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皇家加勒比集团（RCL）与TENET HEALTHCARE CORP（THC）财务数据对比。点击上方公司名可切换其他公司
TENET HEALTHCARE CORP的季度营收约是皇家加勒比集团的1.3倍（$5.5B vs $4.3B），皇家加勒比集团净利率更高（17.7% vs 11.7%，领先6.0%），皇家加勒比集团同比增速更快（13.3% vs 9.0%），TENET HEALTHCARE CORP自由现金流更多（$367.0M 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 1.5%）
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。
Tenet Healthcare Corporation是总部位于美国达拉斯的营利性跨国医疗服务企业，旗下拥有USPI等多个品牌、子公司、合资企业及合作主体，运营65家医院及超过450个医疗设施，还通过旗下Conifer Health Solutions为各类医疗系统及其他客户提供专业医疗支持服务
RCL vs THC — 直观对比
营收规模更大
THC
是对方的1.3倍
$4.3B
营收增速更快
RCL
高出4.3%
9.0%
净利率更高
RCL
高出6.0%
11.7%
自由现金流更多
THC
多$251.0M
$116.0M
两年增速更快
RCL
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $5.5B |
| 净利润 | $753.0M | $644.0M |
| 毛利率 | 47.4% | — |
| 营业利润率 | 21.9% | 15.4% |
| 净利率 | 17.7% | 11.7% |
| 营收同比 | 13.3% | 9.0% |
| 净利润同比 | 36.4% | 12.6% |
| 每股收益（稀释后） | $2.76 | $4.22 |
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RCLTHC
| Q4 25 | $4.3B | $5.5B | ||
| Q3 25 | $5.1B | $5.3B | ||
| Q2 25 | $4.5B | $5.3B | ||
| Q1 25 | $4.0B | $5.2B | ||
| Q4 24 | $3.8B | $5.1B | ||
| Q3 24 | $4.9B | $5.1B | ||
| Q2 24 | $4.1B | $5.1B | ||
| Q1 24 | $3.7B | $5.4B |
净利润RCLTHC
| Q4 25 | $753.0M | $644.0M | ||
| Q3 25 | $1.6B | $579.0M | ||
| Q2 25 | $1.2B | $522.0M | ||
| Q1 25 | $730.0M | $622.0M | ||
| Q4 24 | $552.0M | $572.0M | ||
| Q3 24 | $1.1B | $681.0M | ||
| Q2 24 | $854.0M | $477.0M | ||
| Q1 24 | $360.0M | $2.3B |
毛利率RCLTHC
| 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% | — | ||
| Q1 24 | 44.8% | — |
营业利润率RCLTHC
| Q4 25 | 21.9% | 15.4% | ||
| Q3 25 | 33.1% | 16.8% | ||
| Q2 25 | 29.3% | 15.6% | ||
| Q1 25 | 23.6% | 18.1% | ||
| Q4 24 | 16.6% | 16.2% | ||
| Q3 24 | 33.4% | 21.3% | ||
| Q2 24 | 26.7% | 14.9% | ||
| Q1 24 | 20.1% | 61.2% |
净利率RCLTHC
| Q4 25 | 17.7% | 11.7% | ||
| Q3 25 | 30.6% | 10.9% | ||
| Q2 25 | 26.7% | 9.9% | ||
| Q1 25 | 18.3% | 11.9% | ||
| Q4 24 | 14.7% | 11.3% | ||
| Q3 24 | 22.7% | 13.3% | ||
| Q2 24 | 20.8% | 9.3% | ||
| Q1 24 | 9.7% | 43.5% |
每股收益（稀释后）RCLTHC
| Q4 25 | $2.76 | $4.22 | ||
| Q3 25 | $5.74 | $3.86 | ||
| Q2 25 | $4.41 | $3.14 | ||
| Q1 25 | $2.70 | $4.27 | ||
| Q4 24 | $2.27 | $3.79 | ||
| Q3 24 | $4.21 | $4.89 | ||
| Q2 24 | $3.11 | $2.64 | ||
| Q1 24 | $1.35 | $21.38 |
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 | $2.9B |
| 总债务越低越好 | $18.2B | $13.1B |
| 股东权益账面价值 | $10.0B | $4.2B |
| 总资产 | $41.6B | $29.7B |
| 负债/权益比越低杠杆越低 | 1.81× | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资RCLTHC
| Q4 25 | $825.0M | $2.9B | ||
| Q3 25 | $432.0M | $3.0B | ||
| Q2 25 | $735.0M | $2.6B | ||
| Q1 25 | $386.0M | $3.0B | ||
| Q4 24 | $388.0M | $3.0B | ||
| Q3 24 | $418.0M | $4.1B | ||
