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诺唯真游轮控股（NCLH）与PVH CORP.（PVH）财务数据对比。点击上方公司名可切换其他公司
PVH CORP.的季度营收约是诺唯真游轮控股的1.0倍（$2.3B vs $2.2B），诺唯真游轮控股净利率更高（0.6% vs 0.2%，领先0.5%），诺唯真游轮控股同比增速更快（6.4% vs 1.7%），诺唯真游轮控股自由现金流更多（$21.5M vs $-85.1M）
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%。
PVH集团是源自美国的知名服饰企业，前身为Phillips-Van Heusen公司，旗下拥有Tommy Hilfiger、Calvin Klein等标志性时尚品牌，同时还获得Kenneth Cole New York、Michael Kors等品牌的授权经营许可，在全球服饰消费市场拥有广泛影响力。
NCLH vs PVH — 直观对比
营收规模更大
PVH
是对方的1.0倍
$2.2B
营收增速更快
NCLH
高出4.7%
1.7%
净利率更高
NCLH
高出0.5%
0.2%
自由现金流更多
NCLH
多$106.6M
$-85.1M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.3B |
| 净利润 | $14.3M | $4.2M |
| 毛利率 | 41.0% | 56.3% |
| 营业利润率 | 8.3% | 7.9% |
| 净利率 | 0.6% | 0.2% |
| 营收同比 | 6.4% | 1.7% |
| 净利润同比 | -94.4% | -96.8% |
| 每股收益（稀释后） | $0.08 | $0.09 |
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NCLHPVH
| Q4 25 | $2.2B | $2.3B | ||
| Q3 25 | $2.9B | $2.2B | ||
| Q2 25 | $2.5B | $2.0B | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.2B | — |
净利润NCLHPVH
| Q4 25 | $14.3M | $4.2M | ||
| Q3 25 | $419.3M | $224.2M | ||
| Q2 25 | $30.0M | $-44.8M | ||
| Q1 25 | $-40.3M | — | ||
| Q4 24 | $254.5M | — | ||
| Q3 24 | $474.9M | — | ||
| Q2 24 | $163.4M | — | ||
| Q1 24 | $17.4M | — |
毛利率NCLHPVH
| Q4 25 | 41.0% | 56.3% | ||
| Q3 25 | 47.1% | 57.7% | ||
| Q2 25 | 42.1% | 58.6% | ||
| Q1 25 | 38.7% | — | ||
| Q4 24 | 38.0% | — | ||
| Q3 24 | 45.2% | — | ||
| Q2 24 | 38.7% | — | ||
| Q1 24 | 36.7% | — |
营业利润率NCLHPVH
| Q4 25 | 8.3% | 7.9% | ||
| Q3 25 | 25.5% | 6.1% | ||
| Q2 25 | 16.8% | -16.7% | ||
| Q1 25 | 9.4% | — | ||
| Q4 24 | 10.2% | — | ||
| Q3 24 | 24.6% | — | ||
| Q2 24 | 14.4% | — | ||
| Q1 24 | 10.0% | — |
净利率NCLHPVH
| Q4 25 | 0.6% | 0.2% | ||
| Q3 25 | 14.3% | 10.3% | ||
| Q2 25 | 1.2% | -2.3% | ||
| Q1 25 | -1.9% | — | ||
| Q4 24 | 12.1% | — | ||
| Q3 24 | 16.9% | — | ||
| Q2 24 | 6.9% | — | ||
| Q1 24 | 0.8% | — |
每股收益（稀释后）NCLHPVH
| Q4 25 | $0.08 | $0.09 | ||
| Q3 25 | $0.86 | $4.63 | ||
| Q2 25 | $0.07 | $-0.88 | ||
| Q1 25 | $-0.09 | — | ||
| Q4 24 | $0.55 | — | ||
| Q3 24 | $0.95 | — | ||
| Q2 24 | $0.35 | — | ||
| Q1 24 | $0.04 | — |
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 | $158.2M |
| 总债务越低越好 | $13.7B | $2.3B |
| 股东权益账面价值 | $2.2B | $4.9B |
| 总资产 | $22.5B | $11.4B |
| 负债/权益比越低杠杆越低 | 6.21× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资NCLHPVH
| Q4 25 | $209.9M | $158.2M | ||
| Q3 25 | $166.8M | $248.8M | ||
| Q2 25 | $184.0M | $191.0M | ||
| Q1 25 | $184.4M | — | ||
| Q4 24 | $190.8M | — | ||
| Q3 24 | $332.5M | — | ||
| Q2 24 | $594.1M | — | ||
| Q1 24 | $559.8M | — |
总债务NCLHPVH
