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诺唯真游轮控股（NCLH）与托尔工业（THO）财务数据对比。点击上方公司名可切换其他公司
托尔工业的季度营收约是诺唯真游轮控股的1.1倍（$2.4B vs $2.2B），托尔工业净利率更高（0.9% vs 0.6%，领先0.3%），托尔工业同比增速更快（11.5% vs 6.4%），诺唯真游轮控股自由现金流更多（$21.5M vs $-74.8M），过去两年托尔工业的营收复合增速更高（4.0% 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%。
托尔工业是美国知名休闲房车（RV）生产商，旗下拥有Airstream、Heartland RV、Jayco等多个子品牌，主营拖挂式及自行式休闲房车的生产销售，总部位于印第安纳州埃尔克哈特，在密歇根、俄亥俄、爱达荷、俄勒冈等多个州设有生产基地。
NCLH vs THO — 直观对比
营收规模更大
THO
是对方的1.1倍
$2.2B
营收增速更快
THO
高出5.1%
6.4%
净利率更高
THO
高出0.3%
0.6%
自由现金流更多
NCLH
多$96.2M
$-74.8M
两年增速更快
THO
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.4B |
| 净利润 | $14.3M | $21.7M |
| 毛利率 | 41.0% | 13.4% |
| 营业利润率 | 8.3% | 1.4% |
| 净利率 | 0.6% | 0.9% |
| 营收同比 | 6.4% | 11.5% |
| 净利润同比 | -94.4% | 1282.8% |
| 每股收益（稀释后） | $0.08 | $0.41 |
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NCLHTHO
| Q4 25 | $2.2B | $2.4B | ||
| Q3 25 | $2.9B | $2.5B | ||
| Q2 25 | $2.5B | $2.9B | ||
| Q1 25 | $2.1B | $2.0B | ||
| Q4 24 | $2.1B | $2.1B | ||
| Q3 24 | $2.8B | $2.5B | ||
| Q2 24 | $2.4B | $2.8B | ||
| Q1 24 | $2.2B | $2.2B |
净利润NCLHTHO
| Q4 25 | $14.3M | $21.7M | ||
| Q3 25 | $419.3M | $125.8M | ||
| Q2 25 | $30.0M | $135.2M | ||
| Q1 25 | $-40.3M | $-551.0K | ||
| Q4 24 | $254.5M | $-1.8M | ||
| Q3 24 | $474.9M | $90.0M | ||
| Q2 24 | $163.4M | $114.5M | ||
| Q1 24 | $17.4M | $7.2M |
毛利率NCLHTHO
| Q4 25 | 41.0% | 13.4% | ||
| Q3 25 | 47.1% | 14.7% | ||
| Q2 25 | 42.1% | 15.3% | ||
| Q1 25 | 38.7% | 12.1% | ||
| Q4 24 | 38.0% | 13.1% | ||
| Q3 24 | 45.2% | 15.8% | ||
| Q2 24 | 38.7% | 15.1% | ||
| Q1 24 | 36.7% | 12.3% |
营业利润率NCLHTHO
| Q4 25 | 8.3% | 1.4% | ||
| Q3 25 | 25.5% | 5.7% | ||
| Q2 25 | 16.8% | 5.4% | ||
| Q1 25 | 9.4% | -0.1% | ||
| Q4 24 | 10.2% | -0.1% | ||
| Q3 24 | 24.6% | 5.0% | ||
| Q2 24 | 14.4% | 5.1% | ||
| Q1 24 | 10.0% | 0.3% |
净利率NCLHTHO
| Q4 25 | 0.6% | 0.9% | ||
| Q3 25 | 14.3% | 5.0% | ||
| Q2 25 | 1.2% | 4.7% | ||
| Q1 25 | -1.9% | -0.0% | ||
| Q4 24 | 12.1% | -0.1% | ||
| Q3 24 | 16.9% | 3.6% | ||
| Q2 24 | 6.9% | 4.1% | ||
| Q1 24 | 0.8% | 0.3% |
每股收益（稀释后）NCLHTHO
| Q4 25 | $0.08 | $0.41 | ||
| Q3 25 | $0.86 | $2.35 | ||
| Q2 25 | $0.07 | $2.53 | ||
| Q1 25 | $-0.09 | $-0.01 | ||
| Q4 24 | $0.55 | $-0.03 | ||
| Q3 24 | $0.95 | $1.69 | ||
| Q2 24 | $0.35 | $2.13 | ||
| 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 | $509.9M |
| 总债务越低越好 | $13.7B | $916.0M |
| 股东权益账面价值 | $2.2B | $4.3B |
| 总资产 | $22.5B | $7.0B |
| 负债/权益比越低杠杆越低 | 6.21× | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资NCLHTHO
| Q4 25 | $209.9M | $509.9M | ||
| Q3 25 | $166.8M | $586.6M | ||
| Q2 25 | $184.0M | $508.3M | ||
| Q1 25 | $184.4M | $373.8M | ||
| Q4 24 | $190.8M | $445.2M | ||
| Q3 24 | $332.5M | $501.3M | ||
