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皇家加勒比集团（RCL）与SHOPIFY INC.（SHOP）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SHOPIFY INC.的1.2倍（$4.3B vs $3.7B），SHOPIFY INC.净利率更高（20.2% vs 17.7%，领先2.6%），SHOPIFY INC.同比增速更快（30.6% vs 13.3%），SHOPIFY INC.自由现金流更多（$715.0M vs $116.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 6.9%）
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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
RCL vs SHOP — 直观对比
营收规模更大
RCL
是对方的1.2倍
$3.7B
营收增速更快
SHOP
高出17.3%
13.3%
净利率更高
SHOP
高出2.6%
17.7%
自由现金流更多
SHOP
多$599.0M
$116.0M
两年增速更快
SHOP
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $3.7B |
| 净利润 | $753.0M | $743.0M |
| 毛利率 | 47.4% | 46.1% |
| 营业利润率 | 21.9% | 17.2% |
| 净利率 | 17.7% | 20.2% |
| 营收同比 | 13.3% | 30.6% |
| 净利润同比 | 36.4% | -42.5% |
| 每股收益（稀释后） | $2.76 | $0.58 |
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RCLSHOP
| Q4 25 | $4.3B | $3.7B | ||
| Q3 25 | $5.1B | $2.8B | ||
| Q2 25 | $4.5B | $2.7B | ||
| Q1 25 | $4.0B | $2.4B | ||
| Q4 24 | $3.8B | $2.8B | ||
| Q3 24 | $4.9B | $2.2B | ||
| Q2 24 | $4.1B | $2.0B | ||
| Q1 24 | $3.7B | $1.9B |
净利润RCLSHOP
| Q4 25 | $753.0M | $743.0M | ||
| Q3 25 | $1.6B | $264.0M | ||
| Q2 25 | $1.2B | $906.0M | ||
| Q1 25 | $730.0M | $-682.0M | ||
| Q4 24 | $552.0M | $1.3B | ||
| Q3 24 | $1.1B | $828.0M | ||
| Q2 24 | $854.0M | $171.0M | ||
| Q1 24 | $360.0M | $-273.0M |
毛利率RCLSHOP
| Q4 25 | 47.4% | 46.1% | ||
| Q3 25 | 51.8% | 48.9% | ||
| Q2 25 | 49.7% | 48.6% | ||
| Q1 25 | 48.0% | 49.5% | ||
| Q4 24 | 45.4% | 48.1% | ||
| Q3 24 | 51.1% | 51.7% | ||
| Q2 24 | 47.6% | 51.1% | ||
| Q1 24 | 44.8% | 51.4% |
营业利润率RCLSHOP
| Q4 25 | 21.9% | 17.2% | ||
| Q3 25 | 33.1% | 12.1% | ||
| Q2 25 | 29.3% | 10.9% | ||
| Q1 25 | 23.6% | 8.6% | ||
| Q4 24 | 16.6% | 16.5% | ||
| Q3 24 | 33.4% | 13.1% | ||
| Q2 24 | 26.7% | 11.8% | ||
| Q1 24 | 20.1% | 4.6% |
净利率RCLSHOP
| Q4 25 | 17.7% | 20.2% | ||
| Q3 25 | 30.6% | 9.3% | ||
| Q2 25 | 26.7% | 33.8% | ||
| Q1 25 | 18.3% | -28.9% | ||
| Q4 24 | 14.7% | 46.0% | ||
| Q3 24 | 22.7% | 38.3% | ||
| Q2 24 | 20.8% | 8.4% | ||
| Q1 24 | 9.7% | -14.7% |
每股收益（稀释后）RCLSHOP
| Q4 25 | $2.76 | $0.58 | ||
| Q3 25 | $5.74 | $0.20 | ||
| Q2 25 | $4.41 | $0.69 | ||
| Q1 25 | $2.70 | $-0.53 | ||
| Q4 24 | $2.27 | $0.99 | ||
| Q3 24 | $4.21 | $0.64 | ||
| Q2 24 | $3.11 | $0.13 | ||
| Q1 24 | $1.35 | $-0.21 |
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 | $5.8B |
| 总债务越低越好 | $18.2B | — |
| 股东权益账面价值 | $10.0B | $13.5B |
| 总资产 | $41.6B | $15.2B |
| 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RCLSHOP
