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诺唯真游轮控股（NCLH）与Post Holdings, Inc.（POST）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Post Holdings, Inc.的1.0倍（$2.2B vs $2.2B），Post Holdings, Inc.净利率更高（4.5% vs 0.6%，领先3.8%），Post Holdings, Inc.同比增速更快（10.1% vs 6.4%），Post Holdings, Inc.自由现金流更多（$119.3M vs $21.5M），过去两年Post Holdings, Inc.的营收复合增速更高（4.3% 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%。
Post Holdings, Inc.是美国头部包装消费品食品生产商，旗下拥有知名食品业务板块Post Consumer Brands，总部坐落于明尼苏达州莱克维尔，其生产的食品类快消品覆盖北美及全球多个市场，深受消费者喜爱。
NCLH vs POST — 直观对比
营收规模更大
NCLH
是对方的1.0倍
$2.2B
营收增速更快
POST
高出3.7%
6.4%
净利率更高
POST
高出3.8%
0.6%
自由现金流更多
POST
多$97.8M
$21.5M
两年增速更快
POST
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.2B |
| 净利润 | $14.3M | $96.8M |
| 毛利率 | 41.0% | 29.4% |
| 营业利润率 | 8.3% | 11.0% |
| 净利率 | 0.6% | 4.5% |
| 营收同比 | 6.4% | 10.1% |
| 净利润同比 | -94.4% | -14.6% |
| 每股收益（稀释后） | $0.08 | $1.71 |
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NCLHPOST
| Q4 25 | $2.2B | $2.2B | ||
| Q3 25 | $2.9B | $2.2B | ||
| Q2 25 | $2.5B | $2.0B | ||
| Q1 25 | $2.1B | $2.0B | ||
| Q4 24 | $2.1B | $2.0B | ||
| Q3 24 | $2.8B | $2.0B | ||
| Q2 24 | $2.4B | $1.9B | ||
| Q1 24 | $2.2B | $2.0B |
净利润NCLHPOST
| Q4 25 | $14.3M | $96.8M | ||
| Q3 25 | $419.3M | $51.0M | ||
| Q2 25 | $30.0M | $108.8M | ||
| Q1 25 | $-40.3M | $62.6M | ||
| Q4 24 | $254.5M | $113.3M | ||
| Q3 24 | $474.9M | $81.6M | ||
| Q2 24 | $163.4M | $99.8M | ||
| Q1 24 | $17.4M | $97.2M |
毛利率NCLHPOST
| Q4 25 | 41.0% | 29.4% | ||
| Q3 25 | 47.1% | 26.8% | ||
| Q2 25 | 42.1% | 30.0% | ||
| Q1 25 | 38.7% | 28.0% | ||
| Q4 24 | 38.0% | 30.1% | ||
| Q3 24 | 45.2% | 28.6% | ||
| Q2 24 | 38.7% | 29.6% | ||
| Q1 24 | 36.7% | 29.0% |
营业利润率NCLHPOST
| Q4 25 | 8.3% | 11.0% | ||
| Q3 25 | 25.5% | 7.5% | ||
| Q2 25 | 16.8% | 11.8% | ||
| Q1 25 | 9.4% | 9.3% | ||
| Q4 24 | 10.2% | 10.8% | ||
| Q3 24 | 24.6% | 9.5% | ||
| Q2 24 | 14.4% | 10.4% | ||
| Q1 24 | 10.0% | 9.5% |
净利率NCLHPOST
| Q4 25 | 0.6% | 4.5% | ||
| Q3 25 | 14.3% | 2.3% | ||
| Q2 25 | 1.2% | 5.5% | ||
| Q1 25 | -1.9% | 3.2% | ||
| Q4 24 | 12.1% | 5.7% | ||
| Q3 24 | 16.9% | 4.1% | ||
| Q2 24 | 6.9% | 5.1% | ||
| Q1 24 | 0.8% | 4.9% |
每股收益（稀释后）NCLHPOST
| Q4 25 | $0.08 | $1.71 | ||
| Q3 25 | $0.86 | $0.91 | ||
| Q2 25 | $0.07 | $1.79 | ||
| Q1 25 | $-0.09 | $1.03 | ||
| Q4 24 | $0.55 | $1.78 | ||
| Q3 24 | $0.95 | $1.28 | ||
| Q2 24 | $0.35 | $1.53 | ||
| Q1 24 | $0.04 | $1.48 |
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 | $279.3M |
| 总债务越低越好 | $13.7B | $7.5B |
| 股东权益账面价值 | $2.2B | $3.5B |
| 总资产 | $22.5B | $13.0B |
| 负债/权益比越低杠杆越低 | 6.21× | 2.16× |
8季度趋势，按日历期对齐
现金及短期投资NCLHPOST
| Q4 25 | $209.9M | $279.3M | ||
| Q3 25 | $166.8M | $176.7M | ||
| Q2 25 | $184.0M | $1.1B | ||
| Q1 25 | $184.4M | $617.6M | ||
| Q4 24 | $190.8M | $872.9M | ||
| Q3 24 | $332.5M | $787.4M | ||
| Q2 24 | $594.1M | $333.8M | ||
| Q1 24 | $559.8M | $333.4M |
总债务NCLHPOST
| Q4 25 | $13.7B | $7.5B | ||
