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诺唯真游轮控股（NCLH）与RPM INTERNATIONAL INC（RPM）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RPM INTERNATIONAL INC的1.2倍（$2.2B vs $1.9B），RPM INTERNATIONAL INC净利率更高（8.4% vs 0.6%，领先7.8%），诺唯真游轮控股同比增速更快（6.4% vs 3.5%），RPM INTERNATIONAL INC自由现金流更多（$296.4M vs $21.5M），过去两年RPM INTERNATIONAL INC的营收复合增速更高（12.0% 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%。
BVS娱乐前身为Saban制作、Saban国际及Saban娱乐，是华特迪士尼公司旗下子公司。1980年4月24日由哈伊姆·萨班与舒基·利维创立，最初主营音乐制作，后逐步转向电视节目制作发行业务，最为知名的是为Fox Family/ABC Family及已停播的Fox Kids、Jetix频道制作发行儿童节目。
NCLH vs RPM — 直观对比
营收规模更大
NCLH
是对方的1.2倍
$1.9B
营收增速更快
NCLH
高出2.9%
3.5%
净利率更高
RPM
高出7.8%
0.6%
自由现金流更多
RPM
多$274.9M
$21.5M
两年增速更快
RPM
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.9B |
| 净利润 | $14.3M | $161.2M |
| 毛利率 | 41.0% | 40.8% |
| 营业利润率 | 8.3% | 11.0% |
| 净利率 | 0.6% | 8.4% |
| 营收同比 | 6.4% | 3.5% |
| 净利润同比 | -94.4% | -12.0% |
| 每股收益（稀释后） | $0.08 | $1.26 |
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NCLHRPM
| Q4 25 | $2.2B | $1.9B | ||
| Q3 25 | $2.9B | $2.1B | ||
| Q2 25 | $2.5B | $2.1B | ||
| Q1 25 | $2.1B | $1.5B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.8B | $2.0B | ||
| Q2 24 | $2.4B | $2.0B | ||
| Q1 24 | $2.2B | $1.5B |
净利润NCLHRPM
| Q4 25 | $14.3M | $161.2M | ||
| Q3 25 | $419.3M | $227.6M | ||
| Q2 25 | $30.0M | $225.8M | ||
| Q1 25 | $-40.3M | $52.0M | ||
| Q4 24 | $254.5M | $183.2M | ||
| Q3 24 | $474.9M | $227.7M | ||
| Q2 24 | $163.4M | $180.6M | ||
| Q1 24 | $17.4M | $61.2M |
毛利率NCLHRPM
| Q4 25 | 41.0% | 40.8% | ||
| Q3 25 | 47.1% | 42.3% | ||
| Q2 25 | 42.1% | 42.4% | ||
| Q1 25 | 38.7% | 38.4% | ||
| Q4 24 | 38.0% | 41.4% | ||
| Q3 24 | 45.2% | 42.5% | ||
| Q2 24 | 38.7% | 41.4% | ||
| Q1 24 | 36.7% | 39.9% |
营业利润率NCLHRPM
| Q4 25 | 8.3% | 11.0% | ||
| Q3 25 | 25.5% | 14.1% | ||
| Q2 25 | 16.8% | 11.9% | ||
| Q1 25 | 9.4% | 2.8% | ||
| Q4 24 | 10.2% | 11.5% | ||
| Q3 24 | 24.6% | 14.8% | ||
| Q2 24 | 14.4% | 11.9% | ||
| Q1 24 | 10.0% | 5.5% |
净利率NCLHRPM
| Q4 25 | 0.6% | 8.4% | ||
| Q3 25 | 14.3% | 10.8% | ||
| Q2 25 | 1.2% | 10.8% | ||
| Q1 25 | -1.9% | 3.5% | ||
| Q4 24 | 12.1% | 9.9% | ||
| Q3 24 | 16.9% | 11.6% | ||
| Q2 24 | 6.9% | 9.0% | ||
| Q1 24 | 0.8% | 4.0% |
每股收益（稀释后）NCLHRPM
| Q4 25 | $0.08 | $1.26 | ||
| Q3 25 | $0.86 | $1.77 | ||
| Q2 25 | $0.07 | $1.76 | ||
| Q1 25 | $-0.09 | $0.40 | ||
| Q4 24 | $0.55 | $1.42 | ||
| Q3 24 | $0.95 | $1.77 | ||
| Q2 24 | $0.35 | $1.40 | ||
| Q1 24 | $0.04 | $0.47 |
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 | $316.6M |
| 总债务越低越好 | $13.7B | $2.5B |
| 股东权益账面价值 | $2.2B | $3.1B |
| 总资产 | $22.5B | $7.9B |
| 负债/权益比越低杠杆越低 | 6.21× | 0.80× |
8季度趋势，按日历期对齐
现金及短期投资NCLHRPM
| Q4 25 | $209.9M | $316.6M | ||
| Q3 25 | $166.8M | $297.1M | ||
| Q2 25 | $184.0M | $302.1M | ||
| Q1 25 | $184.4M | $241.9M | ||
| Q4 24 | $190.8M | $268.7M | ||
