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皇家加勒比集团（RCL）与惠而浦（WHR）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惠而浦的1.0倍（$4.3B vs $4.1B），皇家加勒比集团净利率更高（17.7% vs 2.7%，领先15.0%），皇家加勒比集团同比增速更快（13.3% vs -0.9%），惠而浦自由现金流更多（$989.0M 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 -4.5%）
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。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
RCL vs WHR — 直观对比
营收规模更大
RCL
是对方的1.0倍
$4.1B
营收增速更快
RCL
高出14.2%
-0.9%
净利率更高
RCL
高出15.0%
2.7%
自由现金流更多
WHR
多$873.0M
$116.0M
两年增速更快
RCL
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $4.1B |
| 净利润 | $753.0M | $109.0M |
| 毛利率 | 47.4% | 14.0% |
| 营业利润率 | 21.9% | 6.0% |
| 净利率 | 17.7% | 2.7% |
| 营收同比 | 13.3% | -0.9% |
| 净利润同比 | 36.4% | 127.8% |
| 每股收益（稀释后） | $2.76 | $1.92 |
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RCLWHR
| Q4 25 | $4.3B | $4.1B | ||
| Q3 25 | $5.1B | $4.0B | ||
| Q2 25 | $4.5B | $3.8B | ||
| Q1 25 | $4.0B | $3.6B | ||
| Q4 24 | $3.8B | $4.1B | ||
| Q3 24 | $4.9B | $4.0B | ||
| Q2 24 | $4.1B | $4.0B | ||
| Q1 24 | $3.7B | $4.5B |
净利润RCLWHR
| Q4 25 | $753.0M | $109.0M | ||
| Q3 25 | $1.6B | $73.0M | ||
| Q2 25 | $1.2B | $65.0M | ||
| Q1 25 | $730.0M | $71.0M | ||
| Q4 24 | $552.0M | $-392.0M | ||
| Q3 24 | $1.1B | $109.0M | ||
| Q2 24 | $854.0M | $219.0M | ||
| Q1 24 | $360.0M | $-259.0M |
毛利率RCLWHR
| Q4 25 | 47.4% | 14.0% | ||
| Q3 25 | 51.8% | 14.7% | ||
| Q2 25 | 49.7% | 16.2% | ||
| Q1 25 | 48.0% | 16.8% | ||
| Q4 24 | 45.4% | 16.2% | ||
| Q3 24 | 51.1% | 16.1% | ||
| Q2 24 | 47.6% | 15.7% | ||
| Q1 24 | 44.8% | 14.3% |
营业利润率RCLWHR
| Q4 25 | 21.9% | 6.0% | ||
| Q3 25 | 33.1% | 5.1% | ||
| Q2 25 | 29.3% | 5.4% | ||
| Q1 25 | 23.6% | 5.1% | ||
| Q4 24 | 16.6% | -3.3% | ||
| Q3 24 | 33.4% | 6.6% | ||
| Q2 24 | 26.7% | 3.3% | ||
| Q1 24 | 20.1% | -2.6% |
净利率RCLWHR
| Q4 25 | 17.7% | 2.7% | ||
| Q3 25 | 30.6% | 1.8% | ||
| Q2 25 | 26.7% | 1.7% | ||
| Q1 25 | 18.3% | 2.0% | ||
| Q4 24 | 14.7% | -9.5% | ||
| Q3 24 | 22.7% | 2.7% | ||
| Q2 24 | 20.8% | 5.5% | ||
| Q1 24 | 9.7% | -5.8% |
每股收益（稀释后）RCLWHR
| Q4 25 | $2.76 | $1.92 | ||
| Q3 25 | $5.74 | $1.29 | ||
| Q2 25 | $4.41 | $1.17 | ||
| Q1 25 | $2.70 | $1.28 | ||
| Q4 24 | $2.27 | $-7.11 | ||
| Q3 24 | $4.21 | $2.00 | ||
| Q2 24 | $3.11 | $3.96 | ||
| Q1 24 | $1.35 | $-4.72 |
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 | $669.0M |
| 总债务越低越好 | $18.2B | $6.2B |
| 股东权益账面价值 | $10.0B | $2.7B |
| 总资产 | $41.6B | $16.0B |
| 负债/权益比越低杠杆越低 | 1.81× | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资RCLWHR
| Q4 25 | $825.0M | $669.0M | ||
| Q3 25 | $432.0M | $934.0M | ||
| Q2 25 | $735.0M | $1.1B | ||
| Q1 25 | $386.0M | $1.0B | ||
