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诺唯真游轮控股（NCLH）与Sunrun Inc.（RUN）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Sunrun Inc.的1.9倍（$2.2B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 0.6%，领先8.3%），Sunrun Inc.同比增速更快（123.5% vs 6.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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%。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
NCLH vs RUN — 直观对比
营收规模更大
NCLH
是对方的1.9倍
$1.2B
营收增速更快
RUN
高出117.1%
6.4%
净利率更高
RUN
高出8.3%
0.6%
两年增速更快
RUN
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $14.3M | $103.6M |
| 毛利率 | 41.0% | — |
| 营业利润率 | 8.3% | 8.4% |
| 净利率 | 0.6% | 8.9% |
| 营收同比 | 6.4% | 123.5% |
| 净利润同比 | -94.4% | 103.7% |
| 每股收益（稀释后） | $0.08 | $0.38 |
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NCLHRUN
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.9B | $724.6M | ||
| Q2 25 | $2.5B | $569.3M | ||
| Q1 25 | $2.1B | $504.3M | ||
| Q4 24 | $2.1B | $518.5M | ||
| Q3 24 | $2.8B | $537.2M | ||
| Q2 24 | $2.4B | $523.9M | ||
| Q1 24 | $2.2B | $458.2M |
净利润NCLHRUN
| Q4 25 | $14.3M | $103.6M | ||
| Q3 25 | $419.3M | $16.6M | ||
| Q2 25 | $30.0M | $279.8M | ||
| Q1 25 | $-40.3M | $50.0M | ||
| Q4 24 | $254.5M | $-2.8B | ||
| Q3 24 | $474.9M | $-83.8M | ||
| Q2 24 | $163.4M | $139.1M | ||
| Q1 24 | $17.4M | $-87.8M |
毛利率NCLHRUN
| 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% | — | ||
| Q1 24 | 36.7% | — |
营业利润率NCLHRUN
| Q4 25 | 8.3% | 8.4% | ||
| Q3 25 | 25.5% | 0.5% | ||
| Q2 25 | 16.8% | -19.7% | ||
| Q1 25 | 9.4% | -22.8% | ||
| Q4 24 | 10.2% | -628.0% | ||
| Q3 24 | 24.6% | -23.8% | ||
| Q2 24 | 14.4% | -24.4% | ||
| Q1 24 | 10.0% | -40.0% |
净利率NCLHRUN
| Q4 25 | 0.6% | 8.9% | ||
| Q3 25 | 14.3% | 2.3% | ||
| Q2 25 | 1.2% | 49.1% | ||
| Q1 25 | -1.9% | 9.9% | ||
| Q4 24 | 12.1% | -542.7% | ||
| Q3 24 | 16.9% | -15.6% | ||
| Q2 24 | 6.9% | 26.5% | ||
| Q1 24 | 0.8% | -19.2% |
每股收益（稀释后）NCLHRUN
| Q4 25 | $0.08 | $0.38 | ||
| Q3 25 | $0.86 | $0.06 | ||
| Q2 25 | $0.07 | $1.07 | ||
| Q1 25 | $-0.09 | $0.20 | ||
| Q4 24 | $0.55 | $-12.59 | ||
| Q3 24 | $0.95 | $-0.37 | ||
| Q2 24 | $0.35 | $0.55 | ||
| Q1 24 | $0.04 | $-0.40 |
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 | — |
| 总债务越低越好 | $13.7B | $14.7B |
| 股东权益账面价值 | $2.2B | $3.1B |
| 总资产 | $22.5B | $22.6B |
| 负债/权益比越低杠杆越低 | 6.21× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资NCLHRUN
| Q4 25 | $209.9M | — | ||
| Q3 25 | $166.8M | — | ||
| Q2 25 | $184.0M | — | ||
