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皇家加勒比集团（RCL）与Toll Brothers, Inc.（TOL）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Toll Brothers, Inc.的1.2倍（$4.3B vs $3.4B），皇家加勒比集团净利率更高（17.7% vs 13.0%，领先4.6%），皇家加勒比集团同比增速更快（13.3% vs 2.7%），Toll Brothers, Inc.自由现金流更多（$772.2M vs $116.0M），过去两年Toll Brothers, Inc.的营收复合增速更高（32.6% 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。
Toll Brothers, Inc.是美国知名住宅建造企业，业务涵盖美国境内住宅及商业地产的开发、营销与融资服务。2020年按住宅建造营收统计，该公司为全美第五大房屋建造商，位列《财富》美国500强第411位。
RCL vs TOL — 直观对比
营收规模更大
RCL
是对方的1.2倍
$3.4B
营收增速更快
RCL
高出10.6%
2.7%
净利率更高
RCL
高出4.6%
13.0%
自由现金流更多
TOL
多$656.2M
$116.0M
两年增速更快
TOL
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $3.4B |
| 净利润 | $753.0M | $446.7M |
| 毛利率 | 47.4% | 24.8% |
| 营业利润率 | 21.9% | 16.5% |
| 净利率 | 17.7% | 13.0% |
| 营收同比 | 13.3% | 2.7% |
| 净利润同比 | 36.4% | -6.0% |
| 每股收益（稀释后） | $2.76 | $4.51 |
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RCLTOL
| Q4 25 | $4.3B | $3.4B | ||
| Q3 25 | $5.1B | $2.9B | ||
| Q2 25 | $4.5B | $2.7B | ||
| Q1 25 | $4.0B | $1.9B | ||
| Q4 24 | $3.8B | $3.3B | ||
| Q3 24 | $4.9B | $2.7B | ||
| Q2 24 | $4.1B | $2.8B | ||
| Q1 24 | $3.7B | $1.9B |
净利润RCLTOL
| Q4 25 | $753.0M | $446.7M | ||
| Q3 25 | $1.6B | $369.6M | ||
| Q2 25 | $1.2B | $352.4M | ||
| Q1 25 | $730.0M | $177.7M | ||
| Q4 24 | $552.0M | $475.4M | ||
| Q3 24 | $1.1B | $374.6M | ||
| Q2 24 | $854.0M | $481.6M | ||
| Q1 24 | $360.0M | $239.6M |
毛利率RCLTOL
| Q4 25 | 47.4% | 24.8% | ||
| Q3 25 | 51.8% | 25.2% | ||
| Q2 25 | 49.7% | 25.8% | ||
| Q1 25 | 48.0% | 24.7% | ||
| Q4 24 | 45.4% | 26.4% | ||
| Q3 24 | 51.1% | 27.2% | ||
| Q2 24 | 47.6% | 30.4% | ||
| Q1 24 | 44.8% | 27.6% |
营业利润率RCLTOL
| Q4 25 | 21.9% | 16.5% | ||
| Q3 25 | 33.1% | 16.6% | ||
| Q2 25 | 29.3% | 16.4% | ||
| Q1 25 | 23.6% | 11.8% | ||
| Q4 24 | 16.6% | 18.3% | ||
| Q3 24 | 33.4% | 18.2% | ||
| Q2 24 | 26.7% | 22.0% | ||
| Q1 24 | 20.1% | 15.8% |
净利率RCLTOL
| Q4 25 | 17.7% | 13.0% | ||
| Q3 25 | 30.6% | 12.6% | ||
| Q2 25 | 26.7% | 12.9% | ||
| Q1 25 | 18.3% | 9.6% | ||
| Q4 24 | 14.7% | 14.3% | ||
| Q3 24 | 22.7% | 13.7% | ||
| Q2 24 | 20.8% | 17.0% | ||
| Q1 24 | 9.7% | 12.3% |
每股收益（稀释后）RCLTOL
| Q4 25 | $2.76 | $4.51 | ||
| Q3 25 | $5.74 | $3.73 | ||
| Q2 25 | $4.41 | $3.50 | ||
| Q1 25 | $2.70 | $1.75 | ||
| Q4 24 | $2.27 | $4.61 | ||
| Q3 24 | $4.21 | $3.60 | ||
| Q2 24 | $3.11 | $4.55 | ||
| Q1 24 | $1.35 | $2.25 |
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 | $1.3B |
| 总债务越低越好 | $18.2B | — |
| 股东权益账面价值 | $10.0B | $8.3B |
| 总资产 | $41.6B | $14.5B |
