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皇家加勒比集团（RCL）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是皇家加勒比集团的1.8倍（$7.6B vs $4.3B），皇家加勒比集团净利率更高（17.7% vs 1.3%，领先16.4%），皇家加勒比集团同比增速更快（13.3% vs 0.5%），Smurfit Westrock自由现金流更多（$612.0M vs $116.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
RCL vs SW — 直观对比
营收规模更大
SW
是对方的1.8倍
$4.3B
营收增速更快
RCL
高出12.7%
0.5%
净利率更高
RCL
高出16.4%
1.3%
自由现金流更多
SW
多$496.0M
$116.0M
两年增速更快
SW
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $7.6B |
| 净利润 | $753.0M | $97.0M |
| 毛利率 | 47.4% | 18.2% |
| 营业利润率 | 21.9% | 5.1% |
| 净利率 | 17.7% | 1.3% |
| 营收同比 | 13.3% | 0.5% |
| 净利润同比 | 36.4% | -33.6% |
| 每股收益（稀释后） | $2.76 | $0.18 |
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RCLSW
| Q4 25 | $4.3B | $7.6B | ||
| Q3 25 | $5.1B | $8.0B | ||
| Q2 25 | $4.5B | $7.9B | ||
| Q1 25 | $4.0B | $7.7B | ||
| Q4 24 | $3.8B | $7.5B | ||
| Q3 24 | $4.9B | $7.7B | ||
| Q2 24 | $4.1B | $3.0B | ||
| Q1 24 | $3.7B | $2.9B |
净利润RCLSW
| Q4 25 | $753.0M | $97.0M | ||
| Q3 25 | $1.6B | $246.0M | ||
| Q2 25 | $1.2B | $-28.0M | ||
| Q1 25 | $730.0M | $384.0M | ||
| Q4 24 | $552.0M | $146.0M | ||
| Q3 24 | $1.1B | $-150.0M | ||
| Q2 24 | $854.0M | $132.0M | ||
| Q1 24 | $360.0M | $191.0M |
毛利率RCLSW
| Q4 25 | 47.4% | 18.2% | ||
| Q3 25 | 51.8% | 19.6% | ||
| Q2 25 | 49.7% | 19.1% | ||
| Q1 25 | 48.0% | 20.6% | ||
| Q4 24 | 45.4% | 19.1% | ||
| Q3 24 | 51.1% | 17.6% | ||
| Q2 24 | 47.6% | 23.3% | ||
| Q1 24 | 44.8% | 24.2% |
营业利润率RCLSW
| Q4 25 | 21.9% | 5.1% | ||
| Q3 25 | 33.1% | 6.6% | ||
| Q2 25 | 29.3% | 3.2% | ||
| Q1 25 | 23.6% | 7.2% | ||
| Q4 24 | 16.6% | 5.3% | ||
| Q3 24 | 33.4% | 0.7% | ||
| Q2 24 | 26.7% | 8.2% | ||
| Q1 24 | 20.1% | 10.5% |
净利率RCLSW
| Q4 25 | 17.7% | 1.3% | ||
| Q3 25 | 30.6% | 3.1% | ||
| Q2 25 | 26.7% | -0.4% | ||
| Q1 25 | 18.3% | 5.0% | ||
| Q4 24 | 14.7% | 1.9% | ||
| Q3 24 | 22.7% | -2.0% | ||
| Q2 24 | 20.8% | 4.4% | ||
| Q1 24 | 9.7% | 6.5% |
每股收益（稀释后）RCLSW
| Q4 25 | $2.76 | $0.18 | ||
| Q3 25 | $5.74 | $0.47 | ||
| Q2 25 | $4.41 | $-0.05 | ||
| Q1 25 | $2.70 | $0.73 | ||
| Q4 24 | $2.27 | $-0.12 | ||
| Q3 24 | $4.21 | $-0.30 | ||
| Q2 24 | $3.11 | $0.51 | ||
| Q1 24 | $1.35 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | $18.2B | $13.4B |
| 股东权益账面价值 | $10.0B | $18.3B |
| 总资产 | $41.6B | $45.2B |
| 负债/权益比越低杠杆越低 | 1.81× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资RCLSW
| Q4 25 | $825.0M | $892.0M | ||
| Q3 25 | $432.0M | $851.0M | ||
| Q2 25 | $735.0M | $778.0M | ||
| Q1 25 | $386.0M | $797.0M | ||
