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诺唯真游轮控股（NCLH）与J.M. Smucker Company (The)（SJM）财务数据对比。点击上方公司名可切换其他公司
J.M. Smucker Company (The)的季度营收约是诺唯真游轮控股的1.0倍（$2.3B vs $2.2B），J.M. Smucker Company (The)净利率更高（10.4% vs 0.6%，领先9.7%），诺唯真游轮控股同比增速更快（6.4% vs 2.6%），J.M. Smucker Company (The)自由现金流更多（$280.2M vs $21.5M），过去两年J.M. Smucker Company (The)的营收复合增速更高（2.2% 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%。
J.M.斯马克公司是美国食品饮料生产企业，总部位于俄亥俄州奥维尔，1897年成立之初主营苹果酱生产，目前旗下设消费食品、宠物食品、咖啡三大业务板块，核心品牌Smucker's主打果酱、花生酱、糖浆、无皮冷冻三明治、冰淇淋顶料等产品。
NCLH vs SJM — 直观对比
营收规模更大
SJM
是对方的1.0倍
$2.2B
营收增速更快
NCLH
高出3.8%
2.6%
净利率更高
SJM
高出9.7%
0.6%
自由现金流更多
SJM
多$258.7M
$21.5M
两年增速更快
SJM
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.3B |
| 净利润 | $14.3M | $241.3M |
| 毛利率 | 41.0% | 37.3% |
| 营业利润率 | 8.3% | 18.0% |
| 净利率 | 0.6% | 10.4% |
| 营收同比 | 6.4% | 2.6% |
| 净利润同比 | -94.4% | 1084.9% |
| 每股收益（稀释后） | $0.08 | $2.26 |
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NCLHSJM
| Q4 25 | $2.2B | $2.3B | ||
| Q3 25 | $2.9B | $2.1B | ||
| Q2 25 | $2.5B | $2.1B | ||
| Q1 25 | $2.1B | $2.2B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $2.4B | $2.2B | ||
| Q1 24 | $2.2B | $2.2B |
净利润NCLHSJM
| Q4 25 | $14.3M | $241.3M | ||
| Q3 25 | $419.3M | $-43.9M | ||
| Q2 25 | $30.0M | $-729.0M | ||
| Q1 25 | $-40.3M | $-662.3M | ||
| Q4 24 | $254.5M | $-24.5M | ||
| Q3 24 | $474.9M | $185.0M | ||
| Q2 24 | $163.4M | $245.1M | ||
| Q1 24 | $17.4M | $120.4M |
毛利率NCLHSJM
| Q4 25 | 41.0% | 37.3% | ||
| Q3 25 | 47.1% | 22.5% | ||
| Q2 25 | 42.1% | 38.4% | ||
| Q1 25 | 38.7% | 40.2% | ||
| Q4 24 | 38.0% | 39.0% | ||
| Q3 24 | 45.2% | 37.5% | ||
| Q2 24 | 38.7% | 41.4% | ||
| Q1 24 | 36.7% | 36.9% |
营业利润率NCLHSJM
| Q4 25 | 8.3% | 18.0% | ||
| Q3 25 | 25.5% | 2.2% | ||
| Q2 25 | 16.8% | -27.9% | ||
| Q1 25 | 9.4% | -27.2% | ||
| Q4 24 | 10.2% | 7.5% | ||
| Q3 24 | 24.6% | 16.4% | ||
| Q2 24 | 14.4% | 18.4% | ||
| Q1 24 | 10.0% | 13.3% |
净利率NCLHSJM
| Q4 25 | 0.6% | 10.4% | ||
| Q3 25 | 14.3% | -2.1% | ||
| Q2 25 | 1.2% | -34.0% | ||
| Q1 25 | -1.9% | -30.3% | ||
| Q4 24 | 12.1% | -1.1% | ||
| Q3 24 | 16.9% | 8.7% | ||
| Q2 24 | 6.9% | 11.1% | ||
| Q1 24 | 0.8% | 5.4% |
每股收益（稀释后）NCLHSJM
| Q4 25 | $0.08 | $2.26 | ||
| Q3 25 | $0.86 | $-0.41 | ||
| Q2 25 | $0.07 | $-6.86 | ||
| Q1 25 | $-0.09 | $-6.22 | ||
| Q4 24 | $0.55 | $-0.23 | ||
| Q3 24 | $0.95 | $1.74 | ||
| Q2 24 | $0.35 | $2.31 | ||
| Q1 24 | $0.04 | $1.13 |
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 | — |
| 总债务越低越好 | $13.7B | $7.0B |
| 股东权益账面价值 | $2.2B | $6.1B |
| 总资产 | $22.5B | $17.6B |
| 负债/权益比越低杠杆越低 | 6.21× | 1.16× |
8季度趋势，按日历期对齐
现金及短期投资NCLHSJM
| 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NCLHSJM
| Q4 25 | $13.7B | $7.0B | ||
| Q3 25 | $13.6B | $7.0B | ||
| Q2 25 | $12.6B | $7.0B | ||
| Q1 25 | $12.9B | $7.4B | ||
| Q4 24 | $11.8B | $7.8B | ||
| Q3 24 | $11.8B | $7.8B | ||
