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诺唯真游轮控股（NCLH）与瑞思迈（RMD）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瑞思迈的1.6倍（$2.2B vs $1.4B），瑞思迈净利率更高（27.6% vs 0.6%，领先27.0%），瑞思迈同比增速更快（11.0% vs 6.4%），瑞思迈自由现金流更多（$311.2M vs $21.5M），过去两年瑞思迈的营收复合增速更高（9.0% 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%。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
NCLH vs RMD — 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
RMD
高出4.6%
6.4%
净利率更高
RMD
高出27.0%
0.6%
自由现金流更多
RMD
多$289.7M
$21.5M
两年增速更快
RMD
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.4B |
| 净利润 | $14.3M | $392.6M |
| 毛利率 | 41.0% | 61.8% |
| 营业利润率 | 8.3% | 34.6% |
| 净利率 | 0.6% | 27.6% |
| 营收同比 | 6.4% | 11.0% |
| 净利润同比 | -94.4% | 13.9% |
| 每股收益（稀释后） | $0.08 | $2.68 |
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NCLHRMD
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $2.9B | $1.3B | ||
| Q2 25 | $2.5B | $1.3B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.1B | $1.3B | ||
| Q3 24 | $2.8B | $1.2B | ||
| Q2 24 | $2.4B | $1.2B | ||
| Q1 24 | $2.2B | $1.2B |
净利润NCLHRMD
| Q4 25 | $14.3M | $392.6M | ||
| Q3 25 | $419.3M | $348.5M | ||
| Q2 25 | $30.0M | $379.7M | ||
| Q1 25 | $-40.3M | $365.0M | ||
| Q4 24 | $254.5M | $344.6M | ||
| Q3 24 | $474.9M | $311.4M | ||
| Q2 24 | $163.4M | $292.2M | ||
| Q1 24 | $17.4M | $300.5M |
毛利率NCLHRMD
| Q4 25 | 41.0% | 61.8% | ||
| Q3 25 | 47.1% | 61.5% | ||
| Q2 25 | 42.1% | 60.8% | ||
| Q1 25 | 38.7% | 59.3% | ||
| Q4 24 | 38.0% | 58.6% | ||
| Q3 24 | 45.2% | 58.6% | ||
| Q2 24 | 38.7% | 58.5% | ||
| Q1 24 | 36.7% | 57.9% |
营业利润率NCLHRMD
| Q4 25 | 8.3% | 34.6% | ||
| Q3 25 | 25.5% | 33.4% | ||
| Q2 25 | 16.8% | 33.7% | ||
| Q1 25 | 9.4% | 33.0% | ||
| Q4 24 | 10.2% | 32.5% | ||
| Q3 24 | 24.6% | 31.6% | ||
| Q2 24 | 14.4% | 31.2% | ||
| Q1 24 | 10.0% | 31.3% |
净利率NCLHRMD
| Q4 25 | 0.6% | 27.6% | ||
| Q3 25 | 14.3% | 26.1% | ||
| Q2 25 | 1.2% | 28.2% | ||
| Q1 25 | -1.9% | 28.3% | ||
| Q4 24 | 12.1% | 26.9% | ||
| Q3 24 | 16.9% | 25.4% | ||
| Q2 24 | 6.9% | 23.9% | ||
| Q1 24 | 0.8% | 25.1% |
每股收益（稀释后）NCLHRMD
| Q4 25 | $0.08 | $2.68 | ||
| Q3 25 | $0.86 | $2.37 | ||
| Q2 25 | $0.07 | $2.58 | ||
| Q1 25 | $-0.09 | $2.48 | ||
| Q4 24 | $0.55 | $2.34 | ||
| Q3 24 | $0.95 | $2.11 | ||
| Q2 24 | $0.35 | $1.97 | ||
| Q1 24 | $0.04 | $2.04 |
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 | $1.4B |
| 总债务越低越好 | $13.7B | $403.9M |
| 股东权益账面价值 | $2.2B | $6.3B |
| 总资产 | $22.5B | $8.5B |
| 负债/权益比越低杠杆越低 | 6.21× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资NCLHRMD
| Q4 25 | $209.9M | $1.4B | ||
| Q3 25 | $166.8M | $1.4B | ||
| Q2 25 | $184.0M | $1.2B | ||
| Q1 25 | $184.4M | $932.7M | ||
| Q4 24 | $190.8M | $521.9M | ||
