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诺唯真游轮控股（NCLH）与罗布乐思（RBLX）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罗布乐思的1.6倍（$2.2B vs $1.4B），诺唯真游轮控股净利率更高（0.6% vs -22.3%，领先23.0%），罗布乐思同比增速更快（43.2% vs 6.4%），罗布乐思自由现金流更多（$308.6M vs $21.5M），过去两年罗布乐思的营收复合增速更高（32.9% 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%。
罗布乐思（Roblox Corporation）是总部位于美国加利福尼亚州圣马特奥的游戏企业，由大卫·巴斯祖奇与埃里克·卡塞尔于2004年共同创立。公司核心产品为同名线上游戏创作平台Roblox，于2006年正式上线，截至2024年12月底全球员工规模已超2400人。
NCLH vs RBLX — 直观对比
营收规模更大
NCLH
是对方的1.6倍
$1.4B
营收增速更快
RBLX
高出36.8%
6.4%
净利率更高
NCLH
高出23.0%
-22.3%
自由现金流更多
RBLX
多$287.1M
$21.5M
两年增速更快
RBLX
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.4B |
| 净利润 | $14.3M | $-316.0M |
| 毛利率 | 41.0% | 77.7% |
| 营业利润率 | 8.3% | -25.3% |
| 净利率 | 0.6% | -22.3% |
| 营收同比 | 6.4% | 43.2% |
| 净利润同比 | -94.4% | -43.9% |
| 每股收益（稀释后） | $0.08 | $-0.44 |
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NCLHRBLX
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $2.9B | $1.4B | ||
| Q2 25 | $2.5B | $1.1B | ||
| Q1 25 | $2.1B | $1.0B | ||
| Q4 24 | $2.1B | $988.2M | ||
| Q3 24 | $2.8B | $919.0M | ||
| Q2 24 | $2.4B | $893.5M | ||
| Q1 24 | $2.2B | $801.3M |
净利润NCLHRBLX
| Q4 25 | $14.3M | $-316.0M | ||
| Q3 25 | $419.3M | $-255.6M | ||
| Q2 25 | $30.0M | $-278.4M | ||
| Q1 25 | $-40.3M | $-215.1M | ||
| Q4 24 | $254.5M | $-219.6M | ||
| Q3 24 | $474.9M | $-239.3M | ||
| Q2 24 | $163.4M | $-205.9M | ||
| Q1 24 | $17.4M | $-270.6M |
毛利率NCLHRBLX
| Q4 25 | 41.0% | 77.7% | ||
| Q3 25 | 47.1% | 78.2% | ||
| Q2 25 | 42.1% | 78.2% | ||
| Q1 25 | 38.7% | 78.3% | ||
| Q4 24 | 38.0% | 77.9% | ||
| Q3 24 | 45.2% | 77.7% | ||
| Q2 24 | 38.7% | 77.8% | ||
| Q1 24 | 36.7% | 77.7% |
营业利润率NCLHRBLX
| Q4 25 | 8.3% | -25.3% | ||
| Q3 25 | 25.5% | -21.8% | ||
| Q2 25 | 16.8% | -29.8% | ||
| Q1 25 | 9.4% | -24.6% | ||
| Q4 24 | 10.2% | -24.7% | ||
| Q3 24 | 24.6% | -30.4% | ||
| Q2 24 | 14.4% | -26.6% | ||
| Q1 24 | 10.0% | -37.7% |
净利率NCLHRBLX
| Q4 25 | 0.6% | -22.3% | ||
| Q3 25 | 14.3% | -18.8% | ||
| Q2 25 | 1.2% | -25.8% | ||
| Q1 25 | -1.9% | -20.8% | ||
| Q4 24 | 12.1% | -22.2% | ||
| Q3 24 | 16.9% | -26.0% | ||
| Q2 24 | 6.9% | -23.0% | ||
| Q1 24 | 0.8% | -33.8% |
每股收益（稀释后）NCLHRBLX
| Q4 25 | $0.08 | $-0.44 | ||
| Q3 25 | $0.86 | $-0.37 | ||
| Q2 25 | $0.07 | $-0.41 | ||
| Q1 25 | $-0.09 | $-0.32 | ||
| Q4 24 | $0.55 | $-0.32 | ||
| Q3 24 | $0.95 | $-0.37 | ||
| Q2 24 | $0.35 | $-0.32 | ||
| Q1 24 | $0.04 | $-0.43 |
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 | $3.1B |
| 总债务越低越好 | $13.7B | $1.2B |
| 股东权益账面价值 | $2.2B | $394.5M |
| 总资产 | $22.5B | $9.6B |
| 负债/权益比越低杠杆越低 | 6.21× | 2.98× |
8季度趋势，按日历期对齐
