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皇家加勒比集团（RCL）与韦莱韬悦（WTW）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韦莱韬悦的1.5倍（$4.3B vs $2.9B），韦莱韬悦净利率更高（25.5% vs 17.7%，领先7.8%），皇家加勒比集团同比增速更快（13.3% vs -3.5%），韦莱韬悦自由现金流更多（$708.0M vs $116.0M），过去两年韦莱韬悦的营收复合增速更高（12.0% 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。
韦莱韬悦是一家英美联营的跨国咨询、经纪及解决方案服务商，业务覆盖商业保险经纪与风险咨询、员工福利与薪酬咨询、退休与精算服务，同时可为养老基金、机构投资者提供专业投资建议，服务网络覆盖全球多个市场。
RCL vs WTW — 直观对比
营收规模更大
RCL
是对方的1.5倍
$2.9B
营收增速更快
RCL
高出16.8%
-3.5%
净利率更高
WTW
高出7.8%
17.7%
自由现金流更多
WTW
多$592.0M
$116.0M
两年增速更快
WTW
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $2.9B |
| 净利润 | $753.0M | $735.0M |
| 毛利率 | 47.4% | — |
| 营业利润率 | 21.9% | 35.3% |
| 净利率 | 17.7% | 25.5% |
| 营收同比 | 13.3% | -3.5% |
| 净利润同比 | 36.4% | -41.0% |
| 每股收益（稀释后） | $2.76 | $7.50 |
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RCLWTW
| Q4 25 | $4.3B | $2.9B | ||
| Q3 25 | $5.1B | $2.2B | ||
| Q2 25 | $4.5B | $2.2B | ||
| Q1 25 | $4.0B | $2.2B | ||
| Q4 24 | $3.8B | $3.0B | ||
| Q3 24 | $4.9B | $2.2B | ||
| Q2 24 | $4.1B | $2.2B | ||
| Q1 24 | $3.7B | $2.3B |
净利润RCLWTW
| Q4 25 | $753.0M | $735.0M | ||
| Q3 25 | $1.6B | $304.0M | ||
| Q2 25 | $1.2B | $331.0M | ||
| Q1 25 | $730.0M | $235.0M | ||
| Q4 24 | $552.0M | $1.2B | ||
| Q3 24 | $1.1B | $-1.7B | ||
| Q2 24 | $854.0M | $141.0M | ||
| Q1 24 | $360.0M | $190.0M |
毛利率RCLWTW
| 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RCLWTW
| Q4 25 | 21.9% | 35.3% | ||
| Q3 25 | 33.1% | 18.7% | ||
| Q2 25 | 29.3% | 16.6% | ||
| Q1 25 | 23.6% | 19.8% | ||
| Q4 24 | 16.6% | 30.2% | ||
| Q3 24 | 33.4% | -34.2% | ||
| Q2 24 | 26.7% | 9.6% | ||
| Q1 24 | 20.1% | 12.2% |
净利率RCLWTW
| Q4 25 | 17.7% | 25.5% | ||
| Q3 25 | 30.6% | 13.6% | ||
| Q2 25 | 26.7% | 14.9% | ||
| Q1 25 | 18.3% | 10.8% | ||
| Q4 24 | 14.7% | 41.7% | ||
| Q3 24 | 22.7% | -74.8% | ||
| Q2 24 | 20.8% | 6.4% | ||
| Q1 24 | 9.7% | 8.3% |
每股收益（稀释后）RCLWTW
| Q4 25 | $2.76 | $7.50 | ||
| Q3 25 | $5.74 | $3.11 | ||
| Q2 25 | $4.41 | $3.32 | ||
| Q1 25 | $2.70 | $2.33 | ||
| Q4 24 | $2.27 | $12.29 | ||
| Q3 24 | $4.21 | $-16.44 | ||
| Q2 24 | $3.11 | $1.36 | ||
| Q1 24 | $1.35 | $1.83 |
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 | $3.2B |
| 总债务越低越好 | $18.2B | $9.7B |
| 股东权益账面价值 | $10.0B | $8.0B |
| 总资产 | $41.6B | $29.5B |
| 负债/权益比越低杠杆越低 | 1.81× | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资RCLWTW
| Q4 25 | $825.0M | $3.2B | ||
| Q3 25 | $432.0M | $1.9B | ||
| Q2 25 | $735.0M | $2.0B | ||
| Q1 25 | $386.0M | $1.5B | ||
| Q4 24 | $388.0M | $1.9B | ||
| Q3 24 | $418.0M | $1.4B | ||
