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皇家加勒比集团（RCL）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是皇家加勒比集团的1.1倍（$4.8B vs $4.5B），皇家加勒比集团净利率更高（21.3% vs 4.8%，领先16.5%），Vistra Corp.同比增速更快（31.2% vs 11.3%），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 4.1%）
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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
RCL vs VST — 直观对比
营收规模更大
VST
是对方的1.1倍
$4.5B
营收增速更快
VST
高出19.9%
11.3%
净利率更高
RCL
高出16.5%
4.8%
两年增速更快
VST
近两年复合增速
4.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.5B | $4.8B |
| 净利润 | $950.0M | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 26.1% | 9.9% |
| 净利率 | 21.3% | 4.8% |
| 营收同比 | 11.3% | 31.2% |
| 净利润同比 | 29.1% | -47.2% |
| 每股收益（稀释后） | $3.48 | $0.55 |
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RCLVST
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.3B | $4.8B | ||
| Q3 25 | $5.1B | $4.8B | ||
| Q2 25 | $4.5B | $3.8B | ||
| Q1 25 | $4.0B | $4.3B | ||
| Q4 24 | $3.8B | $3.7B | ||
| Q3 24 | $4.9B | $4.3B | ||
| Q2 24 | $4.1B | $3.6B |
净利润RCLVST
| Q1 26 | $950.0M | — | ||
| Q4 25 | $753.0M | $233.0M | ||
| Q3 25 | $1.6B | $652.0M | ||
| Q2 25 | $1.2B | $327.0M | ||
| Q1 25 | $730.0M | $-268.0M | ||
| Q4 24 | $552.0M | $441.0M | ||
| Q3 24 | $1.1B | $1.9B | ||
| Q2 24 | $854.0M | $365.0M |
毛利率RCLVST
| Q1 26 | — | — | ||
| 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% | — |
营业利润率RCLVST
| Q1 26 | 26.1% | — | ||
| Q4 25 | 21.9% | 9.9% | ||
| Q3 25 | 33.1% | 21.7% | ||
| Q2 25 | 29.3% | 13.7% | ||
| Q1 25 | 23.6% | -2.8% | ||
| Q4 24 | 16.6% | 16.4% | ||
| Q3 24 | 33.4% | 59.6% | ||
| Q2 24 | 26.7% | 22.5% |
净利率RCLVST
| Q1 26 | 21.3% | — | ||
| Q4 25 | 17.7% | 4.8% | ||
| Q3 25 | 30.6% | 13.6% | ||
| Q2 25 | 26.7% | 8.7% | ||
| Q1 25 | 18.3% | -6.3% | ||
| Q4 24 | 14.7% | 12.0% | ||
| Q3 24 | 22.7% | 43.5% | ||
| Q2 24 | 20.8% | 10.1% |
每股收益（稀释后）RCLVST
| Q1 26 | $3.48 | — | ||
| Q4 25 | $2.76 | $0.55 | ||
| Q3 25 | $5.74 | $1.75 | ||
| Q2 25 | $4.41 | $0.81 | ||
| Q1 25 | $2.70 | $-0.93 | ||
| Q4 24 | $2.27 | $1.09 | ||
| Q3 24 | $4.21 | $5.25 | ||
| Q2 24 | $3.11 | $0.90 |
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 | $512.0M | $785.0M |
| 总债务越低越好 | $21.1B | $15.8B |
| 股东权益账面价值 | $10.0B | $5.1B |
| 总资产 | $42.0B | $41.5B |
| 负债/权益比越低杠杆越低 | 2.11× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资RCLVST
| Q1 26 | $512.0M | — | ||
| Q4 25 | $825.0M | $785.0M | ||
| Q3 25 | $432.0M | $602.0M | ||
| Q2 25 | $735.0M | $458.0M | ||
| Q1 25 | $386.0M | $561.0M | ||
| Q4 24 | $388.0M | $1.2B | ||
| Q3 24 | $418.0M | $905.0M | ||
