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纳斯达克（NDAQ）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
皇家加勒比集团的季度营收约是纳斯达克的2.0倍（$4.3B vs $2.1B），纳斯达克净利率更高（24.3% vs 17.7%，领先6.6%），皇家加勒比集团同比增速更快（13.3% vs 2.0%），过去两年纳斯达克的营收复合增速更高（9.2% vs 6.9%）
纳斯达克是美国的证券交易所，市值规模在全球证券交易所中排名第二，也是全球首个完全电子化的股票市场。其总部位于纽约曼哈顿，是美国交易量领先、活跃度最高的股票交易场所之一。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
NDAQ vs RCL — 直观对比
营收规模更大
RCL
是对方的2.0倍
$2.1B
营收增速更快
RCL
高出11.3%
2.0%
净利率更高
NDAQ
高出6.6%
17.7%
两年增速更快
NDAQ
近两年复合增速
6.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $4.3B |
| 净利润 | $519.0M | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | 30.7% | 21.9% |
| 净利率 | 24.3% | 17.7% |
| 营收同比 | 2.0% | 13.3% |
| 净利润同比 | 31.4% | 36.4% |
| 每股收益（稀释后） | $0.91 | $2.76 |
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NDAQRCL
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $4.3B | ||
| Q3 25 | $2.0B | $5.1B | ||
| Q2 25 | $2.1B | $4.5B | ||
| Q1 25 | $2.1B | $4.0B | ||
| Q4 24 | $2.0B | $3.8B | ||
| Q3 24 | $1.9B | $4.9B | ||
| Q2 24 | $1.8B | $4.1B |
净利润NDAQRCL
| Q1 26 | $519.0M | — | ||
| Q4 25 | $518.0M | $753.0M | ||
| Q3 25 | $423.0M | $1.6B | ||
| Q2 25 | $452.0M | $1.2B | ||
| Q1 25 | $395.0M | $730.0M | ||
| Q4 24 | $355.0M | $552.0M | ||
| Q3 24 | $306.0M | $1.1B | ||
| Q2 24 | $222.0M | $854.0M |
毛利率NDAQRCL
| Q1 26 | — | — | ||
| Q4 25 | 65.5% | 47.4% | ||
| Q3 25 | 67.2% | 51.8% | ||
| Q2 25 | 62.5% | 49.7% | ||
| Q1 25 | 59.2% | 48.0% | ||
| Q4 24 | 60.4% | 45.4% | ||
| Q3 24 | 60.3% | 51.1% | ||
| Q2 24 | 64.7% | 47.6% |
营业利润率NDAQRCL
| Q1 26 | 30.7% | — | ||
| Q4 25 | 29.7% | 21.9% | ||
| Q3 25 | 29.9% | 33.1% | ||
| Q2 25 | 27.2% | 29.3% | ||
| Q1 25 | 26.2% | 23.6% | ||
| Q4 24 | 25.4% | 16.6% | ||
| Q3 24 | 23.6% | 33.4% | ||
| Q2 24 | 23.6% | 26.7% |
净利率NDAQRCL
| Q1 26 | 24.3% | — | ||
| Q4 25 | 24.4% | 17.7% | ||
| Q3 25 | 21.6% | 30.6% | ||
| Q2 25 | 21.6% | 26.7% | ||
| Q1 25 | 18.9% | 18.3% | ||
| Q4 24 | 17.5% | 14.7% | ||
| Q3 24 | 16.1% | 22.7% | ||
| Q2 24 | 12.4% | 20.8% |
每股收益（稀释后）NDAQRCL
| Q1 26 | $0.91 | — | ||
| Q4 25 | $0.90 | $2.76 | ||
| Q3 25 | $0.73 | $5.74 | ||
| Q2 25 | $0.78 | $4.41 | ||
| Q1 25 | $0.68 | $2.70 | ||
| Q4 24 | $0.62 | $2.27 | ||
| Q3 24 | $0.53 | $4.21 | ||
| Q2 24 | $0.38 | $3.11 |
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 | $515.0M | $825.0M |
| 总债务越低越好 | $9.0B | $18.2B |
| 股东权益账面价值 | $12.0B | $10.0B |
| 总资产 | $27.3B | $41.6B |
| 负债/权益比越低杠杆越低 | 0.74× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资NDAQRCL
| Q1 26 | $515.0M | — | ||
| Q4 25 | $604.0M | $825.0M | ||
| Q3 25 | $470.0M | $432.0M | ||
| Q2 25 | $732.0M | $735.0M | ||
| Q1 25 | $690.0M | $386.0M | ||
| Q4 24 | $592.0M | $388.0M | ||
| Q3 24 | $266.0M | $418.0M | ||
| Q2 24 | $416.0M | $391.0M |
