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诺唯真游轮控股（NCLH）与史密斯菲尔德食品（SFD）财务数据对比。点击上方公司名可切换其他公司
史密斯菲尔德食品的季度营收约是诺唯真游轮控股的1.7倍（$3.8B vs $2.2B），史密斯菲尔德食品净利率更高（6.6% vs 0.6%，领先5.9%），诺唯真游轮控股同比增速更快（6.4% vs 0.8%），过去两年史密斯菲尔德食品的营收复合增速更高（5.5% 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%。
史密斯菲尔德食品是全球规模最大的生猪养殖与猪肉加工企业，1936年由卢特父子创立，总部位于美国弗吉尼亚州史密斯菲尔德，现隶属于香港企业。公司在美国自营超500个农场，还与2000余家独立农场合作养殖生猪，业务覆盖墨西哥、波兰、德国等多个海外市场。
NCLH vs SFD — 直观对比
营收规模更大
SFD
是对方的1.7倍
$2.2B
营收增速更快
NCLH
高出5.6%
0.8%
净利率更高
SFD
高出5.9%
0.6%
两年增速更快
SFD
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $3.8B |
| 净利润 | $14.3M | $249.0M |
| 毛利率 | 41.0% | 13.4% |
| 营业利润率 | 8.3% | 8.8% |
| 净利率 | 0.6% | 6.6% |
| 营收同比 | 6.4% | 0.8% |
| 净利润同比 | -94.4% | 9.7% |
| 每股收益（稀释后） | $0.08 | — |
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NCLHSFD
| Q1 26 | — | $3.8B | ||
| Q4 25 | $2.2B | $4.2B | ||
| Q3 25 | $2.9B | $3.7B | ||
| Q2 25 | $2.5B | $3.8B | ||
| Q1 25 | $2.1B | $3.8B | ||
| Q4 24 | $2.1B | $4.0B | ||
| Q3 24 | $2.8B | $3.3B | ||
| Q2 24 | $2.4B | $3.4B |
净利润NCLHSFD
| Q1 26 | — | $249.0M | ||
| Q4 25 | $14.3M | $327.0M | ||
| Q3 25 | $419.3M | $248.0M | ||
| Q2 25 | $30.0M | $188.0M | ||
| Q1 25 | $-40.3M | $224.0M | ||
| Q4 24 | $254.5M | $205.0M | ||
| Q3 24 | $474.9M | $291.0M | ||
| Q2 24 | $163.4M | $301.0M |
毛利率NCLHSFD
| Q1 26 | — | 13.4% | ||
| Q4 25 | 41.0% | 14.2% | ||
| Q3 25 | 47.1% | 12.8% | ||
| Q2 25 | 42.1% | 13.2% | ||
| Q1 25 | 38.7% | 13.5% | ||
| Q4 24 | 38.0% | 13.5% | ||
| Q3 24 | 45.2% | 14.3% | ||
| Q2 24 | 38.7% | 15.4% |
营业利润率NCLHSFD
| Q1 26 | — | 8.8% | ||
| Q4 25 | 8.3% | 9.5% | ||
| Q3 25 | 25.5% | 8.3% | ||
| Q2 25 | 16.8% | 6.9% | ||
| Q1 25 | 9.4% | 8.5% | ||
| Q4 24 | 10.2% | 8.5% | ||
| Q3 24 | 24.6% | 8.5% | ||
| Q2 24 | 14.4% | 9.8% |
净利率NCLHSFD
| Q1 26 | — | 6.6% | ||
| Q4 25 | 0.6% | 7.7% | ||
| Q3 25 | 14.3% | 6.6% | ||
| Q2 25 | 1.2% | 5.0% | ||
| Q1 25 | -1.9% | 5.9% | ||
| Q4 24 | 12.1% | 5.2% | ||
| Q3 24 | 16.9% | 8.7% | ||
| Q2 24 | 6.9% | 8.8% |
每股收益（稀释后）NCLHSFD
| Q1 26 | — | — | ||
| Q4 25 | $0.08 | $0.83 | ||
| Q3 25 | $0.86 | $0.63 | ||
| Q2 25 | $0.07 | $0.48 | ||
| Q1 25 | $-0.09 | $0.57 | ||
| Q4 24 | $0.55 | $0.54 | ||
| Q3 24 | $0.95 | $0.77 | ||
| Q2 24 | $0.35 | $0.79 |
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 | $1.4B |
| 总债务越低越好 | $13.7B | — |
| 股东权益账面价值 | $2.2B | $6.9B |
| 总资产 | $22.5B | $12.0B |
| 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NCLHSFD
| Q1 26 | — | $1.4B | ||