| Q3 24 | $332.5M | $231.6M | ||
| Q2 24 | $594.1M | $237.4M | ||
| Q1 24 | $559.8M | $248.9M |
总债务NCLHRPM
| Q4 25 | $13.7B | $2.5B | ||
| Q3 25 | $13.6B | $2.7B | ||
| Q2 25 | $12.6B | $2.6B | ||
| Q1 25 | $12.9B | $2.1B | ||
| Q4 24 | $11.8B | $2.0B | ||
| Q3 24 | $11.8B | $2.0B | ||
| Q2 24 | $11.9B | $2.0B | ||
| Q1 24 | $12.0B | $2.2B |
股东权益NCLHRPM
| Q4 25 | $2.2B | $3.1B | ||
| Q3 25 | $2.2B | $3.1B | ||
| Q2 25 | $1.6B | $2.9B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.4B | $2.7B | ||
| Q3 24 | $1.1B | $2.6B | ||
| Q2 24 | $693.1M | $2.5B | ||
| Q1 24 | $362.1M | $2.3B |
总资产NCLHRPM
| Q4 25 | $22.5B | $7.9B | ||
| Q3 25 | $22.2B | $7.9B | ||
| Q2 25 | $21.6B | $7.8B | ||
| Q1 25 | $21.4B | $6.6B | ||
| Q4 24 | $20.0B | $6.7B | ||
| Q3 24 | $19.8B | $6.6B | ||
| Q2 24 | $20.1B | $6.6B | ||
| Q1 24 | $19.8B | $6.4B |
负债/权益比NCLHRPM
| Q4 25 | 6.21× | 0.80× | ||
| Q3 25 | 6.22× | 0.87× | ||
| Q2 25 | 8.05× | 0.91× | ||
| Q1 25 | 9.09× | 0.78× | ||
| Q4 24 | 8.26× | 0.74× | ||
| Q3 24 | 10.35× | 0.77× | ||
| Q2 24 | 17.19× | 0.79× | ||
| Q1 24 | 33.16× | 0.93× |
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 | $345.7M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $296.4M |
| 自由现金流率自由现金流/营收 | 1.0% | 15.5% |
| 资本支出强度资本支出/营收 | 19.5% | 2.6% |
| 现金转化率经营现金流/净利润 | 32.21× | 2.14× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $582.9M |
8季度趋势，按日历期对齐
经营现金流NCLHRPM
| Q4 25 | $459.1M | $345.7M | ||
| Q3 25 | $236.6M | $237.5M | ||
| Q2 25 | $714.9M | $149.2M | ||
| Q1 25 | $679.2M | $91.5M | ||
| Q4 24 | $399.3M | $279.4M | ||
| Q3 24 | $172.5M | $248.1M | ||
| Q2 24 | $670.9M | $181.2M | ||
| Q1 24 | $807.2M | $173.4M |
自由现金流NCLHRPM
| Q4 25 | $21.5M | $296.4M | ||
| Q3 25 | $-726.5M | $175.0M | ||
| Q2 25 | $381.2M | $78.2M | ||
| Q1 25 | $-846.0M | $33.3M | ||
| Q4 24 | $155.8M | $229.5M | ||
| Q3 24 | $-195.5M | $197.3M | ||
| Q2 24 | $330.2M | $105.3M | ||
| Q1 24 | $548.3M | $124.6M |
自由现金流率NCLHRPM
| Q4 25 | 1.0% | 15.5% | ||
| Q3 25 | -24.7% | 8.3% | ||
| Q2 25 | 15.1% | 3.8% | ||
| Q1 25 | -39.8% | 2.3% | ||
| Q4 24 | 7.4% | 12.4% | ||
| Q3 24 | -7.0% | 10.0% | ||
| Q2 24 | 13.9% | 5.2% | ||
| Q1 24 | 25.0% | 8.2% |
资本支出强度NCLHRPM
| Q4 25 | 19.5% | 2.6% | ||
| Q3 25 | 32.8% | 3.0% | ||
| Q2 25 | 13.3% | 3.4% | ||
| Q1 25 | 71.7% | 3.9% | ||
| Q4 24 | 11.5% | 2.7% | ||
| Q3 24 | 13.1% | 2.6% | ||
| Q2 24 | 14.4% | 3.8% | ||
| Q1 24 | 11.8% | 3.2% |
现金转化率NCLHRPM
| Q4 25 | 32.21× | 2.14× | ||
| Q3 25 | 0.56× | 1.04× | ||
| Q2 25 | 23.83× | 0.66× | ||
| Q1 25 | — | 1.76× | ||
| Q4 24 | 1.57× | 1.53× | ||
| Q3 24 | 0.36× | 1.09× | ||
| Q2 24 | 4.10× | 1.00× | ||
| Q1 24 | 46.51× | 2.83× |
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% |
RPM
| Construction Products Group Segment | $737.4M | 39% |
| Consumer Segment | $638.6M | 33% |
| Performance Coatings Group Segment | $533.8M | 28% |