| Q3 25 | $13.6B | $7.4B | ||
| Q2 25 | $12.6B | $7.3B | ||
| Q1 25 | $12.9B | $6.9B | ||
| Q4 24 | $11.8B | $6.9B | ||
| Q3 24 | $11.8B | $6.8B | ||
| Q2 24 | $11.9B | $6.4B | ||
| Q1 24 | $12.0B | $6.4B |
股东权益NCLHPOST
| Q4 25 | $2.2B | $3.5B | ||
| Q3 25 | $2.2B | $3.8B | ||
| Q2 25 | $1.6B | $4.0B | ||
| Q1 25 | $1.4B | $3.8B | ||
| Q4 24 | $1.4B | $3.9B | ||
| Q3 24 | $1.1B | $4.1B | ||
| Q2 24 | $693.1M | $3.9B | ||
| Q1 24 | $362.1M | $4.0B |
总资产NCLHPOST
| Q4 25 | $22.5B | $13.0B | ||
| Q3 25 | $22.2B | $13.5B | ||
| Q2 25 | $21.6B | $13.4B | ||
| Q1 25 | $21.4B | $12.8B | ||
| Q4 24 | $20.0B | $12.8B | ||
| Q3 24 | $19.8B | $12.9B | ||
| Q2 24 | $20.1B | $12.1B | ||
| Q1 24 | $19.8B | $12.2B |
负债/权益比NCLHPOST
| Q4 25 | 6.21× | 2.16× | ||
| Q3 25 | 6.22× | 1.98× | ||
| Q2 25 | 8.05× | 1.84× | ||
| Q1 25 | 9.09× | 1.81× | ||
| Q4 24 | 8.26× | 1.79× | ||
| Q3 24 | 10.35× | 1.67× | ||
| Q2 24 | 17.19× | 1.62× | ||
| Q1 24 | 33.16× | 1.61× |
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 | $235.7M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $119.3M |
| 自由现金流率自由现金流/营收 | 1.0% | 5.5% |
| 资本支出强度资本支出/营收 | 19.5% | 5.4% |
| 现金转化率经营现金流/净利润 | 32.21× | 2.43× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $436.0M |
8季度趋势，按日历期对齐
经营现金流NCLHPOST
| Q4 25 | $459.1M | $235.7M | ||
| Q3 25 | $236.6M | $301.3M | ||
| Q2 25 | $714.9M | $225.9M | ||
| Q1 25 | $679.2M | $160.7M | ||
| Q4 24 | $399.3M | $310.4M | ||
| Q3 24 | $172.5M | $235.4M | ||
| Q2 24 | $670.9M | $272.3M | ||
| Q1 24 | $807.2M | $249.6M |
自由现金流NCLHPOST
| Q4 25 | $21.5M | $119.3M | ||
| Q3 25 | $-726.5M | $151.6M | ||
| Q2 25 | $381.2M | $94.9M | ||
| Q1 25 | $-846.0M | $70.2M | ||
| Q4 24 | $155.8M | $171.4M | ||
| Q3 24 | $-195.5M | $96.2M | ||
| Q2 24 | $330.2M | $161.5M | ||
| Q1 24 | $548.3M | $150.9M |
自由现金流率NCLHPOST
| Q4 25 | 1.0% | 5.5% | ||
| Q3 25 | -24.7% | 6.7% | ||
| Q2 25 | 15.1% | 4.8% | ||
| Q1 25 | -39.8% | 3.6% | ||
| Q4 24 | 7.4% | 8.7% | ||
| Q3 24 | -7.0% | 4.8% | ||
| Q2 24 | 13.9% | 8.3% | ||
| Q1 24 | 25.0% | 7.5% |
资本支出强度NCLHPOST
| Q4 25 | 19.5% | 5.4% | ||
| Q3 25 | 32.8% | 6.7% | ||
| Q2 25 | 13.3% | 6.6% | ||
| Q1 25 | 71.7% | 4.6% | ||
| Q4 24 | 11.5% | 7.0% | ||
| Q3 24 | 13.1% | 6.9% | ||
| Q2 24 | 14.4% | 5.7% | ||
| Q1 24 | 11.8% | 4.9% |
现金转化率NCLHPOST
| Q4 25 | 32.21× | 2.43× | ||
| Q3 25 | 0.56× | 5.91× | ||
| Q2 25 | 23.83× | 2.08× | ||
| Q1 25 | — | 2.57× | ||
| Q4 24 | 1.57× | 2.74× | ||
| Q3 24 | 0.36× | 2.88× | ||
| Q2 24 | 4.10× | 2.73× | ||
| Q1 24 | 46.51× | 2.57× |
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% |
POST
| Post Consumer Brands Segment | $1.1B | 51% |
| Pet Food | $360.4M | 17% |
| Side Dishes | $221.5M | 10% |
| Weetabix | $137.9M | 6% |
| Other | $122.1M | 6% |
| Nut Butters | $105.8M | 5% |
| Sausage | $53.1M | 2% |
| Cheeseand Dairy | $41.3M | 2% |
| Protein Based Shakes | $29.3M | 1% |
| Bell Ring | $18.1M | 1% |
