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诺唯真游轮控股（NCLH）与维谛技术（VRT）财务数据对比。点击上方公司名可切换其他公司
维谛技术的季度营收约是诺唯真游轮控股的1.2倍（$2.6B vs $2.2B），维谛技术净利率更高（14.7% vs 0.6%，领先14.1%），维谛技术同比增速更快（30.1% vs 6.4%），维谛技术自由现金流更多（$652.8M vs $21.5M），过去两年维谛技术的营收复合增速更高（16.5% 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%。
维谛技术（Vertiv）是一家美国跨国企业，专注于为数据中心、通信网络、商业及工业场景提供关键基础设施及配套服务，旗下方案可有效保障各行业客户关键业务系统的稳定高效运行。
NCLH vs VRT — 直观对比
营收规模更大
VRT
是对方的1.2倍
$2.2B
营收增速更快
VRT
高出23.7%
6.4%
净利率更高
VRT
高出14.1%
0.6%
自由现金流更多
VRT
多$631.3M
$21.5M
两年增速更快
VRT
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.6B |
| 净利润 | $14.3M | $390.1M |
| 毛利率 | 41.0% | 37.7% |
| 营业利润率 | 8.3% | — |
| 净利率 | 0.6% | 14.7% |
| 营收同比 | 6.4% | 30.1% |
| 净利润同比 | -94.4% | 137.1% |
| 每股收益（稀释后） | $0.08 | $0.99 |
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NCLHVRT
| Q1 26 | — | $2.6B | ||
| Q4 25 | $2.2B | $2.9B | ||
| Q3 25 | $2.9B | $2.7B | ||
| Q2 25 | $2.5B | $2.6B | ||
| Q1 25 | $2.1B | $2.0B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $2.4B | $2.0B |
净利润NCLHVRT
| Q1 26 | — | $390.1M | ||
| Q4 25 | $14.3M | $445.6M | ||
| Q3 25 | $419.3M | $398.5M | ||
| Q2 25 | $30.0M | $324.2M | ||
| Q1 25 | $-40.3M | $164.5M | ||
| Q4 24 | $254.5M | $147.0M | ||
| Q3 24 | $474.9M | $176.6M | ||
| Q2 24 | $163.4M | $178.1M |
毛利率NCLHVRT
| Q1 26 | — | 37.7% | ||
| Q4 25 | 41.0% | 38.9% | ||
| Q3 25 | 47.1% | 37.8% | ||
| Q2 25 | 42.1% | 34.0% | ||
| Q1 25 | 38.7% | 33.7% | ||
| Q4 24 | 38.0% | 37.1% | ||
| Q3 24 | 45.2% | 36.5% | ||
| Q2 24 | 38.7% | 38.0% |
营业利润率NCLHVRT
| Q1 26 | — | — | ||
| Q4 25 | 8.3% | 20.1% | ||
| Q3 25 | 25.5% | 19.3% | ||
| Q2 25 | 16.8% | 16.8% | ||
| Q1 25 | 9.4% | 14.3% | ||
| Q4 24 | 10.2% | 19.5% | ||
| Q3 24 | 24.6% | 17.9% | ||
| Q2 24 | 14.4% | 17.2% |
净利率NCLHVRT
| Q1 26 | — | 14.7% | ||
| Q4 25 | 0.6% | 15.5% | ||
| Q3 25 | 14.3% | 14.9% | ||
| Q2 25 | 1.2% | 12.3% | ||
| Q1 25 | -1.9% | 8.1% | ||
| Q4 24 | 12.1% | 6.3% | ||
| Q3 24 | 16.9% | 8.5% | ||
| Q2 24 | 6.9% | 9.1% |
每股收益（稀释后）NCLHVRT
| Q1 26 | — | $0.99 | ||
| Q4 25 | $0.08 | $1.14 | ||
| Q3 25 | $0.86 | $1.02 | ||
| Q2 25 | $0.07 | $0.83 | ||
| Q1 25 | $-0.09 | $0.42 | ||
| Q4 24 | $0.55 | $0.38 | ||
| Q3 24 | $0.95 | $0.46 | ||
| Q2 24 | $0.35 | $0.46 |
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 | $2.5B |
| 总债务越低越好 | $13.7B | $0 |
| 股东权益账面价值 | $2.2B | $4.2B |
| 总资产 | $22.5B | $13.4B |
| 负债/权益比越低杠杆越低 | 6.21× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资NCLHVRT
| Q1 26 | — | $2.5B | ||
| Q4 25 | $209.9M | $1.7B | ||
| Q3 25 | $166.8M | $1.4B | ||
| Q2 25 | $184.0M | $1.6B | ||
| Q1 25 | $184.4M | $1.5B | ||
