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皇家加勒比集团（RCL）与百胜中国（YUMC）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百胜中国的1.5倍（$4.3B vs $2.8B），皇家加勒比集团净利率更高（17.7% vs 5.0%，领先12.7%），皇家加勒比集团同比增速更快（13.3% vs 8.8%），皇家加勒比集团自由现金流更多（$116.0M 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 -2.3%）
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。
百胜中国是总部位于上海的世界500强快餐企业，2016年从百胜餐饮集团分拆独立上市，获百胜餐饮集团商标授权，按全系统销售额的3%支付授权费。目前在国内1100多座城市运营超8400家餐厅，全球门店总数超10600家，年营收达95亿美元，是全球规模最大的餐饮企业之一。
RCL vs YUMC — 直观对比
营收规模更大
RCL
是对方的1.5倍
$2.8B
营收增速更快
RCL
高出4.5%
8.8%
净利率更高
RCL
高出12.7%
5.0%
自由现金流更多
RCL
多$232.0M
$-116.0M
两年增速更快
RCL
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $2.8B |
| 净利润 | $753.0M | $140.0M |
| 毛利率 | 47.4% | — |
| 营业利润率 | 21.9% | 6.6% |
| 净利率 | 17.7% | 5.0% |
| 营收同比 | 13.3% | 8.8% |
| 净利润同比 | 36.4% | 21.7% |
| 每股收益（稀释后） | $2.76 | $0.40 |
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RCLYUMC
| Q4 25 | $4.3B | $2.8B | ||
| Q3 25 | $5.1B | $3.2B | ||
| Q2 25 | $4.5B | $2.8B | ||
| Q1 25 | $4.0B | $3.0B | ||
| Q4 24 | $3.8B | $2.6B | ||
| Q3 24 | $4.9B | $3.1B | ||
| Q2 24 | $4.1B | $2.7B | ||
| Q1 24 | $3.7B | $3.0B |
净利润RCLYUMC
| Q4 25 | $753.0M | $140.0M | ||
| Q3 25 | $1.6B | $282.0M | ||
| Q2 25 | $1.2B | $215.0M | ||
| Q1 25 | $730.0M | $292.0M | ||
| Q4 24 | $552.0M | $115.0M | ||
| Q3 24 | $1.1B | $297.0M | ||
| Q2 24 | $854.0M | $212.0M | ||
| Q1 24 | $360.0M | $287.0M |
毛利率RCLYUMC
| 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RCLYUMC
| Q4 25 | 21.9% | 6.6% | ||
| Q3 25 | 33.1% | 12.5% | ||
| Q2 25 | 29.3% | 10.9% | ||
| Q1 25 | 23.6% | 13.4% | ||
| Q4 24 | 16.6% | 5.8% | ||
| Q3 24 | 33.4% | 12.1% | ||
| Q2 24 | 26.7% | 9.9% | ||
| Q1 24 | 20.1% | 12.6% |
净利率RCLYUMC
| Q4 25 | 17.7% | 5.0% | ||
| Q3 25 | 30.6% | 8.8% | ||
| Q2 25 | 26.7% | 7.7% | ||
| Q1 25 | 18.3% | 9.8% | ||
| Q4 24 | 14.7% | 4.4% | ||
| Q3 24 | 22.7% | 9.7% | ||
| Q2 24 | 20.8% | 7.9% | ||
| Q1 24 | 9.7% | 9.7% |
每股收益（稀释后）RCLYUMC
| Q4 25 | $2.76 | $0.40 | ||
| Q3 25 | $5.74 | $0.76 | ||
| Q2 25 | $4.41 | $0.58 | ||
| Q1 25 | $2.70 | $0.77 | ||
| Q4 24 | $2.27 | $0.30 | ||
| Q3 24 | $4.21 | $0.77 | ||
| Q2 24 | $3.11 | $0.55 | ||
| Q1 24 | $1.35 | $0.71 |
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 | $1.4B |
| 总债务越低越好 | $18.2B | — |
| 股东权益账面价值 | $10.0B | $5.4B |
| 总资产 | $41.6B | $10.8B |
| 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RCLYUMC
| Q4 25 | $825.0M | $1.4B | ||
| Q3 25 | $432.0M | $2.1B | ||
| Q2 25 | $735.0M | $2.2B | ||
| Q1 25 | $386.0M | $2.0B | ||
