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诺唯真游轮控股（NCLH）与拉夫劳伦（RL）财务数据对比。点击上方公司名可切换其他公司
拉夫劳伦的季度营收约是诺唯真游轮控股的1.1倍（$2.4B vs $2.2B），拉夫劳伦净利率更高（15.0% vs 0.6%，领先14.4%），拉夫劳伦同比增速更快（12.2% vs 6.4%），拉夫劳伦自由现金流更多（$704.0M vs $21.5M），过去两年拉夫劳伦的营收复合增速更高（23.9% 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%。
拉夫劳伦是源自美国的跨国时尚巨头，旗下同名高端时尚品牌风靡全球，企业规模达数十亿美元。品牌创始人拉夫劳伦于2015年9月卸任首席执行官，仍留任执行董事长兼首席创意官，主导品牌创意与整体发展方向。
NCLH vs RL — 直观对比
营收规模更大
RL
是对方的1.1倍
$2.2B
营收增速更快
RL
高出5.8%
6.4%
净利率更高
RL
高出14.4%
0.6%
自由现金流更多
RL
多$682.5M
$21.5M
两年增速更快
RL
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.4B |
| 净利润 | $14.3M | $361.6M |
| 毛利率 | 41.0% | 69.9% |
| 营业利润率 | 8.3% | 19.6% |
| 净利率 | 0.6% | 15.0% |
| 营收同比 | 6.4% | 12.2% |
| 净利润同比 | -94.4% | 21.6% |
| 每股收益（稀释后） | $0.08 | $5.82 |
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NCLHRL
| Q4 25 | $2.2B | $2.4B | ||
| Q3 25 | $2.9B | $2.0B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $2.1B | $1.7B | ||
| Q4 24 | $2.1B | $2.1B | ||
| Q3 24 | $2.8B | $1.7B | ||
| Q2 24 | $2.4B | $1.5B | ||
| Q1 24 | $2.2B | $1.6B |
净利润NCLHRL
| Q4 25 | $14.3M | $361.6M | ||
| Q3 25 | $419.3M | $207.5M | ||
| Q2 25 | $30.0M | $220.4M | ||
| Q1 25 | $-40.3M | $129.0M | ||
| Q4 24 | $254.5M | $297.4M | ||
| Q3 24 | $474.9M | $147.9M | ||
| Q2 24 | $163.4M | $168.6M | ||
| Q1 24 | $17.4M | $90.7M |
毛利率NCLHRL
| Q4 25 | 41.0% | 69.9% | ||
| Q3 25 | 47.1% | 68.0% | ||
| Q2 25 | 42.1% | 72.3% | ||
| Q1 25 | 38.7% | 68.7% | ||
| Q4 24 | 38.0% | 68.4% | ||
| Q3 24 | 45.2% | 67.0% | ||
| Q2 24 | 38.7% | 70.5% | ||
| Q1 24 | 36.7% | 66.6% |
营业利润率NCLHRL
| Q4 25 | 8.3% | 19.6% | ||
| Q3 25 | 25.5% | 12.2% | ||
| Q2 25 | 16.8% | 15.9% | ||
| Q1 25 | 9.4% | 9.1% | ||
| Q4 24 | 10.2% | 18.2% | ||
| Q3 24 | 24.6% | 10.4% | ||
| Q2 24 | 14.4% | 13.8% | ||
| Q1 24 | 10.0% | 6.9% |
净利率NCLHRL
| Q4 25 | 0.6% | 15.0% | ||
| Q3 25 | 14.3% | 10.3% | ||
| Q2 25 | 1.2% | 12.8% | ||
| Q1 25 | -1.9% | 7.6% | ||
| Q4 24 | 12.1% | 13.9% | ||
| Q3 24 | 16.9% | 8.6% | ||
| Q2 24 | 6.9% | 11.1% | ||
| Q1 24 | 0.8% | 5.8% |
每股收益（稀释后）NCLHRL
| Q4 25 | $0.08 | $5.82 | ||
| Q3 25 | $0.86 | $3.32 | ||
| Q2 25 | $0.07 | $3.52 | ||
| Q1 25 | $-0.09 | $2.03 | ||
| Q4 24 | $0.55 | $4.66 | ||
| Q3 24 | $0.95 | $2.31 | ||
| Q2 24 | $0.35 | $2.61 | ||
| Q1 24 | $0.04 | $1.37 |
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 | $2.3B |
| 总债务越低越好 | $13.7B | — |
| 股东权益账面价值 | $2.2B | $2.9B |
| 总资产 | $22.5B | $7.8B |
