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诺唯真游轮控股（NCLH）与Raymond James Financial（RJF）财务数据对比。点击上方公司名可切换其他公司
Raymond James Financial的季度营收约是诺唯真游轮控股的1.7倍（$3.9B vs $2.2B），Raymond James Financial净利率更高（14.1% vs 0.6%，领先13.5%），Raymond James Financial同比增速更快（13.0% vs 6.4%），过去两年Raymond James Financial的营收复合增速更高（1.3% 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%。
雷蒙德詹姆斯金融是美国跨国独立投资银行及金融服务机构，通过旗下子公司为个人、企业及市政主体提供多元金融服务，核心业务覆盖投资与财务规划、投资银行、资产管理等领域，总部位于美国佛罗里达州圣彼得堡。
NCLH vs RJF — 直观对比
营收规模更大
RJF
是对方的1.7倍
$2.2B
营收增速更快
RJF
高出6.6%
6.4%
净利率更高
RJF
高出13.5%
0.6%
两年增速更快
RJF
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.9B |
| 净利润 | $14.3M | $544.0M |
| 毛利率 | 41.0% | — |
| 营业利润率 | 8.3% | — |
| 净利率 | 0.6% | 14.1% |
| 营收同比 | 6.4% | 13.0% |
| 净利润同比 | -94.4% | 10.0% |
| 每股收益（稀释后） | $0.08 | $2.83 |
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NCLHRJF
| Q1 26 | — | $3.9B | ||
| Q4 25 | $2.2B | $4.2B | ||
| Q3 25 | $2.9B | $4.2B | ||
| Q2 25 | $2.5B | $3.8B | ||
| Q1 25 | $2.1B | $3.8B | ||
| Q4 24 | $2.1B | $4.0B | ||
| Q3 24 | $2.8B | $4.0B | ||
| Q2 24 | $2.4B | $3.8B |
净利润NCLHRJF
| Q1 26 | — | $544.0M | ||
| Q4 25 | $14.3M | $563.0M | ||
| Q3 25 | $419.3M | $604.0M | ||
| Q2 25 | $30.0M | $436.0M | ||
| Q1 25 | $-40.3M | $495.0M | ||
| Q4 24 | $254.5M | $600.0M | ||
| Q3 24 | $474.9M | $602.0M | ||
| Q2 24 | $163.4M | $492.0M |
毛利率NCLHRJF
| Q1 26 | — | — | ||
| 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% | — |
营业利润率NCLHRJF
| Q1 26 | — | — | ||
| Q4 25 | 8.3% | — | ||
| Q3 25 | 25.5% | — | ||
| Q2 25 | 16.8% | 14.7% | ||
| Q1 25 | 9.4% | 17.5% | ||
| Q4 24 | 10.2% | 18.6% | ||
| Q3 24 | 24.6% | — | ||
| Q2 24 | 14.4% | 17.1% |
净利率NCLHRJF
| Q1 26 | — | 14.1% | ||
| Q4 25 | 0.6% | 13.5% | ||
| Q3 25 | 14.3% | 14.4% | ||
| Q2 25 | 1.2% | 11.3% | ||
| Q1 25 | -1.9% | 12.9% | ||
| Q4 24 | 12.1% | 14.9% | ||
| Q3 24 | 16.9% | 15.0% | ||
| Q2 24 | 6.9% | 13.1% |
每股收益（稀释后）NCLHRJF
| Q1 26 | — | $2.83 | ||
| Q4 25 | $0.08 | $2.79 | ||
| Q3 25 | $0.86 | $2.96 | ||
| Q2 25 | $0.07 | $2.12 | ||
| Q1 25 | $-0.09 | $2.36 | ||
| Q4 24 | $0.55 | $2.86 | ||
| Q3 24 | $0.95 | $2.85 | ||
| Q2 24 | $0.35 | $2.31 |
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 | $5.4B |
| 总债务越低越好 | $13.7B | — |
| 股东权益账面价值 | $2.2B | $52.0M |
| 总资产 | $22.5B | $91.9B |
| 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NCLHRJF
| Q1 26 | — | $5.4B | ||
| Q4 25 | $209.9M | $9.9B | ||