| Q4 24 | $388.0M | $1.8B | ||
| Q3 24 | $418.0M | $2.5B | ||
| Q2 24 | $391.0M | $2.5B | ||
| Q1 24 | $437.0M | $2.4B |
总债务RCLYUMC
| 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RCLYUMC
| Q4 25 | $10.0B | $5.4B | ||
| Q3 25 | $10.1B | $5.7B | ||
| Q2 25 | $9.2B | $5.8B | ||
| Q1 25 | $8.0B | $5.8B | ||
| Q4 24 | $7.6B | $5.7B | ||
| Q3 24 | $7.0B | $6.0B | ||
| Q2 24 | $6.0B | $5.8B | ||
| Q1 24 | $5.2B | $5.9B |
总资产RCLYUMC
| Q4 25 | $41.6B | $10.8B | ||
| Q3 25 | $40.1B | $11.0B | ||
| Q2 25 | $38.5B | $11.0B | ||
| Q1 25 | $37.5B | $11.0B | ||
| Q4 24 | $37.1B | $11.1B | ||
| Q3 24 | $37.1B | $11.8B | ||
| Q2 24 | $37.0B | $11.6B | ||
| Q1 24 | $35.2B | $11.3B |
负债/权益比RCLYUMC
| 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 | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $116.0M | $-116.0M |
| 自由现金流率自由现金流/营收 | 2.7% | -4.1% |
| 资本支出强度资本支出/营收 | 35.4% | 8.5% |
| 现金转化率经营现金流/净利润 | 2.16× | 0.89× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $840.0M |
8季度趋势，按日历期对齐
经营现金流RCLYUMC
| Q4 25 | $1.6B | $125.0M | ||
| Q3 25 | $1.5B | $477.0M | ||
| Q2 25 | $1.7B | $412.0M | ||
| Q1 25 | $1.6B | $452.0M | ||
| Q4 24 | $1.5B | $167.0M | ||
| Q3 24 | $897.0M | $409.0M | ||
| Q2 24 | $1.6B | $401.0M | ||
| Q1 24 | $1.3B | $442.0M |
自由现金流RCLYUMC
| Q4 25 | $116.0M | $-116.0M | ||
| Q3 25 | $-989.0M | $351.0M | ||
| Q2 25 | $910.0M | $290.0M | ||
| Q1 25 | $1.2B | $315.0M | ||
| Q4 24 | $915.0M | $-15.0M | ||
| Q3 24 | $563.0M | $244.0M | ||
| Q2 24 | $-567.0M | $232.0M | ||
| Q1 24 | $1.1B | $253.0M |
自由现金流率RCLYUMC
| Q4 25 | 2.7% | -4.1% | ||
| Q3 25 | -19.2% | 10.9% | ||
| Q2 25 | 20.1% | 10.4% | ||
| Q1 25 | 30.0% | 10.6% | ||
| Q4 24 | 24.3% | -0.6% | ||
| Q3 24 | 11.5% | 7.9% | ||
| Q2 24 | -13.8% | 8.7% | ||
| Q1 24 | 29.1% | 8.6% |
资本支出强度RCLYUMC
| Q4 25 | 35.4% | 8.5% | ||
| Q3 25 | 47.8% | 3.9% | ||
| Q2 25 | 18.4% | 4.4% | ||
| Q1 25 | 10.7% | 4.6% | ||
| Q4 24 | 14.7% | 7.0% | ||
| Q3 24 | 6.8% | 5.4% | ||
| Q2 24 | 52.1% | 6.3% | ||
| Q1 24 | 6.5% | 6.4% |
现金转化率RCLYUMC
| Q4 25 | 2.16× | 0.89× | ||
| Q3 25 | 0.93× | 1.69× | ||
| Q2 25 | 1.44× | 1.92× | ||
| Q1 25 | 2.23× | 1.55× | ||
| Q4 24 | 2.66× | 1.45× | ||
| Q3 24 | 0.81× | 1.38× | ||
| Q2 24 | 1.84× | 1.89× | ||
| Q1 24 | 3.69× | 1.54× |
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% |
YUMC
| Revenue From External Customers | $2.1B | 75% |
| Pizza Hut | $540.0M | 19% |
| Corporate And Unallocated | $105.0M | 4% |
| Other Revenue | $45.0M | 2% |
| Franchise Fees And Income | $25.0M | 1% |
