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诺唯真游轮控股（NCLH）与利氏兄弟拍卖行（RBA）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利氏兄弟拍卖行的1.9倍（$2.2B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 0.6%，领先8.5%），诺唯真游轮控股同比增速更快（6.4% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $21.5M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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%。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
NCLH vs RBA — 直观对比
营收规模更大
NCLH
是对方的1.9倍
$1.2B
营收增速更快
NCLH
高出1.0%
5.4%
净利率更高
RBA
高出8.5%
0.6%
自由现金流更多
RBA
多$165.0M
$21.5M
两年增速更快
RBA
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $14.3M | $109.7M |
| 毛利率 | 41.0% | — |
| 营业利润率 | 8.3% | 14.7% |
| 净利率 | 0.6% | 9.1% |
| 营收同比 | 6.4% | 5.4% |
| 净利润同比 | -94.4% | -7.4% |
| 每股收益（稀释后） | $0.08 | $0.53 |
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NCLHRBA
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.9B | $1.1B | ||
| Q2 25 | $2.5B | $1.2B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $2.1B | $1.1B | ||
| Q3 24 | $2.8B | $981.8M | ||
| Q2 24 | $2.4B | $1.1B | ||
| Q1 24 | $2.2B | $1.1B |
净利润NCLHRBA
| Q4 25 | $14.3M | $109.7M | ||
| Q3 25 | $419.3M | $95.5M | ||
| Q2 25 | $30.0M | $109.8M | ||
| Q1 25 | $-40.3M | $113.4M | ||
| Q4 24 | $254.5M | $118.5M | ||
| Q3 24 | $474.9M | $76.1M | ||
| Q2 24 | $163.4M | $111.1M | ||
| Q1 24 | $17.4M | $107.4M |
毛利率NCLHRBA
| Q4 25 | 41.0% | — | ||
| Q3 25 | 47.1% | — | ||
| Q2 25 | 42.1% | — | ||
| 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NCLHRBA
| Q4 25 | 8.3% | 14.7% | ||
| Q3 25 | 25.5% | 14.5% | ||
| Q2 25 | 16.8% | 15.9% | ||
| Q1 25 | 9.4% | 17.1% | ||
| Q4 24 | 10.2% | 18.1% | ||
| Q3 24 | 24.6% | 15.6% | ||
| Q2 24 | 14.4% | 18.4% | ||
| Q1 24 | 10.0% | 18.7% |
净利率NCLHRBA
| Q4 25 | 0.6% | 9.1% | ||
| Q3 25 | 14.3% | 8.7% | ||
| Q2 25 | 1.2% | 9.3% | ||
| Q1 25 | -1.9% | 10.2% | ||
| Q4 24 | 12.1% | 10.4% | ||
| Q3 24 | 16.9% | 7.8% | ||
| Q2 24 | 6.9% | 10.1% | ||
| Q1 24 | 0.8% | 10.1% |
每股收益（稀释后）NCLHRBA
| Q4 25 | $0.08 | $0.53 | ||
| Q3 25 | $0.86 | $0.43 | ||
| Q2 25 | $0.07 | $0.53 | ||
| Q1 25 | $-0.09 | $0.55 | ||
| Q4 24 | $0.55 | $0.58 | ||
| Q3 24 | $0.95 | $0.36 | ||
| Q2 24 | $0.35 | $0.54 | ||
| Q1 24 | $0.04 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $13.7B | $2.3B |
| 股东权益账面价值 | $2.2B | $5.6B |
| 总资产 | $22.5B | $12.1B |
| 负债/权益比越低杠杆越低 | 6.21× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资NCLHRBA
| Q4 25 | $209.9M | $531.5M | ||
| Q3 25 | $166.8M | $674.7M | ||
| Q2 25 | $184.0M | $710.2M | ||
| Q1 25 | $184.4M | $578.1M | ||
| Q4 24 | $190.8M | $533.9M | ||
