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诺唯真游轮控股（NCLH）与Rivian Automotive, Inc.（RIVN）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Rivian Automotive, Inc.的1.7倍（$2.2B vs $1.3B），诺唯真游轮控股净利率更高（0.6% vs -63.1%，领先63.7%），诺唯真游轮控股同比增速更快（6.4% vs -25.8%），诺唯真游轮控股自由现金流更多（$21.5M vs $-1.1B），过去两年Rivian Automotive, Inc.的营收复合增速更高（3.3% 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%。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
NCLH vs RIVN — 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32.2%
-25.8%
净利率更高
NCLH
高出63.7%
-63.1%
自由现金流更多
NCLH
多$1.2B
$-1.1B
两年增速更快
RIVN
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.3B |
| 净利润 | $14.3M | $-811.0M |
| 毛利率 | 41.0% | 9.3% |
| 营业利润率 | 8.3% | -64.8% |
| 净利率 | 0.6% | -63.1% |
| 营收同比 | 6.4% | -25.8% |
| 净利润同比 | -94.4% | -9.0% |
| 每股收益（稀释后） | $0.08 | $-0.66 |
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NCLHRIVN
| Q4 25 | $2.2B | $1.3B | ||
| Q3 25 | $2.9B | $1.6B | ||
| Q2 25 | $2.5B | $1.3B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $2.1B | $1.7B | ||
| Q3 24 | $2.8B | $874.0M | ||
| Q2 24 | $2.4B | $1.2B | ||
| Q1 24 | $2.2B | $1.2B |
净利润NCLHRIVN
| Q4 25 | $14.3M | $-811.0M | ||
| Q3 25 | $419.3M | $-1.2B | ||
| Q2 25 | $30.0M | $-1.1B | ||
| Q1 25 | $-40.3M | $-545.0M | ||
| Q4 24 | $254.5M | $-744.0M | ||
| Q3 24 | $474.9M | $-1.1B | ||
| Q2 24 | $163.4M | $-1.5B | ||
| Q1 24 | $17.4M | $-1.4B |
毛利率NCLHRIVN
| Q4 25 | 41.0% | 9.3% | ||
| Q3 25 | 47.1% | 1.5% | ||
| Q2 25 | 42.1% | -15.8% | ||
| Q1 25 | 38.7% | 16.6% | ||
| Q4 24 | 38.0% | 9.8% | ||
| Q3 24 | 45.2% | -44.9% | ||
| Q2 24 | 38.7% | -38.9% | ||
| Q1 24 | 36.7% | -43.8% |
营业利润率NCLHRIVN
| Q4 25 | 8.3% | -64.8% | ||
| Q3 25 | 25.5% | -63.1% | ||
| Q2 25 | 16.8% | -85.5% | ||
| Q1 25 | 9.4% | -52.8% | ||
| Q4 24 | 10.2% | -38.1% | ||
| Q3 24 | 24.6% | -133.8% | ||
| Q2 24 | 14.4% | -118.7% | ||
| Q1 24 | 10.0% | -123.3% |
净利率NCLHRIVN
| Q4 25 | 0.6% | -63.1% | ||
| Q3 25 | 14.3% | -75.3% | ||
| Q2 25 | 1.2% | -85.7% | ||
| Q1 25 | -1.9% | -44.0% | ||
| Q4 24 | 12.1% | -42.9% | ||
| Q3 24 | 16.9% | -125.9% | ||
| Q2 24 | 6.9% | -125.8% | ||
| Q1 24 | 0.8% | -120.1% |
每股收益（稀释后）NCLHRIVN
| Q4 25 | $0.08 | $-0.66 | ||
| Q3 25 | $0.86 | $-0.96 | ||
| Q2 25 | $0.07 | $-0.97 | ||
| Q1 25 | $-0.09 | $-0.48 | ||
| Q4 24 | $0.55 | $-0.67 | ||
| Q3 24 | $0.95 | $-1.08 | ||
| Q2 24 | $0.35 | $-1.46 | ||
| 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 | $6.1B |
| 总债务越低越好 | $13.7B | — |