| 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NCLHRL
| Q4 25 | $209.9M | $2.3B | ||
| Q3 25 | $166.8M | $1.6B | ||
| Q2 25 | $184.0M | $2.3B | ||
| Q1 25 | $184.4M | $2.1B | ||
| Q4 24 | $190.8M | $2.1B | ||
| Q3 24 | $332.5M | $1.7B | ||
| Q2 24 | $594.1M | $1.8B | ||
| Q1 24 | $559.8M | $1.8B |
总债务NCLHRL
| 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NCLHRL
| Q4 25 | $2.2B | $2.9B | ||
| Q3 25 | $2.2B | $2.6B | ||
| Q2 25 | $1.6B | $2.5B | ||
| Q1 25 | $1.4B | $2.6B | ||
| Q4 24 | $1.4B | $2.5B | ||
| Q3 24 | $1.1B | $2.4B | ||
| Q2 24 | $693.1M | $2.4B | ||
| Q1 24 | $362.1M | $2.5B |
总资产NCLHRL
| Q4 25 | $22.5B | $7.8B | ||
| Q3 25 | $22.2B | $7.3B | ||
| Q2 25 | $21.6B | $7.8B | ||
| Q1 25 | $21.4B | $7.0B | ||
| Q4 24 | $20.0B | $7.1B | ||
| Q3 24 | $19.8B | $6.8B | ||
| Q2 24 | $20.1B | $6.6B | ||
| Q1 24 | $19.8B | $6.6B |
负债/权益比NCLHRL
| 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 | $779.6M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $704.0M |
| 自由现金流率自由现金流/营收 | 1.0% | 29.3% |
| 资本支出强度资本支出/营收 | 19.5% | 3.1% |
| 现金转化率经营现金流/净利润 | 32.21× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $694.5M |
8季度趋势，按日历期对齐
经营现金流NCLHRL
| Q4 25 | $459.1M | $779.6M | ||
| Q3 25 | $236.6M | $53.2M | ||
| Q2 25 | $714.9M | $176.1M | ||
| Q1 25 | $679.2M | $122.2M | ||
| Q4 24 | $399.3M | $738.4M | ||
| Q3 24 | $172.5M | $97.2M | ||
| Q2 24 | $670.9M | $277.3M | ||
| Q1 24 | $807.2M | — |
自由现金流NCLHRL
| Q4 25 | $21.5M | $704.0M | ||
| Q3 25 | $-726.5M | $-40.6M | ||
| Q2 25 | $381.2M | $-11.2M | ||
| Q1 25 | $-846.0M | $42.3M | ||
| Q4 24 | $155.8M | $677.2M | ||
| Q3 24 | $-195.5M | $55.5M | ||
| Q2 24 | $330.2M | $243.9M | ||
| Q1 24 | $548.3M | — |
自由现金流率NCLHRL
| Q4 25 | 1.0% | 29.3% | ||
| Q3 25 | -24.7% | -2.0% | ||
| Q2 25 | 15.1% | -0.7% | ||
| Q1 25 | -39.8% | 2.5% | ||
| Q4 24 | 7.4% | 31.6% | ||
| Q3 24 | -7.0% | 3.2% | ||
| Q2 24 | 13.9% | 16.1% | ||
| Q1 24 | 25.0% | — |
资本支出强度NCLHRL
| Q4 25 | 19.5% | 3.1% | ||
| Q3 25 | 32.8% | 4.7% | ||
| Q2 25 | 13.3% | 10.9% | ||
| Q1 25 | 71.7% | 4.7% | ||
| Q4 24 | 11.5% | 2.9% | ||
| Q3 24 | 13.1% | 2.4% | ||
| Q2 24 | 14.4% | 2.2% | ||
| Q1 24 | 11.8% | — |
现金转化率NCLHRL
| Q4 25 | 32.21× | 2.16× | ||
| Q3 25 | 0.56× | 0.26× | ||
| Q2 25 | 23.83× | 0.80× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | 1.57× | 2.48× | ||
| Q3 24 | 0.36× | 0.66× | ||
| Q2 24 | 4.10× | 1.64× | ||
| 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% |
RL
暂无分部数据
