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诺唯真游轮控股（NCLH）与ROKU, INC（ROKU）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ROKU, INC的1.6倍（$2.2B vs $1.4B），ROKU, INC净利率更高（5.8% vs 0.6%，领先5.1%），ROKU, INC同比增速更快（16.1% vs 6.4%），ROKU, INC自由现金流更多（$106.6M vs $21.5M），过去两年ROKU, INC的营收复合增速更高（25.8% 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%。
Roku是美国流媒体技术企业，2002年由安东尼·伍德创立，主营数字媒体播放器、电视硬件生产，流媒体内容分发及平台广告运营。截至2024年覆盖用户达1.45亿，是美国流媒体视频分发领域的市场领导者，业务覆盖澳、加、法、德、英及拉美多国。
NCLH vs ROKU — 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
ROKU
高出9.7%
6.4%
净利率更高
ROKU
高出5.1%
0.6%
自由现金流更多
ROKU
多$85.1M
$21.5M
两年增速更快
ROKU
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.4B |
| 净利润 | $14.3M | $80.5M |
| 毛利率 | 41.0% | 43.5% |
| 营业利润率 | 8.3% | 4.7% |
| 净利率 | 0.6% | 5.8% |
| 营收同比 | 6.4% | 16.1% |
| 净利润同比 | -94.4% | 326.4% |
| 每股收益（稀释后） | $0.08 | $0.55 |
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NCLHROKU
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $2.5B | $1.1B | ||
| Q1 25 | $2.1B | $1.0B | ||
| Q4 24 | $2.1B | $1.2B | ||
| Q3 24 | $2.8B | $1.1B | ||
| Q2 24 | $2.4B | $968.2M | ||
| Q1 24 | $2.2B | $881.5M |
净利润NCLHROKU
| Q4 25 | $14.3M | $80.5M | ||
| Q3 25 | $419.3M | $24.8M | ||
| Q2 25 | $30.0M | $10.5M | ||
| Q1 25 | $-40.3M | $-27.4M | ||
| Q4 24 | $254.5M | $-35.5M | ||
| Q3 24 | $474.9M | $-9.0M | ||
| Q2 24 | $163.4M | $-34.0M | ||
| Q1 24 | $17.4M | $-50.9M |
毛利率NCLHROKU
| Q4 25 | 41.0% | 43.5% | ||
| Q3 25 | 47.1% | 43.4% | ||
| Q2 25 | 42.1% | 44.8% | ||
| Q1 25 | 38.7% | 43.6% | ||
| Q4 24 | 38.0% | 42.7% | ||
| Q3 24 | 45.2% | 45.2% | ||
| Q2 24 | 38.7% | 43.9% | ||
| Q1 24 | 36.7% | 44.1% |
营业利润率NCLHROKU
| Q4 25 | 8.3% | 4.7% | ||
| Q3 25 | 25.5% | 0.8% | ||
| Q2 25 | 16.8% | -2.1% | ||
| Q1 25 | 9.4% | -5.7% | ||
| Q4 24 | 10.2% | -3.3% | ||
| Q3 24 | 24.6% | -3.4% | ||
| Q2 24 | 14.4% | -7.4% | ||
| Q1 24 | 10.0% | -8.2% |
净利率NCLHROKU
| Q4 25 | 0.6% | 5.8% | ||
| Q3 25 | 14.3% | 2.0% | ||
| Q2 25 | 1.2% | 0.9% | ||
| Q1 25 | -1.9% | -2.7% | ||
| Q4 24 | 12.1% | -3.0% | ||
| Q3 24 | 16.9% | -0.9% | ||
| Q2 24 | 6.9% | -3.5% | ||
| Q1 24 | 0.8% | -5.8% |
每股收益（稀释后）NCLHROKU
| Q4 25 | $0.08 | $0.55 | ||
| Q3 25 | $0.86 | $0.16 | ||
| Q2 25 | $0.07 | $0.07 | ||
| Q1 25 | $-0.09 | $-0.19 | ||
| Q4 24 | $0.55 | $-0.24 | ||
| Q3 24 | $0.95 | $-0.06 | ||
| Q2 24 | $0.35 | $-0.24 | ||
| Q1 24 | $0.04 | $-0.35 |
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 | $2.7B |
