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诺唯真游轮控股（NCLH）与罗致恒富（RHI）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致恒富的1.7倍（$2.2B vs $1.3B），诺唯真游轮控股同比增速更快（6.4% vs -5.8%），罗致恒富自由现金流更多（$170.8M vs $21.5M），过去两年诺唯真游轮控股的营收复合增速更高（1.2% vs -6.1%）
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%。
罗致恒富是1948年成立的国际人力资源咨询机构，总部位于加利福尼亚州门洛帕克和圣拉蒙，是全球规模领先的会计与金融领域人才派遣服务商之一，在全球范围内设有超过345个办公点。
NCLH vs RHI — 直观对比
营收规模更大
NCLH
是对方的1.7倍
$1.3B
营收增速更快
NCLH
高出12.2%
-5.8%
自由现金流更多
RHI
多$149.3M
$21.5M
两年增速更快
NCLH
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.3B |
| 净利润 | $14.3M | — |
| 毛利率 | 41.0% | 37.6% |
| 营业利润率 | 8.3% | 1.7% |
| 净利率 | 0.6% | — |
| 营收同比 | 6.4% | -5.8% |
| 净利润同比 | -94.4% | — |
| 每股收益（稀释后） | $0.08 | $0.32 |
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NCLHRHI
| Q4 25 | $2.2B | $1.3B | ||
| Q3 25 | $2.9B | $1.4B | ||
| Q2 25 | $2.5B | $1.4B | ||
| Q1 25 | $2.1B | $1.4B | ||
| Q4 24 | $2.1B | $1.4B | ||
| Q3 24 | $2.8B | $1.5B | ||
| Q2 24 | $2.4B | $1.5B | ||
| Q1 24 | $2.2B | $1.5B |
净利润NCLHRHI
| Q4 25 | $14.3M | — | ||
| Q3 25 | $419.3M | $42.9M | ||
| Q2 25 | $30.0M | $41.0M | ||
| Q1 25 | $-40.3M | $17.4M | ||
| Q4 24 | $254.5M | — | ||
| Q3 24 | $474.9M | $65.5M | ||
| Q2 24 | $163.4M | $68.2M | ||
| Q1 24 | $17.4M | $63.7M |
毛利率NCLHRHI
| Q4 25 | 41.0% | 37.6% | ||
| Q3 25 | 47.1% | 37.2% | ||
| Q2 25 | 42.1% | 37.2% | ||
| Q1 25 | 38.7% | 36.9% | ||
| Q4 24 | 38.0% | 38.8% | ||
| Q3 24 | 45.2% | 39.0% | ||
| Q2 24 | 38.7% | 39.2% | ||
| Q1 24 | 36.7% | 38.1% |
营业利润率NCLHRHI
| Q4 25 | 8.3% | 1.7% | ||
| Q3 25 | 25.5% | 1.0% | ||
| Q2 25 | 16.8% | 0.1% | ||
| Q1 25 | 9.4% | 2.9% | ||
| Q4 24 | 10.2% | 4.7% | ||
| Q3 24 | 24.6% | 4.1% | ||
| Q2 24 | 14.4% | 5.1% | ||
| Q1 24 | 10.0% | 2.8% |
净利率NCLHRHI
| Q4 25 | 0.6% | — | ||
| Q3 25 | 14.3% | 3.2% | ||
| Q2 25 | 1.2% | 3.0% | ||
| Q1 25 | -1.9% | 1.3% | ||
| Q4 24 | 12.1% | — | ||
| Q3 24 | 16.9% | 4.5% | ||
| Q2 24 | 6.9% | 4.6% | ||
| Q1 24 | 0.8% | 4.3% |
每股收益（稀释后）NCLHRHI
| Q4 25 | $0.08 | $0.32 | ||
| Q3 25 | $0.86 | $0.43 | ||
| Q2 25 | $0.07 | $0.41 | ||
| Q1 25 | $-0.09 | $0.17 | ||
| Q4 24 | $0.55 | $0.53 | ||
| Q3 24 | $0.95 | $0.64 | ||
| Q2 24 | $0.35 | $0.66 | ||
| Q1 24 | $0.04 | $0.61 |
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 | $464.4M |
| 总债务越低越好 | $13.7B | — |
| 股东权益账面价值 | $2.2B | $1.3B |
| 总资产 | $22.5B | $2.9B |
| 负债/权益比越低杠杆越低 | 6.21× | — |
8季度趋势，按日历期对齐
现金及短期投资NCLHRHI
| Q4 25 | $209.9M | $464.4M | ||
| Q3 25 | $166.8M | $365.3M | ||
| Q2 25 | $184.0M | $380.5M | ||
| Q1 25 | $184.4M | $342.5M | ||
| Q4 24 | $190.8M | $537.6M | ||
