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诺唯真游轮控股（NCLH）与永利度假村（WYNN）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永利度假村的1.2倍（$2.2B vs $1.9B），永利度假村净利率更高（5.4% vs 0.6%，领先4.7%），诺唯真游轮控股同比增速更快（6.4% vs 1.5%），永利度假村自由现金流更多（$306.8M 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 0.1%）
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%。
永利度假村是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店及博彩度假村的开发与运营。公司2002年由前梦幻度假村董事长兼首席执行官史蒂夫·永利创立，现任首席执行官为克雷格·比林斯，截至2020年已在全球布局6处优质物业。
NCLH vs WYNN — 直观对比
营收规模更大
NCLH
是对方的1.2倍
$1.9B
营收增速更快
NCLH
高出4.9%
1.5%
净利率更高
WYNN
高出4.7%
0.6%
自由现金流更多
WYNN
多$285.3M
$21.5M
两年增速更快
NCLH
近两年复合增速
0.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.9B |
| 净利润 | $14.3M | $100.0M |
| 毛利率 | 41.0% | — |
| 营业利润率 | 8.3% | 14.7% |
| 净利率 | 0.6% | 5.4% |
| 营收同比 | 6.4% | 1.5% |
| 净利润同比 | -94.4% | -63.9% |
| 每股收益（稀释后） | $0.08 | $0.96 |
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NCLHWYNN
| Q4 25 | $2.2B | $1.9B | ||
| Q3 25 | $2.9B | $1.8B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $2.1B | $1.7B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.8B | $1.7B | ||
| Q2 24 | $2.4B | $1.7B | ||
| Q1 24 | $2.2B | $1.9B |
净利润NCLHWYNN
| Q4 25 | $14.3M | $100.0M | ||
| Q3 25 | $419.3M | $88.3M | ||
| Q2 25 | $30.0M | $66.2M | ||
| Q1 25 | $-40.3M | $72.7M | ||
| Q4 24 | $254.5M | $277.0M | ||
| Q3 24 | $474.9M | $-32.1M | ||
| Q2 24 | $163.4M | $111.9M | ||
| Q1 24 | $17.4M | $144.2M |
毛利率NCLHWYNN
| 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NCLHWYNN
| Q4 25 | 8.3% | 14.7% | ||
| Q3 25 | 25.5% | 16.9% | ||
| Q2 25 | 16.8% | 15.2% | ||
| Q1 25 | 9.4% | 15.8% | ||
| Q4 24 | 10.2% | 20.0% | ||
| Q3 24 | 24.6% | 7.9% | ||
| Q2 24 | 14.4% | 15.6% | ||
| Q1 24 | 10.0% | 19.5% |
净利率NCLHWYNN
| Q4 25 | 0.6% | 5.4% | ||
| Q3 25 | 14.3% | 4.8% | ||
| Q2 25 | 1.2% | 3.8% | ||
| Q1 25 | -1.9% | 4.3% | ||
| Q4 24 | 12.1% | 15.1% | ||
| Q3 24 | 16.9% | -1.9% | ||
| Q2 24 | 6.9% | 6.5% | ||
| Q1 24 | 0.8% | 7.7% |
每股收益（稀释后）NCLHWYNN
| Q4 25 | $0.08 | $0.96 | ||
| Q3 25 | $0.86 | $0.85 | ||
| Q2 25 | $0.07 | $0.64 | ||
| Q1 25 | $-0.09 | $0.69 | ||
| Q4 24 | $0.55 | $2.43 | ||
| Q3 24 | $0.95 | $-0.29 | ||
| Q2 24 | $0.35 | $0.91 | ||
| Q1 24 | $0.04 | $1.30 |
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 | $1.5B |
| 总债务越低越好 | $13.7B | $10.5B |
| 股东权益账面价值 | $2.2B | $-275.5M |
| 总资产 | $22.5B | $13.1B |
| 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NCLHWYNN
| Q4 25 | $209.9M | $1.5B | ||
| Q3 25 | $166.8M | $1.5B | ||
| Q2 25 | $184.0M | $2.0B | ||
| Q1 25 | $184.4M | $2.1B | ||
| Q4 24 | $190.8M | $2.4B | ||
| Q3 24 | $332.5M | $2.4B | ||