| Q2 24 | $391.0M | $1.2B | ||
| Q1 24 | $437.0M | $1.9B |
总债务RCLWTW
| Q4 25 | $18.2B | $9.7B | ||
| Q3 25 | $17.2B | — | ||
| Q2 25 | $17.6B | — | ||
| Q1 25 | $18.0B | — | ||
| Q4 24 | $18.5B | $8.6B | ||
| Q3 24 | $19.0B | — | ||
| Q2 24 | $19.8B | — | ||
| Q1 24 | $18.9B | — |
股东权益RCLWTW
| Q4 25 | $10.0B | $8.0B | ||
| Q3 25 | $10.1B | $7.7B | ||
| Q2 25 | $9.2B | $8.1B | ||
| Q1 25 | $8.0B | $8.1B | ||
| Q4 24 | $7.6B | $7.9B | ||
| Q3 24 | $7.0B | $7.5B | ||
| Q2 24 | $6.0B | $9.3B | ||
| Q1 24 | $5.2B | $9.5B |
总资产RCLWTW
| Q4 25 | $41.6B | $29.5B | ||
| Q3 25 | $40.1B | $27.4B | ||
| Q2 25 | $38.5B | $28.5B | ||
| Q1 25 | $37.5B | $28.1B | ||
| Q4 24 | $37.1B | $27.7B | ||
| Q3 24 | $37.1B | $27.2B | ||
| Q2 24 | $37.0B | $29.6B | ||
| Q1 24 | $35.2B | $30.2B |
负债/权益比RCLWTW
| Q4 25 | 1.81× | 1.21× | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 2.26× | — | ||
| Q4 24 | 2.44× | 1.08× | ||
| 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 | $771.0M |
| 自由现金流经营现金流 - 资本支出 | $116.0M | $708.0M |
| 自由现金流率自由现金流/营收 | 2.7% | 24.6% |
| 资本支出强度资本支出/营收 | 35.4% | 2.2% |
| 现金转化率经营现金流/净利润 | 2.16× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.5B |
8季度趋势，按日历期对齐
经营现金流RCLWTW
| Q4 25 | $1.6B | $771.0M | ||
| Q3 25 | $1.5B | $678.0M | ||
| Q2 25 | $1.7B | $361.0M | ||
| Q1 25 | $1.6B | $-35.0M | ||
| Q4 24 | $1.5B | $599.0M | ||
| Q3 24 | $897.0M | $482.0M | ||
| Q2 24 | $1.6B | $407.0M | ||
| Q1 24 | $1.3B | $24.0M |
自由现金流RCLWTW
| Q4 25 | $116.0M | $708.0M | ||
| Q3 25 | $-989.0M | $621.0M | ||
| Q2 25 | $910.0M | $303.0M | ||
| Q1 25 | $1.2B | $-86.0M | ||
| Q4 24 | $915.0M | $543.0M | ||
| Q3 24 | $563.0M | $419.0M | ||
| Q2 24 | $-567.0M | $341.0M | ||
| Q1 24 | $1.1B | $-36.0M |
自由现金流率RCLWTW
| Q4 25 | 2.7% | 24.6% | ||
| Q3 25 | -19.2% | 27.7% | ||
| Q2 25 | 20.1% | 13.7% | ||
| Q1 25 | 30.0% | -3.9% | ||
| Q4 24 | 24.3% | 18.2% | ||
| Q3 24 | 11.5% | 18.7% | ||
| Q2 24 | -13.8% | 15.4% | ||
| Q1 24 | 29.1% | -1.6% |
资本支出强度RCLWTW
| Q4 25 | 35.4% | 2.2% | ||
| Q3 25 | 47.8% | 2.5% | ||
| Q2 25 | 18.4% | 2.6% | ||
| Q1 25 | 10.7% | 2.3% | ||
| Q4 24 | 14.7% | 1.9% | ||
| Q3 24 | 6.8% | 2.8% | ||
| Q2 24 | 52.1% | 3.0% | ||
| Q1 24 | 6.5% | 2.6% |
现金转化率RCLWTW
| Q4 25 | 2.16× | 1.05× | ||
| Q3 25 | 0.93× | 2.23× | ||
| Q2 25 | 1.44× | 1.09× | ||
| Q1 25 | 2.23× | -0.15× | ||
| Q4 24 | 2.66× | 0.48× | ||
| Q3 24 | 0.81× | — | ||
| Q2 24 | 1.84× | 2.89× | ||
| Q1 24 | 3.69× | 0.13× |
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% |
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
