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皇家加勒比集团（RCL）与Constellation Brands（STZ）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Constellation Brands的1.9倍（$4.3B vs $2.2B），Constellation Brands净利率更高（22.6% vs 17.7%，领先4.9%），皇家加勒比集团同比增速更快（13.3% vs -9.8%），Constellation Brands自由现金流更多（$370.9M vs $116.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% vs 1.9%）
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。
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
RCL vs STZ — 直观对比
营收规模更大
RCL
是对方的1.9倍
$2.2B
营收增速更快
RCL
高出23.1%
-9.8%
净利率更高
STZ
高出4.9%
17.7%
自由现金流更多
STZ
多$254.9M
$116.0M
两年增速更快
RCL
近两年复合增速
1.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $2.2B |
| 净利润 | $753.0M | $502.8M |
| 毛利率 | 47.4% | 53.2% |
| 营业利润率 | 21.9% | 31.1% |
| 净利率 | 17.7% | 22.6% |
| 营收同比 | 13.3% | -9.8% |
| 净利润同比 | 36.4% | -18.4% |
| 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RCLSTZ
| Q4 25 | $4.3B | $2.2B | ||
| Q3 25 | $5.1B | $2.5B | ||
| Q2 25 | $4.5B | $2.5B | ||
| Q1 25 | $4.0B | $2.2B | ||
| Q4 24 | $3.8B | $2.5B | ||
| Q3 24 | $4.9B | $2.9B | ||
| Q2 24 | $4.1B | $2.7B | ||
| Q1 24 | $3.7B | $2.1B |
净利润RCLSTZ
| Q4 25 | $753.0M | $502.8M | ||
| Q3 25 | $1.6B | $466.0M | ||
| Q2 25 | $1.2B | $516.1M | ||
| Q1 25 | $730.0M | $-375.3M | ||
| Q4 24 | $552.0M | $615.9M | ||
| Q3 24 | $1.1B | $-1.2B | ||
| Q2 24 | $854.0M | $877.0M | ||
| Q1 24 | $360.0M | $392.4M |
毛利率RCLSTZ
| Q4 25 | 47.4% | 53.2% | ||
| Q3 25 | 51.8% | 52.8% | ||
| Q2 25 | 49.7% | 50.4% | ||
| Q1 25 | 48.0% | 51.5% | ||
| Q4 24 | 45.4% | 52.1% | ||
| Q3 24 | 51.1% | 51.8% | ||
| Q2 24 | 47.6% | 52.7% | ||
| Q1 24 | 44.8% | 48.6% |
营业利润率RCLSTZ
| Q4 25 | 21.9% | 31.1% | ||
| Q3 25 | 33.1% | 35.2% | ||
| Q2 25 | 29.3% | 28.4% | ||
| Q1 25 | 23.6% | -6.9% | ||
| Q4 24 | 16.6% | 32.2% | ||
| Q3 24 | 33.4% | -42.1% | ||
| Q2 24 | 26.7% | 35.4% | ||
| Q1 24 | 20.1% | 29.4% |
净利率RCLSTZ
| Q4 25 | 17.7% | 22.6% | ||
| Q3 25 | 30.6% | 18.8% | ||
| Q2 25 | 26.7% | 20.5% | ||
| Q1 25 | 18.3% | -17.3% | ||
| Q4 24 | 14.7% | 25.0% | ||
| Q3 24 | 22.7% | -41.1% | ||
| Q2 24 | 20.8% | 32.9% | ||
| Q1 24 | 9.7% | 18.3% |
每股收益（稀释后）RCLSTZ
| Q4 25 | $2.76 | — | ||
| Q3 25 | $5.74 | — | ||
| Q2 25 | $4.41 | — | ||
| Q1 25 | $2.70 | — | ||
| Q4 24 | $2.27 | — | ||
| Q3 24 | $4.21 | — | ||
| Q2 24 | $3.11 | — | ||
| Q1 24 | $1.35 | — |
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 | $152.4M |
| 总债务越低越好 | $18.2B | $10.3B |
| 股东权益账面价值 | $10.0B | $7.7B |
| 总资产 | $41.6B | $21.7B |
| 负债/权益比越低杠杆越低 | 1.81× | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资RCLSTZ
| Q4 25 | $825.0M | $152.4M | ||
| Q3 25 | $432.0M | $72.0M | ||
| Q2 25 | $735.0M | $73.9M | ||
| Q1 25 | $386.0M | $68.1M | ||
| Q4 24 | $388.0M | $73.7M | ||