| Q4 24 | $388.0M | $1.3B | ||
| Q3 24 | $418.0M | $1.1B | ||
| Q2 24 | $391.0M | $1.2B | ||
| Q1 24 | $437.0M | $1.2B |
总债务RCLWHR
| Q4 25 | $18.2B | $6.2B | ||
| Q3 25 | $17.2B | — | ||
| Q2 25 | $17.6B | — | ||
| Q1 25 | $18.0B | — | ||
| Q4 24 | $18.5B | $6.6B | ||
| Q3 24 | $19.0B | — | ||
| Q2 24 | $19.8B | — | ||
| Q1 24 | $18.9B | — |
股东权益RCLWHR
| Q4 25 | $10.0B | $2.7B | ||
| Q3 25 | $10.1B | $2.6B | ||
| Q2 25 | $9.2B | $2.6B | ||
| Q1 25 | $8.0B | $2.6B | ||
| Q4 24 | $7.6B | $2.7B | ||
| Q3 24 | $7.0B | $3.0B | ||
| Q2 24 | $6.0B | $3.1B | ||
| Q1 24 | $5.2B | $2.4B |
总资产RCLWHR
| Q4 25 | $41.6B | $16.0B | ||
| Q3 25 | $40.1B | $16.9B | ||
| Q2 25 | $38.5B | $16.8B | ||
| Q1 25 | $37.5B | $16.5B | ||
| Q4 24 | $37.1B | $16.3B | ||
| Q3 24 | $37.1B | $17.2B | ||
| Q2 24 | $37.0B | $17.3B | ||
| Q1 24 | $35.2B | $17.4B |
负债/权益比RCLWHR
| Q4 25 | 1.81× | 2.26× | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 2.26× | — | ||
| Q4 24 | 2.44× | 2.46× | ||
| 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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $116.0M | $989.0M |
| 自由现金流率自由现金流/营收 | 2.7% | 24.1% |
| 资本支出强度资本支出/营收 | 35.4% | 3.7% |
| 现金转化率经营现金流/净利润 | 2.16× | 10.45× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $81.0M |
8季度趋势，按日历期对齐
经营现金流RCLWHR
| Q4 25 | $1.6B | $1.1B | ||
| Q3 25 | $1.5B | $33.0M | ||
| Q2 25 | $1.7B | $19.0M | ||
| Q1 25 | $1.6B | $-721.0M | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $897.0M | $214.0M | ||
| Q2 24 | $1.6B | $388.0M | ||
| Q1 24 | $1.3B | $-873.0M |
自由现金流RCLWHR
| Q4 25 | $116.0M | $989.0M | ||
| Q3 25 | $-989.0M | $-52.0M | ||
| Q2 25 | $910.0M | $-63.0M | ||
| Q1 25 | $1.2B | $-793.0M | ||
| Q4 24 | $915.0M | $970.0M | ||
| Q3 24 | $563.0M | $127.0M | ||
| Q2 24 | $-567.0M | $275.0M | ||
| Q1 24 | $1.1B | $-988.0M |
自由现金流率RCLWHR
| Q4 25 | 2.7% | 24.1% | ||
| Q3 25 | -19.2% | -1.3% | ||
| Q2 25 | 20.1% | -1.7% | ||
| Q1 25 | 30.0% | -21.9% | ||
| Q4 24 | 24.3% | 23.5% | ||
| Q3 24 | 11.5% | 3.2% | ||
| Q2 24 | -13.8% | 6.9% | ||
| Q1 24 | 29.1% | -22.0% |
资本支出强度RCLWHR
| Q4 25 | 35.4% | 3.7% | ||
| Q3 25 | 47.8% | 2.1% | ||
| Q2 25 | 18.4% | 2.2% | ||
| Q1 25 | 10.7% | 2.0% | ||
| Q4 24 | 14.7% | 3.3% | ||
| Q3 24 | 6.8% | 2.2% | ||
| Q2 24 | 52.1% | 2.8% | ||
| Q1 24 | 6.5% | 2.6% |
现金转化率RCLWHR
| Q4 25 | 2.16× | 10.45× | ||
| Q3 25 | 0.93× | 0.45× | ||
| Q2 25 | 1.44× | 0.29× | ||
| Q1 25 | 2.23× | -10.15× | ||
| Q4 24 | 2.66× | — | ||
| Q3 24 | 0.81× | 1.96× | ||
| Q2 24 | 1.84× | 1.77× | ||
| Q1 24 | 3.69× | — |
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% |
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