| 股东权益账面价值 | $2.2B | $4.6B |
| 总资产 | $22.5B | $14.9B |
| 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NCLHRIVN
| Q4 25 | $209.9M | $6.1B | ||
| Q3 25 | $166.8M | $7.1B | ||
| Q2 25 | $184.0M | $7.5B | ||
| Q1 25 | $184.4M | $7.2B | ||
| Q4 24 | $190.8M | $7.7B | ||
| Q3 24 | $332.5M | $6.7B | ||
| Q2 24 | $594.1M | $7.9B | ||
| Q1 24 | $559.8M | $7.9B |
总债务NCLHRIVN
| 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 | $5.5B | ||
| Q1 24 | $12.0B | $4.4B |
股东权益NCLHRIVN
| Q4 25 | $2.2B | $4.6B | ||
| Q3 25 | $2.2B | $5.1B | ||
| Q2 25 | $1.6B | $6.1B | ||
| Q1 25 | $1.4B | $6.2B | ||
| Q4 24 | $1.4B | $6.6B | ||
| Q3 24 | $1.1B | $5.9B | ||
| Q2 24 | $693.1M | $6.8B | ||
| Q1 24 | $362.1M | $8.1B |
总资产NCLHRIVN
| Q4 25 | $22.5B | $14.9B | ||
| Q3 25 | $22.2B | $15.2B | ||
| Q2 25 | $21.6B | $15.6B | ||
| Q1 25 | $21.4B | $15.5B | ||
| Q4 24 | $20.0B | $15.4B | ||
| Q3 24 | $19.8B | $14.3B | ||
| Q2 24 | $20.1B | $15.4B | ||
| Q1 24 | $19.8B | $15.7B |
负债/权益比NCLHRIVN
| 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× | 0.81× | ||
| Q1 24 | 33.16× | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $-1.1B |
| 自由现金流率自由现金流/营收 | 1.0% | -89.0% |
| 资本支出强度资本支出/营收 | 19.5% | 36.0% |
| 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 | $-2.5B |
8季度趋势，按日历期对齐
经营现金流NCLHRIVN
| Q4 25 | $459.1M | $-681.0M | ||
| Q3 25 | $236.6M | $26.0M | ||
| Q2 25 | $714.9M | $64.0M | ||
| Q1 25 | $679.2M | $-188.0M | ||
| Q4 24 | $399.3M | $1.2B | ||
| Q3 24 | $172.5M | $-876.0M | ||
| Q2 24 | $670.9M | $-754.0M | ||
| Q1 24 | $807.2M | $-1.3B |
自由现金流NCLHRIVN
| Q4 25 | $21.5M | $-1.1B | ||
| Q3 25 | $-726.5M | $-421.0M | ||
| Q2 25 | $381.2M | $-398.0M | ||
| Q1 25 | $-846.0M | $-526.0M | ||
| Q4 24 | $155.8M | $856.0M | ||
| Q3 24 | $-195.5M | $-1.2B | ||
| Q2 24 | $330.2M | $-1.0B | ||
| Q1 24 | $548.3M | $-1.5B |
自由现金流率NCLHRIVN
| Q4 25 | 1.0% | -89.0% | ||
| Q3 25 | -24.7% | -27.0% | ||
| Q2 25 | 15.1% | -30.5% | ||
| Q1 25 | -39.8% | -42.4% | ||
| Q4 24 | 7.4% | 49.4% | ||
| Q3 24 | -7.0% | -131.9% | ||
| Q2 24 | 13.9% | -89.6% | ||
| Q1 24 | 25.0% | -126.5% |
资本支出强度NCLHRIVN
| Q4 25 | 19.5% | 36.0% | ||
| Q3 25 | 32.8% | 28.7% | ||
| Q2 25 | 13.3% | 35.5% | ||
| Q1 25 | 71.7% | 27.3% | ||
| Q4 24 | 11.5% | 18.9% | ||
| Q3 24 | 13.1% | 31.7% | ||
| Q2 24 | 14.4% | 24.4% | ||
| Q1 24 | 11.8% | 21.1% |
现金转化率NCLHRIVN
| 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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
