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诺唯真游轮控股（NCLH）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.8倍（$2.2B vs $1.2B），诺唯真游轮控股同比增速更快（6.4% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M 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 -0.6%）
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%。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
NCLH vs TNET — 直观对比
营收规模更大
NCLH
是对方的1.8倍
$1.2B
营收增速更快
NCLH
高出8.6%
-2.2%
自由现金流更多
TNET
多$21.5M
$21.5M
两年增速更快
NCLH
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $14.3M | — |
| 毛利率 | 41.0% | — |
| 营业利润率 | 8.3% | 0.1% |
| 净利率 | 0.6% | — |
| 营收同比 | 6.4% | -2.2% |
| 净利润同比 | -94.4% | — |
| 每股收益（稀释后） | $0.08 | $0.02 |
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NCLHTNET
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $2.5B | $1.2B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.1B | $1.3B | ||
| Q3 24 | $2.8B | $1.2B | ||
| Q2 24 | $2.4B | $1.2B | ||
| Q1 24 | $2.2B | $1.3B |
净利润NCLHTNET
| Q4 25 | $14.3M | — | ||
| Q3 25 | $419.3M | $34.0M | ||
| Q2 25 | $30.0M | $37.0M | ||
| Q1 25 | $-40.3M | $85.0M | ||
| Q4 24 | $254.5M | — | ||
| Q3 24 | $474.9M | $45.0M | ||
| Q2 24 | $163.4M | $60.0M | ||
| Q1 24 | $17.4M | $91.0M |
毛利率NCLHTNET
| Q4 25 | 41.0% | — | ||
| Q3 25 | 47.1% | — | ||
| Q2 25 | 42.1% | — | ||
| Q1 25 | 38.7% | — | ||
| Q4 24 | 38.0% | — | ||
| Q3 24 | 45.2% | — | ||
| Q2 24 | 38.7% | — | ||
| Q1 24 | 36.7% | — |
营业利润率NCLHTNET
| Q4 25 | 8.3% | 0.1% | ||
| Q3 25 | 25.5% | 4.1% | ||
| Q2 25 | 16.8% | 4.1% | ||
| Q1 25 | 9.4% | 8.9% | ||
| Q4 24 | 10.2% | -2.9% | ||
| Q3 24 | 24.6% | 4.7% | ||
| Q2 24 | 14.4% | 6.5% | ||
| Q1 24 | 10.0% | 9.7% |
净利率NCLHTNET
| Q4 25 | 0.6% | — | ||
| Q3 25 | 14.3% | 2.8% | ||
| Q2 25 | 1.2% | 3.0% | ||
| Q1 25 | -1.9% | 6.6% | ||
| Q4 24 | 12.1% | — | ||
| Q3 24 | 16.9% | 3.6% | ||
| Q2 24 | 6.9% | 4.9% | ||
| Q1 24 | 0.8% | 7.2% |
每股收益（稀释后）NCLHTNET
| Q4 25 | $0.08 | $0.02 | ||
| Q3 25 | $0.86 | $0.70 | ||
| Q2 25 | $0.07 | $0.77 | ||
| Q1 25 | $-0.09 | $1.71 | ||
| Q4 24 | $0.55 | $-0.44 | ||
| Q3 24 | $0.95 | $0.89 | ||
| Q2 24 | $0.35 | $1.20 | ||
| Q1 24 | $0.04 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | $13.7B | — |
| 股东权益账面价值 | $2.2B | $54.0M |
| 总资产 | $22.5B | $3.8B |
| 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NCLHTNET
| Q4 25 | $209.9M | $287.0M | ||
| Q3 25 | $166.8M | $321.0M | ||
| Q2 25 | $184.0M | $407.0M | ||
| Q1 25 | $184.4M | $349.0M | ||
| Q4 24 | $190.8M | $360.0M | ||
| Q3 24 | $332.5M | $301.0M | ||