| Q1 25 | $184.4M | — | ||
| Q4 24 | $190.8M | — | ||
| Q3 24 | $332.5M | — | ||
| Q2 24 | $594.1M | — | ||
| Q1 24 | $559.8M | — |
总债务NCLHRUN
| Q4 25 | $13.7B | $14.7B | ||
| Q3 25 | $13.6B | $14.6B | ||
| Q2 25 | $12.6B | $14.0B | ||
| Q1 25 | $12.9B | $13.6B | ||
| Q4 24 | $11.8B | $12.9B | ||
| Q3 24 | $11.8B | $12.5B | ||
| Q2 24 | $11.9B | $12.0B | ||
| Q1 24 | $12.0B | $11.1B |
股东权益NCLHRUN
| Q4 25 | $2.2B | $3.1B | ||
| Q3 25 | $2.2B | $3.0B | ||
| Q2 25 | $1.6B | $2.9B | ||
| Q1 25 | $1.4B | $2.6B | ||
| Q4 24 | $1.4B | $2.6B | ||
| Q3 24 | $1.1B | $5.3B | ||
| Q2 24 | $693.1M | $5.4B | ||
| Q1 24 | $362.1M | $5.2B |
总资产NCLHRUN
| Q4 25 | $22.5B | $22.6B | ||
| Q3 25 | $22.2B | $22.2B | ||
| Q2 25 | $21.6B | $21.2B | ||
| Q1 25 | $21.4B | $20.4B | ||
| Q4 24 | $20.0B | $19.9B | ||
| Q3 24 | $19.8B | $22.1B | ||
| Q2 24 | $20.1B | $21.4B | ||
| Q1 24 | $19.8B | $20.8B |
负债/权益比NCLHRUN
| Q4 25 | 6.21× | 4.69× | ||
| Q3 25 | 6.22× | 4.90× | ||
| Q2 25 | 8.05× | 4.80× | ||
| Q1 25 | 9.09× | 5.19× | ||
| Q4 24 | 8.26× | 5.05× | ||
| Q3 24 | 10.35× | 2.36× | ||
| Q2 24 | 17.19× | 2.23× | ||
| Q1 24 | 33.16× | 2.15× |
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 | $96.9M |
| 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× | 0.94× |
| 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NCLHRUN
| Q4 25 | $459.1M | $96.9M | ||
| Q3 25 | $236.6M | $-121.5M | ||
| Q2 25 | $714.9M | $-292.7M | ||
| Q1 25 | $679.2M | $-104.2M | ||
| Q4 24 | $399.3M | $-258.4M | ||
| Q3 24 | $172.5M | $-156.2M | ||
| Q2 24 | $670.9M | $-208.5M | ||
| Q1 24 | $807.2M | $-143.1M |
自由现金流NCLHRUN
| Q4 25 | $21.5M | — | ||
| Q3 25 | $-726.5M | — | ||
| Q2 25 | $381.2M | — | ||
| Q1 25 | $-846.0M | — | ||
| Q4 24 | $155.8M | — | ||
| Q3 24 | $-195.5M | $-156.4M | ||
| Q2 24 | $330.2M | — | ||
| Q1 24 | $548.3M | — |
自由现金流率NCLHRUN
| Q4 25 | 1.0% | — | ||
| Q3 25 | -24.7% | — | ||
| Q2 25 | 15.1% | — | ||
| Q1 25 | -39.8% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | -7.0% | -29.1% | ||
| Q2 24 | 13.9% | — | ||
| Q1 24 | 25.0% | — |
资本支出强度NCLHRUN
| Q4 25 | 19.5% | — | ||
| Q3 25 | 32.8% | — | ||
| Q2 25 | 13.3% | — | ||
| Q1 25 | 71.7% | — | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 13.1% | 0.0% | ||
| Q2 24 | 14.4% | — | ||
| Q1 24 | 11.8% | — |
现金转化率NCLHRUN
| Q4 25 | 32.21× | 0.94× | ||
| Q3 25 | 0.56× | -7.33× | ||
| Q2 25 | 23.83× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 4.10× | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