| Q3 24 | $332.5M | $650.7M | ||
| Q2 24 | $594.1M | $599.5M | ||
| Q1 24 | $559.8M | $462.8M |
总债务NCLHRBA
| Q4 25 | $13.7B | $2.3B | ||
| Q3 25 | $13.6B | $2.6B | ||
| Q2 25 | $12.6B | $2.6B | ||
| Q1 25 | $12.9B | $2.6B | ||
| Q4 24 | $11.8B | $2.6B | ||
| Q3 24 | $11.8B | $2.7B | ||
| Q2 24 | $11.9B | $2.8B | ||
| Q1 24 | $12.0B | $2.9B |
股东权益NCLHRBA
| Q4 25 | $2.2B | $5.6B | ||
| Q3 25 | $2.2B | $5.5B | ||
| Q2 25 | $1.6B | $5.5B | ||
| Q1 25 | $1.4B | $5.3B | ||
| Q4 24 | $1.4B | $5.2B | ||
| Q3 24 | $1.1B | $5.2B | ||
| Q2 24 | $693.1M | $5.2B | ||
| Q1 24 | $362.1M | $5.1B |
总资产NCLHRBA
| Q4 25 | $22.5B | $12.1B | ||
| Q3 25 | $22.2B | $12.2B | ||
| Q2 25 | $21.6B | $12.2B | ||
| Q1 25 | $21.4B | $11.9B | ||
| Q4 24 | $20.0B | $11.8B | ||
| Q3 24 | $19.8B | $11.9B | ||
| Q2 24 | $20.1B | $12.1B | ||
| Q1 24 | $19.8B | $12.0B |
负债/权益比NCLHRBA
| Q4 25 | 6.21× | 0.42× | ||
| Q3 25 | 6.22× | 0.47× | ||
| Q2 25 | 8.05× | 0.47× | ||
| Q1 25 | 9.09× | 0.50× | ||
| Q4 24 | 8.26× | 0.50× | ||
| Q3 24 | 10.35× | 0.52× | ||
| Q2 24 | 17.19× | 0.55× | ||
| Q1 24 | 33.16× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $186.5M |
| 自由现金流率自由现金流/营收 | 1.0% | 15.5% |
| 资本支出强度资本支出/营收 | 19.5% | 5.7% |
| 现金转化率经营现金流/净利润 | 32.21× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $719.2M |
8季度趋势，按日历期对齐
经营现金流NCLHRBA
| Q4 25 | $459.1M | $255.2M | ||
| Q3 25 | $236.6M | $239.7M | ||
| Q2 25 | $714.9M | $326.5M | ||
| Q1 25 | $679.2M | $156.8M | ||
| Q4 24 | $399.3M | $184.5M | ||
| Q3 24 | $172.5M | $285.4M | ||
| Q2 24 | $670.9M | $337.3M | ||
| Q1 24 | $807.2M | $124.8M |
自由现金流NCLHRBA
| Q4 25 | $21.5M | $186.5M | ||
| Q3 25 | $-726.5M | $188.5M | ||
| Q2 25 | $381.2M | $241.7M | ||
| Q1 25 | $-846.0M | $102.5M | ||
| Q4 24 | $155.8M | $127.9M | ||
| Q3 24 | $-195.5M | $248.5M | ||
| Q2 24 | $330.2M | $308.6M | ||
| Q1 24 | $548.3M | $79.6M |
自由现金流率NCLHRBA
| Q4 25 | 1.0% | 15.5% | ||
| Q3 25 | -24.7% | 17.3% | ||
| Q2 25 | 15.1% | 20.4% | ||
| Q1 25 | -39.8% | 9.2% | ||
| Q4 24 | 7.4% | 11.2% | ||
| Q3 24 | -7.0% | 25.3% | ||
| Q2 24 | 13.9% | 28.2% | ||
| Q1 24 | 25.0% | 7.5% |
资本支出强度NCLHRBA
| Q4 25 | 19.5% | 5.7% | ||
| Q3 25 | 32.8% | 4.7% | ||
| Q2 25 | 13.3% | 7.2% | ||
| Q1 25 | 71.7% | 4.9% | ||
| Q4 24 | 11.5% | 5.0% | ||
| Q3 24 | 13.1% | 3.8% | ||
| Q2 24 | 14.4% | 2.6% | ||
| Q1 24 | 11.8% | 4.2% |
现金转化率NCLHRBA
| Q4 25 | 32.21× | 2.33× | ||
| Q3 25 | 0.56× | 2.51× | ||
| Q2 25 | 23.83× | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | 1.57× | 1.56× | ||
| Q3 24 | 0.36× | 3.75× | ||
| Q2 24 | 4.10× | 3.04× | ||
| Q1 24 | 46.51× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