| Q3 24 | $418.0M | $64.6M | ||
| Q2 24 | $391.0M | $73.8M | ||
| Q1 24 | $437.0M | $152.4M |
总债务RCLSTZ
| Q4 25 | $18.2B | $10.3B | ||
| Q3 25 | $17.2B | $10.3B | ||
| Q2 25 | $17.6B | $11.2B | ||
| Q1 25 | $18.0B | $10.7B | ||
| Q4 24 | $18.5B | $10.7B | ||
| Q3 24 | $19.0B | $11.1B | ||
| Q2 24 | $19.8B | $11.1B | ||
| Q1 24 | $18.9B | $11.6B |
股东权益RCLSTZ
| Q4 25 | $10.0B | $7.7B | ||
| Q3 25 | $10.1B | $7.5B | ||
| Q2 25 | $9.2B | $7.3B | ||
| Q1 25 | $8.0B | $6.9B | ||
| Q4 24 | $7.6B | $7.8B | ||
| Q3 24 | $7.0B | $7.9B | ||
| Q2 24 | $6.0B | $10.3B | ||
| Q1 24 | $5.2B | $9.7B |
总资产RCLSTZ
| Q4 25 | $41.6B | $21.7B | ||
| Q3 25 | $40.1B | $21.4B | ||
| Q2 25 | $38.5B | $22.3B | ||
| Q1 25 | $37.5B | $21.7B | ||
| Q4 24 | $37.1B | $22.8B | ||
| Q3 24 | $37.1B | $23.1B | ||
| Q2 24 | $37.0B | $26.1B | ||
| Q1 24 | $35.2B | $25.7B |
负债/权益比RCLSTZ
| Q4 25 | 1.81× | 1.33× | ||
| Q3 25 | 1.70× | 1.37× | ||
| Q2 25 | 1.92× | 1.54× | ||
| Q1 25 | 2.26× | 1.55× | ||
| Q4 24 | 2.44× | 1.37× | ||
| Q3 24 | 2.69× | 1.41× | ||
| Q2 24 | 3.29× | 1.08× | ||
| Q1 24 | 3.66× | 1.19× |
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 | $616.9M |
| 自由现金流经营现金流 - 资本支出 | $116.0M | $370.9M |
| 自由现金流率自由现金流/营收 | 2.7% | 16.7% |
| 资本支出强度资本支出/营收 | 35.4% | 11.1% |
| 现金转化率经营现金流/净利润 | 2.16× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.8B |
8季度趋势，按日历期对齐
经营现金流RCLSTZ
| Q4 25 | $1.6B | $616.9M | ||
| Q3 25 | $1.5B | $852.1M | ||
| Q2 25 | $1.7B | $637.2M | ||
| Q1 25 | $1.6B | $594.7M | ||
| Q4 24 | $1.5B | $685.2M | ||
| Q3 24 | $897.0M | $1.2B | ||
| Q2 24 | $1.6B | $690.5M | ||
| Q1 24 | $1.3B | $433.2M |
自由现金流RCLSTZ
| Q4 25 | $116.0M | $370.9M | ||
| Q3 25 | $-989.0M | $634.8M | ||
| Q2 25 | $910.0M | $444.4M | ||
| Q1 25 | $1.2B | $312.1M | ||
| Q4 24 | $915.0M | $456.8M | ||
| Q3 24 | $563.0M | $854.0M | ||
| Q2 24 | $-567.0M | $315.2M | ||
| Q1 24 | $1.1B | $76.0M |
自由现金流率RCLSTZ
| Q4 25 | 2.7% | 16.7% | ||
| Q3 25 | -19.2% | 25.6% | ||
| Q2 25 | 20.1% | 17.7% | ||
| Q1 25 | 30.0% | 14.4% | ||
| Q4 24 | 24.3% | 18.5% | ||
| Q3 24 | 11.5% | 29.3% | ||
| Q2 24 | -13.8% | 11.8% | ||
| Q1 24 | 29.1% | 3.6% |
资本支出强度RCLSTZ
| Q4 25 | 35.4% | 11.1% | ||
| Q3 25 | 47.8% | 8.8% | ||
| Q2 25 | 18.4% | 7.7% | ||
| Q1 25 | 10.7% | 13.1% | ||
| Q4 24 | 14.7% | 9.3% | ||
| Q3 24 | 6.8% | 11.2% | ||
| Q2 24 | 52.1% | 14.1% | ||
| Q1 24 | 6.5% | 16.7% |
现金转化率RCLSTZ
| Q4 25 | 2.16× | 1.23× | ||
| Q3 25 | 0.93× | 1.83× | ||
| Q2 25 | 1.44× | 1.23× | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.66× | 1.11× | ||
| Q3 24 | 0.81× | — | ||
| Q2 24 | 1.84× | 0.79× | ||
| Q1 24 | 3.69× | 1.10× |
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% |
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