| Q3 24 | $332.5M | $426.4M | ||
| Q2 24 | $594.1M | $238.4M | ||
| Q1 24 | $559.8M | $237.9M |
总债务NCLHRMD
| Q4 25 | $13.7B | $403.9M | ||
| Q3 25 | $13.6B | $408.7M | ||
| Q2 25 | $12.6B | $658.4M | ||
| Q1 25 | $12.9B | $663.1M | ||
| Q4 24 | $11.8B | $662.9M | ||
| Q3 24 | $11.8B | $667.6M | ||
| Q2 24 | $11.9B | $697.3M | ||
| Q1 24 | $12.0B | $997.0M |
股东权益NCLHRMD
| Q4 25 | $2.2B | $6.3B | ||
| Q3 25 | $2.2B | $6.1B | ||
| Q2 25 | $1.6B | $6.0B | ||
| Q1 25 | $1.4B | $5.5B | ||
| Q4 24 | $1.4B | $5.3B | ||
| Q3 24 | $1.1B | $5.2B | ||
| Q2 24 | $693.1M | $4.9B | ||
| Q1 24 | $362.1M | $4.6B |
总资产NCLHRMD
| Q4 25 | $22.5B | $8.5B | ||
| Q3 25 | $22.2B | $8.3B | ||
| Q2 25 | $21.6B | $8.2B | ||
| Q1 25 | $21.4B | $7.6B | ||
| Q4 24 | $20.0B | $7.1B | ||
| Q3 24 | $19.8B | $7.2B | ||
| Q2 24 | $20.1B | $6.9B | ||
| Q1 24 | $19.8B | $6.8B |
负债/权益比NCLHRMD
| Q4 25 | 6.21× | 0.06× | ||
| Q3 25 | 6.22× | 0.07× | ||
| Q2 25 | 8.05× | 0.11× | ||
| Q1 25 | 9.09× | 0.12× | ||
| Q4 24 | 8.26× | 0.13× | ||
| Q3 24 | 10.35× | 0.13× | ||
| Q2 24 | 17.19× | 0.14× | ||
| Q1 24 | 33.16× | 0.22× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $311.2M |
| 自由现金流率自由现金流/营收 | 1.0% | 21.9% |
| 资本支出强度资本支出/营收 | 19.5% | 2.0% |
| 现金转化率经营现金流/净利润 | 32.21× | 0.87× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $1.8B |
8季度趋势，按日历期对齐
经营现金流NCLHRMD
| Q4 25 | $459.1M | $339.7M | ||
| Q3 25 | $236.6M | $457.3M | ||
| Q2 25 | $714.9M | $538.8M | ||
| Q1 25 | $679.2M | $578.7M | ||
| Q4 24 | $399.3M | $308.6M | ||
| Q3 24 | $172.5M | $325.5M | ||
| Q2 24 | $670.9M | $440.1M | ||
| Q1 24 | $807.2M | $402.0M |
自由现金流NCLHRMD
| Q4 25 | $21.5M | $311.2M | ||
| Q3 25 | $-726.5M | $414.4M | ||
| Q2 25 | $381.2M | $508.2M | ||
| Q1 25 | $-846.0M | $557.9M | ||
| Q4 24 | $155.8M | $288.0M | ||
| Q3 24 | $-195.5M | $307.7M | ||
| Q2 24 | $330.2M | $415.2M | ||
| Q1 24 | $548.3M | $380.8M |
自由现金流率NCLHRMD
| Q4 25 | 1.0% | 21.9% | ||
| Q3 25 | -24.7% | 31.0% | ||
| Q2 25 | 15.1% | 37.7% | ||
| Q1 25 | -39.8% | 43.2% | ||
| Q4 24 | 7.4% | 22.5% | ||
| Q3 24 | -7.0% | 25.1% | ||
| Q2 24 | 13.9% | 33.9% | ||
| Q1 24 | 25.0% | 31.8% |
资本支出强度NCLHRMD
| Q4 25 | 19.5% | 2.0% | ||
| Q3 25 | 32.8% | 3.2% | ||
| Q2 25 | 13.3% | 2.3% | ||
| Q1 25 | 71.7% | 1.6% | ||
| Q4 24 | 11.5% | 1.6% | ||
| Q3 24 | 13.1% | 1.5% | ||
| Q2 24 | 14.4% | 2.0% | ||
| Q1 24 | 11.8% | 1.8% |
现金转化率NCLHRMD
| Q4 25 | 32.21× | 0.87× | ||
| Q3 25 | 0.56× | 1.31× | ||
| Q2 25 | 23.83× | 1.42× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | 1.57× | 0.90× | ||
| Q3 24 | 0.36× | 1.05× | ||
| Q2 24 | 4.10× | 1.51× | ||
| Q1 24 | 46.51× | 1.34× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