| Q2 24 | $594.1M | $371.8M | ||
| Q1 24 | $559.8M | $340.2M |
总债务NCLHTHO
| Q4 25 | $13.7B | $916.0M | ||
| Q3 25 | $13.6B | $923.0M | ||
| Q2 25 | $12.6B | $1.0B | ||
| Q1 25 | $12.9B | $1.0B | ||
| Q4 24 | $11.8B | $1.1B | ||
| Q3 24 | $11.8B | $1.1B | ||
| Q2 24 | $11.9B | $1.2B | ||
| Q1 24 | $12.0B | $1.4B |
股东权益NCLHTHO
| Q4 25 | $2.2B | $4.3B | ||
| Q3 25 | $2.2B | $4.3B | ||
| Q2 25 | $1.6B | $4.2B | ||
| Q1 25 | $1.4B | $4.0B | ||
| Q4 24 | $1.4B | $4.1B | ||
| Q3 24 | $1.1B | $4.1B | ||
| Q2 24 | $693.1M | $4.0B | ||
| Q1 24 | $362.1M | $3.9B |
总资产NCLHTHO
| Q4 25 | $22.5B | $7.0B | ||
| Q3 25 | $22.2B | $7.1B | ||
| Q2 25 | $21.6B | $7.2B | ||
| Q1 25 | $21.4B | $6.7B | ||
| Q4 24 | $20.0B | $6.9B | ||
| Q3 24 | $19.8B | $7.0B | ||
| Q2 24 | $20.1B | $7.2B | ||
| Q1 24 | $19.8B | $7.2B |
负债/权益比NCLHTHO
| Q4 25 | 6.21× | 0.21× | ||
| Q3 25 | 6.22× | 0.22× | ||
| Q2 25 | 8.05× | 0.24× | ||
| Q1 25 | 9.09× | 0.26× | ||
| Q4 24 | 8.26× | 0.27× | ||
| Q3 24 | 10.35× | 0.28× | ||
| Q2 24 | 17.19× | 0.31× | ||
| Q1 24 | 33.16× | 0.36× |
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 | $-44.9M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $-74.8M |
| 自由现金流率自由现金流/营收 | 1.0% | -3.1% |
| 资本支出强度资本支出/营收 | 19.5% | 1.3% |
| 现金转化率经营现金流/净利润 | 32.21× | -2.07× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $375.1M |
8季度趋势，按日历期对齐
经营现金流NCLHTHO
| Q4 25 | $459.1M | $-44.9M | ||
| Q3 25 | $236.6M | $258.7M | ||
| Q2 25 | $714.9M | $257.7M | ||
| Q1 25 | $679.2M | $30.8M | ||
| Q4 24 | $399.3M | $30.7M | ||
| Q3 24 | $172.5M | $338.0M | ||
| Q2 24 | $670.9M | $251.7M | ||
| Q1 24 | $807.2M | $-103.9M |
自由现金流NCLHTHO
| Q4 25 | $21.5M | $-74.8M | ||
| Q3 25 | $-726.5M | $221.6M | ||
| Q2 25 | $381.2M | $222.5M | ||
| Q1 25 | $-846.0M | $5.8M | ||
| Q4 24 | $155.8M | $6.4M | ||
| Q3 24 | $-195.5M | $301.3M | ||
| Q2 24 | $330.2M | $225.4M | ||
| Q1 24 | $548.3M | $-140.2M |
自由现金流率NCLHTHO
| Q4 25 | 1.0% | -3.1% | ||
| Q3 25 | -24.7% | 8.8% | ||
| Q2 25 | 15.1% | 7.7% | ||
| Q1 25 | -39.8% | 0.3% | ||
| Q4 24 | 7.4% | 0.3% | ||
| Q3 24 | -7.0% | 11.9% | ||
| Q2 24 | 13.9% | 8.0% | ||
| Q1 24 | 25.0% | -6.4% |
资本支出强度NCLHTHO
| Q4 25 | 19.5% | 1.3% | ||
| Q3 25 | 32.8% | 1.5% | ||
| Q2 25 | 13.3% | 1.2% | ||
| Q1 25 | 71.7% | 1.2% | ||
| Q4 24 | 11.5% | 1.1% | ||
| Q3 24 | 13.1% | 1.4% | ||
| Q2 24 | 14.4% | 0.9% | ||
| Q1 24 | 11.8% | 1.6% |
现金转化率NCLHTHO
| Q4 25 | 32.21× | -2.07× | ||
| Q3 25 | 0.56× | 2.06× | ||
| Q2 25 | 23.83× | 1.91× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 0.36× | 3.76× | ||
| Q2 24 | 4.10× | 2.20× | ||
| Q1 24 | 46.51× | -14.39× |
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% |
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