| Q2 24 | $11.9B | $7.8B | ||
| Q1 24 | $12.0B | $8.1B |
股东权益NCLHSJM
| Q4 25 | $2.2B | $6.1B | ||
| Q3 25 | $2.2B | $5.9B | ||
| Q2 25 | $1.6B | $6.1B | ||
| Q1 25 | $1.4B | $6.9B | ||
| Q4 24 | $1.4B | $7.6B | ||
| Q3 24 | $1.1B | $7.8B | ||
| Q2 24 | $693.1M | $7.7B | ||
| Q1 24 | $362.1M | $7.6B |
总资产NCLHSJM
| Q4 25 | $22.5B | $17.6B | ||
| Q3 25 | $22.2B | $17.7B | ||
| Q2 25 | $21.6B | $17.6B | ||
| Q1 25 | $21.4B | $18.4B | ||
| Q4 24 | $20.0B | $20.0B | ||
| Q3 24 | $19.8B | $20.3B | ||
| Q2 24 | $20.1B | $20.3B | ||
| Q1 24 | $19.8B | $20.2B |
负债/权益比NCLHSJM
| Q4 25 | 6.21× | 1.16× | ||
| Q3 25 | 6.22× | 1.19× | ||
| Q2 25 | 8.05× | 1.16× | ||
| Q1 25 | 9.09× | 1.07× | ||
| Q4 24 | 8.26× | 1.02× | ||
| Q3 24 | 10.35× | 1.00× | ||
| Q2 24 | 17.19× | 1.01× | ||
| Q1 24 | 33.16× | 1.07× |
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 | $346.5M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $280.2M |
| 自由现金流率自由现金流/营收 | 1.0% | 12.0% |
| 资本支出强度资本支出/营收 | 19.5% | 2.8% |
| 现金转化率经营现金流/净利润 | 32.21× | 1.44× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $635.5M |
8季度趋势，按日历期对齐
经营现金流NCLHSJM
| Q4 25 | $459.1M | $346.5M | ||
| Q3 25 | $236.6M | $-10.6M | ||
| Q2 25 | $714.9M | $393.9M | ||
| Q1 25 | $679.2M | $239.4M | ||
| Q4 24 | $399.3M | $404.2M | ||
| Q3 24 | $172.5M | $172.9M | ||
| Q2 24 | $670.9M | $428.1M | ||
| Q1 24 | $807.2M | $406.5M |
自由现金流NCLHSJM
| Q4 25 | $21.5M | $280.2M | ||
| Q3 25 | $-726.5M | $-94.9M | ||
| Q2 25 | $381.2M | $298.9M | ||
| Q1 25 | $-846.0M | $151.3M | ||
| Q4 24 | $155.8M | $317.2M | ||
| Q3 24 | $-195.5M | $49.2M | ||
| Q2 24 | $330.2M | $297.5M | ||
| Q1 24 | $548.3M | $249.6M |
自由现金流率NCLHSJM
| Q4 25 | 1.0% | 12.0% | ||
| Q3 25 | -24.7% | -4.5% | ||
| Q2 25 | 15.1% | 13.9% | ||
| Q1 25 | -39.8% | 6.9% | ||
| Q4 24 | 7.4% | 14.0% | ||
| Q3 24 | -7.0% | 2.3% | ||
| Q2 24 | 13.9% | 13.5% | ||
| Q1 24 | 25.0% | 11.2% |
资本支出强度NCLHSJM
| Q4 25 | 19.5% | 2.8% | ||
| Q3 25 | 32.8% | 4.0% | ||
| Q2 25 | 13.3% | 4.4% | ||
| Q1 25 | 71.7% | 4.0% | ||
| Q4 24 | 11.5% | 3.8% | ||
| Q3 24 | 13.1% | 5.8% | ||
| Q2 24 | 14.4% | 5.9% | ||
| Q1 24 | 11.8% | 7.0% |
现金转化率NCLHSJM
| Q4 25 | 32.21× | 1.44× | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 23.83× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 0.36× | 0.93× | ||
| Q2 24 | 4.10× | 1.75× | ||
| Q1 24 | 46.51× | 3.38× |
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% |
SJM
| U.S.Retail Frozen Handheld And Spreads | $461.1M | 20% |
| U.S.Retail Pet Foods | $413.2M | 18% |
| Handheld Frozen Sandwiches | $262.9M | 11% |
| Sweet Baked Snacks | $256.1M | 11% |
| Pet Snacks | $232.0M | 10% |
| Cat Food | $197.2M | 8% |
| Peanut Butter | $187.1M | 8% |
| CA | $94.5M | 4% |
| Fruit Spreads | $92.2M | 4% |
| Other | $50.5M | 2% |
| Portion Control | $50.1M | 2% |
| All Other International | $33.2M | 1% |