| Q2 24 | $594.1M | $2.4B | ||
| Q1 24 | $559.8M | $2.4B |
总债务NCLHWYNN
| Q4 25 | $13.7B | $10.5B | ||
| Q3 25 | $13.6B | $10.6B | ||
| Q2 25 | $12.6B | $10.5B | ||
| Q1 25 | $12.9B | $10.6B | ||
| Q4 24 | $11.8B | $10.5B | ||
| Q3 24 | $11.8B | $11.8B | ||
| Q2 24 | $11.9B | $11.0B | ||
| Q1 24 | $12.0B | $11.2B |
股东权益NCLHWYNN
| Q4 25 | $2.2B | $-275.5M | ||
| Q3 25 | $2.2B | $-370.0M | ||
| Q2 25 | $1.6B | $-441.5M | ||
| Q1 25 | $1.4B | $-360.7M | ||
| Q4 24 | $1.4B | $-224.2M | ||
| Q3 24 | $1.1B | $-281.4M | ||
| Q2 24 | $693.1M | $-109.8M | ||
| Q1 24 | $362.1M | $-137.0M |
总资产NCLHWYNN
| Q4 25 | $22.5B | $13.1B | ||
| Q3 25 | $22.2B | $12.8B | ||
| Q2 25 | $21.6B | $12.7B | ||
| Q1 25 | $21.4B | $12.7B | ||
| Q4 24 | $20.0B | $13.0B | ||
| Q3 24 | $19.8B | $14.1B | ||
| Q2 24 | $20.1B | $13.3B | ||
| Q1 24 | $19.8B | $13.5B |
负债/权益比NCLHWYNN
| 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 | $478.0M |
| 自由现金流经营现金流 - 资本支出 | $21.5M | $306.8M |
| 自由现金流率自由现金流/营收 | 1.0% | 16.4% |
| 资本支出强度资本支出/营收 | 19.5% | 9.2% |
| 现金转化率经营现金流/净利润 | 32.21× | 4.78× |
| 过去12个月自由现金流最近4个季度 | $-1.2B | $692.2M |
8季度趋势，按日历期对齐
经营现金流NCLHWYNN
| Q4 25 | $459.1M | $478.0M | ||
| Q3 25 | $236.6M | $335.8M | ||
| Q2 25 | $714.9M | $405.1M | ||
| Q1 25 | $679.2M | $133.8M | ||
| Q4 24 | $399.3M | $479.0M | ||
| Q3 24 | $172.5M | $279.3M | ||
| Q2 24 | $670.9M | $352.8M | ||
| Q1 24 | $807.2M | $315.1M |
自由现金流NCLHWYNN
| Q4 25 | $21.5M | $306.8M | ||
| Q3 25 | $-726.5M | $171.8M | ||
| Q2 25 | $381.2M | $239.8M | ||
| Q1 25 | $-846.0M | $-26.2M | ||
| Q4 24 | $155.8M | $351.8M | ||
| Q3 24 | $-195.5M | $178.0M | ||
| Q2 24 | $330.2M | $259.1M | ||
| Q1 24 | $548.3M | $217.4M |
自由现金流率NCLHWYNN
| Q4 25 | 1.0% | 16.4% | ||
| Q3 25 | -24.7% | 9.4% | ||
| Q2 25 | 15.1% | 13.8% | ||
| Q1 25 | -39.8% | -1.5% | ||
| Q4 24 | 7.4% | 19.1% | ||
| Q3 24 | -7.0% | 10.5% | ||
| Q2 24 | 13.9% | 15.0% | ||
| Q1 24 | 25.0% | 11.7% |
资本支出强度NCLHWYNN
| Q4 25 | 19.5% | 9.2% | ||
| Q3 25 | 32.8% | 8.9% | ||
| Q2 25 | 13.3% | 9.5% | ||
| Q1 25 | 71.7% | 9.4% | ||
| Q4 24 | 11.5% | 6.9% | ||
| Q3 24 | 13.1% | 6.0% | ||
| Q2 24 | 14.4% | 5.4% | ||
| Q1 24 | 11.8% | 5.2% |
现金转化率NCLHWYNN
| Q4 25 | 32.21× | 4.78× | ||
| Q3 25 | 0.56× | 3.80× | ||
| Q2 25 | 23.83× | 6.12× | ||
| Q1 25 | — | 1.84× | ||
| Q4 24 | 1.57× | 1.73× | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 4.10× | 3.15× | ||
| Q1 24 | 46.51× | 2.18× |
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% |
WYNN
| Casino | $1.1B | 61% |
| Occupancy | $305.1M | 16% |
| Food And Beverage | $264.9M | 14% |
| Entertainment Retail And Other | $152.6M | 8% |