| 总资产 | $22.5B | $4.4B |
| 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NCLHROKU
| Q4 25 | $209.9M | $2.3B | ||
| Q3 25 | $166.8M | $2.3B | ||
| Q2 25 | $184.0M | $2.3B | ||
| Q1 25 | $184.4M | $2.3B | ||
| Q4 24 | $190.8M | $2.2B | ||
| Q3 24 | $332.5M | $2.1B | ||
| Q2 24 | $594.1M | $2.1B | ||
| Q1 24 | $559.8M | $2.1B |
总债务NCLHROKU
| 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NCLHROKU
| Q4 25 | $2.2B | $2.7B | ||
| Q3 25 | $2.2B | $2.6B | ||
| Q2 25 | $1.6B | $2.6B | ||
| Q1 25 | $1.4B | $2.5B | ||
| Q4 24 | $1.4B | $2.5B | ||
| Q3 24 | $1.1B | $2.5B | ||
| Q2 24 | $693.1M | $2.4B | ||
| Q1 24 | $362.1M | $2.4B |
总资产NCLHROKU
| Q4 25 | $22.5B | $4.4B | ||
| Q3 25 | $22.2B | $4.4B | ||
| Q2 25 | $21.6B | $4.3B | ||
| Q1 25 | $21.4B | $4.2B | ||
| Q4 24 | $20.0B | $4.3B | ||
| Q3 24 | $19.8B | $4.3B | ||
| Q2 24 | $20.1B | $4.1B | ||
| Q1 24 | $19.8B | $4.2B |
负债/权益比NCLHROKU
| 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 | $107.7M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $106.6M |
| 自由现金流率自由现金流/营收 | 1.0% | 7.6% |
| 资本支出强度资本支出/营收 | 19.5% | 0.1% |
| 现金转化率经营现金流/净利润 | 32.21× | 1.34× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $478.4M |
8季度趋势，按日历期对齐
经营现金流NCLHROKU
| Q4 25 | $459.1M | $107.7M | ||
| Q3 25 | $236.6M | $127.6M | ||
| Q2 25 | $714.9M | $109.7M | ||
| Q1 25 | $679.2M | $138.7M | ||
| Q4 24 | $399.3M | $79.3M | ||
| Q3 24 | $172.5M | $68.7M | ||
| Q2 24 | $670.9M | $23.4M | ||
| Q1 24 | $807.2M | $46.7M |
自由现金流NCLHROKU
| Q4 25 | $21.5M | $106.6M | ||
| Q3 25 | $-726.5M | $126.5M | ||
| Q2 25 | $381.2M | $108.6M | ||
| Q1 25 | $-846.0M | $136.8M | ||
| Q4 24 | $155.8M | $76.8M | ||
| Q3 24 | $-195.5M | $67.6M | ||
| Q2 24 | $330.2M | $22.5M | ||
| Q1 24 | $548.3M | $46.0M |
自由现金流率NCLHROKU
| Q4 25 | 1.0% | 7.6% | ||
| Q3 25 | -24.7% | 10.4% | ||
| Q2 25 | 15.1% | 9.8% | ||
| Q1 25 | -39.8% | 13.4% | ||
| Q4 24 | 7.4% | 6.4% | ||
| Q3 24 | -7.0% | 6.4% | ||
| Q2 24 | 13.9% | 2.3% | ||
| Q1 24 | 25.0% | 5.2% |
资本支出强度NCLHROKU
| Q4 25 | 19.5% | 0.1% | ||
| Q3 25 | 32.8% | 0.1% | ||
| Q2 25 | 13.3% | 0.1% | ||
| Q1 25 | 71.7% | 0.2% | ||
| Q4 24 | 11.5% | 0.2% | ||
| Q3 24 | 13.1% | 0.1% | ||
| Q2 24 | 14.4% | 0.1% | ||
| Q1 24 | 11.8% | 0.1% |
现金转化率NCLHROKU
| Q4 25 | 32.21× | 1.34× | ||
| Q3 25 | 0.56× | 5.14× | ||
| Q2 25 | 23.83× | 10.45× | ||
| 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% |
ROKU
| Services | $1.2B | 88% |
| Products | $170.9M | 12% |
