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诺唯真游轮控股（NCLH）与RXO, Inc.（RXO）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RXO, Inc.的1.5倍（$2.2B vs $1.5B），诺唯真游轮控股净利率更高（0.6% vs -3.1%，领先3.8%），诺唯真游轮控股同比增速更快（6.4% vs -11.9%），诺唯真游轮控股自由现金流更多（$21.5M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% 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%。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
NCLH vs RXO — 直观对比
营收规模更大
NCLH
是对方的1.5倍
$1.5B
营收增速更快
NCLH
高出18.3%
-11.9%
净利率更高
NCLH
高出3.8%
-3.1%
自由现金流更多
NCLH
多$30.5M
$-9.0M
两年增速更快
RXO
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.5B |
| 净利润 | $14.3M | $-46.0M |
| 毛利率 | 41.0% | — |
| 营业利润率 | 8.3% | -2.9% |
| 净利率 | 0.6% | -3.1% |
| 营收同比 | 6.4% | -11.9% |
| 净利润同比 | -94.4% | -84.0% |
| 每股收益（稀释后） | $0.08 | $-0.28 |
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NCLHRXO
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.9B | $1.4B | ||
| Q2 25 | $2.5B | $1.4B | ||
| Q1 25 | $2.1B | $1.4B | ||
| Q4 24 | $2.1B | $1.7B | ||
| Q3 24 | $2.8B | $1.0B | ||
| Q2 24 | $2.4B | $930.0M | ||
| Q1 24 | $2.2B | $913.0M |
净利润NCLHRXO
| Q4 25 | $14.3M | $-46.0M | ||
| Q3 25 | $419.3M | $-14.0M | ||
| Q2 25 | $30.0M | $-9.0M | ||
| Q1 25 | $-40.3M | $-31.0M | ||
| Q4 24 | $254.5M | $-25.0M | ||
| Q3 24 | $474.9M | $-243.0M | ||
| Q2 24 | $163.4M | $-7.0M | ||
| Q1 24 | $17.4M | $-15.0M |
毛利率NCLHRXO
| 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NCLHRXO
| Q4 25 | 8.3% | -2.9% | ||
| Q3 25 | 25.5% | -0.5% | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | 9.4% | -2.1% | ||
| Q4 24 | 10.2% | -1.4% | ||
| Q3 24 | 24.6% | -1.9% | ||
| Q2 24 | 14.4% | — | ||
| Q1 24 | 10.0% | -1.3% |
净利率NCLHRXO
| Q4 25 | 0.6% | -3.1% | ||
| Q3 25 | 14.3% | -1.0% | ||
| Q2 25 | 1.2% | -0.6% | ||
| Q1 25 | -1.9% | -2.2% | ||
| Q4 24 | 12.1% | -1.5% | ||
| Q3 24 | 16.9% | -23.4% | ||
| Q2 24 | 6.9% | -0.8% | ||
| Q1 24 | 0.8% | -1.6% |
每股收益（稀释后）NCLHRXO
| Q4 25 | $0.08 | $-0.28 | ||
| Q3 25 | $0.86 | $-0.08 | ||
| Q2 25 | $0.07 | $-0.05 | ||
| Q1 25 | $-0.09 | $-0.18 | ||
| Q4 24 | $0.55 | $-0.17 | ||
| Q3 24 | $0.95 | $-1.81 | ||
| Q2 24 | $0.35 | $-0.06 | ||
| Q1 24 | $0.04 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | $13.7B | $387.0M |
| 股东权益账面价值 | $2.2B | $1.5B |
| 总资产 | $22.5B | $3.3B |
| 负债/权益比越低杠杆越低 | 6.21× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资NCLHRXO
| Q4 25 | $209.9M | $17.0M | ||
| Q3 25 | $166.8M | $25.0M | ||
| Q2 25 | $184.0M | $18.0M | ||
| Q1 25 | $184.4M | $16.0M | ||