总债务NDAQRCL
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.6B | $18.2B | ||
| Q3 25 | $8.7B | $17.2B | ||
| Q2 25 | $8.7B | $17.6B | ||
| Q1 25 | $8.9B | $18.0B | ||
| Q4 24 | $9.1B | $18.5B | ||
| Q3 24 | $9.4B | $19.0B | ||
| Q2 24 | $9.2B | $19.8B |
股东权益NDAQRCL
| Q1 26 | $12.0B | — | ||
| Q4 25 | $12.2B | $10.0B | ||
| Q3 25 | $12.0B | $10.1B | ||
| Q2 25 | $11.8B | $9.2B | ||
| Q1 25 | $11.5B | $8.0B | ||
| Q4 24 | $11.2B | $7.6B | ||
| Q3 24 | $11.1B | $7.0B | ||
| Q2 24 | $10.9B | $6.0B |
总资产NDAQRCL
| Q1 26 | $27.3B | — | ||
| Q4 25 | $31.1B | $41.6B | ||
| Q3 25 | $30.7B | $40.1B | ||
| Q2 25 | $30.4B | $38.5B | ||
| Q1 25 | $30.6B | $37.5B | ||
| Q4 24 | $30.4B | $37.1B | ||
| Q3 24 | $30.6B | $37.1B | ||
| Q2 24 | $30.2B | $37.0B |
负债/权益比NDAQRCL
| Q1 26 | 0.74× | — | ||
| Q4 25 | 0.70× | 1.81× | ||
| Q3 25 | 0.72× | 1.70× | ||
| Q2 25 | 0.73× | 1.92× | ||
| Q1 25 | 0.77× | 2.26× | ||
| Q4 24 | 0.81× | 2.44× | ||
| Q3 24 | 0.85× | 2.69× | ||
| Q2 24 | 0.85× | 3.29× |
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 | — | $1.6B |
| 自由现金流经营现金流 - 资本支出 | — | $116.0M |
| 自由现金流率自由现金流/营收 | — | 2.7% |
| 资本支出强度资本支出/营收 | — | 35.4% |
| 现金转化率经营现金流/净利润 | — | 2.16× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流NDAQRCL
| Q1 26 | — | — | ||
| Q4 25 | $625.0M | $1.6B | ||
| Q3 25 | $221.0M | $1.5B | ||
| Q2 25 | $746.0M | $1.7B | ||
| Q1 25 | $663.0M | $1.6B | ||
| Q4 24 | $705.0M | $1.5B | ||
| Q3 24 | $244.0M | $897.0M | ||
| Q2 24 | $460.0M | $1.6B |
自由现金流NDAQRCL
| Q1 26 | — | — | ||
| Q4 25 | $536.0M | $116.0M | ||
| Q3 25 | $152.0M | $-989.0M | ||
| Q2 25 | $687.0M | $910.0M | ||
| Q1 25 | $614.0M | $1.2B | ||
| Q4 24 | $645.0M | $915.0M | ||
| Q3 24 | $188.0M | $563.0M | ||
| Q2 24 | $408.0M | $-567.0M |
自由现金流率NDAQRCL
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | 2.7% | ||
| Q3 25 | 7.8% | -19.2% | ||
| Q2 25 | 32.9% | 20.1% | ||
| Q1 25 | 29.4% | 30.0% | ||
| Q4 24 | 31.7% | 24.3% | ||
| Q3 24 | 9.9% | 11.5% | ||
| Q2 24 | 22.8% | -13.8% |
资本支出强度NDAQRCL
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 35.4% | ||
| Q3 25 | 3.5% | 47.8% | ||
| Q2 25 | 2.8% | 18.4% | ||
| Q1 25 | 2.3% | 10.7% | ||
| Q4 24 | 3.0% | 14.7% | ||
| Q3 24 | 2.9% | 6.8% | ||
| Q2 24 | 2.9% | 52.1% |
现金转化率NDAQRCL
| Q1 26 | — | — | ||
| Q4 25 | 1.21× | 2.16× | ||
| Q3 25 | 0.52× | 0.93× | ||
| Q2 25 | 1.65× | 1.44× | ||
| Q1 25 | 1.68× | 2.23× | ||
| Q4 24 | 1.99× | 2.66× | ||
| Q3 24 | 0.80× | 0.81× | ||
| Q2 24 | 2.07× | 1.84× |
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
NDAQ
| Market Services | $1.0B | 49% |
| Capital Access Platforms | $565.0M | 26% |
| Financial Technology | $517.0M | 24% |
| Other Revenues | $8.0M | 0% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
