vs
诺唯真游轮控股（NCLH）与希悦尔（SEE）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希悦尔的1.6倍（$2.2B vs $1.4B），希悦尔净利率更高（3.1% vs 0.6%，领先2.5%），诺唯真游轮控股同比增速更快（6.4% vs 2.6%），希悦尔自由现金流更多（$257.7M vs $21.5M），过去两年希悦尔的营收复合增速更高（2.7% 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%。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
NCLH vs SEE — 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
NCLH
高出3.8%
2.6%
净利率更高
SEE
高出2.5%
0.6%
自由现金流更多
SEE
多$236.2M
$21.5M
两年增速更快
SEE
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 | $43.8M |
| 毛利率 | 41.0% | 28.6% |
| 营业利润率 | 8.3% | 11.4% |
| 净利率 | 0.6% | 3.1% |
| 营收同比 | 6.4% | 2.6% |
| 净利润同比 | -94.4% | 700.0% |
| 每股收益（稀释后） | $0.08 | $0.30 |
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NCLHSEE
| 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 | $1.4B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.2B | $1.3B |
净利润NCLHSEE
| Q4 25 | $14.3M | $43.8M | ||
| Q3 25 | $419.3M | $255.1M | ||
| Q2 25 | $30.0M | $93.1M | ||
| Q1 25 | $-40.3M | $113.5M | ||
| Q4 24 | $254.5M | $-7.3M | ||
| Q3 24 | $474.9M | $91.7M | ||
| Q2 24 | $163.4M | $98.3M | ||
| Q1 24 | $17.4M | $82.0M |
毛利率NCLHSEE
| Q4 25 | 41.0% | 28.6% | ||
| Q3 25 | 47.1% | 29.8% | ||
| Q2 25 | 42.1% | 30.7% | ||
| Q1 25 | 38.7% | 30.9% | ||
| Q4 24 | 38.0% | 30.0% | ||
| Q3 24 | 45.2% | 30.1% | ||
| Q2 24 | 38.7% | 31.2% | ||
| Q1 24 | 36.7% | 30.3% |
营业利润率NCLHSEE
| Q4 25 | 8.3% | 11.4% | ||
| Q3 25 | 25.5% | 13.8% | ||
| Q2 25 | 16.8% | 15.0% | ||
| Q1 25 | 9.4% | 14.5% | ||
| Q4 24 | 10.2% | 11.7% | ||
| Q3 24 | 24.6% | 13.9% | ||
| Q2 24 | 14.4% | 15.4% | ||
| Q1 24 | 10.0% | 14.0% |
净利率NCLHSEE
| Q4 25 | 0.6% | 3.1% | ||
| Q3 25 | 14.3% | 19.0% | ||
| Q2 25 | 1.2% | 7.0% | ||
| Q1 25 | -1.9% | 9.0% | ||
| Q4 24 | 12.1% | -0.5% | ||
| Q3 24 | 16.9% | 6.9% | ||
| Q2 24 | 6.9% | 7.4% | ||
| Q1 24 | 0.8% | 6.2% |
每股收益（稀释后）NCLHSEE
| Q4 25 | $0.08 | $0.30 | ||
| Q3 25 | $0.86 | $1.73 | ||
| Q2 25 | $0.07 | $0.63 | ||
| Q1 25 | $-0.09 | $0.77 | ||
| Q4 24 | $0.55 | $-0.05 | ||
| Q3 24 | $0.95 | $0.63 | ||
| Q2 24 | $0.35 | $0.67 | ||
| Q1 24 | $0.04 | $0.56 |
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 | $344.0M |
| 总债务越低越好 | $13.7B | $3.3B |
| 股东权益账面价值 | $2.2B | $1.2B |
| 总资产 | $22.5B | $7.0B |
| 负债/权益比越低杠杆越低 | 6.21× | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资NCLHSEE
| Q4 25 | $209.9M | $344.0M | ||
| Q3 25 | $166.8M | $282.5M | ||
| Q2 25 | $184.0M | $354.4M | ||
| Q1 25 | $184.4M | $335.2M | ||
| Q4 24 | $190.8M | $371.8M | ||
| Q3 24 | $332.5M | $386.0M | ||