| Q4 24 | $190.8M | $35.0M | ||
| Q3 24 | $332.5M | $55.0M | ||
| Q2 24 | $594.1M | $7.0M | ||
| Q1 24 | $559.8M | $7.0M |
总债务NCLHRXO
| Q4 25 | $13.7B | $387.0M | ||
| Q3 25 | $13.6B | $387.0M | ||
| Q2 25 | $12.6B | $387.0M | ||
| Q1 25 | $12.9B | $387.0M | ||
| Q4 24 | $11.8B | $351.0M | ||
| Q3 24 | $11.8B | $352.0M | ||
| Q2 24 | $11.9B | $370.0M | ||
| Q1 24 | $12.0B | $351.0M |
股东权益NCLHRXO
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.2B | $1.6B | ||
| Q2 25 | $1.6B | $1.6B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $693.1M | $579.0M | ||
| Q1 24 | $362.1M | $582.0M |
总资产NCLHRXO
| Q4 25 | $22.5B | $3.3B | ||
| Q3 25 | $22.2B | $3.2B | ||
| Q2 25 | $21.6B | $3.2B | ||
| Q1 25 | $21.4B | $3.3B | ||
| Q4 24 | $20.0B | $3.4B | ||
| Q3 24 | $19.8B | $3.4B | ||
| Q2 24 | $20.1B | $1.8B | ||
| Q1 24 | $19.8B | $1.8B |
负债/权益比NCLHRXO
| Q4 25 | 6.21× | 0.25× | ||
| Q3 25 | 6.22× | 0.24× | ||
| Q2 25 | 8.05× | 0.24× | ||
| Q1 25 | 9.09× | 0.24× | ||
| Q4 24 | 8.26× | 0.22× | ||
| Q3 24 | 10.35× | 0.21× | ||
| Q2 24 | 17.19× | 0.64× | ||
| Q1 24 | 33.16× | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $-9.0M |
| 自由现金流率自由现金流/营收 | 1.0% | -0.6% |
| 资本支出强度资本支出/营收 | 19.5% | 1.1% |
| 现金转化率经营现金流/净利润 | 32.21× | — |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $-8.0M |
8季度趋势，按日历期对齐
经营现金流NCLHRXO
| Q4 25 | $459.1M | $7.0M | ||
| Q3 25 | $236.6M | $23.0M | ||
| Q2 25 | $714.9M | $23.0M | ||
| Q1 25 | $679.2M | $-2.0M | ||
| Q4 24 | $399.3M | $-7.0M | ||
| Q3 24 | $172.5M | $-7.0M | ||
| Q2 24 | $670.9M | $-5.0M | ||
| Q1 24 | $807.2M | $7.0M |
自由现金流NCLHRXO
| Q4 25 | $21.5M | $-9.0M | ||
| Q3 25 | $-726.5M | $9.0M | ||
| Q2 25 | $381.2M | $9.0M | ||
| Q1 25 | $-846.0M | $-17.0M | ||
| Q4 24 | $155.8M | $-19.0M | ||
| Q3 24 | $-195.5M | $-18.0M | ||
| Q2 24 | $330.2M | $-16.0M | ||
| Q1 24 | $548.3M | $-4.0M |
自由现金流率NCLHRXO
| Q4 25 | 1.0% | -0.6% | ||
| Q3 25 | -24.7% | 0.6% | ||
| Q2 25 | 15.1% | 0.6% | ||
| Q1 25 | -39.8% | -1.2% | ||
| Q4 24 | 7.4% | -1.1% | ||
| Q3 24 | -7.0% | -1.7% | ||
| Q2 24 | 13.9% | -1.7% | ||
| Q1 24 | 25.0% | -0.4% |
资本支出强度NCLHRXO
| Q4 25 | 19.5% | 1.1% | ||
| Q3 25 | 32.8% | 1.0% | ||
| Q2 25 | 13.3% | 1.0% | ||
| Q1 25 | 71.7% | 1.0% | ||
| Q4 24 | 11.5% | 0.7% | ||
| Q3 24 | 13.1% | 1.1% | ||
| Q2 24 | 14.4% | 1.2% | ||
| Q1 24 | 11.8% | 1.2% |
现金转化率NCLHRXO
| Q4 25 | 32.21× | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 23.83× | — | ||
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