| Q4 24 | $190.8M | $1.2B | ||
| Q3 24 | $332.5M | $908.7M | ||
| Q2 24 | $594.1M | $579.7M |
总债务NCLHVRT
| Q1 26 | — | $0 | ||
| Q4 25 | $13.7B | $2.9B | ||
| Q3 25 | $13.6B | $2.9B | ||
| Q2 25 | $12.6B | $2.9B | ||
| Q1 25 | $12.9B | $2.9B | ||
| Q4 24 | $11.8B | $2.9B | ||
| Q3 24 | $11.8B | $2.9B | ||
| Q2 24 | $11.9B | $2.9B |
股东权益NCLHVRT
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.2B | $3.9B | ||
| Q3 25 | $2.2B | $3.5B | ||
| Q2 25 | $1.6B | $3.1B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.4B | $2.4B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $693.1M | $1.5B |
总资产NCLHVRT
| Q1 26 | — | $13.4B | ||
| Q4 25 | $22.5B | $12.2B | ||
| Q3 25 | $22.2B | $10.8B | ||
| Q2 25 | $21.6B | $10.4B | ||
| Q1 25 | $21.4B | $9.5B | ||
| Q4 24 | $20.0B | $9.1B | ||
| Q3 24 | $19.8B | $8.9B | ||
| Q2 24 | $20.1B | $8.1B |
负债/权益比NCLHVRT
| Q1 26 | — | 0.00× | ||
| Q4 25 | 6.21× | 0.74× | ||
| Q3 25 | 6.22× | 0.83× | ||
| Q2 25 | 8.05× | 0.93× | ||
| Q1 25 | 9.09× | 1.10× | ||
| Q4 24 | 8.26× | 1.20× | ||
| Q3 24 | 10.35× | 1.62× | ||
| Q2 24 | 17.19× | 1.91× |
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 | $652.8M |
| 自由现金流率自由现金流/营收 | 1.0% | 24.6% |
| 资本支出强度资本支出/营收 | 19.5% | 4.2% |
| 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 | $2.3B |
8季度趋势，按日历期对齐
经营现金流NCLHVRT
| Q1 26 | — | — | ||
| Q4 25 | $459.1M | $978.9M | ||
| Q3 25 | $236.6M | $508.7M | ||
| Q2 25 | $714.9M | $322.9M | ||
| Q1 25 | $679.2M | $303.3M | ||
| Q4 24 | $399.3M | $425.2M | ||
| Q3 24 | $172.5M | $378.2M | ||
| Q2 24 | $670.9M | $378.4M |
自由现金流NCLHVRT
| Q1 26 | — | $652.8M | ||
| Q4 25 | $21.5M | $885.6M | ||
| Q3 25 | $-726.5M | $463.5M | ||
| Q2 25 | $381.2M | $277.9M | ||
| Q1 25 | $-846.0M | $266.8M | ||
| Q4 24 | $155.8M | $364.5M | ||
| Q3 24 | $-195.5M | $341.8M | ||
| Q2 24 | $330.2M | $344.3M |
自由现金流率NCLHVRT
| Q1 26 | — | 24.6% | ||
| Q4 25 | 1.0% | 30.8% | ||
| Q3 25 | -24.7% | 17.3% | ||
| Q2 25 | 15.1% | 10.5% | ||
| Q1 25 | -39.8% | 13.1% | ||
| Q4 24 | 7.4% | 15.5% | ||
| Q3 24 | -7.0% | 16.5% | ||
| Q2 24 | 13.9% | 17.6% |
资本支出强度NCLHVRT
| Q1 26 | — | 4.2% | ||
| Q4 25 | 19.5% | 3.2% | ||
| Q3 25 | 32.8% | 1.7% | ||
| Q2 25 | 13.3% | 1.7% | ||
| Q1 25 | 71.7% | 1.8% | ||
| Q4 24 | 11.5% | 2.6% | ||
| Q3 24 | 13.1% | 1.8% | ||
| Q2 24 | 14.4% | 1.7% |
现金转化率NCLHVRT
| Q1 26 | — | — | ||
| Q4 25 | 32.21× | 2.20× | ||
| Q3 25 | 0.56× | 1.28× | ||
| Q2 25 | 23.83× | 1.00× | ||
| Q1 25 | — | 1.84× | ||
| Q4 24 | 1.57× | 2.89× | ||
| Q3 24 | 0.36× | 2.14× | ||
| Q2 24 | 4.10× | 2.12× |
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% |
VRT
暂无分部数据
