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Arch Capital Group（ACGL）与LINCOLN NATIONAL CORP（LNC）财务数据对比。点击上方公司名可切换其他公司
LINCOLN NATIONAL CORP的季度营收约是Arch Capital Group的1.1倍（$4.9B vs $4.5B），Arch Capital Group净利率更高（23.2% vs 15.3%，领先7.8%），LINCOLN NATIONAL CORP同比增速更快（-2.8% vs -3.3%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs 3.4%）
百慕大注册上市企业Arch Capital Group面向全球提供保险、再保险及按揭保险服务，专注于特种类保险业务，承保保险业内难度较高的特殊风险。公司总部位于百慕大，在北美、欧洲、亚洲及澳洲共设有60个办事处，实现全球布局运营。
林肯国民公司是美国财富200强控股企业，通过旗下多家子公司开展保险、投资管理等多元金融业务，“林肯金融集团”是该公司及其所有子公司共同使用的市场推广品牌名称。
ACGL vs LNC — 直观对比
营收规模更大
LNC
是对方的1.1倍
$4.5B
营收增速更快
LNC
高出0.5%
-3.3%
净利率更高
ACGL
高出7.8%
15.3%
两年增速更快
LNC
近两年复合增速
3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.5B | $4.9B |
| 净利润 | $1.0B | $755.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 18.6% |
| 净利率 | 23.2% | 15.3% |
| 营收同比 | -3.3% | -2.8% |
| 净利润同比 | 82.4% | -55.2% |
| 每股收益（稀释后） | $2.88 | $4.32 |
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ACGLLNC
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.9B | $4.9B | ||
| Q3 25 | $5.1B | $4.6B | ||
| Q2 25 | $5.2B | $4.0B | ||
| Q1 25 | $4.7B | $4.7B | ||
| Q4 24 | $4.5B | $5.1B | ||
| Q3 24 | $4.7B | $4.1B | ||
| Q2 24 | $4.2B | $5.2B |
净利润ACGLLNC
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.2B | $755.0M | ||
| Q3 25 | $1.4B | $445.0M | ||
| Q2 25 | $1.2B | $699.0M | ||
| Q1 25 | $574.0M | $-722.0M | ||
| Q4 24 | $935.0M | $1.7B | ||
| Q3 24 | $988.0M | $-528.0M | ||
| Q2 24 | $1.3B | $895.0M |
营业利润率ACGLLNC
| Q1 26 | — | — | ||
| Q4 25 | — | 18.6% | ||
| Q3 25 | — | 11.5% | ||
| Q2 25 | — | 21.0% | ||
| Q1 25 | — | -20.2% | ||
| Q4 24 | — | 41.5% | ||
| Q3 24 | — | -17.1% | ||
| Q2 24 | — | 21.3% |
净利率ACGLLNC
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.1% | 15.3% | ||
| Q3 25 | 26.4% | 9.8% | ||
| Q2 25 | 23.7% | 17.3% | ||
| Q1 25 | 12.3% | -15.4% | ||
| Q4 24 | 20.6% | 33.3% | ||
| Q3 24 | 20.9% | -12.8% | ||
| Q2 24 | 30.0% | 17.4% |
每股收益（稀释后）ACGLLNC
| Q1 26 | $2.88 | — | ||
| Q4 25 | $3.33 | $4.32 | ||
| Q3 25 | $3.56 | $2.12 | ||
| Q2 25 | $3.23 | $3.80 | ||
| Q1 25 | $1.48 | $-4.41 | ||
| Q4 24 | $2.41 | $9.66 | ||
| Q3 24 | $2.56 | $-3.29 | ||
| Q2 24 | $3.30 | $5.11 |
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 | $24.0M | — |
| 总债务越低越好 | — | $6.3B |
| 股东权益账面价值 | $24.2B | $10.9B |
| 总资产 | $81.4B | $417.2B |
| 负债/权益比越低杠杆越低 | — | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资ACGLLNC
| Q1 26 | $24.0M | — | ||
| Q4 25 | $993.0M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $983.0M | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $979.0M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — |
总债务ACGLLNC
| Q1 26 | — | — | ||
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.7B |
股东权益ACGLLNC
| Q1 26 | $24.2B | — | ||
| Q4 25 | $24.2B | $10.9B | ||
| Q3 25 | $23.7B | $10.5B | ||
| Q2 25 | $23.0B | $9.5B | ||
| Q1 25 | $21.5B | $8.2B | ||
| Q4 24 | $20.8B | $8.3B | ||
| Q3 24 | $22.3B | $9.0B | ||
| Q2 24 | $20.7B | $7.9B |
总资产ACGLLNC
| Q1 26 | $81.4B | — | ||
| Q4 25 | $79.2B | $417.2B | ||
| Q3 25 | $79.2B | $415.3B | ||
| Q2 25 | $78.8B | $399.1B | ||
| Q1 25 | $75.2B | $382.9B | ||
| Q4 24 | $70.9B | $390.8B | ||
| Q3 24 | $73.7B | $396.8B | ||
| Q2 24 | $65.5B | $384.5B |
负债/权益比ACGLLNC
| Q1 26 | — | — | ||
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.72× |
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 | $1.2B | $233.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.13× | 0.31× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ACGLLNC
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.4B | $233.0M | ||
| Q3 25 | $2.2B | $-1.1B | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $1.5B | $-272.0M | ||
| Q4 24 | $1.6B | $222.0M | ||
| Q3 24 | $2.0B | $-27.0M | ||
| Q2 24 | $1.5B | $-859.0M |
自由现金流ACGLLNC
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.5B | — |
自由现金流率ACGLLNC
| Q1 26 | — | — | ||
| Q4 25 | 28.2% | — | ||
| Q3 25 | 42.6% | — | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | 31.0% | — | ||
| Q4 24 | 34.3% | — | ||
| Q3 24 | 42.5% | — | ||
| Q2 24 | 35.6% | — |
资本支出强度ACGLLNC
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.3% | — |
现金转化率ACGLLNC
| Q1 26 | 1.13× | — | ||
| Q4 25 | 1.13× | 0.31× | ||
| Q3 25 | 1.62× | -2.56× | ||
| Q2 25 | 0.91× | 1.45× | ||
| Q1 25 | 2.54× | — | ||
| Q4 24 | 1.68× | 0.13× | ||
| Q3 24 | 2.04× | — | ||
| Q2 24 | 1.20× | -0.96× |
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
ACGL
暂无分部数据
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