| Q4 25 | $825.0M | $5.8B | ||
| Q3 25 | $432.0M | $6.3B | ||
| Q2 25 | $735.0M | $5.8B | ||
| Q1 25 | $386.0M | $5.5B | ||
| Q4 24 | $388.0M | $5.5B | ||
| Q3 24 | $418.0M | — | ||
| Q2 24 | $391.0M | — | ||
| Q1 24 | $437.0M | — |
总债务RCLSHOP
| 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 | — | ||
| Q1 24 | $18.9B | — |
股东权益RCLSHOP
| Q4 25 | $10.0B | $13.5B | ||
| Q3 25 | $10.1B | $12.5B | ||
| Q2 25 | $9.2B | $12.1B | ||
| Q1 25 | $8.0B | $11.1B | ||
| Q4 24 | $7.6B | $11.6B | ||
| Q3 24 | $7.0B | $10.1B | ||
| Q2 24 | $6.0B | $9.2B | ||
| Q1 24 | $5.2B | $8.9B |
总资产RCLSHOP
| Q4 25 | $41.6B | $15.2B | ||
| Q3 25 | $40.1B | $15.0B | ||
| Q2 25 | $38.5B | $14.6B | ||
| Q1 25 | $37.5B | $13.4B | ||
| Q4 24 | $37.1B | $13.9B | ||
| Q3 24 | $37.1B | — | ||
| Q2 24 | $37.0B | — | ||
| Q1 24 | $35.2B | — |
负债/权益比RCLSHOP
| 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× | — | ||
| Q1 24 | 3.66× | — |
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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $116.0M | $715.0M |
| 自由现金流率自由现金流/营收 | 2.7% | 19.5% |
| 资本支出强度资本支出/营收 | 35.4% | 0.3% |
| 现金转化率经营现金流/净利润 | 2.16× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $2.0B |
8季度趋势，按日历期对齐
经营现金流RCLSHOP
| Q4 25 | $1.6B | $725.0M | ||
| Q3 25 | $1.5B | $513.0M | ||
| Q2 25 | $1.7B | $428.0M | ||
| Q1 25 | $1.6B | $367.0M | ||
| Q4 24 | $1.5B | $615.0M | ||
| Q3 24 | $897.0M | $423.0M | ||
| Q2 24 | $1.6B | $340.0M | ||
| Q1 24 | $1.3B | $238.0M |
自由现金流RCLSHOP
| Q4 25 | $116.0M | $715.0M | ||
| Q3 25 | $-989.0M | $507.0M | ||
| Q2 25 | $910.0M | $422.0M | ||
| Q1 25 | $1.2B | $363.0M | ||
| Q4 24 | $915.0M | $611.0M | ||
| Q3 24 | $563.0M | $421.0M | ||
| Q2 24 | $-567.0M | $333.0M | ||
| Q1 24 | $1.1B | $232.0M |
自由现金流率RCLSHOP
| Q4 25 | 2.7% | 19.5% | ||
| Q3 25 | -19.2% | 17.8% | ||
| Q2 25 | 20.1% | 15.7% | ||
| Q1 25 | 30.0% | 15.4% | ||
| Q4 24 | 24.3% | 21.7% | ||
| Q3 24 | 11.5% | 19.5% | ||
| Q2 24 | -13.8% | 16.3% | ||
| Q1 24 | 29.1% | 12.5% |
资本支出强度RCLSHOP
| Q4 25 | 35.4% | 0.3% | ||
| Q3 25 | 47.8% | 0.2% | ||
| Q2 25 | 18.4% | 0.2% | ||
| Q1 25 | 10.7% | 0.2% | ||
| Q4 24 | 14.7% | 0.1% | ||
| Q3 24 | 6.8% | 0.1% | ||
| Q2 24 | 52.1% | 0.3% | ||
| Q1 24 | 6.5% | 0.3% |
现金转化率RCLSHOP
| Q4 25 | 2.16× | 0.98× | ||
| Q3 25 | 0.93× | 1.94× | ||
| Q2 25 | 1.44× | 0.47× | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.66× | 0.48× | ||
| Q3 24 | 0.81× | 0.51× | ||
| Q2 24 | 1.84× | 1.99× | ||
| Q1 24 | 3.69× | — |
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
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