| Q3 25 | $166.8M | $11.4B | ||
| Q2 25 | $184.0M | $9.2B | ||
| Q1 25 | $184.4M | $9.7B | ||
| Q4 24 | $190.8M | $10.0B | ||
| Q3 24 | $332.5M | $11.0B | ||
| Q2 24 | $594.1M | $9.1B |
总债务NCLHRJF
| Q1 26 | — | — | ||
| 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 | — |
股东权益NCLHRJF
| Q1 26 | — | $52.0M | ||
| Q4 25 | $2.2B | $12.6B | ||
| Q3 25 | $2.2B | $12.5B | ||
| Q2 25 | $1.6B | $12.3B | ||
| Q1 25 | $1.4B | $12.2B | ||
| Q4 24 | $1.4B | $11.9B | ||
| Q3 24 | $1.1B | $11.7B | ||
| Q2 24 | $693.1M | $11.2B |
总资产NCLHRJF
| Q1 26 | — | $91.9B | ||
| Q4 25 | $22.5B | $88.8B | ||
| Q3 25 | $22.2B | $88.2B | ||
| Q2 25 | $21.6B | $84.8B | ||
| Q1 25 | $21.4B | $83.1B | ||
| Q4 24 | $20.0B | $82.3B | ||
| Q3 24 | $19.8B | $83.0B | ||
| Q2 24 | $20.1B | $80.6B |
负债/权益比NCLHRJF
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $21.5M | — |
| 自由现金流率自由现金流/营收 | 1.0% | — |
| 资本支出强度资本支出/营收 | 19.5% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流NCLHRJF
| Q1 26 | — | — | ||
| Q4 25 | $459.1M | $-10.0M | ||
| Q3 25 | $236.6M | $796.0M | ||
| Q2 25 | $714.9M | $691.0M | ||
| Q1 25 | $679.2M | $117.0M | ||
| Q4 24 | $399.3M | $830.0M | ||
| Q3 24 | $172.5M | $510.0M | ||
| Q2 24 | $670.9M | $711.0M |
自由现金流NCLHRJF
| Q1 26 | — | — | ||
| Q4 25 | $21.5M | $-56.0M | ||
| Q3 25 | $-726.5M | $752.0M | ||
| Q2 25 | $381.2M | $634.0M | ||
| Q1 25 | $-846.0M | $71.0M | ||
| Q4 24 | $155.8M | $789.0M | ||
| Q3 24 | $-195.5M | $460.0M | ||
| Q2 24 | $330.2M | $655.0M |
自由现金流率NCLHRJF
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | -1.3% | ||
| Q3 25 | -24.7% | 17.9% | ||
| Q2 25 | 15.1% | 16.5% | ||
| Q1 25 | -39.8% | 1.8% | ||
| Q4 24 | 7.4% | 19.6% | ||
| Q3 24 | -7.0% | 11.5% | ||
| Q2 24 | 13.9% | 17.4% |
资本支出强度NCLHRJF
| Q1 26 | — | — | ||
| Q4 25 | 19.5% | 1.1% | ||
| Q3 25 | 32.8% | 1.1% | ||
| Q2 25 | 13.3% | 1.5% | ||
| Q1 25 | 71.7% | 1.2% | ||
| Q4 24 | 11.5% | 1.0% | ||
| Q3 24 | 13.1% | 1.2% | ||
| Q2 24 | 14.4% | 1.5% |
现金转化率NCLHRJF
| Q1 26 | — | — | ||
| Q4 25 | 32.21× | -0.02× | ||
| Q3 25 | 0.56× | 1.32× | ||
| Q2 25 | 23.83× | 1.58× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | 1.57× | 1.38× | ||
| Q3 24 | 0.36× | 0.85× | ||
| Q2 24 | 4.10× | 1.45× |
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% |
RJF
| Private Client Group | $2.8B | 73% |
| Bank | $486.0M | 13% |
| Capital Markets | $464.0M | 12% |
| Other | $99.0M | 3% |