| Q2 24 | $391.0M | $2.9B | ||
| Q1 24 | $437.0M | $2.5B |
总债务RCLTHC
| Q4 25 | $18.2B | $13.1B | ||
| Q3 25 | $17.2B | $13.1B | ||
| Q2 25 | $17.6B | $13.1B | ||
| Q1 25 | $18.0B | $13.1B | ||
| Q4 24 | $18.5B | $13.1B | ||
| Q3 24 | $19.0B | $12.8B | ||
| Q2 24 | $19.8B | $12.8B | ||
| Q1 24 | $18.9B | $12.8B |
股东权益RCLTHC
| Q4 25 | $10.0B | $4.2B | ||
| Q3 25 | $10.1B | $4.0B | ||
| Q2 25 | $9.2B | $3.7B | ||
| Q1 25 | $8.0B | $4.2B | ||
| Q4 24 | $7.6B | $4.2B | ||
| Q3 24 | $7.0B | $3.8B | ||
| Q2 24 | $6.0B | $3.5B | ||
| Q1 24 | $5.2B | $3.5B |
总资产RCLTHC
| Q4 25 | $41.6B | $29.7B | ||
| Q3 25 | $40.1B | $29.4B | ||
| Q2 25 | $38.5B | $28.7B | ||
| Q1 25 | $37.5B | $29.2B | ||
| Q4 24 | $37.1B | $28.9B | ||
| Q3 24 | $37.1B | $29.4B | ||
| Q2 24 | $37.0B | $29.3B | ||
| Q1 24 | $35.2B | $28.9B |
负债/权益比RCLTHC
| Q4 25 | 1.81× | 3.10× | ||
| Q3 25 | 1.70× | 3.26× | ||
| Q2 25 | 1.92× | 3.49× | ||
| Q1 25 | 2.26× | 3.13× | ||
| Q4 24 | 2.44× | 3.14× | ||
| Q3 24 | 2.69× | 3.33× | ||
| Q2 24 | 3.29× | 3.67× | ||
| Q1 24 | 3.66× | 3.70× |
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 | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $116.0M | $367.0M |
| 自由现金流率自由现金流/营收 | 2.7% | 6.6% |
| 资本支出强度资本支出/营收 | 35.4% | 6.6% |
| 现金转化率经营现金流/净利润 | 2.16× | 1.14× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $2.5B |
8季度趋势，按日历期对齐
经营现金流RCLTHC
| Q4 25 | $1.6B | $731.0M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.7B | $936.0M | ||
| Q1 25 | $1.6B | $815.0M | ||
| Q4 24 | $1.5B | $-331.0M | ||
| Q3 24 | $897.0M | $1.0B | ||
| Q2 24 | $1.6B | $747.0M | ||
| Q1 24 | $1.3B | $586.0M |
自由现金流RCLTHC
| Q4 25 | $116.0M | $367.0M | ||
| Q3 25 | $-989.0M | $778.0M | ||
| Q2 25 | $910.0M | $743.0M | ||
| Q1 25 | $1.2B | $642.0M | ||
| Q4 24 | $915.0M | $-661.0M | ||
| Q3 24 | $563.0M | $829.0M | ||
| Q2 24 | $-567.0M | $602.0M | ||
| Q1 24 | $1.1B | $346.0M |
自由现金流率RCLTHC
| Q4 25 | 2.7% | 6.6% | ||
| Q3 25 | -19.2% | 14.7% | ||
| Q2 25 | 20.1% | 14.1% | ||
| Q1 25 | 30.0% | 12.3% | ||
| Q4 24 | 24.3% | -13.0% | ||
| Q3 24 | 11.5% | 16.2% | ||
| Q2 24 | -13.8% | 11.8% | ||
| Q1 24 | 29.1% | 6.4% |
资本支出强度RCLTHC
| Q4 25 | 35.4% | 6.6% | ||
| Q3 25 | 47.8% | 5.3% | ||
| Q2 25 | 18.4% | 3.7% | ||
| Q1 25 | 10.7% | 3.3% | ||
| Q4 24 | 14.7% | 6.5% | ||
| Q3 24 | 6.8% | 4.2% | ||
| Q2 24 | 52.1% | 2.8% | ||
| Q1 24 | 6.5% | 4.5% |
现金转化率RCLTHC
| Q4 25 | 2.16× | 1.14× | ||
| Q3 25 | 0.93× | 1.83× | ||
| Q2 25 | 1.44× | 1.79× | ||
| Q1 25 | 2.23× | 1.31× | ||
| Q4 24 | 2.66× | -0.58× | ||
| Q3 24 | 0.81× | 1.53× | ||
| Q2 24 | 1.84× | 1.57× | ||
| Q1 24 | 3.69× | 0.25× |
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% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
