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诺唯真游轮控股（NCLH）与Solventum（SOLV）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Solventum的1.1倍（$2.2B vs $2.0B），Solventum净利率更高（3.2% vs 0.6%，领先2.5%），诺唯真游轮控股同比增速更快（6.4% vs -3.7%），Solventum自由现金流更多（$32.0M vs $21.5M），过去两年诺唯真游轮控股的营收复合增速更高（1.2% vs -0.4%）
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%。
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
NCLH vs SOLV — 直观对比
营收规模更大
NCLH
是对方的1.1倍
$2.0B
营收增速更快
NCLH
高出10.1%
-3.7%
净利率更高
SOLV
高出2.5%
0.6%
自由现金流更多
SOLV
多$10.5M
$21.5M
两年增速更快
NCLH
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.0B |
| 净利润 | $14.3M | $63.0M |
| 毛利率 | 41.0% | 51.4% |
| 营业利润率 | 8.3% | 6.3% |
| 净利率 | 0.6% | 3.2% |
| 营收同比 | 6.4% | -3.7% |
| 净利润同比 | -94.4% | 103.2% |
| 每股收益（稀释后） | $0.08 | $0.37 |
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NCLHSOLV
| Q4 25 | $2.2B | $2.0B | ||
| Q3 25 | $2.9B | $2.1B | ||
| Q2 25 | $2.5B | $2.2B | ||
| Q1 25 | $2.1B | $2.1B | ||
| Q4 24 | $2.1B | $2.1B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $2.4B | $2.1B | ||
| Q1 24 | $2.2B | $2.0B |
净利润NCLHSOLV
| Q4 25 | $14.3M | $63.0M | ||
| Q3 25 | $419.3M | $1.3B | ||
| Q2 25 | $30.0M | $90.0M | ||
| Q1 25 | $-40.3M | $137.0M | ||
| Q4 24 | $254.5M | $31.0M | ||
| Q3 24 | $474.9M | $122.0M | ||
| Q2 24 | $163.4M | $89.0M | ||
| Q1 24 | $17.4M | $237.0M |
毛利率NCLHSOLV
| Q4 25 | 41.0% | 51.4% | ||
| Q3 25 | 47.1% | 54.2% | ||
| Q2 25 | 42.1% | 54.4% | ||
| Q1 25 | 38.7% | 53.8% | ||
| Q4 24 | 38.0% | 53.9% | ||
| Q3 24 | 45.2% | 56.0% | ||
| Q2 24 | 38.7% | 54.6% | ||
| Q1 24 | 36.7% | 58.1% |
营业利润率NCLHSOLV
| Q4 25 | 8.3% | 6.3% | ||
| Q3 25 | 25.5% | 80.6% | ||
| Q2 25 | 16.8% | 9.9% | ||
| Q1 25 | 9.4% | 7.3% | ||
| Q4 24 | 10.2% | 6.6% | ||
| Q3 24 | 24.6% | 13.2% | ||
| Q2 24 | 14.4% | 11.7% | ||
| Q1 24 | 10.0% | 18.9% |
净利率NCLHSOLV
| Q4 25 | 0.6% | 3.2% | ||
| Q3 25 | 14.3% | 60.4% | ||
| Q2 25 | 1.2% | 4.2% | ||
| Q1 25 | -1.9% | 6.6% | ||
| Q4 24 | 12.1% | 1.5% | ||
| Q3 24 | 16.9% | 5.9% | ||
| Q2 24 | 6.9% | 4.3% | ||
| Q1 24 | 0.8% | 11.8% |
每股收益（稀释后）NCLHSOLV
| Q4 25 | $0.08 | $0.37 | ||
| Q3 25 | $0.86 | $7.22 | ||
| Q2 25 | $0.07 | $0.51 | ||
| Q1 25 | $-0.09 | $0.78 | ||
| Q4 24 | $0.55 | $0.18 | ||
| Q3 24 | $0.95 | $0.70 | ||
| Q2 24 | $0.35 | $0.51 | ||
| Q1 24 | $0.04 | $1.37 |
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 | $878.0M |
| 总债务越低越好 | $13.7B | $5.0B |
| 股东权益账面价值 | $2.2B | $5.0B |
| 总资产 | $22.5B | $14.3B |
| 负债/权益比越低杠杆越低 | 6.21× | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资NCLHSOLV
| Q4 25 | $209.9M | $878.0M | ||
| Q3 25 | $166.8M | $1.6B | ||
| Q2 25 | $184.0M | $492.0M | ||
| Q1 25 | $184.4M | $534.0M | ||
| Q4 24 | $190.8M | $762.0M | ||