| Q4 24 | $388.0M | $855.0M | ||
| Q3 24 | $418.0M | — | ||
| Q2 24 | $391.0M | $26.8K | ||
| Q1 24 | $437.0M | $108 |
总债务RCLSW
| Q4 25 | $18.2B | $13.4B | ||
| Q3 25 | $17.2B | $13.3B | ||
| Q2 25 | $17.6B | $13.3B | ||
| Q1 25 | $18.0B | $12.9B | ||
| Q4 24 | $18.5B | $12.5B | ||
| Q3 24 | $19.0B | $13.2B | ||
| Q2 24 | $19.8B | — | ||
| Q1 24 | $18.9B | — |
股东权益RCLSW
| Q4 25 | $10.0B | $18.3B | ||
| Q3 25 | $10.1B | $18.4B | ||
| Q2 25 | $9.2B | $18.3B | ||
| Q1 25 | $8.0B | $17.9B | ||
| Q4 24 | $7.6B | $17.4B | ||
| Q3 24 | $7.0B | $18.0B | ||
| Q2 24 | $6.0B | $14.5K | ||
| Q1 24 | $5.2B | $108 |
总资产RCLSW
| Q4 25 | $41.6B | $45.2B | ||
| Q3 25 | $40.1B | $45.6B | ||
| Q2 25 | $38.5B | $45.7B | ||
| Q1 25 | $37.5B | $44.6B | ||
| Q4 24 | $37.1B | $43.8B | ||
| Q3 24 | $37.1B | $45.0B | ||
| Q2 24 | $37.0B | $26.8K | ||
| Q1 24 | $35.2B | $108 |
负债/权益比RCLSW
| Q4 25 | 1.81× | 0.73× | ||
| Q3 25 | 1.70× | 0.72× | ||
| Q2 25 | 1.92× | 0.73× | ||
| Q1 25 | 2.26× | 0.72× | ||
| Q4 24 | 2.44× | 0.72× | ||
| Q3 24 | 2.69× | 0.73× | ||
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $116.0M | $612.0M |
| 自由现金流率自由现金流/营收 | 2.7% | 8.1% |
| 资本支出强度资本支出/营收 | 35.4% | 7.7% |
| 现金转化率经营现金流/净利润 | 2.16× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流RCLSW
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.7B | $829.0M | ||
| Q1 25 | $1.6B | $235.0M | ||
| Q4 24 | $1.5B | $781.0M | ||
| Q3 24 | $897.0M | $320.0M | ||
| Q2 24 | $1.6B | $340.0M | ||
| Q1 24 | $1.3B | $42.0M |
自由现金流RCLSW
| Q4 25 | $116.0M | $612.0M | ||
| Q3 25 | $-989.0M | $523.0M | ||
| Q2 25 | $910.0M | $307.0M | ||
| Q1 25 | $1.2B | $-242.0M | ||
| Q4 24 | $915.0M | $212.0M | ||
| Q3 24 | $563.0M | $-192.0M | ||
| Q2 24 | $-567.0M | $163.0M | ||
| Q1 24 | $1.1B | $-166.0M |
自由现金流率RCLSW
| Q4 25 | 2.7% | 8.1% | ||
| Q3 25 | -19.2% | 6.5% | ||
| Q2 25 | 20.1% | 3.9% | ||
| Q1 25 | 30.0% | -3.2% | ||
| Q4 24 | 24.3% | 2.8% | ||
| Q3 24 | 11.5% | -2.5% | ||
| Q2 24 | -13.8% | 5.5% | ||
| Q1 24 | 29.1% | -5.7% |
资本支出强度RCLSW
| Q4 25 | 35.4% | 7.7% | ||
| Q3 25 | 47.8% | 7.6% | ||
| Q2 25 | 18.4% | 6.6% | ||
| Q1 25 | 10.7% | 6.2% | ||
| Q4 24 | 14.7% | 7.5% | ||
| Q3 24 | 6.8% | 6.7% | ||
| Q2 24 | 52.1% | 6.0% | ||
| Q1 24 | 6.5% | 7.1% |
现金转化率RCLSW
| Q4 25 | 2.16× | 12.32× | ||
| Q3 25 | 0.93× | 4.61× | ||
| Q2 25 | 1.44× | — | ||
| Q1 25 | 2.23× | 0.61× | ||
| Q4 24 | 2.66× | 5.35× | ||
| Q3 24 | 0.81× | — | ||
| Q2 24 | 1.84× | 2.58× | ||
| Q1 24 | 3.69× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