现金及短期投资NCLHRBLX
| Q4 25 | $209.9M | $3.1B | ||
| Q3 25 | $166.8M | $2.9B | ||
| Q2 25 | $184.0M | $2.6B | ||
| Q1 25 | $184.4M | $2.7B | ||
| Q4 24 | $190.8M | $2.4B | ||
| Q3 24 | $332.5M | $2.3B | ||
| Q2 24 | $594.1M | $2.4B | ||
| Q1 24 | $559.8M | $2.4B |
总债务NCLHRBLX
| Q4 25 | $13.7B | $1.2B | ||
| Q3 25 | $13.6B | — | ||
| Q2 25 | $12.6B | — | ||
| Q1 25 | $12.9B | — | ||
| Q4 24 | $11.8B | $1.2B | ||
| Q3 24 | $11.8B | — | ||
| Q2 24 | $11.9B | — | ||
| Q1 24 | $12.0B | — |
股东权益NCLHRBLX
| Q4 25 | $2.2B | $394.5M | ||
| Q3 25 | $2.2B | $407.6M | ||
| Q2 25 | $1.6B | $353.2M | ||
| Q1 25 | $1.4B | $310.7M | ||
| Q4 24 | $1.4B | $221.4M | ||
| Q3 24 | $1.1B | $189.9M | ||
| Q2 24 | $693.1M | $121.5M | ||
| Q1 24 | $362.1M | $71.6M |
总资产NCLHRBLX
| Q4 25 | $22.5B | $9.6B | ||
| Q3 25 | $22.2B | $8.6B | ||
| Q2 25 | $21.6B | $7.8B | ||
| Q1 25 | $21.4B | $7.5B | ||
| Q4 24 | $20.0B | $7.2B | ||
| Q3 24 | $19.8B | $6.7B | ||
| Q2 24 | $20.1B | $6.5B | ||
| Q1 24 | $19.8B | $6.3B |
负债/权益比NCLHRBLX
| Q4 25 | 6.21× | 2.98× | ||
| Q3 25 | 6.22× | — | ||
| Q2 25 | 8.05× | — | ||
| Q1 25 | 9.09× | — | ||
| Q4 24 | 8.26× | 5.48× | ||
| 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 | $607.0M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $308.6M |
| 自由现金流率自由现金流/营收 | 1.0% | 21.8% |
| 资本支出强度资本支出/营收 | 19.5% | 21.1% |
| 现金转化率经营现金流/净利润 | 32.21× | — |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $1.4B |
8季度趋势，按日历期对齐
经营现金流NCLHRBLX
| Q4 25 | $459.1M | $607.0M | ||
| Q3 25 | $236.6M | $546.2M | ||
| Q2 25 | $714.9M | $199.3M | ||
| Q1 25 | $679.2M | $443.9M | ||
| Q4 24 | $399.3M | $184.5M | ||
| Q3 24 | $172.5M | $247.4M | ||
| Q2 24 | $670.9M | $151.4M | ||
| Q1 24 | $807.2M | $238.9M |
自由现金流NCLHRBLX
| Q4 25 | $21.5M | $308.6M | ||
| Q3 25 | $-726.5M | $443.6M | ||
| Q2 25 | $381.2M | $176.7M | ||
| Q1 25 | $-846.0M | $426.5M | ||
| Q4 24 | $155.8M | $120.6M | ||
| Q3 24 | $-195.5M | $218.0M | ||
| Q2 24 | $330.2M | $111.7M | ||
| Q1 24 | $548.3M | $192.3M |
自由现金流率NCLHRBLX
| Q4 25 | 1.0% | 21.8% | ||
| Q3 25 | -24.7% | 32.6% | ||
| Q2 25 | 15.1% | 16.3% | ||
| Q1 25 | -39.8% | 41.2% | ||
| Q4 24 | 7.4% | 12.2% | ||
| Q3 24 | -7.0% | 23.7% | ||
| Q2 24 | 13.9% | 12.5% | ||
| Q1 24 | 25.0% | 24.0% |
资本支出强度NCLHRBLX
| Q4 25 | 19.5% | 21.1% | ||
| Q3 25 | 32.8% | 7.5% | ||
| Q2 25 | 13.3% | 2.1% | ||
| Q1 25 | 71.7% | 1.7% | ||
| Q4 24 | 11.5% | 6.5% | ||
| Q3 24 | 13.1% | 3.2% | ||
| Q2 24 | 14.4% | 4.4% | ||
| Q1 24 | 11.8% | 5.8% |
现金转化率NCLHRBLX
| Q4 25 | 32.21× | — | ||
| Q3 25 | 0.56× | — | ||
| 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% |
RBLX
暂无分部数据
