | ||
| Q3 24 | $-195.5M | $510.5M | ||
| Q2 24 | $330.2M | $180.4M | ||
| Q1 24 | $548.3M | $631.0M |
自由现金流率NCLHPAYX
| Q4 25 | 1.0% | 25.5% | ||
| Q3 25 | -24.7% | 44.4% | ||
| Q2 25 | 15.1% | 20.5% | ||
| Q1 25 | -39.8% | 45.5% | ||
| Q4 24 | 7.4% | 19.4% | ||
| Q3 24 | -7.0% | 39.9% | ||
| Q2 24 | 13.9% | 14.4% | ||
| Q1 24 | 25.0% | 45.2% |
资本支出强度NCLHPAYX
| Q4 25 | 19.5% | 4.1% | ||
| Q3 25 | 32.8% | 3.7% | ||
| Q2 25 | 13.3% | 4.4% | ||
| Q1 25 | 71.7% | 3.3% | ||
| Q4 24 | 11.5% | 3.7% | ||
| Q3 24 | 13.1% | 2.8% | ||
| Q2 24 | 14.4% | 3.3% | ||
| Q1 24 | 11.8% | 2.9% |
现金转化率NCLHPAYX
| Q4 25 | 32.21× | 1.13× | ||
| Q3 25 | 0.56× | 1.87× | ||
| Q2 25 | 23.83× | 1.16× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | 1.57× | 0.71× | ||
| Q3 24 | 0.36× | 1.28× | ||
| Q2 24 | 4.10× | 0.58× | ||
| Q1 24 | 46.51× | 1.35× |
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
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