| Q3 24 | $332.5M | $570.5M | ||
| Q2 24 | $594.1M | $547.4M | ||
| Q1 24 | $559.8M | $540.9M |
总债务NCLHRHI
| Q4 25 | $13.7B | — | ||
| Q3 25 | $13.6B | — | ||
| Q2 25 | $12.6B | — | ||
| Q1 25 | $12.9B | — | ||
| Q4 24 | $11.8B | — | ||
| Q3 24 | $11.8B | — | ||
| Q2 24 | $11.9B | — | ||
| Q1 24 | $12.0B | — |
股东权益NCLHRHI
| Q4 25 | $2.2B | $1.3B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $693.1M | $1.5B | ||
| Q1 24 | $362.1M | $1.5B |
总资产NCLHRHI
| Q4 25 | $22.5B | $2.9B | ||
| Q3 25 | $22.2B | $2.8B | ||
| Q2 25 | $21.6B | $2.8B | ||
| Q1 25 | $21.4B | $2.7B | ||
| Q4 24 | $20.0B | $2.9B | ||
| Q3 24 | $19.8B | $3.0B | ||
| Q2 24 | $20.1B | $2.9B | ||
| Q1 24 | $19.8B | $2.9B |
负债/权益比NCLHRHI
| Q4 25 | 6.21× | — | ||
| Q3 25 | 6.22× | — | ||
| Q2 25 | 8.05× | — | ||
| 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 | $182.5M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $170.8M |
| 自由现金流率自由现金流/营收 | 1.0% | 13.1% |
| 资本支出强度资本支出/营收 | 19.5% | 0.9% |
| 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 | $266.8M |
8季度趋势，按日历期对齐
经营现金流NCLHRHI
| Q4 25 | $459.1M | $182.5M | ||
| Q3 25 | $236.6M | $77.4M | ||
| Q2 25 | $714.9M | $119.4M | ||
| Q1 25 | $679.2M | $-59.3M | ||
| Q4 24 | $399.3M | $154.8M | ||
| Q3 24 | $172.5M | $129.6M | ||
| Q2 24 | $670.9M | $142.0M | ||
| Q1 24 | $807.2M | $-15.9M |
自由现金流NCLHRHI
| Q4 25 | $21.5M | $170.8M | ||
| Q3 25 | $-726.5M | $63.6M | ||
| Q2 25 | $381.2M | $104.2M | ||
| Q1 25 | $-846.0M | $-71.7M | ||
| Q4 24 | $155.8M | $140.5M | ||
| Q3 24 | $-195.5M | $111.8M | ||
| Q2 24 | $330.2M | $129.6M | ||
| Q1 24 | $548.3M | $-27.7M |
自由现金流率NCLHRHI
| Q4 25 | 1.0% | 13.1% | ||
| Q3 25 | -24.7% | 4.7% | ||
| Q2 25 | 15.1% | 7.6% | ||
| Q1 25 | -39.8% | -5.3% | ||
| Q4 24 | 7.4% | 10.2% | ||
| Q3 24 | -7.0% | 7.6% | ||
| Q2 24 | 13.9% | 8.8% | ||
| Q1 24 | 25.0% | -1.9% |
资本支出强度NCLHRHI
| Q4 25 | 19.5% | 0.9% | ||
| Q3 25 | 32.8% | 1.0% | ||
| Q2 25 | 13.3% | 1.1% | ||
| Q1 25 | 71.7% | 0.9% | ||
| Q4 24 | 11.5% | 1.0% | ||
| Q3 24 | 13.1% | 1.2% | ||
| Q2 24 | 14.4% | 0.8% | ||
| Q1 24 | 11.8% | 0.8% |
现金转化率NCLHRHI
| Q4 25 | 32.21× | — | ||
| Q3 25 | 0.56× | 1.80× | ||
| Q2 25 | 23.83× | 2.91× | ||
| Q1 25 | — | -3.42× | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 0.36× | 1.98× | ||
| Q2 24 | 4.10× | 2.08× | ||
| Q1 24 | 46.51× | -0.25× |
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% |
RHI
| Finance And Accounting | $535.2M | 41% |
| Protiviti | $479.0M | 37% |
| Technology | $156.4M | 12% |
| Permanent Placement Talent Solutions | $102.6M | 8% |
| Other | $29.2M | 2% |