| Q2 24 | $391.0M | $1.6B |
总债务RCLVST
| Q1 26 | $21.1B | — | ||
| Q4 25 | $18.2B | $15.8B | ||
| Q3 25 | $17.2B | $15.8B | ||
| Q2 25 | $17.6B | $15.5B | ||
| Q1 25 | $18.0B | $15.4B | ||
| Q4 24 | $18.5B | $15.4B | ||
| Q3 24 | $19.0B | $13.9B | ||
| Q2 24 | $19.8B | $13.9B |
股东权益RCLVST
| Q1 26 | $10.0B | — | ||
| Q4 25 | $10.0B | $5.1B | ||
| Q3 25 | $10.1B | $5.2B | ||
| Q2 25 | $9.2B | $4.8B | ||
| Q1 25 | $8.0B | $4.8B | ||
| Q4 24 | $7.6B | $5.6B | ||
| Q3 24 | $7.0B | $5.4B | ||
| Q2 24 | $6.0B | $5.6B |
总资产RCLVST
| Q1 26 | $42.0B | — | ||
| Q4 25 | $41.6B | $41.5B | ||
| Q3 25 | $40.1B | $38.0B | ||
| Q2 25 | $38.5B | $38.1B | ||
| Q1 25 | $37.5B | $38.2B | ||
| Q4 24 | $37.1B | $37.8B | ||
| Q3 24 | $37.1B | $37.9B | ||
| Q2 24 | $37.0B | $39.1B |
负债/权益比RCLVST
| Q1 26 | 2.11× | — | ||
| Q4 25 | 1.81× | 3.11× | ||
| Q3 25 | 1.70× | 3.02× | ||
| Q2 25 | 1.92× | 3.22× | ||
| Q1 25 | 2.26× | 3.20× | ||
| Q4 24 | 2.44× | 2.77× | ||
| Q3 24 | 2.69× | 2.56× | ||
| Q2 24 | 3.29× | 2.49× |
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 | $1.8B | $1.4B |
| 自由现金流经营现金流 - 资本支出 | — | $596.0M |
| 自由现金流率自由现金流/营收 | — | 12.4% |
| 资本支出强度资本支出/营收 | — | 17.4% |
| 现金转化率经营现金流/净利润 | 1.93× | 6.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流RCLVST
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.6B | $1.4B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.7B | $572.0M | ||
| Q1 25 | $1.6B | $599.0M | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $897.0M | $1.7B | ||
| Q2 24 | $1.6B | $1.2B |
自由现金流RCLVST
| Q1 26 | — | — | ||
| Q4 25 | $116.0M | $596.0M | ||
| Q3 25 | $-989.0M | $1.0B | ||
| Q2 25 | $910.0M | $-118.0M | ||
| Q1 25 | $1.2B | $-169.0M | ||
| Q4 24 | $915.0M | $923.0M | ||
| Q3 24 | $563.0M | $1.0B | ||
| Q2 24 | $-567.0M | $698.0M |
自由现金流率RCLVST
| Q1 26 | — | — | ||
| Q4 25 | 2.7% | 12.4% | ||
| Q3 25 | -19.2% | 21.1% | ||
| Q2 25 | 20.1% | -3.1% | ||
| Q1 25 | 30.0% | -4.0% | ||
| Q4 24 | 24.3% | 25.2% | ||
| Q3 24 | 11.5% | 23.4% | ||
| Q2 24 | -13.8% | 19.4% |
资本支出强度RCLVST
| Q1 26 | — | — | ||
| Q4 25 | 35.4% | 17.4% | ||
| Q3 25 | 47.8% | 9.6% | ||
| Q2 25 | 18.4% | 18.4% | ||
| Q1 25 | 10.7% | 18.1% | ||
| Q4 24 | 14.7% | 11.7% | ||
| Q3 24 | 6.8% | 15.8% | ||
| Q2 24 | 52.1% | 13.8% |
现金转化率RCLVST
| Q1 26 | 1.93× | — | ||
| Q4 25 | 2.16× | 6.15× | ||
| Q3 25 | 0.93× | 2.25× | ||
| Q2 25 | 1.44× | 1.75× | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.66× | 3.07× | ||
| Q3 24 | 0.81× | 0.90× | ||
| Q2 24 | 1.84× | 3.28× |
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 ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