| Q2 24 | $594.1M | $249.0M | ||
| Q1 24 | $559.8M | $383.0M |
总债务NCLHTNET
| Q4 25 | $13.7B | — | ||
| Q3 25 | $13.6B | — | ||
| Q2 25 | $12.6B | — | ||
| Q1 25 | $12.9B | — | ||
| Q4 24 | $11.8B | — | ||
| Q3 24 | $11.8B | — | ||
| Q2 24 | $11.9B | — | ||
| Q1 24 | $12.0B | — |
股东权益NCLHTNET
| Q4 25 | $2.2B | $54.0M | ||
| Q3 25 | $2.2B | $110.0M | ||
| Q2 25 | $1.6B | $107.0M | ||
| Q1 25 | $1.4B | $63.0M | ||
| Q4 24 | $1.4B | $69.0M | ||
| Q3 24 | $1.1B | $129.0M | ||
| Q2 24 | $693.1M | $100.0M | ||
| Q1 24 | $362.1M | $143.0M |
总资产NCLHTNET
| Q4 25 | $22.5B | $3.8B | ||
| Q3 25 | $22.2B | $3.4B | ||
| Q2 25 | $21.6B | $3.7B | ||
| Q1 25 | $21.4B | $3.8B | ||
| Q4 24 | $20.0B | $4.1B | ||
| Q3 24 | $19.8B | $3.7B | ||
| Q2 24 | $20.1B | $3.7B | ||
| Q1 24 | $19.8B | $4.0B |
负债/权益比NCLHTNET
| Q4 25 | 6.21× | — | ||
| Q3 25 | 6.22× | — | ||
| Q2 25 | 8.05× | — | ||
| Q1 25 | 9.09× | — | ||
| Q4 24 | 8.26× | — | ||
| Q3 24 | 10.35× | — | ||
| Q2 24 | 17.19× | — | ||
| Q1 24 | 33.16× | — |
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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $43.0M |
| 自由现金流率自由现金流/营收 | 1.0% | 3.4% |
| 资本支出强度资本支出/营收 | 19.5% | 1.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流NCLHTNET
| Q4 25 | $459.1M | $61.0M | ||
| Q3 25 | $236.6M | $72.0M | ||
| Q2 25 | $714.9M | $75.0M | ||
| Q1 25 | $679.2M | $95.0M | ||
| Q4 24 | $399.3M | $65.0M | ||
| Q3 24 | $172.5M | $84.0M | ||
| Q2 24 | $670.9M | $39.0M | ||
| Q1 24 | $807.2M | $91.0M |
自由现金流NCLHTNET
| Q4 25 | $21.5M | $43.0M | ||
| Q3 25 | $-726.5M | $55.0M | ||
| Q2 25 | $381.2M | $57.0M | ||
| Q1 25 | $-846.0M | $79.0M | ||
| Q4 24 | $155.8M | $47.0M | ||
| Q3 24 | $-195.5M | $59.0M | ||
| Q2 24 | $330.2M | $22.0M | ||
| Q1 24 | $548.3M | $73.0M |
自由现金流率NCLHTNET
| Q4 25 | 1.0% | 3.4% | ||
| Q3 25 | -24.7% | 4.5% | ||
| Q2 25 | 15.1% | 4.6% | ||
| Q1 25 | -39.8% | 6.1% | ||
| Q4 24 | 7.4% | 3.7% | ||
| Q3 24 | -7.0% | 4.8% | ||
| Q2 24 | 13.9% | 1.8% | ||
| Q1 24 | 25.0% | 5.8% |
资本支出强度NCLHTNET
| Q4 25 | 19.5% | 1.4% | ||
| Q3 25 | 32.8% | 1.4% | ||
| Q2 25 | 13.3% | 1.5% | ||
| Q1 25 | 71.7% | 1.2% | ||
| Q4 24 | 11.5% | 1.4% | ||
| Q3 24 | 13.1% | 2.0% | ||
| Q2 24 | 14.4% | 1.4% | ||
| Q1 24 | 11.8% | 1.4% |
现金转化率NCLHTNET
| Q4 25 | 32.21× | — | ||
| Q3 25 | 0.56× | 2.12× | ||
| Q2 25 | 23.83× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 0.36× | 1.87× | ||
| Q2 24 | 4.10× | 0.65× | ||
| Q1 24 | 46.51× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
