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OLD REPUBLIC INTERNATIONAL CORP（ORI）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OLD REPUBLIC INTERNATIONAL CORP的1.8倍（$4.3B vs $2.4B），皇家加勒比集团净利率更高（17.7% vs 13.8%，领先3.9%），皇家加勒比集团同比增速更快（13.3% vs 6.7%），过去两年OLD REPUBLIC INTERNATIONAL CORP的营收复合增速更高（13.2% vs 6.9%）
Old Republic International Corp是一家总部位于美国伊利诺伊州芝加哥的保险企业，核心业务覆盖财产保险、产权保险两大领域，深耕行业多年，具备成熟的风险防控能力与完善的服务体系，可为各类客户提供专业可靠的保险产品及相关解决方案。
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。
ORI vs RCL — 直观对比
营收规模更大
RCL
是对方的1.8倍
$2.4B
营收增速更快
RCL
高出6.5%
6.7%
净利率更高
RCL
高出3.9%
13.8%
两年增速更快
ORI
近两年复合增速
6.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $4.3B |
| 净利润 | $330.0M | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | — | 21.9% |
| 净利率 | 13.8% | 17.7% |
| 营收同比 | 6.7% | 13.3% |
| 净利润同比 | 34.7% | 36.4% |
| 每股收益（稀释后） | — | $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ORIRCL
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.4B | $4.3B | ||
| Q3 25 | $2.4B | $5.1B | ||
| Q2 25 | $2.2B | $4.5B | ||
| Q1 25 | $2.1B | $4.0B | ||
| Q4 24 | $2.0B | $3.8B | ||
| Q3 24 | $2.3B | $4.9B | ||
| Q2 24 | $1.9B | $4.1B |
净利润ORIRCL
| Q1 26 | $330.0M | — | ||
| Q4 25 | $206.5M | $753.0M | ||
| Q3 25 | $279.5M | $1.6B | ||
| Q2 25 | $204.4M | $1.2B | ||
| Q1 25 | $245.0M | $730.0M | ||
| Q4 24 | $105.3M | $552.0M | ||
| Q3 24 | $338.9M | $1.1B | ||
| Q2 24 | $91.8M | $854.0M |
毛利率ORIRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
营业利润率ORIRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 21.9% | ||
| Q3 25 | 14.6% | 33.1% | ||
| Q2 25 | 11.8% | 29.3% | ||
| Q1 25 | 14.6% | 23.6% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | 18.2% | 33.4% | ||
| Q2 24 | 6.1% | 26.7% |
净利率ORIRCL
| Q1 26 | 13.8% | — | ||
| Q4 25 | 8.6% | 17.7% | ||
| Q3 25 | 11.5% | 30.6% | ||
| Q2 25 | 9.3% | 26.7% | ||
| Q1 25 | 11.6% | 18.3% | ||
| Q4 24 | 5.3% | 14.7% | ||
| Q3 24 | 14.5% | 22.7% | ||
| Q2 24 | 4.9% | 20.8% |
每股收益（稀释后）ORIRCL
| Q1 26 | — | — | ||
| Q4 25 | $0.82 | $2.76 | ||
| Q3 25 | $1.11 | $5.74 | ||
| Q2 25 | $0.81 | $4.41 | ||
| Q1 25 | $0.98 | $2.70 | ||
| Q4 24 | $0.42 | $2.27 | ||
| Q3 24 | $1.32 | $4.21 | ||
| Q2 24 | $0.35 | $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 | — | $825.0M |
| 总债务越低越好 | — | $18.2B |
| 股东权益账面价值 | $5.9M | $10.0B |
| 总资产 | $29.6M | $41.6B |
| 负债/权益比越低杠杆越低 | — | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资ORIRCL
| Q1 26 | — | — | ||
| Q4 25 | — | $825.0M | ||
| Q3 25 | — | $432.0M | ||
| Q2 25 | — | $735.0M | ||
| Q1 25 | — | $386.0M | ||
| Q4 24 | — | $388.0M | ||
| Q3 24 | — | $418.0M | ||
| Q2 24 | — | $391.0M |
总债务ORIRCL
| Q1 26 | — | — | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B |
股东权益ORIRCL
| Q1 26 | $5.9M | — | ||
| Q4 25 | $5.9B | $10.0B | ||
| Q3 25 | $6.4B | $10.1B | ||
| Q2 25 | $6.2B | $9.2B | ||
| Q1 25 | $5.9B | $8.0B | ||
| Q4 24 | $5.6B | $7.6B | ||
| Q3 24 | $6.4B | $7.0B | ||
| Q2 24 | $6.0B | $6.0B |
总资产ORIRCL
| Q1 26 | $29.6M | — | ||
| Q4 25 | $29.9B | $41.6B | ||
| Q3 25 | $30.3B | $40.1B | ||
| Q2 25 | $29.3B | $38.5B | ||
| Q1 25 | $28.0B | $37.5B | ||
| Q4 24 | $27.8B | $37.1B | ||
| Q3 24 | $28.8B | $37.1B | ||
| Q2 24 | $27.5B | $37.0B |
负债/权益比ORIRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 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ORIRCL
| Q1 26 | — | — | ||
| Q4 25 | $234.9M | $1.6B | ||
| Q3 25 | $563.9M | $1.5B | ||
| Q2 25 | $133.8M | $1.7B | ||
| Q1 25 | $231.7M | $1.6B | ||
| Q4 24 | $361.7M | $1.5B | ||
| Q3 24 | $474.8M | $897.0M | ||
| Q2 24 | $236.5M | $1.6B |
自由现金流ORIRCL
| Q1 26 | — | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | — | $910.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M |
自由现金流率ORIRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% |
资本支出强度ORIRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 52.1% |
现金转化率ORIRCL
| Q1 26 | — | — | ||
| Q4 25 | 1.14× | 2.16× | ||
| Q3 25 | 2.02× | 0.93× | ||
| Q2 25 | 0.65× | 1.44× | ||
| Q1 25 | 0.95× | 2.23× | ||
| Q4 24 | 3.43× | 2.66× | ||
| Q3 24 | 1.40× | 0.81× | ||
| Q2 24 | 2.58× | 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
ORI
| operating | $2.2B | 92% |
| Other | $201.8M | 8% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