| Q2 24 | $594.1M | $388.6M | ||
| Q1 24 | $559.8M | $352.8M |
总债务NCLHSEE
| Q4 25 | $13.7B | $3.3B | ||
| Q3 25 | $13.6B | $4.0B | ||
| Q2 25 | $12.6B | $4.0B | ||
| Q1 25 | $12.9B | $4.2B | ||
| Q4 24 | $11.8B | $4.2B | ||
| Q3 24 | $11.8B | $4.3B | ||
| Q2 24 | $11.9B | $4.4B | ||
| Q1 24 | $12.0B | $4.5B |
股东权益NCLHSEE
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $1.6B | $953.1M | ||
| Q1 25 | $1.4B | $797.9M | ||
| Q4 24 | $1.4B | $624.5M | ||
| Q3 24 | $1.1B | $771.2M | ||
| Q2 24 | $693.1M | $650.1M | ||
| Q1 24 | $362.1M | $598.3M |
总资产NCLHSEE
| Q4 25 | $22.5B | $7.0B | ||
| Q3 25 | $22.2B | $7.1B | ||
| Q2 25 | $21.6B | $7.2B | ||
| Q1 25 | $21.4B | $7.0B | ||
| Q4 24 | $20.0B | $7.0B | ||
| Q3 24 | $19.8B | $7.3B | ||
| Q2 24 | $20.1B | $7.3B | ||
| Q1 24 | $19.8B | $7.2B |
负债/权益比NCLHSEE
| Q4 25 | 6.21× | 2.65× | ||
| Q3 25 | 6.22× | 3.34× | ||
| Q2 25 | 8.05× | 4.18× | ||
| Q1 25 | 9.09× | 5.26× | ||
| Q4 24 | 8.26× | 6.72× | ||
| Q3 24 | 10.35× | 5.62× | ||
| Q2 24 | 17.19× | 6.81× | ||
| Q1 24 | 33.16× | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $257.7M |
| 自由现金流率自由现金流/营收 | 1.0% | 18.5% |
| 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× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $458.5M |
8季度趋势，按日历期对齐
经营现金流NCLHSEE
| Q4 25 | $459.1M | $293.6M | ||
| Q3 25 | $236.6M | $165.9M | ||
| Q2 25 | $714.9M | $136.6M | ||
| Q1 25 | $679.2M | $31.9M | ||
| Q4 24 | $399.3M | $244.2M | ||
| Q3 24 | $172.5M | $170.5M | ||
| Q2 24 | $670.9M | $188.2M | ||
| Q1 24 | $807.2M | $125.1M |
自由现金流NCLHSEE
| Q4 25 | $21.5M | $257.7M | ||
| Q3 25 | $-726.5M | $119.6M | ||
| Q2 25 | $381.2M | $93.2M | ||
| Q1 25 | $-846.0M | $-12.0M | ||
| Q4 24 | $155.8M | $185.1M | ||
| Q3 24 | $-195.5M | $115.2M | ||
| Q2 24 | $330.2M | $129.5M | ||
| Q1 24 | $548.3M | $78.0M |
自由现金流率NCLHSEE
| Q4 25 | 1.0% | 18.5% | ||
| Q3 25 | -24.7% | 8.9% | ||
| Q2 25 | 15.1% | 7.0% | ||
| Q1 25 | -39.8% | -0.9% | ||
| Q4 24 | 7.4% | 13.6% | ||
| Q3 24 | -7.0% | 8.6% | ||
| Q2 24 | 13.9% | 9.7% | ||
| Q1 24 | 25.0% | 5.9% |
资本支出强度NCLHSEE
| Q4 25 | 19.5% | 2.6% | ||
| Q3 25 | 32.8% | 3.4% | ||
| Q2 25 | 13.3% | 3.3% | ||
| Q1 25 | 71.7% | 3.5% | ||
| Q4 24 | 11.5% | 4.4% | ||
| Q3 24 | 13.1% | 4.1% | ||
| Q2 24 | 14.4% | 4.4% | ||
| Q1 24 | 11.8% | 3.6% |
现金转化率NCLHSEE
| Q4 25 | 32.21× | 6.70× | ||
| Q3 25 | 0.56× | 0.65× | ||
| Q2 25 | 23.83× | 1.47× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 0.36× | 1.86× | ||
| Q2 24 | 4.10× | 1.91× | ||
| Q1 24 | 46.51× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