| 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RCLTOL
| Q4 25 | $825.0M | $1.3B | ||
| Q3 25 | $432.0M | $852.3M | ||
| Q2 25 | $735.0M | $686.5M | ||
| Q1 25 | $386.0M | $574.8M | ||
| Q4 24 | $388.0M | $1.3B | ||
| Q3 24 | $418.0M | $893.4M | ||
| Q2 24 | $391.0M | $1.0B | ||
| Q1 24 | $437.0M | $754.8M |
总债务RCLTOL
| 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RCLTOL
| Q4 25 | $10.0B | $8.3B | ||
| Q3 25 | $10.1B | $8.1B | ||
| Q2 25 | $9.2B | $7.9B | ||
| Q1 25 | $8.0B | $7.8B | ||
| Q4 24 | $7.6B | $7.7B | ||
| Q3 24 | $7.0B | $7.4B | ||
| Q2 24 | $6.0B | $7.3B | ||
| Q1 24 | $5.2B | $7.0B |
总资产RCLTOL
| Q4 25 | $41.6B | $14.5B | ||
| Q3 25 | $40.1B | $14.4B | ||
| Q2 25 | $38.5B | $14.2B | ||
| Q1 25 | $37.5B | $13.6B | ||
| Q4 24 | $37.1B | $13.4B | ||
| Q3 24 | $37.1B | $13.4B | ||
| Q2 24 | $37.0B | $13.3B | ||
| Q1 24 | $35.2B | $12.5B |
负债/权益比RCLTOL
| 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 | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $116.0M | $772.2M |
| 自由现金流率自由现金流/营收 | 2.7% | 22.6% |
| 资本支出强度资本支出/营收 | 35.4% | 0.8% |
| 现金转化率经营现金流/净利润 | 2.16× | 1.79× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.0B |
8季度趋势，按日历期对齐
经营现金流RCLTOL
| Q4 25 | $1.6B | $800.0M | ||
| Q3 25 | $1.5B | $370.3M | ||
| Q2 25 | $1.7B | $362.8M | ||
| Q1 25 | $1.6B | $-420.8M | ||
| Q4 24 | $1.5B | $682.5M | ||
| Q3 24 | $897.0M | $175.6M | ||
| Q2 24 | $1.6B | $459.0M | ||
| Q1 24 | $1.3B | $-307.0M |
自由现金流RCLTOL
| Q4 25 | $116.0M | $772.2M | ||
| Q3 25 | $-989.0M | $344.9M | ||
| Q2 25 | $910.0M | $347.3M | ||
| Q1 25 | $1.2B | $-438.1M | ||
| Q4 24 | $915.0M | $664.3M | ||
| Q3 24 | $563.0M | $149.9M | ||
| Q2 24 | $-567.0M | $442.9M | ||
| Q1 24 | $1.1B | $-320.6M |
自由现金流率RCLTOL
| Q4 25 | 2.7% | 22.6% | ||
| Q3 25 | -19.2% | 11.7% | ||
| Q2 25 | 20.1% | 12.7% | ||
| Q1 25 | 30.0% | -23.6% | ||
| Q4 24 | 24.3% | 19.9% | ||
| Q3 24 | 11.5% | 5.5% | ||
| Q2 24 | -13.8% | 15.6% | ||
| Q1 24 | 29.1% | -16.5% |
资本支出强度RCLTOL
| Q4 25 | 35.4% | 0.8% | ||
| Q3 25 | 47.8% | 0.9% | ||
| Q2 25 | 18.4% | 0.6% | ||
| Q1 25 | 10.7% | 0.9% | ||
| Q4 24 | 14.7% | 0.5% | ||
| Q3 24 | 6.8% | 0.9% | ||
| Q2 24 | 52.1% | 0.6% | ||
| Q1 24 | 6.5% | 0.7% |
现金转化率RCLTOL
| Q4 25 | 2.16× | 1.79× | ||
| Q3 25 | 0.93× | 1.00× | ||
| Q2 25 | 1.44× | 1.03× | ||
| Q1 25 | 2.23× | -2.37× | ||
| Q4 24 | 2.66× | 1.44× | ||
| Q3 24 | 0.81× | 0.47× | ||
| Q2 24 | 1.84× | 0.95× | ||
| Q1 24 | 3.69× | -1.28× |
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% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