| 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 | — |
总债务NCLHSFD
| Q1 26 | — | — | ||
| Q4 25 | $13.7B | $2.0B | ||
| Q3 25 | $13.6B | $2.0B | ||
| Q2 25 | $12.6B | $2.0B | ||
| Q1 25 | $12.9B | $2.0B | ||
| Q4 24 | $11.8B | $2.0B | ||
| Q3 24 | $11.8B | — | ||
| Q2 24 | $11.9B | — |
股东权益NCLHSFD
| Q1 26 | — | $6.9B | ||
| Q4 25 | $2.2B | $6.8B | ||
| Q3 25 | $2.2B | $6.5B | ||
| Q2 25 | $1.6B | $6.3B | ||
| Q1 25 | $1.4B | $6.2B | ||
| Q4 24 | $1.4B | $5.8B | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $693.1M | — |
总资产NCLHSFD
| Q1 26 | — | $12.0B | ||
| Q4 25 | $22.5B | $12.2B | ||
| Q3 25 | $22.2B | $11.5B | ||
| Q2 25 | $21.6B | $11.2B | ||
| Q1 25 | $21.4B | $11.1B | ||
| Q4 24 | $20.0B | $11.1B | ||
| Q3 24 | $19.8B | — | ||
| Q2 24 | $20.1B | — |
负债/权益比NCLHSFD
| Q1 26 | — | — | ||
| Q4 25 | 6.21× | 0.29× | ||
| Q3 25 | 6.22× | 0.31× | ||
| Q2 25 | 8.05× | 0.32× | ||
| Q1 25 | 9.09× | 0.32× | ||
| Q4 24 | 8.26× | 0.34× | ||
| Q3 24 | 10.35× | — | ||
| Q2 24 | 17.19× | — |
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 | — |
| 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% | 2.3% |
| 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季度趋势，按日历期对齐
经营现金流NCLHSFD
| Q1 26 | — | — | ||
| Q4 25 | $459.1M | $938.0M | ||
| Q3 25 | $236.6M | $13.0M | ||
| Q2 25 | $714.9M | $274.0M | ||
| Q1 25 | $679.2M | $-166.0M | ||
| Q4 24 | $399.3M | — | ||
| Q3 24 | $172.5M | — | ||
| Q2 24 | $670.9M | — |
自由现金流NCLHSFD
| Q1 26 | — | — | ||
| Q4 25 | $21.5M | $842.0M | ||
| Q3 25 | $-726.5M | $-75.0M | ||
| Q2 25 | $381.2M | $196.0M | ||
| Q1 25 | $-846.0M | $-245.0M | ||
| Q4 24 | $155.8M | — | ||
| Q3 24 | $-195.5M | — | ||
| Q2 24 | $330.2M | — |
自由现金流率NCLHSFD
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | 19.9% | ||
| Q3 25 | -24.7% | -2.0% | ||
| Q2 25 | 15.1% | 5.2% | ||
| Q1 25 | -39.8% | -6.5% | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | -7.0% | — | ||
| Q2 24 | 13.9% | — |
资本支出强度NCLHSFD
| Q1 26 | — | 2.3% | ||
| Q4 25 | 19.5% | 2.3% | ||
| Q3 25 | 32.8% | 2.3% | ||
| Q2 25 | 13.3% | 2.1% | ||
| Q1 25 | 71.7% | 2.1% | ||
| Q4 24 | 11.5% | 2.1% | ||
| Q3 24 | 13.1% | 2.8% | ||
| Q2 24 | 14.4% | 2.3% |
现金转化率NCLHSFD
| Q1 26 | — | — | ||
| Q4 25 | 32.21× | 2.87× | ||
| Q3 25 | 0.56× | 0.05× | ||
| Q2 25 | 23.83× | 1.46× | ||
| Q1 25 | — | -0.74× | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 4.10× | — |
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% |
SFD
暂无分部数据