| Q3 24 | $332.5M | $772.0M | ||
| Q2 24 | $594.1M | $897.0M | ||
| Q1 24 | $559.8M | $996.0M |
总债务NCLHSOLV
| Q4 25 | $13.7B | $5.0B | ||
| Q3 25 | $13.6B | $5.1B | ||
| Q2 25 | $12.6B | $7.8B | ||
| Q1 25 | $12.9B | $7.9B | ||
| Q4 24 | $11.8B | $8.0B | ||
| Q3 24 | $11.8B | $8.1B | ||
| Q2 24 | $11.9B | $8.3B | ||
| Q1 24 | $12.0B | $8.3B |
股东权益NCLHSOLV
| Q4 25 | $2.2B | $5.0B | ||
| Q3 25 | $2.2B | $5.0B | ||
| Q2 25 | $1.6B | $3.6B | ||
| Q1 25 | $1.4B | $3.3B | ||
| Q4 24 | $1.4B | $3.0B | ||
| Q3 24 | $1.1B | $3.2B | ||
| Q2 24 | $693.1M | $2.9B | ||
| Q1 24 | $362.1M | $3.9B |
总资产NCLHSOLV
| Q4 25 | $22.5B | $14.3B | ||
| Q3 25 | $22.2B | $14.0B | ||
| Q2 25 | $21.6B | $15.1B | ||
| Q1 25 | $21.4B | $14.5B | ||
| Q4 24 | $20.0B | $14.5B | ||
| Q3 24 | $19.8B | $14.7B | ||
| Q2 24 | $20.1B | $14.6B | ||
| Q1 24 | $19.8B | $14.7B |
负债/权益比NCLHSOLV
| Q4 25 | 6.21× | 1.00× | ||
| Q3 25 | 6.22× | 1.03× | ||
| Q2 25 | 8.05× | 2.14× | ||
| Q1 25 | 9.09× | 2.43× | ||
| Q4 24 | 8.26× | 2.71× | ||
| Q3 24 | 10.35× | 2.54× | ||
| Q2 24 | 17.19× | 2.90× | ||
| Q1 24 | 33.16× | 2.16× |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $32.0M |
| 自由现金流率自由现金流/营收 | 1.0% | 1.6% |
| 资本支出强度资本支出/营收 | 19.5% | 3.2% |
| 现金转化率经营现金流/净利润 | 32.21× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $-10.0M |
8季度趋势，按日历期对齐
经营现金流NCLHSOLV
| Q4 25 | $459.1M | $95.0M | ||
| Q3 25 | $236.6M | $76.0M | ||
| Q2 25 | $714.9M | $169.0M | ||
| Q1 25 | $679.2M | $29.0M | ||
| Q4 24 | $399.3M | $219.0M | ||
| Q3 24 | $172.5M | $169.0M | ||
| Q2 24 | $670.9M | $355.0M | ||
| Q1 24 | $807.2M | $442.0M |
自由现金流NCLHSOLV
| Q4 25 | $21.5M | $32.0M | ||
| Q3 25 | $-726.5M | $-21.0M | ||
| Q2 25 | $381.2M | $59.0M | ||
| Q1 25 | $-846.0M | $-80.0M | ||
| Q4 24 | $155.8M | $92.0M | ||
| Q3 24 | $-195.5M | $76.0M | ||
| Q2 24 | $330.2M | $297.0M | ||
| Q1 24 | $548.3M | $340.0M |
自由现金流率NCLHSOLV
| Q4 25 | 1.0% | 1.6% | ||
| Q3 25 | -24.7% | -1.0% | ||
| Q2 25 | 15.1% | 2.7% | ||
| Q1 25 | -39.8% | -3.9% | ||
| Q4 24 | 7.4% | 4.4% | ||
| Q3 24 | -7.0% | 3.7% | ||
| Q2 24 | 13.9% | 14.3% | ||
| Q1 24 | 25.0% | 16.9% |
资本支出强度NCLHSOLV
| Q4 25 | 19.5% | 3.2% | ||
| Q3 25 | 32.8% | 4.6% | ||
| Q2 25 | 13.3% | 5.1% | ||
| Q1 25 | 71.7% | 5.3% | ||
| Q4 24 | 11.5% | 6.1% | ||
| Q3 24 | 13.1% | 4.5% | ||
| Q2 24 | 14.4% | 2.8% | ||
| Q1 24 | 11.8% | 5.1% |
现金转化率NCLHSOLV
| Q4 25 | 32.21× | 1.51× | ||
| Q3 25 | 0.56× | 0.06× | ||
| Q2 25 | 23.83× | 1.88× | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | 1.57× | 7.06× | ||
| Q3 24 | 0.36× | 1.39× | ||
| Q2 24 | 4.10× | 3.99× | ||
| Q1 24 | 46.51× | 1.86× |
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% |
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