| Q4 25 | $13.7B | $2.3B | ||
| Q3 25 | $13.6B | $2.3B | ||
| Q2 25 | $12.6B | $2.2B | ||
| Q1 25 | $12.9B | — | ||
| Q4 24 | $11.8B | — | ||
| Q3 24 | $11.8B | — | ||
| Q2 24 | $11.9B | — | ||
| Q1 24 | $12.0B | — |
股东权益NCLHPVH
| Q4 25 | $2.2B | $4.9B | ||
| Q3 25 | $2.2B | $4.9B | ||
| Q2 25 | $1.6B | $4.6B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $693.1M | — | ||
| Q1 24 | $362.1M | — |
总资产NCLHPVH
| Q4 25 | $22.5B | $11.4B | ||
| Q3 25 | $22.2B | $11.6B | ||
| Q2 25 | $21.6B | $10.7B | ||
| Q1 25 | $21.4B | — | ||
| Q4 24 | $20.0B | — | ||
| Q3 24 | $19.8B | — | ||
| Q2 24 | $20.1B | — | ||
| Q1 24 | $19.8B | — |
负债/权益比NCLHPVH
| Q4 25 | 6.21× | 0.46× | ||
| Q3 25 | 6.22× | 0.47× | ||
| Q2 25 | 8.05× | 0.48× | ||
| Q1 25 | 9.09× | — | ||
| Q4 24 | 8.26× | — | ||
| Q3 24 | 10.35× | — | ||
| Q2 24 | 17.19× | — | ||
| 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 | $-44.5M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $-85.1M |
| 自由现金流率自由现金流/营收 | 1.0% | -3.7% |
| 资本支出强度资本支出/营收 | 19.5% | 1.8% |
| 现金转化率经营现金流/净利润 | 32.21× | -10.60× |
| 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NCLHPVH
| Q4 25 | $459.1M | $-44.5M | ||
| Q3 25 | $236.6M | $213.1M | ||
| Q2 25 | $714.9M | $-71.4M | ||
| Q1 25 | $679.2M | — | ||
| Q4 24 | $399.3M | — | ||
| Q3 24 | $172.5M | — | ||
| Q2 24 | $670.9M | — | ||
| Q1 24 | $807.2M | — |
自由现金流NCLHPVH
| Q4 25 | $21.5M | $-85.1M | ||
| Q3 25 | $-726.5M | $181.9M | ||
| Q2 25 | $381.2M | $-98.1M | ||
| Q1 25 | $-846.0M | — | ||
| Q4 24 | $155.8M | — | ||
| Q3 24 | $-195.5M | — | ||
| Q2 24 | $330.2M | — | ||
| Q1 24 | $548.3M | — |
自由现金流率NCLHPVH
| Q4 25 | 1.0% | -3.7% | ||
| Q3 25 | -24.7% | 8.4% | ||
| Q2 25 | 15.1% | -4.9% | ||
| Q1 25 | -39.8% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | -7.0% | — | ||
| Q2 24 | 13.9% | — | ||
| Q1 24 | 25.0% | — |
资本支出强度NCLHPVH
| Q4 25 | 19.5% | 1.8% | ||
| Q3 25 | 32.8% | 1.4% | ||
| Q2 25 | 13.3% | 1.3% | ||
| Q1 25 | 71.7% | — | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 13.1% | — | ||
| Q2 24 | 14.4% | — | ||
| Q1 24 | 11.8% | — |
现金转化率NCLHPVH
| Q4 25 | 32.21× | -10.60× | ||
| Q3 25 | 0.56× | 0.95× | ||
| Q2 25 | 23.83× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 4.10× | — | ||
| Q1 24 | 46.51× | — |
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% |
PVH
| Sales Channel Salesto Wholesale Customers | $1.0B | 44% |
| Sales Channel Sales To Owned And Operated Retail Customers | $868.0M | 38% |
| Sales Channel Sales To Owned And Operated Digital Retail Customers | $186.6M | 8% |
| Licensing | $99.5M | 4% |
| Other | $75.8M | 3% |
| Heritage Brands | $51.3M | 2% |
